How Cross-Border is Growing to Mirror Domestic Ease
At EBAday in Copenhagen, industry leaders Simone Satan from BNY and Axel Weiss from DSGV discussed the evolution of cross-border payments. They emphasized the necessity for cross-border payment experiences to reflect the convenience associated with domestic transactions, while also highlighting the adaptation of correspondent banks in this new landscape.
Satan noted the emergence of AI and API-driven tools in enhancing cross-border transactions, aimed at streamlining processes. Weiss pointed out the concerning trend of market share erosion in this sector and identified strategies that are crucial for rebuilding trust and customer loyalty in cross-border payments.
Key takeaways
- ▸Simone Satan emphasized the importance of making cross-border payment experiences similar to domestic transactions.
- ▸AI and APIs are becoming crucial tools for enhancing cross-border payment processes.
- ▸Correspondent banks must evolve to adapt to changes in the cross-border payments landscape.
- ▸Market share loss in cross-border payments is a significant concern for financial institutions.
- ▸Rebuilding trust and loyalty in cross-border payments is vital for competitiveness.
Why this matters
The discussion highlights a critical juncture for the cross-border payments ecosystem as it faces pressure from evolving customer expectations and technological advancements. Traditional banks must innovate quickly to maintain market share against rising fintech competitors who are adept at providing seamless and efficient payment solutions. This transformation could redefine customer loyalty and reshape the competitive landscape in global payments.
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