Treating payments as a product

Panelists

Easily answer main Customer Questions
- How much money do I have?
- Who do I owe?
- Who owes me?
- What's my profit?
Need for multiple integrations for vendors
Growth for SMBs with local payment methods
Financing Capital provided to SMBs
Serving Immigrant Communities
- How does an immigrant build credit?
Move SMBs from offline to on-platform
- Xero: only 50% SMBs use online invoices for payments
- How do you get people to change habits around how they pay?
  - Educate them on advantages of faster cash flow

Shopify:
- Remove payments as a concern for new marketplace customers
- Seamless onboarding
- expand billing platform
- expand financing to SMBs
Remitly:
- Creating seamless, reliable End-to-End solution
- build platform with failovers

Xero:
- goal is to build a fabulous accounting platform
- focus on building better product
- rather not take on risk management, settlements
Shopify:
- Have debate of build-vs-buy on every big feature
- find if there's an industry leader for the feature and look for possible partnership
Remitly:
- Added payment role when need arose to optimize payments.
- took 4 years before pay-ins became a centralized role

Remitly:
- Find under-served communities and see how we can help them
- Find partners who will help with expansion
- Find market size, competitors, compliance requirements.
- Some markets may make sense for a collabrative launch.
Shopify:
- Ensure product-market fit
- consider language
- consider tweaking the product
- Engineering perspective:
  - creativity comes when constraints are applied
  - apply a balance between infrastructure work and feature development

Xero:
- Closed loop. Money in, money out riding the same rails
Shopify:
- More collaboration between governments and industry
- stuck with decades old legacy platforms
Remitly:
- faster payment systems. ACH is too slow