McKinsey & SWIFT: A vision for the future of cross-border payments
To analyse current and future trends in cross-border payments, McKinsey and SWIFT have collaborated on a major white paper, “A vision for the future of cross-border payments.”
New technology and the ecosystems emerging as a result are opening up exciting and fascinating new possibilities for cross-border payments.
The goal posts for trusted and tested correspondent banking players are shifting, driven by increased pressure from emerging technologies, rising challenges and costs from regulatory oversight, and evolving consumer expectations born from a hyper-connected, technology-centric world.
In this whitepaper jointly authored by McKinsey and SWIFT and titled A vision for the future of cross-border payments , senior figures from various stakeholder institutions in multiple markets – banks and non-banks alike – provided views and insight into where they see the most significant future developments in cross-border payments.
Challenges to the status quo
Businesses need international payments services that are efficient, flexible, transparent, and fast.
This research looks beyond incremental change to explore a world in which the fundamental dynamics of international payments are being reshaped. It examines the key trends driving this new reality and the critical role of customer experience in shaping future services.
Download the full paper below for insights into questions such as:
- What is the role that emerging markets play, and where are opportunities for growth?
- How are different industry and ecosystem players collaborating to meet complex challenges like standardisation and the construction of central infrastructures?
- How will a new focus on customer experience drive payment processes and technology?
- What is the role of SWIFT gpi (global payments innovation) in facilitating fast, transparent, trackable cross-border payments?