Payments drive the financial services industry. As the world becomes a more global marketplace, real-time cross-border payments are fast becoming table stakes for financial institutions, regulators, processors, and other third-party stakeholders.
This episode of the CUNA News Podcast, sponsored by Alacriti, examines the state of real-time cross border payments. Mark Majeske, Alacriti’s senior vice president of faster payments, says most consumers traditionally have relied on wire transfers to send money internationally.
But real-time payments are more timely, efficient, and cost effective, he says. Those are some reasons for the push by key financial system players to bring real-time payments to the cross-border transfer environment.
Majeske also explains how close we are to realizing real-time cross border payments. This includes meeting challenges such as interoperability and fraud.
One benefit fintechs such as Alacriti provide clients is assistance with back-office and reporting requirements, enabling credit unions to offer the same payment services as larger financial institutions.
Credit Union Magazine’s Fall 2022 issue highlights credit unions’ role in cryptocurrency, the state of digital assets, cannabis banking compliance, the human side of technology implementation, and involving the board in financial discussions.
