Nowadays, customers expect to be able to transfer money in a quick, seamless and secure way. In an industry once dominated by banks, now new and innovative cross-border payment providers are entering the market and rapidly gaining ground. Payment providers have been able to create a new marketplace and increasingly capitalize the power of big data, analytics and the cloud to create customer-centric models.
Based in London, United Kingdom, Small World Financial Services Group Ltd provides omni-channel, cross border payment services for consumers and businesses to over 180 countries worldwide, including direct to bank account, cash pick-up in minutes, credit to mobile wallets and home delivery.
Small World delivers its services internationally to consumers and businesses through a number of channels: via one of its 84 stores globally, over the phone with one of its call centres, digitally in 21 countries via website and mobile app, and through its global network of over 6,000 authorized sending agents.
The Driving Force
Since founding Small World back in 2005, Nick Day (CEO) has been the driving force behind its growth and expansion, managing Small World through its first transaction sent from Peckham to Lagos back in 2006 to reaching the recent milestone of 75 million transactions. Under his leadership, the company has acquired a number of smaller businesses with very strong local operations, allowing Small World to extend its service worldwide.
Cross-Border Payment Services
Small World is a leading omni-channel provider of cross-border payment services for consumers and businesses. Customers can send money abroad, whether sending to their family, paying a bill, or making a critical investment. Customers benefit through Small Worlds ability to process and send payments quickly with low charges and competitive exchange rates. In addition to this, having a reliable service means customers trust the company, knowing that their money can be transferred on time at any time of the day.
Small World have spent over a decade building a product that can integrate their services into hundreds of partner banks, post offices and mobile operators around the world. They have bypassed the existing expensive and slow infrastructure of the typical banking world in order to get payments to customers quickly, securely and at a low cost.
Benefitting the Customers across the Globe
The cross-border payments industry has often been viewed as complex, with strange terminology, opaque fees and low levels of transparency. With Small World, customers have easy access to a variety of international payments services. They can choose the interaction which is most convenient for them by transacting via the mobile app or website, visiting a store, calling one of the payment experts in Small Worlds call centers, or visiting one of the conveniently located agents. Some of the benefits gained by the customers are:
Firstly, being an omni-channel provider in the market, Small World gives customers the ability to transfer money digitally either online or via the app, by visiting their nearest agent or store, or by placing a transaction over the phone with customer services. This level of convenience allows customers to choose how they want to interact and gives them autonomy over how they send their money.
Secondly, with its huge network of direct partnerships and integrations with banks and financial institutions around the world, Small World has the ability to deliver money within seconds. This has generated a huge advantage for their customers in this increasingly real-time world. “Customers just want to know that the money is there, and there is no need for them to wait any more” says Nick.
Finally, Small World can process the payment at a low, highly competitive cost. This high level of service at low price points has helped the company to earn the loyalty of over 3 million customers in over 5,000 country corridors worldwide.
The Future Relationship
Small World remains focused on becoming the leading cross-border payment provider, and continuing to expand its global reach and market share. Innovative technology, relationships with partner banks, and a strong focus on regulatory compliance have proved invaluable in propelling the business forward, and are crucial in enabling Small World to deliver the speed, value and convenience that customers require.