Banking Circle launches a new white paper examining the true potential of emerging ‘financial utilities’ for tier two and three banks and Financial Tech businesses

Share this post

Regulation, compliance and legacy systems have, for so long, been the stumbling blocks for financial institutions to capitalise on the new digital age where there are few barriers to international trade.

Cross border payments, clearly essential when trading internationally, go to the heart of the conundrum currently facing tier two and three banks and Financial Tech businesses. Bringing higher costs than local transactions, they inevitably mean additional costs being passed onto customers – and that can mean lost opportunities.

The average operational cost for a bank to execute a cross border payment, via legacy correspondent banking agreements, is currently between US$25 and US$35 – more than ten times the cost of the average domestic Automated Clearing House (ACH) payment. Plus, the FX rate varies based on size of the transaction, time of day, current volatility level, future implied volatility, quality of the customer, current market price action, and even competitor quote levels. As a consequence, banks’ B2B cross border payment revenue and profits are under pressure.

But times are changing. And the new white paper from Banking Circle is throwing the spotlight on how emerging financial utilities can make the difference. Published by Burnmark, the white paper examines the role financial utilities can play and how they are opening up the global market for financial institutions to meet 21st Century demands and expectations.

To obtain a copy of the white paper,Reimagining global banking services in the connected digital marketplace’, please click here.

More To Explore

Membership

Merchant Community Membership

Are you a member of The Payments Association?

Member benefits include free tickets, discounts to more tickets, elevated brand visibility and more. Sign in to book tickets and find out more.

Welcome

Log in to access complimentary passes or discounts and access exclusive content as part of your membership. An auto-login link will be sent directly to your email.

Having trouble signing?

We use an auto-login link to ensure optimum security for your members hub. Simply enter your professional work e-mail address into the input area and you’ll receive a link to directly access your account.

First things first

Have you set up your Member account yet? If not, click here to do so.

Still not receiving your auto-login link?

Instead of using passwords, we e-mail you a link to log in to the site. This allows us to automatically verify you and apply member benefits based on your e-mail domain name.

Please click the button below which relates to the issue you’re having.

I didn't receive an e-mail

Tip: Check your spam

Sometimes our e-mails end up in spam. Make sure to check your spam folder for e-mails from The Payments Association

Tip: Check “other” tabs

Most modern e-mail clients now separate e-mails into different tabs. For example, Outlook has an “Other” tab, and Gmail has tabs for different types of e-mails, such as promotional.

Tip: Click the link within 60 minutes

For security reasons the link will expire after 60 minutes. Try submitting the login form again and wait a few seconds for the e-mail to arrive.

Tip: Only click once

The link will only work one time – once it’s been clicked, the link won’t log you in again. Instead, you’ll need to go back to the login screen and generate a new link.

Tip: Delete old login e-mails

Make sure you’re clicking the link on the most recent e-mail that’s been sent to you. We recommend deleting the e-mail once you’ve clicked the link.

Tip: Check your security policies

Some security systems will automatically click on links in e-mails to check for phishing, malware, viruses and other malicious threats. If these have been clicked, it won’t work when you try to click on the link.

Need to change your e-mail address?

For security reasons, e-mail address changes can only be complete by your Member Engagement Manager. Please contact the team directly for further help.

Still got a question?