Transaction pricing gets compressed and commoditised but value is in technology product

Currencycloud’s Laven: “Transaction pricing gets compressed and commoditised but value is in technology product” In this RadioFinance session, Mike Laven, CEO at Currencycloud, defined the company’s embedded finance business model via API and how its cloud-based platform differs from the host of many payment players today. He shared his views on the evolution of financial services with innovative technology as a disruptive force and the increasing competition and commoditisation in the payments space. He bared the expansion plans as the industry increasingly develops and matures, emphasising not just geographic reach but also the growth of market segments and clients. The following key points were discussed during the interview: ● One of the weaknesses of ACH networks is the ability to carry data prompting institutions to track the information that passes through every level of the transaction process. ● With software-as-a-service model, the value is the actual technology product embedded in the client’s businesses and relying less on transaction fees. ● Anything that is transaction-related gets commoditised over time thus scale is a critical success factor in payment firms. ● The rise of challenger banks has transformed pricing and placed pressure on incumbent institutions to be competitive and reduce costs. ● More non-regulated companies are wanting to embed financial functions that are driving collaborations. ● Currencycloud achieved $30 billion run rate and handled 500 companies in 2020. The full transcript and video of the interview are available on: RadioFinance: https://bit.ly/396dogZ Video Facebook:https://bit.ly/3obXG8a Twitter:https://bit.ly/39YbGgy YouTube:https://bit.ly/3o3CEst Audio Spotify:https://spoti.fi/3ceW2Az Apple Podcast:https://apple.co/2Y59vm8 Follow The Asian Banker on LinkedIn: https://lnkd.in/eSue7G5 Facebook: https://lnkd.in/fD9q6dK Twitter: https://lnkd.in/eYYAFqw Instagram: https://lnkd.in/e5YQsr5 #API #CrossBorder #Banks #Network #Technology #Remittance #Currencycloud #PayPal #ForeignExchange #Visa #Fintech #StarlingBank

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