The surging demand for swift, transparent cross-border transactions isn’t merely driven by ecommerce and retail remittances; it’s also fueled by corporations seeking efficient fund movements. Forbes projects the cross-border payments market to skyrocket to $250 trillion by 2027, propelled by robust trade, burgeoning travel and tourism, and steadfast G20 commitments.
Seen together, these numbers paint a vivid picture of the opportunity for banks to become key players in this space.
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High Cost
At 11.48%, banks are the priciest service providers
Long Settlement Times
Anywhere between real-time to upto a few days
Transparency
Swift surveyed 7000 consumers and small businesses and identified transparency as a crucial factor for low-value international payments
Outside of solving for these challenges, banks also need to stave off competition from fintechs, card networks, money transfer providers. Find out how
Real-time payments (RTP) could prove to be the silver bullet that banks could embrace to succeed.
2 primary models that bear critical significance
Bi-lateral cross-border payments
Multi-lateral cross-border payments
The cross-border payments offering from Finacle Payments is a cloud native, microservices driven, highly available and scalable platform; and supports all models of cross-border RTP and has been developed inhouse. We have wide experience assisting banks in their cross-border payments journey.
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To effectively deliver on their promise of comprehensively enabling corporate treasurers, banks need to offer innovative global cash and liquidity management solutions that provide the much-needed flexibility and self-serve capabilities that empower corporates to take control of their financial operations. Achieving this requires banks to fundamentally rethink digital cash management services along the three foundational pillars of cash visibility, mobility, and intelligent cash management. With this continumm-led approach to transforming their cash management offerings, banks will be able to drive continuous maturity and successfully respond to evolving client needs.
Finacle serves as an invaluable business partner for banks, facilitating their journey of scaling the continuum of cash management. With its comprehensive and componentized suite of solutions, Finacle covers the entire gamut of cash management needs, providing banks with a powerful toolkit to meet the diverse requirements of their corporate clients. From liquidity planning and virtual account management to cash flow forecasting and digital engagement, Finacle’s range of offerings ensures that banks can offer holistic and tailored cash management solutions to their customers. This comprehensive suite empowers banks to enhance their value proposition, strengthen client relationships, and drive innovation in the dynamic landscape of cash management services.