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The rise of the global economy and the demand for swift and secure cross-border payments is driving the development of more efficient infrastructures, and spurring financial institutions (FIs) to experiment with emerging tech. The bank recently announced it had been testing moving international funds using Ripple.
However, cross-border commerce still represents a major growth opportunity for struggling businesses. The value of the global cross-border payments market is expected to grow from $27 trillion in 2020 to $35 trillion by 2022. . Factors Driving Cross-Border Innovation .
That’s probably sound advice for any market hoping to achieve faster, more efficient payments — especially cross-border — by adopting a unified payments messaging system. According to Lindsay, more than 90 percent of payments data elements are already a part of the ISO 20022 Data Dictionary.
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