Commissioned by Rapyd, the study assessed the impact of Rapyd’s solution for companies in the US, Europe, LATAM, and Asia-Pacific, evaluating the potential business and financial impact of embedding fintech, local payment, and payout capabilities into customer experiences
Rapyd, a global Fintech-as-a-Service company, announced today the publication of a new Total Economic Impact™ study conducted by Forrester Consulting. Commissioned by Rapyd, the study evaluated the cost savings, business benefits, risks, and flexibility of implementing Rapyd’s solutions and determined the Return on Investment for a composite organization to be 196% over three years. Rapyd helps businesses create local experiences anywhere, handling the complexities of cross-border payments and regulations to enable quick and easy collection and disbursement capabilities.
Embedded local payments that go beyond cards and traditional payment methods have become critical for businesses seeking to win over users internationally. Despite the tremendous advantages of these capabilities, some businesses have struggled with their implementation due to infrastructure, administrative, and regulatory complexities. Rapyd’s Fintech-as-a-Service model overcomes these barriers and offers a solution for businesses that allows them to adapt, expand and break into new markets with local digital strategies.
“Tapping into local markets across the globe has become a must-have for enterprise, and while the decision may be easy, the task itself is massive,” said Arik Shtilman, CEO and Co-founder of Rapyd. “At Rapyd, we think ‘local’ so companies can easily go global, and while the findings of the study come as no surprise to us, it is astounding to see the value that our Fintech-as-a-Service can bring to our clients and their users”.
The findings of the study are based on interviews with companies from the US, Europe, APAC, and Latin America in order to evaluate the impact Rapyd could have on a business over a three-year period.
Other key findings include:
Net Present Value (NPV) of $4.9 million: Total benefit was $7.5 million versus the total cost of $2.54 million for Rapyd fees and implementation and management costs.
FX currency conversion and transaction fees reduction worth $2.5 million over three years: Rapyd reduced transaction and FX fees by 33%.
Margin of growth from new market expansion worth $4.7 million of incremental profit. In order to effectively expand to new markets, it is critical to provide fast integration to all the relevant currencies. This leads to higher success rates and new end-user conversions, which builds trust and loyalty with local audiences.
70% efficiencies gained by employee reduction of manual efforts, leading to $310,580 in productivity lift: Rapyd allowed organizations to reduce the time and support necessary to complete certain lower valued tasks which allowed for the reallocation of these resources to higher-value operations.
Helped navigate specific legal situations related to expansion. As the companies surveyed sought to expand across global markets, they needed to ensure regulatory compliance in every new geography. Companies said their organizations were able to navigate these laws more easily because of Rapyd’s support.
Reduced failed payments that led to more positive customer experiences. In today’s global environment, any firm regardless of its size needs to be able to seamlessly send and receive payments locally and across borders.
Companies said their organizations saw a reduction in failed payments when using Rapyd.
Access the Forrester Total Economic Impact of the Rapyd Solution here.