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.
In this episode:
2:26: Mark’s background
3:33: Why cross-border payments are a hot topic
4:44: How people sent money across borders previously
6:04: The expectation for real-time cross-border payments
7:07: The interoperability question
9:59: Fraud concerns
11:25: Monetary limitations as a fraud deterrent
12:52: The role of fintechs
16:00: The opportunity to partner with fintechs