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.
A global survey by Swift into the low value cross-border payment market has highlighted the importance of security and the adverse impact of hidden fees.
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.
Experts at Swift’s Sibos conference last week bemoaned a lack of interoperability between digital trade platforms and offered suggestions on how the issue could be addressed.