Industry11th April 2022

Muddled multi-currency: how do fintechs overcome cross-border complexity?

Muddled Multi currency
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New report examines the challenges and opportunities of offering multi-currency services

The demand for multi-currency capabilities is rapidly increasing. Travel – though still somewhat restricted – is once again possible, and the rise of international e-commerce is helping to drive demand for global transactions as consumers look all over the world to buy their chosen items. In turn, the sense of urgency for fintechs to streamline their multi-currency capabilities becomes ever greater.

In light of these market conditions, what impact does offering a multi-currency solution have on fintech providers? What needs to change to make this process less arduous for both provider and customer?

Muddled multi-currency: how do fintechs overcome cross-border complexity? attempts to answer these questions. Based on an independent survey of 150 C-level and senior fintech executives across the UK, this report explores:

  • The benefits of offering multi-currency services for end-users
  • The difficulties fintechs may face in offering such services
  • Why fintechs should provide multi-currency solutions to their customers and the value for them of doing so.

Key findings include:

  • 94% of fintechs declared a multi-currency offering as business-critical
  • 29% of respondents say that working with multiple multi-currency providers is complex and confusing
  • 79% of fintechs are planning to move to a new multi-currency partner, with 32% seeking better customer experience and 34% seeking better technology.
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