Best Cross-Border Payments Solution
This award recognises the best cross-border payments initiative/solution that has demonstrated excellence and innovation in providing seamless and secure cross-border payments for businesses and individuals.
The winning initiative/solution will have significantly enhanced the efficiency and speed of cross-border payments, lowered costs, and improved the overall user experience for senders and receivers.
Entries will be evaluated based on how the solution has addressed the challenges associated with cross-border payments, including but not limited to technology compatibility, regulatory compliance, and security concerns. The initiative/solution should have proven success in enabling businesses and individuals to make cross-border payments with ease and confidence, that have a measurable impact.
The judges will be looking for a solution that has demonstrated innovation in leveraging technology to enhance cross-border payments.
- The initiative or solution must have been operationalised in one or several Asia Pacific markets.
To make a submission please provide the following information:
Nominee or nominator
- Entry name
- Name of nominating organisation
- Name(s) of nominated organisation(s)
- The nature of the business relationship between you as the nominator and the nominee company’s solution description
Your entry is done digitally via APAC Payments Excellence Awards Website, by submitting a written description of your value proposition/solution/initiative using selected category criteria. Each criteria in your submission will be evaluated and scored by judges in your Category Judge Panel. Each criteria have a 300-word limit. Provide as much information as you can and quote the source of that information, to describe the solution, success measures and what was achieved. Note that no attachments are allowed, and website links will not be seen as part of a submission.
- Solution Description
Describe the cross-border payments solution, including the issue/problem statement, goals, and how it improves the efficiency and transparency of cross-border payments. How does the solution use technology to facilitate cross-border payments? What innovative and desirable features does it offer? What is the geographic scope of the solution?
What challenges did existing cross-border payments solutions encounter? How did you identify the problem statement? What is the unique approach or solution that you developed? Are there any inventive or innovative aspects that have been developed to bring the product or service to market? How does your solution stand out from its competitors?
How does the solution positively impact end-users and the industry as a whole? What value does it bring to end-users? Is the solution user-friendly and easy to use? Does the solution provide transparency and traceability of cross-border payments? How does the solution enhance the customer experience?
- Result and Measures
What goals were achieved with the implementation of the cross-border payments solution? Provide measurements and proof of the result. What is the volume and value of cross-border payments processed through the solution? How does the solution improve the efficiency and speed of cross-border payments? What benefits were achieved, such as cost reduction, revenue increase, customer growth, market expansion, differentiation, profit optimization, risk reduction, customer experience improvement, and quality increase?
Evidence of success – metrics
Please provide as much information as you can and quote the source of that information. Such information might include the following, but this is not an exhaustive list, and, in each case, the judges will be looking for evidence that supports your claims about the key benefits of the initiative/solution/process:
- Evidence, and statistics of the successful delivery of the solution over time.
- Evidence of tailoring products and services and the results of that investment.
- Feedback from users or other stakeholders about their experience of the services offered..
- Please note that data is treated confidentially and not disclosed outside the immediate Category Judging Panel and the APAC Payments Excellence Award team.
To be defined as innovative, we are looking for the creation, development, and implementation of a new product, process, or service that has improved efficiency, effectiveness, access, or competitive advantage. The entry is detailing something entirely new or has a new approach to an existing challenge.
Desirability refers to the attractiveness of a cross-border payments solution to its end-users, including ease of use, speed, and reliability. A desirable solution enhances the customer experience and improves the efficiency and transparency of cross-border payments.