Today CommerceGate team was honoured to voice our perspective regarding the challenges faced by micro, small and medium enterprise (MSME) and FinTech companies in the area of the Cross-Border Electronic Payments (EPS).
Today CommerceGate team was honoured to voice our perspective regarding the challenges faced by micro, small and medium enterprise (MSME) and FinTech companies in the area of the Cross-Border Electronic Payments (EPS).
A big thank you to WTO and ICC for the chance to speak to governments and policymakers, discussing the financial inclusion of MSME businesses in their access to Cross-Border Electronic payment services and International Trade, along with the initiatives and ideas which can improve the customer’s protection and secure the integrity of the financial systems.
Being on the supply side, CommerceGate as the provider of cross-border EPS have to comply with fragmented regulatory requirements to offer our services to foreign markets and to forge business partnerships with local partners. These challenges create additional compliance costs for cross-border payment providers and add additional barriers for MSMEs.
Payment services cover regulations related to anti-money laundering and the financing of terrorism (AML/CFT), however, licensing requirements and regulatory practices to address all these concerns stay highly fragmented on the global level, thus cross-border payment providers have to search for and comply with distinct regulatory approaches when expanding their network to foreign markets and forging business partnerships with domestic banks.
Areas as regulatory and licensing requirements, costs, and speed of processing of cross-border transactions for MSMEs, along with cyber-security still represent a rich domain for international collaboration and industry improvements.
This webinar united participants to discuss the opportunity brought by cross-border EPS for MSMEs interested in trade, the barriers they face at the time of searching for and choosing EPS, as well as policy to help improve MSME access to cross-border EPS.
