The cross-border payments industry and the correspondent banking network that underpins it stand at a crossroads.
For far too long, the service that corporates and consumers have received from their banks when transferring money internationally has been slow, expensive and opaque: quite at odds with their new expectations and digital experience in buying goods and services.
Late in the day, Swift, the membership organization of 11,000 banks, is urgently pressing ahead with its global payments innovation (gpi) to address all this.
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