What banks already have that fintechs can't replicate in cross-border payments
Over the past year, I've had countless conversations with treasury and payment teams at major banks, and I'm often asked the same question: how do we compete with wallet-native fintechs on cross-border payments? But as I tell these teams, this isn't the right question to be asking anymore. Banks no longer need to play catch-up; now they can play to win.
Senior Consultant at TerraPay.
It starts with Swift's payments scheme: the rulebook, built with more than sixty banks, that commits participants to full-value delivery, upfront fee and FX transparency, and end-to-end tracking on international transfers. It's already live across major corridors.
And now the real-time domestic rails banks already use to move money instantly within a country are being extended to handle the cross-border leg of a transaction too. Together, banks can extend their reach into digital wallets across the globe by connecting to networks that already exist, rather...
Copyright of this story solely belongs to techradar.com. To see the full text click HERE
