PAYMENTS

Cross-Border payments : A market in flux The cross-border payments landscape is experiencing unprecedented growth , driven by globalisation , e-commerce expansion and the rise of the digital economy .

Recent projections suggest that the B2B cross-border payments market will surge by 43 % to reach a staggering US $ 56.1tn by 2030 .

Ryan O ’ Holleran , Head of Sales , Enterprise at Airwallex , explains the driving forces behind this trend : “ Businesses are increasingly reliant on moving money across borders in their quest to scale and be global from day one .

“ While traditional payments systems have historically been slow and expensive , new technologies are removing the friction and cost associated with cross-border payments .”

Technological innovations are playing a crucial role in this transformation . Artificial intelligence ( AI ) and real-time processing are reducing operational costs , improving transparency and accelerating transactions .

AI-powered systems can now optimise payment routing , reduce errors and find the best exchange rates , making crossborder transactions more efficient and cost-effective .

The emergence of consumer remittance apps has also democratised international trade , making it easier for small businesses to participate in the global marketplace .

Meanwhile , incumbent banks are upgrading their offerings , leveraging technologies like SWIFT ’ s Global Payments Innovation ( gpi ) and SWIFT Go to improve the speed , transparency and traceability of cross-border payments .

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B2B cross-border payments market is expected to surge by 43 % to reach US $ 56.1tn by 2030 fintechmagazine . com 133