Unlocking the Future of Cross Border Payments - Visa
(13 September 2023 – United States) Cross-border payments have traditionally been slow, expensive and opaque. What are the key challenges hindering cross-border payments innovation?
Banks face significant regulatory and compliance hurdles that can hinder their ability to create smoother processes. Visa identifies the top three challenges impeding progress in cross-border payments as complex compliance and regulations, legacy infrastructure and lack of transparency.
There are indeed numerous challenges facing the cross-border payments industry, but that shouldn’t put a damper on expectations for the future. Stablecoins and Central Bank Digital Currencies (CBDCs) are emerging as one of the potential tools to combat the current challenges facing cross-border payments. This growth in interest represents a widespread desire to seek out and develop solutions that can ease the life of all global users.
“In 2023, we are seeing more demand than ever before. As global connectivity increases and people continue to work international jobs, the payments industry must adapt and grow alongside the demand” commented Visa SVP, Treasurer and GM, Colleen Ostrowski.
“Visa is committed to advancing the future of cross-border payments. We are working with partners worldwide to develop new technologies and solutions that will make cross-border payments faster, cheaper, and more transparent. We aim to create a world where cross-border payments are as easy and convenient as domestic payments. This can benefit everyone involved, from individuals and businesses to the global economy” Ostrowski added.