Good Things Happen E8: The Future of Cross Border Payments
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In Series 5, Episode 8 of Good Things Happen, host Alex Miller is joined by Erin McCune, Expert Partner, Bain & Company and Sophia Bantanidis, Analyst, Future of Finance, Citi Global Insights to discuss The Future of Cross Border Payments and to share their insights on new technologies and innovations, partnerships and competitive dynamics reshaping the landscape.
Erin McCune provides an optimistic outlook on the rapid improvements in cross-border payments, the key drivers of growth, and the role of emerging technologies.
Sophia Bantanidis highlights the importance of cross-border payments, the competition from fintechs, and how banks are responding with alternative payment methods and AI. Our guests reflect on the need for collaboration across the entire ecosystem of banks, fintechs, and regulators and continued innovation and public-private partnerships to deliver faster, cheaper, and more transparent solutions.
Reference to the survey in the podcast is based on the Citi GPS report called Cross-Border Payments 24/7. The report is based on findings from the 2024 Citi Treasury and Trade Solutions survey of about 100 financial institutions from around the world, including banks, fintechs, and insurance companies. The full report can be found on the Citigroup.com site.
Citigroup, Citi and Bain are not affiliated and not independent from each other. The speaker's views are their own and may not necessarily reflect the views of Citi or any of its affiliates. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. The expressions of opinion are not intended to be a forecast of future events or a guarantee of future results.
Erin McCune, Expert Partner, Bain & Company
Erin McCune is a payments and fintech expert focused on digitizing enterprise/SMB payments and financial processes. Her areas of focus include: A2A transactions, cross border payments (P2P, B2B, B2C), recurring billing and subscriptions, B2B payments, AR/AP process optimization and the intersection of corporate finance, treasury banking and enterprise software/ERP/accounting. Currently, Erin is exploring BaaS/embedded finance for business use cases; API enabling A2A; ensuring that “faster payment” and ISO 20022 transform bill pay, B2B, and how SMEs invoice and get paid; the interplay between large companies and their smaller counterparties (whether vendors or customers); addressing transactions and delivering data via directories and digital IDs; payment enabling eGov for national, state/provincial, and municipal entities to improve access and service levels; blockchain and its implications for supply chain, B2B and cross-border payments. She is based in San Francisco, California.
Sophia Bantanidis, Analyst, Future of Finance, Citi Global Insights
Sophia Bantanidis is an Analyst in the Future of Finance team within Citi Global Insights. She joined Citi’s Transaction Banking Business (TTS) as the EMEA Head of Regulatory and Market Strategy from Northern Trust where she managed a team as the EMEA Head of Regulatory Developments enabling the bank to commercialise regulatory change for clients as well as to comply with rules and regulations. She is on the Innovate Finance Women in FinTech Powerlist for 5 consecutive years 2021-2017, she is the Greek International Woman of the Year for Finance (awarded 2021) and was shortlisted as a finalist for the Women in Finance FinTech Champion of the Year (2018 and 2019) and Disruptor of the Year (2019) categories. Since joining Citi Sophia has been actively involved in the broader global FinTech ecosystem, influencing regulators as they formalise their innovation policy programmes, has been mentoring FinTech and RegTech firms, actively represents Citi externally at key conferences / industry events and regularly briefs clients on the intersection of innovation, regulation and technology. Sophia speaks 5 languages; she has worked at two financial services regulators (in France and in the UK), banks and asset managers in various business areas including derivative products strategic communications and risk. She has made a huge impact to financial services regulation and wrote the world’s first binding rules on bankers pay and bonuses which were issued by the UK Financial Services Authority- since renamed to Financial Conduct Authority (FSA Consultation Paper 09/10 and Policy Statement with final rules 09/15 http://187.191.71.192/expediente/8227/mir/19677/anexo/677525 - see page 4) which paved the way for rules at the EU level under the Capital Requirements Directive and standards at the Financial Stability Board (i.e. global level). In her early career she interned with Dow Chemical and Freshfields Bruckhaus Derringer in Germany. Sophia completed her European Baccalaureate in Karlsruhe (Germany) She holds an LLB in UK Law and German Law from University College London and from the University of Cologne as well as a Master’s Degree in European Business from ESCP Europe in Oxford and Paris. In her spare time and in addition to her role at Citi Sophia sits on the Advisory Board of a female-led fashion technology business P.S. Online Styling.
