The biggest changes to cross-border payments are likely yet to come

Consumer demand and new financial technologies are reshaping cross-border transactions for the better. The financial world for consumers has altered almost beyond recognition. So why hasn’t the business world also experienced this change?
Take cross-border payments – the kind of transactions that once were exceptional, but are now commonplace in our globalised economy. Individual customers have already seen transformative changes, with fintechs and challenger banks providing the sort of international payment services that many corporations and even large Wall Street banks can only envy. Yet despite the existence of one-click apps and accessible services, many banks and corporations still rely on legacy technology and practices for cross-border payments.