Cross-border payments have already become quick and transparent, with far less friction preventing them from arriving at their destination on time – but there’s still room for improvement. We look at what a brighter payments future could look like, and how the financial community can build it together.
Payment infrastructures are undergoing great change across the globe, with the implementation of instant retail payments rails and modernisation of real-time gross settlement systems. Innovation is also driving change in the cross-border payments space. The Banker’s Leadership series, in association with SWIFT, explores how the financial industry is working together to construct the future of payments and provide a strong platform for innovation.
Payments between people and businesses at a domestic level have been getting faster and faster. Instant and real-time are the new norm domestically. But the historically ‘slower’ cross-border space is now catching up. Cross-border payments settled in a matter of seconds are now a reality, writes Harry Newman, head of banking at SWIFT.