Technology creates trade opportunities for millions of SMEs globally

7 June 2016

Speaking at PayExpo Europe 2016 in London today, Kerry Agiasotis, President of Western Union Business Solutions, discussed the progress of the payments market in 2016 at the keynote panel.

“SMEs have a tremendous opportunity to use technology to advance the way in which they do business. By investing in digital tools SMEs can now connect with each other internationally to drive global trade and consequentially grow, like never before.

“New technologies have enabled companies to successfully increase activities with trading partners across the globe by increasing efficiencies and reducing risks. An example of this is the growth of financial technology allowing companies to reduce the time taken to make international transfers from days to minutes. This kind of technology has enabled companies to transition from local businesses to global traders.

“Many businesses were unable to effectively manage the financial risks and opportunities associated with foreign currencies, and managing cash flow amid fluctuations in exchange rates can be very important. Western Union Business Solutions recently launched 'EDGE' to support SMEs all over the world to trade faster and easier with each other. Our new platform gives businesses access to fee-free near real-time global cross-border payments, we  are broadening the capabilities of SMEs like never before.”

Agiasotis concluded "The payments market needs to sustain its momentum and bring innovations to all markets as digital expansion continues across the globe. Companies will be able to build trusted connections with each other like never before, they will be empowered to make smarter business decisions and manage new challenges with confidence, which ultimately leads to business growth, job creation and wealthier nations.”

Kerry Agiasotis, President of Western Union Business Solutions, gave this address to a delegation of representatives from the international banking community, retailers, transport operators and mobile network operators at the PayExpo Europe 2016 in London today. The event was attended by over 2000 senior decision makers from over 50 countries. The panel discussion was titled, ‘2016, is the payments market on track?’

 

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