The payment processing industry has drastically expanded as more and more trade is being conducted online. Online businesses are required to establish e-commerce payment systems or merchant accounts as part of their business operations. Some businesses are required to obtain a higher risk merchant account because of their activities and other factors.
Now, in 2021, and with the Brexit negotiations in their rearview mirror, the EU market is looking to digital banking solutions to help address problems of inequality, sustainability, and supporting a circular economy.
Not only is the extension of digital banking services and digital payments solutions integral to the growth of mobile and online marketplaces, but also it is central to the monetary revolution taking place right now with cryptocurrencies and the rise of a cashless economy.
One of the great innovations of the modern age is the ability of eCommerce to connect businesses, merchants, and consumers all across the world. Not only has this opened up new opportunities for businesses and consumers alike, but also it has expanded the realm of what is possible for small and medium enterprises on the global stage. And here we start with the interesting part of the current topic.
A major development over the course of 2020 that might have gotten lost in the shuffle of the pandemic is the emergence of a global transactional ecosystem to govern digital payments and transactions moving forward. While this has long been in the making, 2020 gave special impetus to get this process completed and for more than a few reasons.
What is a multi currency IBAN? A multi currency IBAN is an international bank account number that is used by banks in other countries when receiving an international payment. The payments made in various currencies are funnelled through one account that converts and re-routes the money to a central account…
There’s little doubt that digital banking solutions and virtual IBANs truly came into their own in 2020. | Monneo Digital Banking Solutions
Disruption is a buzzword that is often bandied about in the media for one reason or another but rarely do we take time to consider what it actually means in the marketplace.
Digital banking is not only the future of banking but also it is allowing for new business segments to emerge and for smaller companies to compete on a more level playing field with major competitors.
After all, big players like Amazon and Alibaba might suck up all the air time in the press, but they are far from the only eCommerce players out there. In fact, if anything, the Internet has leveled the playing field for small-time businesses in a way that few could have imagined.
Online merchants need payment solutions and services that meet their custom and very specific business needs, as well as those that are adaptable to this ever-changing economic and business environment.
From pioneering the art of customer service online to using artificial intelligence to handle many of their operational tasks, digital banking is not just a glimpse of the future of finance. It is a peek into the future of the world of business itself.