The rapid transition from traditional banking systems to more advanced digital platforms signifies a revolution in international payments. It allows for real-time and cost-effective cross-border transactions, which not only improves user experience and financial inclusion, but also reshapes the global financial landscape and business operations. Fintech Review recently interviewed Pierre-Antoine Dusoulier from iBanFirst to discuss these developments.
Introducing iBanFirst
iBanFirst is a next-generation cross-border PSP that processes over €1.4 billion each month with the support of FX experts and a powerful platform. Fully licensed and regulated in the UK, the platform provides efficient and cost-effective payment solutions for SMEs operating internationally. It gives SMEs control of their currency payments, allowing them to manage all elements within a foreign currency transaction such as exchanges, transfers, and hedging. Notably, iBanFirst has been included in the FT 1000, the Financial Times’s list of Europe’s fastest-growing companies, for four consecutive years.
Background and Company Story
Pierre-Antoine Dusoulier began his career as a trader at Credit Agricole Indosuez in London before creating Cambiste.com in 2006, the first regulated foreign exchange brokerage firm in France. Following its acquisition by Saxo Bank in 2008, Dusoulier became the Global Head of Western Europe at Saxo Bank, overseeing the opening of its Dutch, Belgian, and Italian offices. The concept of iBanFirst emerged from the observation of limitations within the payments space, particularly the obstacles that SMEs face in sending and receiving global payments despite the vital role of international transactions in the global economy.
Traditional banking processes and high, hidden charges burden firms when they exchange internationally, and cross-border payments through traditional bank transfers can be slow, leading to cash flow issues for SMEs. SMEs often lack real-time cash flow visibility and are reliant on banks, resulting in long lead times and high, opaque commissions for currency conversion.
SMEs also need to maintain multiple bank accounts for each currency, operating in silos. These challenges led to the founding of iBanFirst with the aim to provide SMEs with control over their payments and full financial visibility across their business, ultimately leading to faster and more cost-effective international transactions.
Transformations in International Payments
The payment industry in Europe has witnessed a historic shift, with the emergence of specialized actors leading to a changing market landscape. Fintech companies are now offering superior service, speed, infrastructure, and value-for-money compared to traditional banks, resulting in a significant improvement in customer experience and setting new expectations for businesses in the payments industry.
Technological advancements have been pivotal in redefining international payments, limiting systemic issues, offering greater transparency, and enhancing functionality through API connectivity. Regulatory shifts, such as PSD1 and PSD2 in Europe, have also contributed to a thoroughly regulated industry with improved security and screening, ensuring a higher level of safety for businesses.
iBanFirst’s Role in the Revolution
iBanFirst operates as a one-stop platform, empowering SMEs to leverage the benefits of the modern payments landscape. The platform provides businesses with full visibility and transparency for conducting international payments in a timely and cost-effective manner. iBanFirst has sustained growth, conducting over €1.4 billion worth of transactions each month while leading the market in international payments for SMEs.
Exciting Innovations in Fintech
One exciting innovation in fintech is the increasing presence and capabilities of Software as a Service (SaaS) within the industry. SaaS enables fintech companies to access cloud-based software applications without the need for complex installations, ultimately leading to cost and time savings. The scalability of SaaS platforms has benefitted iBanFirst, allowing for agile handling of complex data processing requirements and high transactional volumes.
Future Plans
The future of international payments is anticipated to be extremely active, prompting iBanFirst to remain agile and closely monitor market dynamics. With the G20 prioritizing the enhancement of cross-border payments, iBanFirst will continue to review its platform’s functionality to ensure it provides businesses with the best service possible. The organization’s hyper-growth has allowed it to explore international expansion, with plans to broaden its reach in various markets beyond its current offices in France, Benelux, Germany, the UK, Spain, Italy, Romania, Bulgaria, and Hungary.
