Visa commissioned Dr. Yoon S. Park, an expert on global financial markets and Professor of International Finance at the School of Business at George Washington University, to examine the current challenges of the cross-border payments process and how a combination of forces are influencing the future of payment processing.
Cross-border trade is growing rapidly as more companies source goods and services overseas. Most cross-border trade payments are handled through correspondent banking relationships.
While volume continues to grow and migrate to open account terms (supplier credit extended to buyer at time of sale), pressure is being exerted on both banks and payment systems to improve the cross-border payment process.
The paper provides an overview of the issues and concludes with a series of questions banks should ask themselves as they prepare their businesses to address the challenges ahead.
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