Cross-border payments are perceived as inherently high risk due to reliance on manual process and lack of transparency among the players. This has created knock on effects (slow, expensive and limited services) for senders and recipients of cross-border payments; a complicated and burdensome regulatory environment that fails significantly in meeting its goals to stop international money laundering and other nefarious acts; and, ultimately, a lack of competition and innovation — continuing the cycle.
These challenges are not new – cross-border payments have at their core been the same for 50 years. What is needed then is a new approach, a practical reimagining of how cross-border payments should work, and from there the development of technology and solutions to make it happen. How do we build a coherent cross-border infrastructure that solves these very real pain points while encouraging innovation, efficiency, and healthy competition – not in five or 10 years, but now?
In this interactive webinar, our panel of experts tackle this question, with a practical discussion including:
- What’s the risk inherent in the cross-border payment status quo – for originating institutions, correspondent banks and regulators/government?
- How do we create an environment that changes regulators’ mindset about the risk profile of cross-border payments?
- What are the new and developing technologies driving automation and efficiency and how can they be actively applied to cross-border payments? How can we create layers of trust and build transparency?