Fast and safe international transfers

We need the solutions used to transfer funds between companies in different countries, or even continents, to be more efficient. We see new business models with corporates moving from analogue to digital, rapid adoption of cloud platforms – yet when they want to pay a contractor on the other side of the globe, they often have to use solutions developed in the age of steam. Those mechanisms often mean that amount received by beneficiary and the timing of delivery is unclear at the beginning of the transaction. Not surprisingly, corporates are looking for faster, cheaper, more transparent, and more accessible cross border payments. The existing infrastructure will not be able to accommodate these needs.

What are the sources of these problems? What is the cross-border payment process like?

The world of business-to-business (B2B) bank transfers dates all the way back to the 19th Century. That’s when international trade began to pick up real pace; companies needed a way to move funds across national borders, and the correspondent banking system was born*. It was a pragmatic solution, which drew on the conventions and technologies of the time, but it had certain innate, structural limitations. Subsequent changes have helped to automate the process, but the underlying structure remains the same. The system is based on complicated correspondent and intermediate relationships. No matter how much innovation is thrown at it, those underlying problems will persist. So, it is perhaps ironic that, 200 years later, this system is still used to process the majority of the world’s international B2B transactions, valued at more than US$100 trillion a year**.

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