How would you measure the success of Currencycloud's Global Collections service?

Introduction

Measuring the success of Currencycloud's Global Collections service requires a comprehensive approach that considers multiple stakeholders and metrics. To effectively evaluate this product success metrics problem, I'll follow a structured framework covering core metrics, supporting indicators, and risk factors while considering all key stakeholders.

Step 1

Product Context

Currencycloud's Global Collections service is a financial technology solution that enables businesses to receive payments from customers around the world in multiple currencies. This service is crucial for companies expanding internationally, as it simplifies the process of collecting payments across borders.

Key stakeholders include:

1. Businesses using the service (primary users)
2. End customers making payments
3. Currencycloud's internal teams (product, engineering, sales)
4. Banking partners and financial institutions
5. Regulators in various jurisdictions

The user flow typically involves:

1. Business integration: Companies integrate Global Collections into their payment systems.
2. Customer payment: End users initiate payments in their local currency.
3. Currency conversion: Currencycloud handles the forex conversion.
4. Fund settlement: Businesses receive funds in their preferred currency.

This service aligns with Currencycloud's broader strategy of simplifying cross-border payments and supporting global business growth. Compared to competitors like Stripe Global or PayPal's cross-border solutions, Currencycloud focuses more on B2B transactions and offers greater flexibility in currency options.

In terms of product lifecycle, Global Collections is likely in the growth stage, with increasing adoption but still room for expansion and feature enhancement.