Correspondent banking is faced with a paradox: while connections are declining, volumes are growing. Banks must adapt to meet future client demands and deal with the massive changes on the horizon.
Financial institutions have invigorated their correspondent banking model over the past few years, partnering with SWIFT and others to develop better end-to-end service levels and faster delays to drive out old inefficiencies.
Payments network created by companies like TransferWise and Ripple continue to challenge the status quo. Can they further reduce costs and complications for financial services firms without the reliance on correspondence banks? How will correspondent banks address these developments in order to maintain relevance and weather the storms that lie ahead?
Join our digital platform for EBAday 2020 on 24-26 November to discuss, debate and hear about the latest products and services that will shape the industry in the years ahead.