PYMNTS-MonitorEdge-May-2024

NovoPayment EVP On Mass Payouts In Latin America

Banks have evolved beyond the teller, beyond the branch, beyond the face-to-face that comes with the traditional financial services model.

They have also had to evolve beyond the portal, and beyond borders.  The age of instant payouts may be upon us.  And in an interview with NovoPayment’s Kevin Fox, EVP, the executive stated that when branching out into Latin America, education and dialogue remain key when bringing banks and other traditional FIs into a new age where APIs can help deliver new products and services.

“When you combine the importance of the mass payout problem to the client,” he said of his own firm’s efforts, “the specific challenges it presents to the bank and the best practices for solving it today, you have an ideal recipe for testing some pretty top-of-mind stuff,” Fox said.  That comes as NovoPayment seeks to help streamline, say, enrollment and compliance efforts through closed and partner APIs delivered through banks.

Yet a bank’s client companies are grappling with the demands of their own logistics and operational costs. Traditional methods, in fast growing markets, are just not enough to deliver the services end consumers demand and the banks must provide.

Mass payments are no novel concept. Verticals and functions, from insurance to payroll — where payments are on the grandest scale in terms of volume — could, should and do see improvement in terms of convenience and choice, if only more companies would embrace instant and digital disbursements. The paper check remains a stubborn fixture in many areas of business.

As part of a continuing series on the digital transformation taking shape in the region and for FIs, Fox stated that the trend is not a new one, but that it definitely has new twists.

Read here to find out just what those changes are.

PYMNTS-MonitorEdge-May-2024