Can correspondent banking networks still compete?

With more than 60 percent of cross-border payments being sent on SWIFT Global Payments Initiative (SWIFT gpi), cross-border traffic increasing on Ripple, and the value of real-time B2B payment settlement and clearing being demonstrated, real-time cross-border payments are removing inefficiency, costs and lack of transparency that have long hindered cross-border transactions.

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Singapore, Thailand and Malaysia

Singapore, Thailand and Malaysia

Having implemented the fourth phase of its payment system roadmap, Thailand continues efforts to reduce its reliance on cash by evolving cross-border capabilities. Slated to launch in the third quarter of 2020, cross-border payments between Thailand’s PromptPay, Singapore’s PayNow and Malaysia’s Real-Time Retail Payments Platform (RPP) will enable the world’s first digital cross-border payments via these central payment systems.

G20/Saudi Arabia

G20/Saudi Arabia

Under the 2020 Saudi Arabian Presidency, the G20 named enhancing cross-border payments as a top priority. The Financial Stability Board will develop and present a roadmap on recommendations to improve cross-border payments in October 2020.

Australia

Australia

The operator of Australia’s New Payments Platform has introduced an optional service that allows the domestic leg of an inbound cross-border payment to made over NPP. Read our exclusive interview with NPP leadership in this year’s report.

Denmark, Finland and Sweden

Denmark, Finland and Sweden

Scheduled to launch in 2021, P27 Nordic Payments Platform will become the world’s first real-time, cross-border/multi-currency payments platform. Using a streamlined domestic central infrastructure, it will enable real-time, batch, domestic and cross-border payments within the region. Read our exclusive interview with P27 leadership in this year’s report.

The current market circumstances present a rare opportunity to cut to the chase and make some serious change. The markets are primed and ready for a total refresh with a new, open club for banks and financial institutions that moves money across borders internationally.

Cross-border payments are all about interoperability. That starts with the central banks accepting their responsibility to cooperate internationally and governments doing more to ensure the friction and pain points of cross-border payments are removed.

Download your Flavors of Fast 2020 Report.