How BNDRY helped a leading global payment network improve the speed of cross border payments

Highlights

• Missing, incomplete or incorrect information previously took up to 15 days to resolve
• Multiple teams across many banking and payments partners needed to manually resolve requests for information
• Global payments network able to expand and improve customer experience across the world

Customer overview

This global payment company enables secure and convenient transactions across the world by connecting consumers, businesses, and financial institutions. With a long history of innovation in domestic payment capabilities for consumers, businesses and institutions alike, this payments company wanted to build and scale out their cross border payments business.

Helping to improve global money flows

Remember that game where you have a group of people and someone whispers something into the first person’s ear, who then whispers the same message to the next person and so on until the last person says the message out loud – the result is usually a funny but distorted version of the original, then everyone has a laugh and moves on with their lives. Cross-border payments can sometimes be a bit like that, without the humour. What enters one side, can be totally different to what’s expected out the other side, and it shouldn't be. That’s a challenge for the global flow of funds in a world moving towards real-time payment processing while global privacy and financial crime compliance obligations are continuously increasing.

Enabling faster global payments

Ensuring that sensitive information can move at the new speed of money requires new ways of bridging the gaps in our global financial systems.

The BNDRY platform provides an embedded mechanism for requesting, remediating or interrogating data across a network of multiple participants. This removed the need for multiple parties to handle information, ensuring critical details are delivered securely, efficiently and accurately to where they’re needed. Something that previously required multiple teams to coordinate via email and phone calls could now be done using a structured approach with a network of participants all sending and receiving information in a consistent manner.

When moving money all over the world, missing information is no laughing matter, and this is especially true when your counterparties form a network of the world’s largest banking and payment companies. This is why BNDRY was chosen to solve a critical piece of the global cross border payments puzzle.

Moving well beyond legacy

The global payment company didn’t just need a way to reduce the time to resolve exceptions, they needed a solution that could be fully embedded into their own branded products and services across a global ecosystem of banks, payment companies and financial institutions. Connecting these global teams together to drive consistency of information exchange was a key component of reducing the time it takes to move money to all corners of the globe.

Some key features of the BNDRY platform that have helped to reduce the time it takes to move money include:

• White-labelled user interfaces to seamlessly integrate with other complimentary capabilities
• API-driven workflows to provide fully integrated information sharing to participant’s systems
• Federated access and modern privacy controls to ensure that participants only see information relevant to them
• Dynamic data models that provide full flexibility of what needs to be exchanged including various document types and industry standard data models
• Full audit trail of who did what and when

Following the successful implementation of BNDRY, the following benefits have been realised:

• Improved the speed of cross border payments across a network of hundreds of counterparties, resolution times down from up to 15 days to a matter of hours for information requests
• Reduced the back-and-forth between multiple parties, ensuring seamless flow of information and money to the point where 99% of queries are answered correctly the first time
• Reduced payment risk and exposure across the entire network
• Payments network expanded from a handful of participants to hundreds, improving the customer experience of global cross border payment flows
• Seamless integration of information exchange into a globally branded offering available in dozens of countries

Where to from here?

With cross border payment flows expected to grow from $190tn US in 2023 to $290tn US by 2030, solving challenges of improved interoperability along with reduced time and cost for moving money is more important than ever.

Secure and efficient information sharing is vital in the success of any business and without appropriate systems in place, companies will spend more time remediating missing data and dealing with the negative side effects. This not only impacts the bottom line, but damages customer experience and introduces negative flow on effects to multiple participants of any ecosystem. 

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