This new platform was created in collaboration with Ahrvo’s partners, namely Thunes, Nium, Convera, MX, Trustly, and Brankas. The Cross-Border Open Banking service represents the latest addition to the company’s fintech solution portfolio, which include 20 identity, document, transaction management systems, payments, and banking SDKs integrating payment and banking companies, and digital wallets.
Ahrvo Labs representatives cited by ibsintelligence.com talked about the new platform and emphasised how it can solve historical issues with cross-border payments, including complexity, high costs, and slow pace. The Open Banking protocol was designed to tackle these issues and provide a streamlined and efficient platform for cross-border fund transfers.
The same officials also revealed their aim to promote financial inclusion and accessibility on a global scale by creating a user-friendly and efficient solution that offers a seamless and secure experience for global fund transfers.
According to ibsintelligence.com, clients from more than 10,000 banks around the world can access Cross-Border Open Banking by linking to any Open Banking provider integrated within the protocol, which supports many liquidity providers, wallet funding methods, and currencies.
According to finance-monthly.com citing the Head of Financial Institutions at Inpay, a specific area of the finance sector that could receive significant benefits from Open Banking is cross-border payments. Due to the various time zones, intermediaries and legal requirements involved in a transaction, sending money internationally has always been somewhat problematic. However, Open Banking can provide solutions for the problems financial institutions, businesses and consumers have faced, ensuring that cross-border payment services are cheaper, faster and better for all parties involved.
Open Banking allows senders and recipients to bypass the intermediaries that would otherwise be involved in facilitating cross-border transactions. In addition, time and money can also be saved because fintechs using Open Banking can ensure an efficient alternative to the slow, expensive legacy systems currently in use.
One of the primary benefits of Open Banking for cross-border payments comes from the use of APIs, which can be designed to provide a streamlined, responsive user interface that supports a great customer experience. In addition, Open Banking simplifies know-your-customer (eKYC) processes as they can be entirely digitised, gaining the required information in seconds rather than days.
Open Banking also allows banks, financial institutions and businesses to reduce the risks associated with cross-border payments, as they can instantly check if customers are able to afford the transaction and set strict limits.
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