The challenges facing global real-time payments
The international B2B payments landscape is huge. Already estimated to be 10 times larger in transaction volume than the B2C market, there is clearly demand, but innovation in this niche has been slow.
Our research shows that banks continue to dominate the market; despite them offering a service that is both slow and expensive. There is clearly a need for greater collaboration between central banks across the world to make real-time international payments a reality, but progress in delivering a global B2B real-time payments solution through a corresponding banking network is still many years off.
According to the McKinsey & Company report ‘Global Payments 2015: A Healthy Industry Confronts Disruption’:
This demonstrates that the global payments landscape is wide open for disruption – and banks are fully aware that disruptors are able to move more quickly to meet demand. In addition to this, creating such schemes and infrastructure is going to be costly, and once completed banks may still charge high fees to ensure that offering real-time global payments remains profitable.
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