FINANCIAL SERVICES
CROSS BORDER MEGATRENDS IN 2023
According to J . P Morgan , there will be three megatrends disrupting cross-border payments space in 2023 . To remain competitive , fintechs and banks will have to deliver cost-effective , fast and secure cross-border payments options to merchants and vendors , alike . But to do this , they will have to contend with :
# 1 New payment methods : These will consist of faster , more streamlined and agile payments that cater to multi currencies including crypto .
Kiat-Seng Lim , Global Head of Sales for
J . P . Morgan , says : “ To remain competitive , companies must leverage infrastructure that supports instant payments , lower costs and greater transparency to make them adept in the realm of cross-border payments .”
# 2 New technologies : Faster , more innovative technologies and an increased use of APIs is transforming the space from a software and hardware perspective . Cross-border payments require greater transparency , efficiency and visibility .
# 3 Greater risks : As the space becomes ever more digitised , the risks rise in terms of fraud , money laundering and cybercrime . Providers must adopt the most secure means possible to build trust within the marketplace
Aier concludes : “ In 2023 , we can expect to see more fintech collaboration and partnerships evolving between players providing these disruptive technologies . In turn , businesses will be able to unlock exciting and innovative open banking use cases for their customers , remove even more friction , and create new growth opportunities .” fintechmagazine . com 77