Cross border payments

The conversation around advancing the distribution and use of digital currency gets a boost every time the banking system stubs its toe. And there have been many recent examples of financial system problems to point to.

Speed stands at the forefront of any real-time payments deployment, but the real staying power in new payments innovation rides on the development philosophy of the platform itself.

The pandemic and subsequent economic crisis have raised the stakes, since the government’s role in recovery and how stimulus is delivered — and policies impacting the goals of card and technology companies — will be largely determined by the philosophy of leadership.

Mastercard is working with cross-border tuition specialist Flywire on a fall promotion targeting international students based in certain countries in the Middle East and Africa.

After two years of helping banks connect globally to domestic faster payments rails, Swift is planning to expand on that concept.

After two years of helping banks connect globally to domestic faster payments rails, Swift is planning to expand on that concept.

The new unit plans to connect the startups it backs, such as the global payments network Veem, with experts at the company who can provide business advice.

Blockchain's cross-border power eliminates the intermediary and solves the problem of rendering the traditional processing system redundant, and processes the payment on a chain with no middleman intervention, says ForumPay's Joshua Tate.

While companies may already have technology in place that supports efficient payments and collections in their home region, treasurers and finance managers need to reflect the diverse and evolving payment and collection demands of customers and suppliers in each market, says Standard Chartered's Tarek Elyafi.

The retailers seeing exponential growth are the ones who have tailored and localized their payments offering to a global audience, says PPRO's Steve Villegas.