Global payments system says its cross border payments are reaching banks within an hour but wholesale payments and interoperability between markets will remain a key focus.
Global small and medium-sized businesses (SMBs) expect to expand globally within the next year but say cross-border payments will be among their chief challenges.
The payments player has proven interoperability between legacy and emerging infrastructure to enable cross-border use of CBDCs, but questions around financial intermediation and credit provision remain.
Investment in new systems and processes is necessary if treasurers want to realise the full benefits of improvements in cross-border payments, explains OMFIF executive.