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Cambridge Global Payments
the digital environment and traditional firms
are lagging behind.
What do financial institutions need to do to
be more competitive in this space? Up until this
point, they had to choose between a holistic,
technology-enabled transformation that took
several years, or one that launched quickly but
lacked meaningful depth. Firms need to adopt
an agile mentality that bypasses the dichotomy
between transformative and short. There is a
third, more nuanced option that equips them
to act quickly and adapt their business to
compete moving forward. Institutions should
look towards agile software that allows them
to deploy in weeks, not months, with the ability
to iterate based on data gathered and as a
result, drive process optimization.
Agile onboarding is how Cambridge Global
Payments was able to implement Agreement
Express in only a few weeks. The platform
allows Cambridge Global Payments to digitize
their manual processes and enhance their
client experience, all while providing their team
with full visibility and control throughout the
customer journey. The agile approach enables
quick adaptations to counter the unpredictability
of the economic climate, allowing Cambridge
Global Payments to respond to regulatory
changes and open new accounts faster, giving
them a competitive edge. Mark Frey, COO
of Cambridge Global Payments explains,
“Agile methodology allows Cambridge Global
Payments to be at the forefront of innovation.
We can offer our customers the best products,
faster, and they no longer have to wait to open a
new account or access new features.”
Mike Gardner, CEO of Agreement Express
further explains, “Competitive organizations will
be the ones who stop trying to either predict
the future or outrun it.” The two Canadian
companies saw clear alignment for developing
an agile experience that will set a new industry
standard for cross-border payment onboarding.
The U.K. Brexit
The surprise of the United Kingdom opting out
of the European Union in a referendum vote in
the summer of 2016 will have implications for
Cambridge’s business and its customers, but
McDonald believes it will be a positive result for
his company. It is widely expected that there
will be market disruption and volatility from the
European market and other potential geo-polit-
ical issues that may result with the overall trend
towards anti-globalization in certain factions of
the economic community.
“There’s potentially a licencing impact in that
many firms operating in the space have licences
through the FCA in the U.K. that are passported
across Europe and the Euro zone community.
We are actively engaged in processes of build-
ing out contingency plans that would allow us
to continue our passport licensing regime across
Europe by establishing relationships with other
regulators. It’s all about preparation and being
ready, regardless of what the regulatory frame-
work looks like,” says McDonald.
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