Tag: Payments

Technology Trends & Competitive Advantage

The Evolving Landscape of Cross-Border Payments: Beyond SWIFT & the Rise of Innovation

Indrajit Roy Choudhury

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has long been essential for cross-border payments, connecting over 11,000 institutions. However, the emergence of digital currencies, especially China's digital Renminbi (RMB), poses challenges to its dominance. While the digital RMB could enhance efficiency and reduce reliance on the U.S. dollar, its global adoption faces significant hurdles. The future likely involves a coexistence of traditional and new payment systems.

Technology Trends & Competitive Advantage

Project Nexus: Building a Global Network for Instant Cross-Border Payments

Indrajit Roy Choudhury

Project Nexus, initiated by the Bank for International Settlements, aims to standardize cross-border payments by connecting Instant Payment Systems (IPS) globally. It seeks to reduce transaction costs, enhance speed, and improve transparency for users. While addressing challenges like regulatory compliance and diverse payment infrastructures, Nexus promises a more inclusive and efficient global payment environment.