With USD 190 trillion the volume of cross-border payment transactions reached a new all-time high in 2023, and is expected to surpass the mark of USD 290 trillion by 2030📈 Our experts Julius-Benjamin Hey, Dr. Thomas Gorniak, Philipp Madauß and Dr. Milena Tieves present three promising market solutions in the cross-border payment landscape: 🔹 SWIFT gpi: SWIFT’s updated messaging and processing standard to improve payment traceability, speed, and cost transparency 🔹 NEXUS: an initiative led by the Bank of International Settlement (BIS) to leverage existing domestic instant payment infrastructure for cross-border payments 🔹 Ripple Payments: Ripple’s answer to instant cross-border payments designed to directly connect financial institutions, banks, and payment service providers Followed by the discussion why more modern approaches offer the potential for a faster, more cost-efficient, and transparent cross-border payment market but require concerted effort from public and private stakeholders to gain further market traction. More information in their latest whitepaper “Cross-Border Payments – The critical path of modernizing a multi-trillion-dollar-market” in the first comment ⬇️ #dfine #dfineImpact #dfineInternational #CrossBorderPayments
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As digital payments accelerate, recognizing distinctions between instant and real-time systems is essential. Instant Payments systems like FPS,IMPS etc., offer quick funds availability but settlement still takes 1-3 days. Real-Time Payments systems enable complete end-to-end processing and bank settlement in seconds. Examples include: SEPA(Euro) Instant for real-time Euro transfers across Europe. UPI(India) transactions account for 40% of World RTPs RTP(US) for Real-Time Payments clearing and settlement across the US. As consumer demands grow globally, real-time payment infrastructure will be crucial for seamless transactions. However, this hardly makes difference to end-user who is sending/receiving the payments, but for Banks on the settlements. #payments #realtimepayments #instantpayments
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Totally agreed Charan N Real-time payments bring value in a number of ways. The first is obvious: they are fast. Really fast. Payments that settle instantaneously are available just as quickly. For individuals or businesses that need the funds ASAP, instant access can be a game changer. Real-time payment rails also bring end-to-end communication. Historically, communication has flowed in one direction: from the payer to the payee. If the two parties want to exchange information back and forth, they have to do so outside of the payments system. Real-time payments connect the payment with payment data together in a single transaction #payments #realtimepayments
As digital payments accelerate, recognizing distinctions between instant and real-time systems is essential. Instant Payments systems like FPS,IMPS etc., offer quick funds availability but settlement still takes 1-3 days. Real-Time Payments systems enable complete end-to-end processing and bank settlement in seconds. Examples include: SEPA(Euro) Instant for real-time Euro transfers across Europe. UPI(India) transactions account for 40% of World RTPs RTP(US) for Real-Time Payments clearing and settlement across the US. As consumer demands grow globally, real-time payment infrastructure will be crucial for seamless transactions. However, this hardly makes difference to end-user who is sending/receiving the payments, but for Banks on the settlements. #payments #realtimepayments #instantpayments
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Business Development Manager | Business Payments Expert | Direct Debit | Cash Management | Risk Management
The world of cross-border payments is advancing and progressing, after gaining momentum in 2023. According to The Bank of England, the value of cross-border payments is expected to grow from nearly USD 150 trillion in 2017 to over USD 250 trillion by 2027, which represents a substantial increase of over USD 100 trillion in just ten years. Vitus Rotzer from Bottomline discusses Swift Essentials, which aims to further enhance cross-border payments by addressing key industry challenges and offering solutions to improve efficiency, compliance, and technology adoption. #GlobalPayments #ISO20022
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The world of cross-border payments is advancing and progressing, after gaining momentum in 2023. According to The Bank of England, the value of cross-border payments is expected to grow from nearly USD 150 trillion in 2017 to over USD 250 trillion by 2027, which represents a substantial increase of over USD 100 trillion in just ten years. Vitus Rotzer from Bottomline discusses Swift Essentials, which aims to further enhance cross-border payments by addressing key industry challenges and offering solutions to improve efficiency, compliance, and technology adoption. #GlobalPayments #ISO20022
Cross-border momentum continues with Swift Essentials introduction
social.bottomlinepayments.com
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Payments need to be instant. The expectation created by businesses and consumers alike is that the time it takes to initiate, verify, and settle a payment would be negligible. SEPA Instant Payments represents a significant advancement in the European payments landscape, offering consumers and businesses the ability to transfer money instantly between bank accounts, regardless of the participating banks or countries involved. Get to know more about SEPA Instant Payments https://lnkd.in/dpMSqY7V #sepa #sepainstant #payments #fintech #eu #instantpayments
Understanding SEPA Instant Payments: Implementation, Rules, and Impact Across Europe
fintechlink.biz
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The world of cross-border payments is advancing and progressing, after gaining momentum in 2023. According to The Bank of England, the value of cross-border payments is expected to grow from nearly USD 150 trillion in 2017 to over USD 250 trillion by 2027, which represents a substantial increase of over USD 100 trillion in just ten years. Vitus Rotzer from Bottomline discusses Swift Essentials, which aims to further enhance cross-border payments by addressing key industry challenges and offering solutions to improve efficiency, compliance, and technology adoption. #GlobalPayments #ISO20022
Cross-border momentum continues with Swift Essentials introduction
social.bottomlinepayments.com
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The world of cross-border payments is advancing and progressing, after gaining momentum in 2023. According to The Bank of England, the value of cross-border payments is expected to grow from nearly USD 150 trillion in 2017 to over USD 250 trillion by 2027, which represents a substantial increase of over USD 100 trillion in just ten years. Vitus Rotzer from Bottomline discusses Swift Essentials, which aims to further enhance cross-border payments by addressing key industry challenges and offering solutions to improve efficiency, compliance, and technology adoption. #GlobalPayments #ISO20022
Cross-border momentum continues with Swift Essentials introduction
social.bottomlinepayments.com
-
The world of cross-border payments is advancing and progressing, after gaining momentum in 2023. According to The Bank of England, the value of cross-border payments is expected to grow from nearly USD 150 trillion in 2017 to over USD 250 trillion by 2027, which represents a substantial increase of over USD 100 trillion in just ten years. Vitus Rotzer from Bottomline discusses Swift Essentials, which aims to further enhance cross-border payments by addressing key industry challenges and offering solutions to improve efficiency, compliance, and technology adoption. #GlobalPayments #ISO20022
Cross-border momentum continues with Swift Essentials introduction
social.bottomlinepayments.com
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Instant SEPA payments are transforming how businesses operate in the Eurozone. #Wallter can provide your company with access to this incredible technology. ✔️ Speed: Transactions are processed in a matter of seconds, allowing for quick and immediate transfer of funds. ✔️ 24/7 Availability: Instant SEPA payments are available around the clock, including weekends and holidays, offering users greater flexibility. ✔️ Cross-Border Capability: They facilitate cross-border transactions within the SEPA area, making it easier to send and receive payments across participating European countries. Don't let slow payments hold your business back. Let's make your business thrive in the digital age! https://lnkd.in/eWKJxKCH #BetterPaymentSolutions #payments #crossborderpayments #SEPAtransfers #InstantPayments
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Cross-Border Payments – The critical path of modernizing a multi-trillion-dollar-market: https://www.d-fine.com/news/cross-border-payments/