Frictionless payments and the future of correspondent banking
A large scale transformation is underway across the cross-border payments ecosystem. Gone are the days where the historically opaque and inconsistent cross-border payments process was seen as acceptable by end users or sustainable by the industry. Fundamental shifts in client expectations and available technology, coupled with a proliferation of new payment intermediaries and infrastructures, are catalysts for this transformation, as are developments taking place in the correspondent banking network itself. With SWIFT’s global payments innovation (gpi) as a foundational component, let’s take a closer look at how the correspondent banking ecosystem is re-inventing itself, and what this means for banks and their customers.