BizBahrain May-June 2017
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The pace of innovation in the<br />
financial services is continuing unabated<br />
and we expect that this will only<br />
increase with even more rapid change<br />
in the future. In established and mature<br />
markets, this change is being manifested<br />
by the growth in new digital commerce<br />
channels; more choice for consumers<br />
from a broader range of financial services<br />
institutions rather than a limited number<br />
of major banks; and an increase in<br />
technology being used to sell, distribute<br />
and access financial services products.<br />
In emerging markets, the most dramatic<br />
changes are being experienced by the<br />
numbers of new consumers that are<br />
becoming financially literate and moving<br />
out of the un-banked cash economy and<br />
into the realms of financial inclusion.<br />
In the Middle East & Africa region,<br />
this factor is expected to bring about<br />
a profound change to the social and<br />
economic conditions for individuals,<br />
and at the macro-economic level for<br />
countries, governments and the region as<br />
a whole.<br />
What are some payment-related<br />
challenges for cross border commerce?<br />
How is NEC uniquely positioned to assist<br />
businesses grow their cross-border<br />
commerce?<br />
Cross border commerce is restrained<br />
by the mechanics of moving money<br />
between currencies, and between banks<br />
and financial institutions. International<br />
trade has long been subject to the<br />
sometimes severe limitations of letters<br />
of credit, guarantees, and bank transfer<br />
payments that can be slow, costly and<br />
unreliable because of compliancerelated<br />
complications. NEC Payments<br />
have built technologies that use the<br />
MasterCard network to remove these<br />
obstacles and deliver a mechanism to<br />
make immediate, guaranteed payments<br />
internationally at low-cost and with a<br />
high degree of security and reliability.<br />
Our immediate virtual payments solution<br />
enables businesses, governments, and<br />
individuals to increase transparency and<br />
security in B2B and digital commerce<br />
payments, and to settle those payments<br />
much faster and at a lower cost that bank<br />
transfers.<br />
Additionally, for business users our<br />
technologies enable the automation of<br />
<strong>May</strong>-<strong>June</strong> <strong>2017</strong><br />
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