Redefining Cross-border Payments
In an interview, Swastik Nigam, Founder and CEO of Winvesta, reveals how their innovative payment solution is transforming the payments landscape. By addressing the challenges of existing methods, Winvesta has made a positive impact on businesses and consumers alike, offering improved experiences, significant cost savings, and efficient international transactions. Nigam shares insights into Winvesta's unique approach, their commitment to security and reliability, future plans, and their vision for the company's growth.
What sets Winvesta apart?
Winvesta sets itself apart from other payment solution providers in the market by focusing on cross-border payments and specifically addressing the challenges faced by traditional methods. “Historically, cross-border payments have been either through card companies, where there is a high rejection rate of around 40-50 per cent, or through bank-to-bank transfers, which lack transparency regarding fees and the exact amount received in the local currency. These challenges are what we aim to overcome. Our approach combines the strengths of both methods. Additionally, we ensure complete transparency and low costs for our customers. This means that you not only know exactly how much you're paying but also receive your money quickly and with certainty. This combination of transparency, speed, and certainty sets us apart from traditional payment solution providers in this space,” states Nigam.
Bank-level Security Standards When it comes to security and reliability, Winvesta places paramount importance on safeguarding customer funds. Their solution sits on top of banking protocols, adhering to bank-level security standards at every stage, including secure logins, account access, and fund transfers, said Swastik, adding, “We adhere to the well-established security standards of the banking industry. In terms of additional security features, we verify that the destination account is indeed the intended recipient's account. This verification process adds an extra layer of security to prevent any misdirection of funds. Reliability is another key aspect we focus on. While traditional banking methods may take up to five days to complete a transfer, we have optimised our system to ensure that almost 90 per cent of payments are processed by the next day. In rare cases, it may take up to two days, but we strive to provide a reliable and prompt transfer experience. So, not only do we prioritise the security of your funds, but we also aim to deliver them reliably and within a predictable timeframe.”
Meeting Customer Needs
Winvesta’s impact on businesses and consumers has been significant. Customers who have adopted Winvesta's solution quickly notice three key aspects. “Firstly, the transparency in how every payment is made and received in their Indian account within 24 to 48 hours through us. This clarity and reliability often make them realise how much money they could have saved if they had started using our solution earlier. It becomes evident that compared to other payment options, the speed and certainty of receiving funds are highly advantageous. Secondly, our clients benefit from an improved experience for their end customers. With our product, Indian businesses gain international bank accounts, making it easier for their clients in different countries to make local payments. This leads to quicker payments for our clients as their end customers face minimal friction when making international transactions. Moreover, by having global accounts, our clients can attract more business because they can now price their products or services locally. It sets them apart from competitors.” Additionally, Winvesta’s solution allows clients to save significantly on fees. Many clients who previously used global payment gateways based in the US now recognise that they can save at least 80 per cent or more by using Winvista’s platform. With traditional payment methods, people often encountered high charges, such as up to 3 or 8 per cent fees along with substantial fixed fees of $50 to $100. Winvista, on the other hand, charges less than 1 per cent in fees, providing substantial cost savings,” explains Nigam.
As for future plans, Winvesta aims to expand and enhance their payment solutions to meet the unique needs of their customers. They recognise that each customer segment has its own specific needs and nuances, presenting an opportunity to raise awareness about better solutions and ways for customers in India to derive more value from their hard work. With their solution offering superior benefits and a focus on understanding and meeting customer needs, Winvesta aims to deliver depth and value while ensuring clear and comprehensive solutions.
Shaping the Payments Landscape As to Winvesta's vision for the company five years down the line, Nigam says the company is committed to remaining nimble and adaptable as a small startup. He is happy and satisfied with the fact that almost all of Winvesta's customers continue to engage with its solutions, indicating their ability to solve evolving needs. Rather than focusing on reaching specific numerical targets, Nigam believes in the importance of customer satisfaction and trust as indicators of Winvesta's success.
In summary, Winvesta is revolutionising the cross-border payment landscape by delivering transparency, speed, and cost savings. Their unique approach addresses the challenges of traditional methods, offering improved experiences, significant cost savings, and efficient international transactions. With a focus on security, reliability, and meeting customer needs, Winvesta aims to continue making a positive impact and shaping the global payment landscape.
