Cross-border instant payments could be one step closer

As the frequency of cross-border payments continues to rise, cross-border instant payments will slowly gain traction, given corporates’ need to quickly settle international payments in a global arena, says Andy Schmidt, vice president, global financial services at technology consulting firm CGI.

“Traditionally, cross-border payments have been slow and expensive and the lag creates inefficiencies and extra costs for corporates that transact globally,” he says.

“Cross-border instant payments is the obvious solution to this, and new digital money-transfer companies are offering solutions such as this while traditional banks have fallen behind.