New Whitepaper exposes the short-comings of “de-banking” removing risk from banks involved in cross-border payments and argues tech is the solution

Payall, the first-ever provider of an end-to-end banking infrastructure for cross-border payments, published a provocative and fresh report from notable banking and technology researcher and writer Jonathan Tyce that estimates banks and other financial services providers could cut cross-border transaction costs by 50% and reduce compliance violations by as much as 90% with new software and paradigms.

The whitepaper, “De-Risking Cross-Border Payments: Software vs. Sledgehammer,” examines why many banks and other financial institutions have exited, are leaving, or are unable to enter the cross-border payments market because of compliance and other risks as well as escalating costs and offers a pathway to challenge the status quo.

As demand for international transactions grows exponentially—cross-border payments are expected to reach $160 trillion this year and could reach $250 trillion by 2030—the need for safe, fast, fairly priced and transparent international money transfers has never been more critical. The whitepaper, authored by Jonathan Tyce, director at Kenaz LTD, spotlights the unintended consequences of de-risking, challenges of staying in the market and the substantial benefits technology can bring to cross-border payments.

“It’s mind-blowing (and quite scary) that after 50 years, financial institutions and others in the cross-border ecosystem are executing millions of manual processes each day at originating institutions, intermediate and correspondent banks to process an international money transfer,” said Gary Palmer, President and CEO at Payall Payment Systems, Inc.“Purpose-built software or proper digital infrastructure for the cross-border ecosystem IS the solution. From directly addressing what have been intractable problems to enabling breakthrough transparency for all stakeholders, including regulators, the future of cross-border payments is now.”

Key Findings: Combatting unintended consequences, increasing competition and consumer access

The paper suggests that de-risking is not only a threat to the financial institutions shut out of this potentially lucrative market. It’s also a threat to competition, innovation and access for millions of consumers worldwide, often those who need it most.

However, with bank adoption of automation tools that increase visibility, eliminate manual errors and improve security – regulators and risk managers can avoid these unintended consequences. With insights from a long-time correspondent banker and a former senior advisor and financial crimes expert with the U.S. Treasury and the private sector, the whitepaper reveals:

• The most common failures in meeting Bank Secrecy Act requirements and how to overcome them;
• How an architecture central banks already use today could be a model for solving KYC and KYT challenges; and
• Why rebuilding trust between the regulator and regulated is so important for banks to thrive in the cross-border space.

For more on how financial institutions can reclaim their rightful position in this massive and growing market, download the full whitepaper at https://payall.com/

Contact us at: https://payall.com/contact-us

About Payall:

Payall, the first-ever cross-border processor and infrastructure provider of technology for the cross-border ecosystem enables money to move safely at the speed of data globally. On a mission to make cross-border payments through banks and other financial institutions safe, efficient (fast and low-cost), transparent and inclusive –  Payall offers a suite of breakthrough software that automates and elevates compliance and risk management, materially reduces costs, eliminates human mistakes, and enables unprecedented transparency and digital controls to the disconnected, opaque and paper-laden world of correspondent banking and international money transfers. Cross-border payments enabled by our proprietary technology are backward compatible to classic correspondent banking constructs as well as power new paradigms such as Mastercard XBS, domestic payment network or mobile money operators-to-domestic payment network or mobile money operators as well as orchestrate and automate compliance, risk, currency conversion and payments across multi-national core bank systems for safe, compliant, transparent, efficient and instant 24×7 international transfers.  Purpose-built for every participant in the cross-border ecosystem, software is accessed through our global single shared platform, representing familiar banktech and payments architecture, but is transformed with hundreds of proprietary microservices. Moreover, cross-border payment recipients, even the unbanked, have valuable choices to access and manage their money safely and can serve as a bridge to modern financial services. Payall has partnered with Mastercard, and its investors include giants such as Andreessen Horowitz, Motivate Ventures, Thomson Reuters, Sumitomo Corporation, RRE and notable industry icons.