What are global payment SaaS for banks?

Global payment SaaS (Software-as-a-Service) refers to cloud-based software solutions that facilitate the processing of international payments. These platforms provide a wide range of services, including currency conversion, compliance checks, and settlement processing, among others.

Banks use global payment SaaS for several reasons. Firstly, these solutions enable them to expand their international payment capabilities, which is crucial for facilitating global trade and commerce. By using these platforms, banks can offer their customers access to a wide range of currencies and payment methods, which enhances their competitiveness in the marketplace.

Secondly, global payment SaaS platforms help banks to comply with regulatory requirements related to cross-border payments. These solutions typically offer built-in compliance features, including KYC (know your customer) and AML (anti-money laundering) checks, which reduce the risk of fraud and other financial crimes.

Finally, global payment SaaS platforms can help banks to reduce the cost of international payments. By automating the payment processing workflow, banks can reduce the need for manual intervention and minimize errors, which can lead to cost savings over time.

Global payment SaaS platforms provide banks with a cost-effective and scalable solution for processing international payments while improving compliance and competitiveness.

Fable Fintech creates customizable international remittance SaaS solutions / white-label money transfer software / open banking APIs / white-label global payments platforms (SaaS/PaaS)/ Forex rate systems for banks and financial institutions. Fable Fintech also provides cross border B2B, DTC remittance solutions for businesses along with Fx rate systems. Learn more about cross-border remittances and international payment technology on Fable Fintech's cross border payments blog