feel equal to larger enterprises, both in terms of resources and market opportunities. Unlike ever before, they will be able to leverage the same payment infrastructure to receive and send money in local currencies, at low exchange rates and in real-time. In turn, this will build trust with new markets and mitigate the effects of economic uncertainty. 3. As regulatory challenges persist, businesses will look for partners to remove the headache. In 2023, businesses will become increasingly attuned to the complexity of changing global regulations. It’s here that payment providers will play a key role in removing compliance as a hurdle to international growth, customer acquisition or revenue generation. Fundamentally, leaders want to spend their time focused on business growth, product development and customer experience. And so, managing different regulatory environments can quickly become burdensome and costly. Many do not factor into their roadmap that each market may require a new license to move money or different compliance standards for onboarding customers and verifying identities. As being compliant and adhering to regulations is of utmost importance, it can ultimately draw attention away frommore strategic endeavours that lead to growth. This means that as budgets are squeezed in 2023, businesses will want to ensure time and resources are spent on what will help, not hinder, the bottom line. The right payments partner will remove this headache, managing global regulatory compliance needs and requirements in real-time, so crucial resources and budgets are available to be allocated to growth. Final words Navigating uncertainty next year will require a considered approach. Businesseswill need to consolidate both to drive efficiency gains but also to hone in on the most productive parts of the business. For many, payments industry innovation and technology will be key differentiator in mitigating economic uncertainty. The need to streamline the business, facilitate speed and reliability in payments and remain regulatory compliant under new frameworks will all push businesses toward payment providers. It’ll be these partnerships that will help businesses unlock growth opportunities and offset 2023’s cost pressures. “In 2023, businesses will become increasingly attuned to the complexity of changing global regulations.” Finance Monthly. Bank i ng & F i nanc i a l Se r v i ce s 33
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