In attendance at Money20/20, FinTech Magazine speaks to Commercial Lead at Wise Abid Mumtaz, where he outlines how it is necessary for moving money to be fast and instant and also low-cost.
He also speaks about how Wise is aiming to work with other banks and fintechs to continue powering money. Ultimately, the company wants to offer the best financial solutions through collaborations and partnerships.
Concerning the challenges of moving money cross-border, he states that it is important for banks and fintechs to provide transparency for the customer. Today, customers want to know when their money will arrive in their account to a high level of accuracy.
Mumtaz also highlights how convenient banking is the way forward when it comes to moving money. In fact, when asked about how cross-border payments and remittances may evolve in the near future, Mumtaz stressed how the adoption of instant money was the way forward.
Currently, 55% of Wise payments moving around the world act in 20 seconds. Although an achievement, Mumtaz is clear that the company, as well as the wider fintech market, needs to catch up and improve speed accuracy.
With this in mind, the wider industry must consider how they can work together to make money move as fast as possible.