Cross-border payments: The $150T opportunity.

Thredd’s Chief Administration Officer, Oliver Dean recently visited Helsinki to speak at the Fintech Nordic Summit on the topic of cross-border payments.

Thredd works with clients around the world to solve the challenge of moving money from one location or another, taking into account local currency exchange rates and differing financial regulations.

Oliver used a real-world example to demonstrate some of the extremely common issues faced by individuals and businesses when attempting to make and receive funds from an international counterpart.

He recently attended a football game in London with our Chief Revenue Officer, Kevin Fox when Kevin was over on a business trip from his home in Miami.

Oliver purchased the tickets for the two of them ahead of the game and upon arriving in London, Kevin needed to pay him back. He attempted various digital payment methods and none were possible. Eventually Kevin had to go to an ATM and withdraw a couple of hundred pounds to reimburse Oliver in cash. This withdrawal was not ideal for Kevin due to expensive ATM fees, and the time spent in trying to resolve this money movement issue.

The outcome was also not good for Oliver who was left with lots of cash which was difficult for him to use living in a city like London that is increasingly moving to being a cashless society.

In a world where we are all operating more internationally whether that’s needing to pay a global workforce or making a payment to your favourite retailer overseas, cross-border payment flows are growing rapidly creating exciting opportunities for fintech's.

We're enabling businesses to solve for the current challenges by offering fast and efficient cross-border payments via single and multi-use virtual card payments. To find out more get in touch today.