Management consulting firm McKinsey has published their latest report on the Future of Cross-Border Payments in conjunction with SWIFT, at the Sibos Conference in Sydney.
The joint research report pointed out that although cross-border payments represent only one-sixth of total transaction values, international payments revenues total up to $200 billion globally.
Not only focusing on the past growth of cross-border payments industry, but the report also goes into the ways in which the industry could develop with respect to the current trends.
The key points of the report include:
- The future growth in cross-border payments from unexpected sources
- How customers, not providers, are shaping the future services
- The importance of a single integrated experience in the future, no matter how fragmented the value chain
- An update on the unlikelihood of a Single Global Payment Area
- The importance of liquidity
- Update on regulation in payments