How IBOS is helping to improve international cross-border payments? Improving cross-border payments was set as a priority for the G20 in 2020, providing important global momentum to solving this longstanding and complex issue.
The G20 asked the Financial Stability Board (FSB), working with the Committee on Payments and Market Infrastructures (CPMI) and other standard-setting bodies to co-ordinating a three-stage process to develop a roadmap to enhance cross-border payments (see Figure 4).
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The FSB, in coordination with relevant international organizations and standard-setting bodies, conducted an assessment of existing cross-border payment arrangements and identified frictions/challenges. Published in April 2020.
The CPMI developed a set of 19 building blocks to improve the current global cross-border payment arrangements and address the frictions identified in Stage 1.
These building blocks were grouped into five focus areas:
Cross-border financial transactions, where the payer and the recipient are based in different countries, can cover both retail and wholesale payment types, including remittances.
Cross-border payments can be made in many different ways with the most prevalent currently being e-money wallets and mobile payments along with more traditional methods such as Bank transfers and credit card payments.
The world is seeing an increase in the international mobility of goods and services, as well as people. The value of cross-border payments is estimated to increase with projections for 2027 possibly reaching $250 trillion (from $150 trillion in 2017).
Contributing factors to this projected growth include diversification of supply chains, asset management, global investment flows across borders, e-commerce growth, and migrants sending money via international remittances.
IBOS is an international banking alliance that provides connectivity services for key corporates looking to expand beyond their borders. With some of the biggest commercial banks from across the globe as its members, they offer effective and thorough cash management in regions where your local bank does not offer access.
Working with corporate banks across Europe and America, IBOS is open at all hours. Whether you’re refocusing on your bank’s core domestic market and looking for a global partner to help with your international business, or you need support providing effective and thorough cash management across multiple regions, becoming an IBOS member benefit both your organization and your corporate clients.
Uniform, high-quality cross-border banking provided by all IBOS members
Access to an international network of banks and affiliates
How IBOS is helping to improve international cross-border payments?
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