Boston, January 22, 2015 – The correspondent banking model does not meet every customer's modern needs, and the growing volume of low-value cross-border payments oblige banks to rethink their current approach to cross-border fund transfers. As alternative systems from nonbanking providers flourish and a new distributed network model disrupts the existing international payments architecture, can banks find a one-size-fits-all solution for cross-border payments, or will partnerships among players become a clear market trend?
Based on interviews of executives and payments experts from leading financial institutions, payment processors, and corporations, this report discusses trends and challenges in the evolution of cross-border payments. Specifically, it explores benefits, pain points, and challenges of different models and the impact and opportunities of the emerging alternatives.
This 30-pageImpact Note contains 15 figures and two tables. Clients of Aite Group's Wholesale Banking & Payments service can download this report.