Exclusive: WorldFirst discusses SME success in cross-border payments

In an increasingly interconnected world, small and medium-sized enterprises (SMEs) are finding new opportunities to expand their operations globally.

At the forefront of facilitating this international growth is WorldFirst, a digital payment and financial services provider that has been revolutionising cross-border transactions for over two decades.

Jim Vrondas, the company's Country Manager for Australia and New Zealand, offers insights into the company's strategy, innovative products, and the challenges faced by SMEs in today's global marketplace.

A Leader in Cross-Border Payments

With nearly two years at the helm in his current role, Vrondas brings over 25 years of experience in the cross-border payment industry and foreign exchange. His career began in investment banking before he transitioned into the online payment space. He was instrumental in the growth of AWS Forex, where he was among the first employees and helped scale the business to over 500 employees and a listing on the Australian Securities Exchange (ASX).

WorldFirst, founded 20 years ago in the UK, has handled over $200 billion in transactions and serves more than one million customers worldwide. The company's growth has been particularly remarkable since becoming part of Ant Group in 2019, which Vrondas attributes to the acceleration of their expansion: "In the last five years, we’ve seen phenomenal growth, particularly well."

A One-Stop Solution for SMEs

WorldFirst prides itself on being a comprehensive solution for global businesses, especially SMEs involved in international trade. "We’re a one-stop digital payment and financial services provider for global businesses," says Vrondas. The company focuses on making cross-border payments and collections "easy, fast, and secure," a mission that has resonated with SMEs worldwide.

Vrondas describes his role as multifaceted, with a sharp focus on understanding customer needs and bringing new products to market.

"My top three priorities are meeting with customers, enhancing existing products, and educating the market," he explained. This customer-centric approach has been key to WorldFirst’s success, enabling the company to stay ahead of market trends and respond quickly to emerging needs.

Innovation Through Product Development

WorldFirst's commitment to innovation is evident in its product development. The company is constantly releasing new products based on customer feedback. One of the most recent offerings is WorldTrade, an international sourcing payment solution that streamlines cross-border supplier payments.

Launched in June, WorldTrade addresses the trust issues that often plague international transactions by using smart contract fulfillment technology.

"WorldTrade offers trade assurance to both the buyer and the seller by safeguarding their funds," Vrondas explained. The product holds funds in escrow, ensuring that payments are only released once goods are delivered, which reduces transaction costs by up to 30%. This innovation is particularly valuable for SMEs, who often struggle with the high costs and risks associated with international sourcing.

Meeting Market Demands

The growth in e-commerce has created new opportunities for SMEs, but it has also introduced new challenges, particularly in managing supply chain costs and cross-border payments.

"Consumer buying habits have obviously changed a lot over the last few years," Vrondas said - pointing out that the booming online retail market has driven SMEs to seek more efficient and cost-effective solutions.

WorldFirst has seen a significant increase in demand from SMEs looking to move away from traditional banks.

"Slow payments can cause a strain on the supply chain," Vrondas explained. "SMEs unsatisfied with traditional financial services are increasingly looking to leverage faster, more transparent methods so they can get goods delivered to their customers faster."

WorldFirst's ability to offer better exchange rates and faster payments has made it an attractive option for businesses seeking to improve their profit margins and streamline their operations.

A Customer-Centric Approach

One of the key factors that sets WorldFirst apart from its competitors is its deep understanding of its customers' needs. "Every business is somewhat unique, and that's where we try and get quite close to understanding each of our customers," Vrondas said. This personalised approach allows WorldFirst to offer tailored solutions that address the specific challenges faced by each SME.

A recent example of this customer-centric approach involved a new customer who was struggling to open a US dollar bank account due to the lack of a US address. WorldFirst was able to provide a US dollar account within minutes through their platform, saving the customer months of frustration. "That’s just one more recent example from a conversation I had with a new customer," Vrondas shared, highlighting the company's ability to solve complex problems quickly and efficiently.

Building a Secure and Reliable Platform

Security is paramount at WorldFirst, and the company has invested heavily in the latest technology to protect its customers' funds. "We deploy the highest level of encryption and security, and we partner with tier one global banks," Vrondas assured.

He also noted that WorldFirst's customers benefit from the backing of Ant Group, one of the world’s largest payment technology companies, which further enhances the safety and reliability of their services.

Partnering for Success

In addition to its in-house technology, WorldFirst collaborates with various partners to enhance its offerings. The WorldTrade platform, for example, integrates with logistics providers and third-party software programs that track goods across borders. The company also works closely with e-commerce giants like Amazon and Alibaba, providing SMEs with seamless access to global markets.

"We work with a lot of different eco-system partners in international trade," Vrondas said, adding that these partnerships allow WorldFirst to offer a comprehensive suite of services that cater to the diverse needs of SMEs. By leveraging these partnerships, WorldFirst helps SMEs overcome the challenges of international trade and achieve their growth ambitions.

Looking Ahead

As WorldFirst continues to innovate and expand, Vrondas sees a bright future for the company and its customers in Australia. The growth of online retail and the increasing demand for cross-border payment solutions present significant opportunities, particularly in Australia, where online retail is growing rapidly.

"We’re in a very good position to help support these businesses and these brands that are selling online, especially when they’re going global."