Evolution of correspondent banking: Can compliance help defend the model?
Correspondent banking faces pressure from regulation, geopolitics, and new payment providers, as well as rising costs, shrinking margins, and evolving customer expectations. Banks are expected to transact payments more quickly and cost-effectively, with greater transparency toward customers and regulators, while mitigating compliance and reputational risk. How will the changing model and emerging payments methods affect compliance practitioners and processes? Can compliance add value to the evolving correspondent banking model, thus helping to ensure its long-term sustainability?