This requires financial institutions of all sizes and jurisdictions to rethink their cross-border payments strategy to leverage all potential revenue.
The risk profile for financial institutions operating in different regions varies and depending on the level of the cross-border transactions, the revenue is immense. Many financial institutions continue to struggle in their cross-border correspondent banking structure; while ISO 20022 sits on the close horizon, new strategies can be applied to improve real-time payments, friction, connectivity, visibility, and fraud monitoring within cross-border transactions.
The rising prices of cross-border fees and poor values of foreign exchange rates is leading financial institutions to look for solutions to improve efficiency and develop new revenue streams. Using platforms to enable connectivity of global payments between participating banks using tokenisation, data analytics, and governance could enhance security, competence, and customer service all while lowering costs.
A recent competitive survey conducted by Bottomline holds data from over 320 global banks, providing insight into how banks can optimise cross-border transactions for global trade and stay ahead of competition.
Sign up for this Finextra webinar, hosted in association with Bottomline Technologies, to watch our panel of industry experts as they discuss the following areas:
- How is correspondent banking involved with facilitating cross-border transactions?
- Why isn’t correspondent banking supporting the global increase in trade? What initiatives are in action to improve that?
- What strategies can financial institutions use to facilitate cross-border transactions?
- How can connectivity strategies be leveraged by financial institutions to improve cross-border payments prior to ISO 20022?