Kbank on Rethinking Bank-Fintech Relations — Feature Story (P

TRACKER AUGUST 2019

KBank On Rethinking Bank-FinTech Relations — Feature Story (p. 8)

NEWS AND TRENDS P27 taps Mastercard to provide network infrastructure (p. 12)

The latest efforts by a wide range of Khun Sarintorn, first vice president players to improve payment systems’ of trade finance and international and networks’ interoperability remittance business solutions at Thailand’s Kasikornbank, on how working with FinTechs has expanded the FI’s perspective, making cross-border transfers more transparent 12 17

The latest headlines from around the A data-rich look at cross-border smarter payments landscape payments’ biggest pain points and the solutions that are being developed to enable real-time payment capabilities

ACKNOWLEDGMENT The Smarter Payments Tracker is 20 done in collaboration with InstaReM, and PYMNTS is grateful for the Information on PYMNTS.com company’s support and insight. and InstaReM PYMNTS.com retains full editorial control over the following findings, methodology and data analysis.

Communication is key to successful business relationships between Western Union and the U.K.’s Post Office. The in highly globalized marketplaces. Operations — including collaboration will provide expanded digital internation- the speed of payments — can become complicated when al payment services by making the former’s cross-border two parties can’t exchange information easily. Cross-border transfer platform available to consumers and busi- payments are expected to surge over the next few years as nesses via an integrated online portal from the latter. a result of today’s increasingly interconnected and world- Other efforts to improve cross-border payments have re- wide economy. Such transactions hit $144 billion in value in lied on investing in automation and enabling international 2014 and are on track to reach $240 billion by 2024. payment methods from a growing base of travelers.

Many companies have taken note of these strong revenues SMARTER PAYMENTS and are looking to take advantage by making payments DEVELOPMENTS AROUND WORLD as seamless as possible and ensuring that different global systems can work together. Mastercard is once such QR-based cross-border mobile payment solutions provider company, having been recently selected to develop Nordic Citcon, is working to expand its presence in Europe to help bank-backed initiative P27’s underlying infrastructure. P27 local merchants better serve Chinese travelers. Such an was designed to update the Nordics’ aging infrastructures expansion would allow European retailers to accept a wid- with a platform that enables real-time payments and can er range of payment options including Alipay, WeChat Pay receive funds from different markets. Financial institutions and China Union Pay. Citcon’s solution can integrate with (FIs) that use the platform will also be able to access data these offerings, enabling improved payment experiences that can be used to pursue new revenue opportunities. for Chinese tourists.

United Kingdom consumers are also gaining easier ac- Acquiring solution provider Credorax is investing in auto- cess to international payments thanks to a partnership mation to make cross-border payments more seamless.

The firm recentlypartnered with IT solutions provider Cisco to enhance its network capabilities. The former will implement the latter’s automation, visibility and management system, reducing delays in payment processing and invoice approval.

Fellow cross-border payment solution provider Cambridge Global Payments released its own automated service, Invoice Automation Solution. The fully integrated offering provides a secure process for simplifying vendor payments by automatically pulling data from invoices and PDFs.

For more on these and other smarter payments developments, read the Tracker’s News and Trends section (p. 12).

ADDING TRANSPARENCY TO OVERSEAS MONEY TRANSFERS Usage of global remittances has increased in recent years as more overseas workers send money home to fami- ly members and friends. Some common pain points have persisted in the remittance market, including not having insight into when overseas transfers will arrive and the cost of fees. For this month’s Feature Story (p. 8), Khun Sarintorn, first vice president of trade finance and international remittance business solutions of Thailand’s Kasikornbank, explains how the institution collaborated with FinTechs to improve its cross-border transfer capabilities.

DEEP DIVE: THE ROAD TO REAL-TIME CROSS-BORDER PAYMENTS FIs and enterprises are facing increased pressure to make cross-border payments fast and seamless as consumers grow used to such products in other sectors. The road to real-time cross-border payments is long and fraught with challenges, however. This Tracker’s Deep Dive (p. 17) includes a data-rich look at how cross-border payments could be more effective. WHAT’S INSIDE

86% Share of corporate treasurers who prioritize efficient payment processes and customer support 14.8B when choosing banks for cross-border Estimated number payments of B2B cross-border transactions that will be processed by 2023 $34B Projected value of the global blockchain supply chain finance market by 2025 7%

Global average cost of sending a $200 remittance in Q1 2019, according to World 2,543 Bank data Number of global FIs that made global payments in RMB as of April 2019

FIVE FAST FACTS

Global remittances have been increasing, according to the The World Bank also noted that it is expensive to send latest data from the World Bank. Recent figures indicate money across borders, with the average fee for transfer- that global remittance payments broke records last year, ring $200 at 7 percent in Q1 2019. Senders and recipients with $689 billion in remittances reported — a significant in- may become frustrated if such costs are not revealed prior crease from the $633 billion reported in 2017. South Asia to the transaction. saw some of the highest remittance growth, with trans- Thailand-based Kasikornbank (KBank) recently took steps fers increasing by 12 percent. Remittance payments might to address these and other common pain points in the be on the rise in this region, but common pain points with country’s financial services sector by forging partnerships cross-border money transfers have persisted, including a with FinTechs. KBank’s first vice president of trade finance lack of transparency. This means senders and recipients and international remittance business solution head, can be left wondering when — or if — their funds will arrive.

Khun Sarintorn, explained that collaborating with FinTechs “The pain point was that the customer never knew when has caused the bank to reflect on how traditional FIs ad- the money [would arrive], when the beneficiary [would] get dress issues. Sarintorn recently spoke with PYMNTS about the money or the fees,” she said. “We asked, ‘How can we how the company’s partnerships with FinTechs are chang- achieve full-payment so the beneficiary can get the money ing its approach to financial services innovation. in full … and the senders know how much they’re going to be charged and [everyone] knows exactly when it gets there?’” NEW PARTNERSHIPS, NEW INNOVATION PERSPECTIVE The bank worked with its FinTech partners to overhaul the cross-border payment process to be more transparent, Sarintorn noted that KBank provides its customers with a resulting in the launch of its new Global Money Transfer wide range of services, including wealth management, cor- service. The offering allows funds to be received in either porate banking and international financing services. Other real-time or within three business days, depending on the FIs in the region offer similar products, but Sarintorn said transfer’s final destination country. Senders assume re- KBank stands out by embracing FinTechs’ assistance and sponsibility for transfer fees and are alerted by SMS or innovations instead of viewing them as competition. email when the transfer is completed.

“We have worked with several FinTechs to understand the The service was well-received among KBank’s custom- way they think and how they manage customer needs,” she ers, Sarintorn noted, partly because customers have grown said. “It’s quite different from FIs like ours, [which] take accustomed to faster payment speeds from domestic time to build and develop their own solutions.” person-to-person (P2P) transfers.

These partnerships have opened up new opportunities “People use digital platforms to transfer funds and trust the to better understand how FinTechs address consumers’ platforms already,” she said. “We bring … the opportunity to needs. They have also changed KBank’s perspective on make cross-border payments to them.” innovation.

“Previously, we had to start with big things, plan for a long OVERHAULING DIGITAL AND time and then do them one by one,” said Sarintorn. “For PHYSICAL SERVICES FinTechs, they look at customers’ needs right away, find the KBank is continuing to pursue its partnerships with start- pain points … and work to fulfill that need right away.” ups and larger tech firms in an effort to further improve its financial services. Recent collaborations include partner- ENHANCING CROSS-BORDER ships with social media giant Facebook to explore “social TRANSFERS commerce” opportunities, Singapore-based rideshare and One of the most pressing needs these FinTechs addressed food delivery firm Grab and chat app LINE. was removing some common frictions customers faced The bank found that maintaining a strong physical network when transferring money overseas. Customers and recip- was also important. The company forged a partnership ients were often left in the dark regarding where money with Thailand’s postal service last year, enabling custom- was in the transfer process and how much transactions ers to make deposit transactions at approximately 1,300 would cost. post office locations. The move enables the bank to provide

services to customers in remote areas that might otherwise be cut off from the nation’s financial infrastructure.

“We believe the key to making KBank profitable in offline competition is to first know what we need to deliver and fulfill their needs,” she said. “The number of physical branches may not be relevant if we can utilize and leverage what we have and bring in more business.”

A significant share of Thailand’s population uses smartphones, making this the most effective way to provide services, Sarintorn said. Some accounts note that more than 90 percent of the nation is connected to the internet via smartphone. Under The Sarintorn added that her particular division will continue to look for ways to enhance KBank’s overseas fund transfer HOOD services capabilities. The bank is looking to adopt the ISO 20022 standard to make its overseas transfers more efficient and will follow this as a model for future services. Adopting the standard could also help Thai consumers Khun Sarintorn, Kasikornbank's first vice president of more easily send money to new markets and connect with trade finance and international remittance, discusses new banks. what the nation’s internet access means for providing financial services. “We’ll keep working to make overseas transfers more efficient, fast and safe,” she said. “[There’s a huge] opportunity to offer products over the Sarintorn learned that it takes partnerships to achieve goals internet [at] a lower cost. It’s a very huge opportunity for banks to create products and services, but even banks like these. Consumers are demanding a more seamless have to catch up with the current way services are of- and friction-free remittance and fund transfer experience, fered, current legacy systems and current compliance meaning FinTechs and FIs like KBank are on track to forge requirements, which can be very challenging. We have additional partnerships in the future. to think about the security we need to provide the transaction over the internet and whether our current legacy systems [are] ready to [handle that] or not.”

MASTERCARD ACQUIRES Expanding cross- TRANSFAST FOR CROSS-BORDER border access B2B PAYMENTS MASTERCARD TO PROVIDE Mastercard further expanded its presence in global pay- INFRASTRUCTURE FOR P27 ments infrastructure with its recent acquisition of Transfast. Financial services giant Mastercard recently agreed to pro- The global cross-border account-to-account (A2A) mon- vide the underlying infrastructure for Nordic bank-backed ey transfer network currently supports Mastercard’s P27, an initiative designed to update the region’s aging Mastercard Send solution for business-to-business payments infrastructure with a real-time and batch multi- (B2B) and P2P payment services. The acquisition al- currency platform, enabling consumers to send and receive lows Mastercard to enhance its capabilities in the global funds between markets. The new platform will offer back- A2A space, improve its compliance operations and pro- ing banks — Danske Bank, Handelsbanken, Nordea, OP vide more competitive foreign exchange solutions. This Financial Group, SEB and Swedbank — real-time insights is Mastercard’s latest move to expand its presence in the into various schemes that come into play for transfers as B2B services space. It previously launched its Mastercard well as information on participants. The FIs will also be able Tracker service, which provides greater transparency into to gain access to message data that can be used to pur- B2B payments and supply chain risks. sue new revenue opportunities. The banks aim to launch P27 in 2021.

MONEYGRAM, SENTBE stated that the company is conducting “extensive research” COLLABORATE ON CROSS-BORDER on tokenization, in which currencies and assets can be con- PAYMENTS verted into digital contracts that exist on blockchain-based Money transfer service provider MoneyGram and Korean platforms. Solomon said stable coins linked to real curren- money transfer firm Sentbe recently reached their own cies are “the direction in which the payment system will go.” cross-border business agreement, making the latter the This news follows JPMorgan’s February announcement first virtual agent for the former in South Korea. A news that it had developed a stable coin — JPM Coin — that cli- release announcing the agreement noted that Sentbe ents can use for cross-border payments. It also follows has processed billions of Korean won since July 2019. Facebook’s recently announced plans to launch its own MoneyGram said the partnership will help it pursue its goal cryptocurrency, Libra, next year. of promoting financial inclusion in South Korea. Sentbe will be able to improve its own services with access to CITCON EXPANDS SERVICES IN MoneyGram’s portfolio. EUROPE

WESTERN UNION, UK POST OFFICE Cross-border mobile payment and commerce solution pro- TO EXPAND DIGITAL GLOBAL vider Citcon announced that it will expand its offerings to PAYMENTS European merchants so they can better cater to Chinese travelers and boost revenues. A news release announcing The U.K.’s Post Office will now offer access to cross-border the plans noted that Chinese tourists are the largest spend- payment services thanks to a recent partnership with ers and fastest-growing segment of travelers in Europe. cross-border money transfer services provider Western Union. The collaboration offers U.K. consumers and busi- Citcon provides QR-based cross-border mobile payment nesses access to expanded international digital payment solutions. Its new offering integrates multiple payment op- services. A press release noted that Western Union’s tions including Alipay, WeChat Pay and China Union Pay, cross-border money movement platform will power inter- enabling Chinese consumers to easily transact with local national money transfers and payments as an integrated merchants. service from the Post Office’s digital channel. Customers can also access international payment services via an online portal with both Post Office and Western Union Change is in the branding. The Post Office is the U.K.’s largest retail net- payment cards work with a nationwide footprint of 11,500 locations. The number of cross-border transactions around the globe is CREDIT CARDS LOSE GROUND AS ASIA GOES CASHLESS expected to reach 14.8 billion by 2023. Credit cards are losing their appeal among Asian consumers as digital payment alternatives gain popularity. Updating payment Credit card penetration is at 10 percent or less in Thailand, infrastructure Indonesia and Vietnam. Data from the World Bank, Nomura and Japan’s economy ministry recently found that mobile GOLDMAN SACHS LOOKS INTO payments are used by 47 percent to 67 percent of these TOKENIZATION countries’ populations, however. Financial services giant Goldman Sachs is seriously ex- Transactions made in China are more likely to take place ploring digital coins’ potential. CEO David Solomon recently on smartphones rather than credit cards. One reason for

this is that United States credit card brands rely on pay- enables companies to more easily issue branded cards ment networks that have become too expensive to access, without having to obtain multiple licenses. prompting companies to develop more affordable, cash- Cards issued on the platform can be used as virtual or mul- less options. Asian governments are also developing their ticurrency travel cards and also allow users to earn and use own payment platforms that do not transfer customer data loyalty points. The system’s APIs provide issuers with more to U.S. banks. India’s government recently launched its control over the creation, distribution and management of new BHIM smartphone app, for example, enabling users to payment card accounts. Companies can also implement make transfers between banks without using the Visa or spending controls and provide users with more seamless Mastercard networks. onboarding experiences. INSTAREM LAUNCHES CARD ISSUING PLATFORM Automation Southeast Asian FinTech InstaReM recently launched a new application programming interface (API)-based dig- advancements ital platform that enables startups, FinTechs and other CISCO TO UPGRADE CREDORAX’S businesses to release their own branded cards. The new DATA NETWORK platform, which relies on InstaReM’s existing global digi- Acquiring solution provider Credorax recently announced tal ecosystem that supports payments and remittances, a partnership with IT solutions provider Cisco that will see the former implementing several of the latter’s data center

networking technologies — including an automation, visi- bilateral trade and increase cross-border settlements by bility and management system — to enhance its network 50 percent to shift away from the U.S. dollar. capabilities. A news release noted that Credorax has China and Russia are now pursuing new cross-border pay- agreed to beta test several Cisco products, and that the ment mechanisms, and it is possible that payments may be latter’s solutions will reduce the rate of transaction delays transferred with Russia’s System for Transfer of Financial and increase the processing rate for the former. The part- Messages (SPFS) and China’s Cross-Border Inter-Bank nership also aims to make it easier for Credorax to release Payments System (CIPS). Both sides will need to estab- new products and reduce the cost of ownership. lish tools that can enable more efficient cross-border and cross-currency trades that will mitigate exchange rate fluc- CAMBRIDGE GLOBAL PAYMENTS RELEASES AUTOMATED INVOICE tuations between the ruble and the yuan. As of April, 2,543 SOLUTION FIs worldwide are making global payments in RMB.

Integrated cross-border payment services solution provid- INDUSTRY GROUP URGES er Cambridge Global Payments recently launched Invoice AGAINST CROSS-BORDER DATA Automation Solution, a fully integrated solution that pro- RESTRICTIONS vides a secure process for simplifying vendor payments. A group of major tech firms in India are appealing to the The service pulls data directly from invoices, spreadsheets, government to take a “thoughtful approach” on how PDFs and other sources, relieving employees of manually cross-border data is handled. The Asia Internet Coalition inputting details and storing relevant payables informa- (AIC), an industry group that includes Airbnb, Amazon, tion. Businesses can choose to pay invoices right away Facebook, Google and Twitter among its membership, is- or schedule future payments after data has been collect- sued a recommendation for how cross-border data should ed and documents have been uploaded. The solution also be handled after India’s Commerce Minister, Piyush Goyal, provides disbursement and reconciliation services that can requested that the Ministry of Electronics and Information help companies with their internal review operations. Technology handle data localization.

The proposed law would limit cross-border data flow for Changing cross- payment companies to guidelines issued by the Reserve border regulations Bank of India. AIC said that, while the group supported the repeal of data localization, it urged policymakers not to CHINA, RUSSIA LOOK TO overreach into areas of consumer protection and interme- BOOST TRADE diary liability. One point of concern AIC has with current The increasingly heated trade war between the U.S. and policy is that data gathered about a group of individuals China has pushed the latter to find a new trading partner. could be considered a national asset, which may enable Leaders from China and Russia recently reached an in- corporations to access data directly from the government. tergovernmental agreement to use national currencies in

Why Cross-Border Payments Need A Transparency Overhaul

Consumers and businesses have grown accustomed to roadblocks are still in the way, including payment tracking having various speedy services available on demand — they and issues with interoperability between market systems. can order food, request car rides or send money all from Cross-border transactions are expected to rise in the com- their smartphones. Corporate leaders want cross-border ing years despite this, reaching an estimated $280 billion systems to deliver that same level of responsiveness. by 2024. This will put increased pressure on banks, FIs The cross-border payment space is ready — and perhaps and other financial services players to make international overdue — for disruption. Change is being fueled by shift- payments move as seamlessly as possible. The following ing regulations and emerging digital technologies that Deep Dive delves into the frustrations that business execu- enable faster payment capabilities. Though there are more tives and corporates encounter with existing cross-border efficient cross-border transactions being enabled, several

payment processes and the improvements they would like The need for more interoperable systems will increase as to see implemented. more businesses seek to expand their global footprints and more migrants look abroad for job opportunities. Several A MORE TRANSPARENT PROCESS global markets are pursuing their own efforts to en- Recent research found that access to greater visibility is able more efficient cross-border payments, including the one of the top priorities for firms that regularly make in- European Payments Council’s launch of the pan-European ternational payments. The study surveyed 300 treasury Single Euro Payments Area (SEPA) Instant Credit Transfer professionals involved in international business across system in 2017. Indonesia, Malaysia, Singapore, Thailand several industries and found that 64 percent want real-time and Vietnam signed an agreement that same year to use tracking capabilities. Treasurers find this to be of impor- their internal payment systems to establish a real-time tance because it can help reduce the rate of reconciliation cross-border payments network. errors. Forty-seven percent of respondents said improved Effective cross-border payments need systems that en- visibility into cross-border transactions could help them able them to shift away from legacy infrastructure. New better understand the costs and deductibles involved in and emerging technologies may also need to be adopted to their payments. make these payments more efficient. Improved transparency could also help treasurers understand issues when things go wrong. Sixty-one percent said THE ROAD TO FASTER CROSS- BORDER PAYMENTS the time involved in payments being rejected or requir- ing subsequent investigations can drain their resources. A common set of protocols will be necessary for funds Greater insights could help determine why payments failed, to move effectively across borders. Interactions between improve processes going forward, reduce the costs in- banks, FIs and businesses could become highly fragment- volved and decrease the risk of incurring fees for missed ed without such standards. Many companies are choosing or late payments. to implement ISO 20022 as a common messaging standard to achieve greater interoperability between payment A GLOBALIZED MARKET NEEDS systems, with the system seeing more than 80 implemen- MORE EFFICIENT PAYMENTS tations in over 40 markets.

As the global economy becomes increasingly interconnect- Some FIs are also turning to blockchain-based solutions ed, smaller businesses and consumers will need access to to improve transparency and interoperability. This technol- systems that enable easy cross-border payments. A sep- ogy can store blocks of information across a network and arate report found 80 percent of cross-border revenues provides a more decentralized series of controls while also are based on B2B transactions. This segment is expected bypassing existing infrastructure and directly connecting to increase as more small and medium-sized businesses banks across borders. Some accounts note that the global (SMBs) participate in the global economy. blockchain supply chain finance market is on track to reach The latest data from the World Bank found that remittances $34 billion by 2025. to low- and middle-income nations reached a record high An increasingly global marketplace calls for solutions and last year, with migrants sending $529 billion to their home systems that can support partners no matter where they countries. The World Bank expects that figure to reach are located. Enabling faster and real-time payments for $550 billion this year, with global remittances to all markets cross-border transactions begins with solutions like these, reaching $689 billion in 2018 — up from $633 billion in 2017. because all parties want to get paid instantly.

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