Embracing the future of cross-border payments
Read this report to learn how financial institutions can navigate the complexities of evolving cross-border payments market and why it is essential for them to adopt modern payments technology to compete with fintechs and future-proof their cross-border payments business.
Default Finastra
The market size for cross-border payments is projected to increase beyond $250 trillion by 2027. However, established banks are experiencing a significant decline in their cross-border payments business due to various factors. This is primarily because traditional cross-border payment solutions are falling short in addressing the evolving regulatory and compliance requirements, the modern customer’s demand for real-time transactions, and are under considerable stress to keep up with the pace of technological modernization.
In today’s world, businesses and customers are seeking faster, secure, inclusive, and transparent payment experiences. Seizing this market opportunity, fintechs, with their agile business models and customer-centric strategies, are reshaping the international payments experience. They are offering solutions that provide more choices and enable customers to make payments instantly and securely, both domestically and globally, at competitive costs.
The challenge for banks now is not just to remain competitive and safeguard their market share, but also to innovate the overall cross-border payments experience. Consequently, it is crucial for banks to utilize modernized payment technology to offer flexible, tailored, cost-effective payment solutions and expedite the time-to-market for value-added services.
Download this free report to learn more about:
- Ongoing regional and global initiatives aimed at harmonizing cross-border payments
- The current challenges and inefficiencies associated with traditional cross-border payment solutions
- The growing impact of fraud and failed payments on banks, businesses, and customers
- How banks can future-proof their cross-border payments business and compete effectively with fintechs
- What factors to consider when selecting a modern cross-border payment solution
- The role of collaborative partnerships in enabling banks to offer value-added payment services
- The fundamental elements that will empower established banks to foster an open and inclusive payments ecosystem
