Payments between people and businesses at a domestic level have been getting faster and faster. Instant and real-time are the new norm domestically. But the historically ‘slower’ cross-border space is now catching up. Cross-border payments settled in a matter of seconds are now a reality.
Those familiar with the process of sending cross-border payments typically experience opacity and lack of clarity around cost and settlement time. Juxtaposed with the payments experience in domestic markets, where instant and real-time are the norm, there could not be more disparate experiences.
From London to Lagos, Sydney to Singapore, and many other markets around the world, payment market infrastructures enable consumers and businesses to pay each other in a matter of seconds. Take the following domestic example: you’re going to a concert with a friend, they agree to buy the tickets on their credit or debit card and ask you to transfer them your share of the cost.