Provide an understanding of current media coverage of cross-border payments, including business articles, industry news, customer perspectives on pain points, and what technologies are getting the most coverage
- It’s noted that quick payments in the cross border space are most critical, with 68% of industry professionals reporting speed is most important to users, and that delays are a pain point.
- Company SWIFT is receiving coverage for enabling thousands of financial institutions to use their networks more effectively when sending cross-border payment information to one another.
- The global remittance space is growing rapidly, with it noted that some countries like Guatemala and Senegal have transfer amounts that surpass 10 percent of gross domestic product.
- Visa has developed a closed network to utilize block chain technology to streamline cross-border payments.
- It’s also noted that while global cross-border payment solutions are growing in diversity, banks are still dominant players in the space.
- Other key players in cross-border payments mentioned are American Express, PYMNTS.com, AribaPay, Basware, Kickpay, Apruve, and Traxpay.
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