The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Cross-border instant payments could be one step closer

Cross-border instant payments gain traction, although the trend is not moving fast enough, say industry experts.


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.

Andy Schmidt1 160x186

Andy Schmidt, 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."

According to CGI's Transaction Banking Survey 2019, published in September, corporate client satisfaction with main banking services providers has fallen below 50% for the first time since the survey began seven years ago.

Meanwhile, corporates are increasingly demanding digital, ‘best-in-class’ products and services but banks are falling short – just under half of all respondents said this is very important to them, but only 8% of banks were delivering on this.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?