This publication focuses on the ways to combine regulatory burden and business in the cross-border payment industry.
The cross-border payment industry has indeed faced multiple challenges over the last decade, from increased regulatory scrutiny leading to stricter monitoring requirements and transparency, to emerging players in the Fintech space seeking to disrupt the industry through innovation.
Today, major financial institutions should focus internal investment on the implementation of a more efficient and simplified operating model to improve the cross-border payment process. The organization of financial institutions should be conducive to strengthening collaboration between Compliance, Operations, and the Front Office functions.
Additionally, there should be a focus on the customer experience to improve the cross-border payment process for their clients. By effectively responding to these challenges, financial institutions can leverage the current state of the industry as an opportunity to emerge as a market leader.