Cross-Border Real-Time Payments: Implementation Requires Cooperation

Currency exchange and time zones are challenges, but real-time international payments are close to becoming routine.

Boston, February 13, 2020 – Providers and users of international banking infrastructures are increasingly looking at mechanisms to support cross-border, multicurrency transactions in real time. Aite Group knowledge of the market coupled with analysis of publicly sourced data shows that, with some exceptions, a lack of international collaboration will hamper financial institutions’ ability to capitalize on the opportunities that real-time, API-enabled open banking infrastructures create.

This report examines the progress and approaches of ongoing industry efforts in this area, how they interact with other industry developments, and how corporate banks must factor in the effects of these developments on their plans to remain competitive in a rapidly changing market landscape. It is based primarily on Aite Group analysis of publicly available statements from regulators and service operators, and on interviews with senior international executives at banks, regulators, market infrastructures, and vendors.

This 19-page Impact Report contains six figures and three tables. Clients of Aite Group’s Wholesale Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions ACI Worldwide, CGI, Danske Bank, EBA Clearing, FIS Global, Fiserv, Handelsbanken, Icon Solutions, Intellect iGTB, Mastercard, Nordea, OP Financial Group, P27, Ripple, SIA, SEB, Swedbank, SWIFT, and Volante.

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