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Research Outline
Prepared for prescher | Delivered October 23, 2019
Cross-Border Payments
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Goals
Provide an understanding of current media coverage of cross-border payments, including business articles, industry news, customer perspectives on pain points, and what technologies are getting the most coverage
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Early Findings
It’s noted
that quick payments in the cross border space are most critical, with
68%
of industry professionals reporting speed is most important to users, and that delays are a pain point.
One challenge in the delay of cross-border payments is that companies that d
on’t quickly handle regulatory obligations
face delayed payments. Additionally,
limited connections
between financial institutions can cause delays.
Company SWIFT
is receiving coverage for enabling thousands of financial institutions to use their networks more effectively when sending cross-border payment information to one another.
The
global remittance space
is growing rapidly, with it noted that some countries like Guatemala and Senegal have transfer amounts that surpass 10 percent of gross domestic product.
However, remittance funds face pain points in
longer time to transfer
between money transfer operators (
M
T
O
s
).
Visa and
M
a
s
t
e
r
c
a
r
d
both received press in the cross-border payment space.
Visa has developed a
closed network
to utilize block chain technology to streamline cross-border payments.
M
a
s
t
e
r
c
a
r
d
partnered with
f
i
n
t
e
c
h
company R3
in order to develop a block chain based platform, which will allow for faster cross-border payments.
It’s also noted
that while global cross-border payment solutions are growing in diversity, banks are still dominant players in the space.
O
ther key players
in cross-border payments mentioned are American Express, PYMNTS.com, AribaPay,
B
a
s
w
a
r
e
,
K
i
c
k
p
a
y
,
A
p
r
u
v
e
, and
T
r
a
x
p
a
y
.
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