Cross-Border Payments Innovation: Pipe Dream or Right Around the Corner?

Posted under: MSME
Date: 2023-10-10
Cross-Border Payments Innovation: Pipe Dream or Right Around the Corner?

When it comes to cross-border payments, patience is a virtue — but fees are a reality. That’s because moving money between nations has long been plagued by inefficiencies, high costs and slow transaction times. These intractable problems have for decades hindered the global economy’s flow of funds and hamstrung the expansion ambitions of all but the largest multinationals. Historically, firms looking to operate across multiple countries have had to navigate a complex web of local payment infrastructures and regulations. But as the macro realities for even small Main Street businesses start to become by default global, the incentives for cross-border money movement transformations may just start to become catalysts for change. Already, money movement innovations are revolutionizing the way money crosses borders and promises to make transactions faster, cheaper and more accessible.

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