Money20/20 Europe

Correspondent banking is an essential component of the global payment system, especially for cross-border transactions. Through correspondent banking relationships, banks can access financial services in different jurisdictions and provide cross-border payment services to their customers, supporting, inter alia, international trade and financial inclusion. The core of correspondent banking continues to be front a center in global payments, but how institutions accomplish this is beginning to evolve. In today’s era, customers expect a real-time, digital experience regardless if it’s going across a border or not so financial institutions and third-parties are looking for ways to make it a more effective and cost-efficient offering. What fresh innovations are we seeing and do we think that will radically change how cross-border payments are conducted and offered? Does the wave of new real-time payments scheme enable such innovation or will existing processes dominate?