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What are the best ways to improve cross-border payment capabilities?

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Cross-border payments are transactions that involve sending or receiving money across different countries or regions. They are essential for international trade, remittances, e-commerce, and travel. However, they also face many challenges, such as high costs, slow speed, complex regulations, and low transparency. How can you improve your cross-border payment capabilities and overcome these obstacles? Here are some best practices to consider.

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Ram Rastogi

Digital Payments Strategist ; Real Time Payments -IMPS / UPI ; Financial Inclusion ; Reg Tech; Public Policy
Rahul Goveas

Consulting Manager @ Large Dutch Bank | Swift Infrastructure
Yasser K.

Building Hyper-Personalized AI-Driven Products & Reshaping Teams for an AI Future | Fintech Product Strategy & GTM…

1 Adopt digital platforms

One of the most effective ways to improve your cross-border payment capabilities is to use digital platforms that leverage technologies such as cloud computing, blockchain, artificial intelligence, and biometrics. These platforms can offer you faster, cheaper, safer, and more convenient payment solutions that can integrate with various currencies, payment methods, and regulatory frameworks. For example, you can use digital wallets, mobile apps, or online platforms that allow you to send and receive money in real time, with low or no fees, and with enhanced security and verification features.

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Ram Rastogi

Digital Payments Strategist ; Real Time Payments -IMPS / UPI ; Financial Inclusion ; Reg Tech; Public Policy
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Enhancing cross-border payment capabilities requires a harmonious blend of technological innovation, regulatory collaboration, and financial inclusivity. To navigate the complexities, we must bridge borders with seamless technologies, foster regulatory frameworks that encourage interoperability, and prioritize financial solutions that empower individuals and businesses worldwide.

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Rahul Goveas

Consulting Manager @ Large Dutch Bank | Swift Infrastructure
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One of the biggest challenges in Cross Border payments is the banks themselves. The banks would not want to move away willingly from the Correspondent banking model which is a passive revenue earner for them. The banks would not want to adopt disruptive products or technology unless there is a way in which it can be monetized. The only way to push change and make cross border payments faster would be via regulation as that would force the banks to make the changes and not just do the bare minimum. No amount of technology advancement or interoperability will make a significant dent unless the banks come on board.

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Yasser K.

Building Hyper-Personalized AI-Driven Products & Reshaping Teams for an AI Future | Fintech Product Strategy & GTM Leader: Payments, Cards, Embedded Finance | Ex-Apple, Affirm, Citi, Deloitte, HSBC, Mastercard, Stripe
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Need to relook at the cross-border payment termination points dynamics and user experience: currently its mostly a simple cash pickup or cash transfer to bank account or wallets - the CX cycle does is incomplete as the usage of the transfer funds are largely ignored. Innovate the experience of the transfer beneficiary, understand the use cases and evolve new need-based experiences such as direct payments for utility, education, medical, grocery, fuel etc. Its all about creating value across the end to end chain.

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2 Partner with payment service providers

Another way to improve your cross-border payment capabilities is to partner with payment service providers (PSPs) that have expertise and experience in facilitating international transactions. PSPs are intermediaries that offer payment solutions to merchants, consumers, and businesses. They can help you access a wider network of payment options, channels, and markets, as well as provide you with guidance and support on compliance, risk management, and customer service. For example, you can work with PSPs that specialize in cross-border payments, such as TransferWise, PayPal, or Stripe, to benefit from their competitive rates, global reach, and user-friendly interfaces.

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Rizwan Qazi

Social Impact | Youth Empowerment | Retail Banking | Cross Border Payments | Cards | Business Development | Mentor | Fintech Advisor
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In my experience, partnerships is ideal for organic growth objectives. This allows you to focus on your core competencies such as defining user experience, appealing and engaging user interface, and sourcing end users. Partnership enables you to leverage the partners compliance framework, network of termination points, and process efficiency. For new entrants such as app providers etc, one key to building such partnership to obtain the right regulatory approval for your onboarding process with such partners. Don’t forget, money movement and money transmission is all about compliance, compliance, and compliance…

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3 Streamline your processes and policies

A third way to improve your cross-border payment capabilities is to streamline your processes and policies to reduce friction and complexity in your transactions. This means simplifying your payment workflows, standardizing your data formats, automating your reconciliation and reporting, and optimizing your currency conversion and hedging strategies. It also means reviewing and updating your payment policies to align with the best practices and regulations of the countries or regions you are dealing with. For example, you can use the ISO 20022 standard for data exchange, implement the SWIFT gpi service for payment tracking, and follow the FATF recommendations for anti-money laundering and counter-terrorism financing.

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4 Engage with your customers and stakeholders

A fourth way to improve your cross-border payment capabilities is to engage with your customers and stakeholders to understand their needs, preferences, and feedback. This means conducting market research, surveys, interviews, and focus groups to identify the pain points and opportunities in your cross-border payment journey. It also means communicating and collaborating with your payment partners, suppliers, regulators, and industry associations to build trust, transparency, and cooperation. For example, you can use customer relationship management (CRM) tools, social media platforms, and online forums to interact with your customers and stakeholders, and provide them with relevant information, education, and incentives.

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Rizwan Qazi

Social Impact | Youth Empowerment | Retail Banking | Cross Border Payments | Cards | Business Development | Mentor | Fintech Advisor
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I agree, however not much has been seen in this space where customer feedback and inputs are being considered during design stage, or in growth phase. Age old tricks continue to be the enabler for growth and engagement such as pricing, notifications, and news. What the end user would appreciate would be insights on FX rates, market conditions that impact conversion rate and how to schedule payments to lock in and benefit from known conversion rates. Rewards and incentive scheme beyond just points or cash back should be considered to provide relevant redemption options.

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5 Innovate and experiment

A fifth way to improve your cross-border payment capabilities is to innovate and experiment with new ideas, technologies, and solutions that can enhance your payment performance and experience. This means adopting a culture of innovation, learning, and testing that encourages you to explore new possibilities, challenge assumptions, and embrace failures. It also means staying updated and informed on the latest trends, developments, and best practices in the cross-border payment space, and being ready to adapt and respond to changing customer expectations, market dynamics, and regulatory requirements. For example, you can use agile methodologies, design thinking, and prototyping to create and validate new payment products, services, or features.

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6 Evaluate and measure

A sixth way to improve your cross-border payment capabilities is to evaluate and measure your payment outcomes and impacts, and use the insights to improve your payment strategy and operations. This means defining and tracking your payment goals, objectives, and indicators, such as cost, speed, reliability, convenience, and customer satisfaction. It also means collecting and analyzing your payment data, such as volumes, values, currencies, methods, and channels, and using the results to identify your payment strengths, weaknesses, opportunities, and threats. For example, you can use dashboards, reports, and analytics tools to monitor and measure your payment performance and experience, and use the feedback to optimize your payment processes and policies.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best ways to improve cross-border payment capabilities?

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1 Adopt digital platforms

2 Partner with payment service providers

3 Streamline your processes and policies

4 Engage with your customers and stakeholders

5 Innovate and experiment

6 Evaluate and measure

7 Here’s what else to consider

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