Cross Border Payments Transformation Only Just Getting Started - Visa
(17 January 2024 – United States) The financial world for consumers has altered almost beyond recognition, so Visa queries why hasn’t the business world also experienced transformative change?
Customer demand and new financial technologies are reshaping cross-border transactions for the better as reported by FT. Despite the existence of one-click apps and accessible services, many major banks and enterprises still rely on legacy technology and practices for cross-border payments. Development so far has been one of businesses taking control of cross-border payments as opposed to depending on their bank displaying long overdue proactivity.
“One reason why many people are no longer always relying on large financial institutions, especially for cross-border transactions, is that their technology has not kept up. There are just so many more obstacles in place for incumbents, from compliance and regulatory obligations to reputational risk. ‘Move fast and break things’ might work for some companies, but it’s unrealistic, and undesirable, when you’re classified as a systemically important bank nationally or globally” said Visa Head of Cross Border Solutions, Colleen Ostrowski.
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