The payments industry is evolving at pace.
This new Citi GPS report brings together our latest thinking on cross border payments, looking at how things stand now and how the payments landscape is likely to evolve against a backdrop of rapid-fire technological advancement.
The report is based on findings from the Citi Treasury and Trade Solutions (TTS) survey of about 100 financial institutions from around the world, including banks, FinTechs, and insurance companies. The report also draws on expert insights from Citi’s Future of Finance team, our industry leading TTS franchise, and external experts.
It looks at how incumbents and new entrants can emerge as leaders in the cross-border payments business. Agile incumbents that adapt to newer industry standards and emerging technologies are likely to retain market share driven by trust and deeper customer relationships.
Banks also need to focus on providing alternative payment methods with nearly two thirds of survey respondents seeing a demand from clients. According to the Citi TTS 2024 survey, bank management thinks delivering always-on operations (24x7) is the leading priority for banks over the next 5 years to address the pain-points of cross-border payments.
The report also checks in on latest progress in the G20 roadmap – a collective effort to make cross-border payments cheaper, faster, and more accessible.
