Frictionless Cross-Border Payments: Alternatives to Correspondent Banking

Pressure on the payments ecosystem to simplify and remove friction moves into the cross-border space.

Boston, March 4, 2021 –A high degree of innovation is happening in the payments space today and at a faster rate than ever. In 2014, there were only 14 local real-time payment schemes. Currently, that number is just over 60, with 20 of those networks launching in the last 18 to 24 months. Along with increasing the speed of payment settlement, these networks have spawned innovation in improved data, transparency of payment status, accessibility, and connectivity. This progress toward more frictionless payments has been primarily focused on the domestic payments space. It’s now time for the industry to widen the focus to include cross-border payments.

This Impact Report provides an overview of the cross-border market, discusses the pain points that are forcing innovation, and looks at some cross-border payments initiatives creating change and improvement in the space. This report is sponsored by Volante Technologies and is based on Aite Group analysis of published statements from and regular interviews with international banks, infrastructure providers, fintech vendors, and regulators.

This 18-page Impact Report contains four figures and two 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 Buna, Currency Cloud, Mastercard, Ripple, StoneX, SWIFT, Visa, Volante, and Western Union.

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