Earthport: Collaborate and evolve: The role of collaboration in the evolution of global financial services
The payments sector is in a state of transformation, marked by intense competition and dramatic technological shifts. While correspondent banking remains the main mechanism for delivery of cross-border banking services and a lucrative business for banks, this model and the associated revenues are under threat as banks are faced with increasing regulatory pressures, new competition and changing customer needs. To address the multi-trillion dollar opportunity that is payments, a fundamental re-think is necessary. Earthport discusses the case for collaboration and strategic partnering with specialist providers as a conduit to change and new innovation.