The Continued Evolution of Cross-Border Payments – What is next?
The value of cross-border payments globally is estimated to increase from almost $150 trillion in 2017 to over $250 trillion by 2027. Cross-border payments sit at the heart of international trade and economic activity. However, for too long cross-border payments have faced four particular challenges: high costs, low speed, limited access and insufficient transparency. Faster, cheaper, more transparent and inclusive cross-border payments would have widespread benefits for supporting economic growth, international trade, global development and financial inclusion. The Payments Association hosted a webinar last June that discussed the global cross-border payment market opportunities and the future barriers, and how emerging technologies would shape the future of cross-border payments. How has this progressed? Tune in to the Payments Association Insights webinar to hear our senior experts speakers discussing the progress changes. What has changed? What hasn’t changed and what remains to improve? As well as discussing the progress towards the Financial Stability Board action plan. Questions you can expect to be answered: • Current opportunities globally - Wholesale/Retail (B2B, P2B, B2P and P2P and Remittances)? • What were considered the key barriers to entering new market segments? • Speed, cost, access and transparency - What new innovations and/or technology have emerged to drive this further? • The world has changed significantly over the last year, how will this change cross-border growth, take-up and the speed of change?