Correspondent banking as we view and use it today is the result of a slow and natural evolution.
Unfortunately, given the sheer cost and complexity of increasing cross-border payment efficiencies, fundamental issues have become embedded within the system for years. The G20 have jumped in this year to challenge the pace of modernisation – the known inefficiencies need not persist.
Co-existence between key players across the payments landscape is igniting significant change for cross-border payments, ensuring that correspondent banking can modernise and keep pace with technology breakthroughs leading the charge across financial services. Convergence, collaboration and coexistence are not only the most effective tools for innovation, they are vital for success and longevity in the cross-border space.
Visa and Swift are currently leading by example. Swift continue to build on their GPI innovations and Visa have introduced Visa B2B Connect to open access to Visa’s multilateral payment network. The innovative overlay services developed by global payment players is supported by technical enablers designing true interoperability. This avoids the fear and inertia of traditional ‘rip and replace’ plans for streamlining cross-border solution.
Join in this webinar from Finextra, held in association with Bottomline Technologies, to hear the discussion on the following areas with industry experts:
Speakers:
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