Reinventing correspondent banking: Where next?
Under ever greater pressure from their corporate customers to improve the cross-border payments experience – and challenged by the growing number of digital innovators – over 45 of world’s largest transaction banks teamed up in December 2015 to rethink the traditional correspondent banking model. Committed to offering new B2B cross-border payments with greater speed, transparency and end-to-end tracking, the piloting of the new service is already underway, and the first results will be shared at Sibos. While the train has clearly left the station, technological developments and customer expectations are evolving at an exponential rate and many questions remain: Will banks be able to keep up? Is there a business case for coopetition with fin-tech companies? Where can back-offices be streamlined? Join this session to debate what the banking industry’s next move should be.