To move a B2B transaction from one market to another, the global interbanking system is far from a perfect strategy, though it remains the standard in cross-border payments. As speed, transparency and security continue to grow as irrefutable requirements in B2B payments, the payments technology players are developing new solutions to ease the biggest global payment pain points.
Many of these solutions are designed to sit on top of existing payment rails, and improve their weak points. Other technologies aim to enable integration and cooperation between various domestic payment rails so that money can move more easily from one to another.
However, there is another strategy to tackling cross-border payments friction and the pain of the interbanking system: build new payment rails from the ground up.