#CatalystEU Recap: Frictionless Finance and CBT Considerations by WorldFirst
In our final #CatalystEU recap, we will explore a topic often on global sellers’ minds: how to sell abroad without ‘friction’.
In his presentation at Catalyst Europe, Jonathan Quin, CEO and co-founder of WorldFirst, shared with our audience his vision for a future in which technology can help businesses buy and sell across the globe effortlessly and seamlessly using different currencies.
Convinced that the foreign exchange needs of individuals and small and medium sized-enterprises were not being fairly addressed by big banks, Jonathan and his co-founder Nick Robinson founded WorldFirst in January 2004. Their mission was to combine the best technologies and service to give their customers a better deal all round.
During his Catalyst EU keynote session, Quin went over the journey of WorldFirst and described how they are now creating a cross-border payment platform for today’s global businesses.
From its beginnings as a true start-up in a basement flat in 2004, Jonathan has guided WorldFirst through a period of sustained growth and international expansion whilst — unusually — ensuring profitability throughout.
Today, WorldFirst has exchanged more than £40 billion for more than 130,000 trading clients and over 61,000 marketplace merchants. The company now employs approximately 600 people across six international offices.
So when it comes to cross-border trade (CBT), why did WorldFirst create a platform to enable international trade? Quin’s answer is simple: because international payments are harder than they should be.
In Quin’s words, systems now can pull together sellers’ trading data to make it easier to conduct business. In tomorrow’s global e-commerce world, WorldFirst will bring all sellers’ finance functions together in one place to make managing global finances easier, with the goal to achieve frictionless finance.
Quin underlined the importance of automating financial systems for CBT. He explained that manual processes can destroy a business and errors ultimately lead to customer dissatisfaction. Integration and automation offer sellers the benefits of efficiency: they drive more traffic, convert more, raise feedback, reduce costs, reduce errors, improve finances and more, explained Quin.
Another area of focus should definitely be customer feedback. As Quin explained, look into what customers want, as we now live in a ‘feedback’ world. According to Quin, a correlation exists between feedback and orders.
And how can businesses achieve efficiency in today’s global commerce? Via systems and processes, and integrations, marketplaces, shipping, e-commerce shop software, acquirers and more, said Quin. And there is more to come, according to the CEO.
WorldFirst intends to add currencies, special China solutions, business-to-business solutions, more languages, further integrations, increased territories, working capital solutions, e-invoicing solutions, security/escrow solutions and more convenient solutions for global sellers. WorldFirst is on a mission to help make international trade easier, cheaper and faster through frictionless finance. It’s yet another reason to be excited for the future of global e-commerce!