Ram Chary On How Global Businesses Can Benefit With Financial Technology Payments?

 

The FinTech sector plays a vital role in adapting and adjusting to meet the needs of the investor, customer, and regulator. In 2020, there has been a massive growth in cashless and mobile payments. This has triggered a significant shift in how consumers plan to transact with companies and how banks are delivering products in the market. In short, people are now turning to digital transactions for navigating the COVID-19 pandemic.

Ram Chary is a respected name in the field of financial technology services. In the past, he served in several roles at Fidelity National Information Services Inc and held the post of the Executive Vice President of Global Commercial Services. Before this, he led the technology division of Fidelity National Information Services Inc, an esteemed company in banking technologies and payment services in the USA. 

Before he joined Fidelity National Information Services, he managed the professional services organization of eFunds Corporation, a credible name in infrastructure and technology consulting. 

The effect of blockchain technology in delivering efficiency in the process 

According to him, Fintech today is identifying the impact of the blockchain technology profoundly when it comes to generating new revenue and delivering efficiency in the process, enhancing the end-user's experience, and reducing business risks. 

Several FinTech companies have enjoyed a lot of growth. It is here that consumers and businesses are reaping the advantages of enhanced money transfers across the globe via FinTech innovations. 

Get more alternatives 

Fintech companies also have multi-lingual sites designed for different regions, which gives the consumers the capability to make choices depending on their location. For instance, some companies offer access to their places in different regional or state languages. At the same time, other companies permit clients from almost all nations to register on their sites. This flexibility means people can get a wide range of alternatives for individuals looking for ways to execute payments globally. 

Instead of falling back, businesses that rely on agent networks are beginning to rely on technology to make the process more affordable and safer for their clients. Blockchain technology is essential for several FinTech platforms. 

Reduced costs

Global remittance has been considered to be a lifeline for several businesses. However, they are costly and have several hidden charges. Factors that affect the costs of remittance are the FX spreads, the conversion rates, the quoted rate of the bank, inter-bank conversion rates, and the processing fees for every money transfer and commissions that are multi-intermediary associated with the above process. 

Last but not least, the other prominent benefits of FinTech technologies are convenience and speed. According to Ram Chary, solution providers of Fintech do not charge extra fees like cancellation fees, modification costs, and other hidden charges. There are tools in the market to aid businesses in receiving and sending money from accounts in multiple currencies sans the burden of conversion fees. Unless you are aware of all these, you will not be able to take the next step.