Finally Frictionless, Instant Cross Border Payments?
Making a cross-border payment is a complex, expensive, inconsistent and opaque process. But is this about to change with the interconnectivity of real-time market infrastructures? Existing facilitators, such as SWIFT, have tried to improve transparency and consistency by implementing trace identifiers and updated business rules. But the underlying model has not changed, and it is unlikely that these recurring issues will be resolved. We’re about to see a paradigm shift, building on domestic real-time payment structures and interconnectivity of these promises to bring the benefits of speed, availability, finality and consistency to cross-border payments. Speakers in this session will review this shift and explore how lessons learned can drive change.