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Sunday, March 3, 2024
HomeNordic MarketsBridging Markets for Inclusive Finance: Inpay's Approach to Financial Empowerment 

Bridging Markets for Inclusive Finance: Inpay’s Approach to Financial Empowerment 

Everyone deserves the opportunity to participate in a global economy beyond their own borders. In an increasingly interconnected and globalized world, the importance of access to financial services on a democratic basis cannot be overstated.

This is where Inpay’s global payments network comes through and catalyzes financial inclusion by breaking down barriers and connecting financially advanced markets with underserved regions.  

“We seek to democratize money transfers on a global scale by making them faster, easier, more secure, and transparent. This is the core of our mission. By making payments accessible, we empower individuals and businesses to participate fully in the global economy. This approach aligns with our belief that everyone with good intentions should have equal access to financial services, regardless of their background or location,” shares Thomas Jul, CEO of Inpay.  

While traditional banks may suffice for many, when transactions involve moving out of SEPA or dealing with complex scenarios, Inpay emerges as a far superior solution, providing speed, security, and transparency. “Our solutions ensure that money transfers are transparent to the parties involved in the transaction, and we ensure affordability by minimizing the number of intermediaries in the chain. Our onboarding process may be thorough but guarantees stability and a higher completion rate than many of our competitors. Today, we complete more than 99% of payments for our customers,” adds Jul.  

“We seek to democratize money transfers on a global scale by making them faster, easier, more secure, and transparent. This is the core of our mission. By making payments accessible, we empower individuals and businesses to participate fully in the global economy.”

Thomas Jul, CEO of Inpay

Serving underserved markets  

Offering a tailored set of capabilities to cater to the diverse needs of its clients, whether it is A2A (Account to Account) transfers, digital payment solutions, or cash remittance services, Inpay stands as a market-leading payout provider, offering exactly the right global reach to penetrate markets that are traditionally challenging to enter. It acknowledges the immense potential that exists in these markets. So, by establishing partnerships and leveraging its network, it enables its clients to navigate regulatory complexities, overcome logistical hurdles, and access previously untapped market bases.  

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“The main focus of our business is addressing these kinds of challenges. While many others may find them too complicated, we thrive on solving them. We have worked, for example, with a financial institution in the Middle East that needed to transfer funds into harder-to-reach parts of Asia on behalf of their customers. And we are working with the Danish Red Cross, to address the high costs and complexities of sending money into Myanmar. With us, they were able to reduce costs and simplify the payment process significantly.” shares Jul.  

Building trust through compliance 

Inpay recognizes the critical role of regulatory compliance in building trust and fostering transparency, especially in underserved markets. These markets often face higher risks of financial fraud and money laundering due to a lack of consumer protection measures. So, Inpay strives to offer a robust regulatory framework that goes above and beyond the standard requirements. Their goal is to set clear standards for compliance, risk management, and customer protection to eliminate cases of financial scams.  

Their operations are regulated by the Danish Financial Supervisory Authority. “Obtaining a Danish license is significant for us. It demonstrates our commitment to operate within a highly regulated framework and provides us with a trusted regulatory body to collaborate with,” shares Jul. Hence, compliance with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations are integral to their core operations as well as built into the core technology at Inpay to ensure that it cannot be circumvented.

“Our risk and compliance department plays a critical role in overseeing these aspects, supported by a three-layer approach. We put meticulous risk management, transparency, and robust regulatory processes at the very heart of everything we do.” concludes Jul.  

Marria Qibtia Sikandar Nagra
Marria Qibtia Sikandar Nagrahttp://www.nordicfintehcmagazine.com
Marria is avid communication and content specialist with a decade-long experience delivering content services to B2B and B2C clients across a range of niches including but not limited to FinTech, Technology, Marketing, Insurance, e-Commerce, SaaS, and Mental Health. She specializes in curating both long-form and short-form content. Her expertise lies in helping her clients develop a robust online and print presence by generating social media traction and improving their search engine visibility.
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