Traditionally, when it comes to financial transactions, people think banks. They’ve always been there to hold our money, invest our money, and facilitate our transactions.
But that doesn’t mean they’re the only option – or the best option.
Non-bank providers are becoming more and more popular because they offer unique solutions and many advantages.
So, why choose a non-bank provider for your international payments?
Non-bank providers are bank agnostic, meaning they are not tied to one bank, one set of products, and one set of relationships.
Non-bank providers are aggregators of banking relationships, giving them the ability to cherry-pick the very best from each provider and tailor a solution that best meets each client’s needs.
This is especially advantageous if a client is looking to send payments internationally to several different jurisdictions.
While a bank may be reliant on a single relationship in a particular region. A non-bank provider might have considerably more relationships, providing optionality, better coverage, enhanced delivery, and often a more specialized service.
While large banks might not find it beneficial or efficient to have several relationships overseas, the expanded coverage provided by a non-bank provider can significantly improve the service and reliability customers experience.
Non-bank providers are adaptable when it comes to technology, giving them the ability to adopt new technologies without worrying about the massive legacy infrastructures that may delay or prevent such adoption by big banks.
The absence of such legacy systems gives non-bank providers the ability to incorporate new payment technologies as they are developed. This quick adaptation allows non-bank providers to more quickly meet client’s ever-changing needs. While a bank may require a customer to build their processes to the bank’s specifications, a non-bank provider can typically customize their process to the client.
Nvoicepay syndicates thought leadership content from our partners. This article originally appeared on Cambridge's blog.