Key Elements:
- Visa Cross-Border Solutions predicts five key trends in 2024: convergence of personal and corporate payments, enhanced back-end infrastructures, a focus on compliance and data security, the rise of central bank digital currencies (CBDCs), and faster settlement processes.
- Endava anticipates a positive shift with the increasing momentum of real-time payments in the cross-border payments space. The company believes that the adoption of ISO20022 enables greater transparency and control.
- Nium identifies frictionless cross-border payments as a crucial driver of digital transformation, enabling businesses globally to grow and expand.
- PXP Financial highlights the importance of interoperability in payments, citing it as a fundamental concept that allows disparate payment systems to work seamlessly together.
- Outpayce from Amadeus emphasises the concept of ‘orchestration’ to streamline payment processes within the travel industry. The company recognises the importance of connections within the travel ecosystem to enable a truly connected payments network.
The Fintech Times has drawn from the insights of fintech CEOs and industry leaders to discuss predictions for the evolving payment landscape in 2024. Visa Cross-Border Solutions forecasts a convergence between personal and corporate payments, a shift towards enhanced back-end infrastructures, intensified focus on compliance and data security, the emergence of CBDCs, as well as a focus on faster settlement processes.
Further predictions come from digital transformation services provider Endava, which sees real-time payments gaining momentum in the cross-border payments space, with the adoption of ISO20022 enabling greater transparency and control over funds.
Financial services platform Nium, meanwhile, identifies frictionless cross-border payments as key to supporting global digital transformation, enabling businesses around the world to grow and expand. PXP Financial, a payment service provider, emphasises the importance of interoperability in payments, stating that it allows disparate payment systems and platforms to work seamlessly together, significantly transforming payment processes.
Outpayce from Amadeus, a travel payments company, emphasises the concept of ‘orchestration’ in streamlining payments within the travel sector. The company asserts that having direct links to hundreds of partners, travel agents and acquirers facilitates the creation of a connected payments network, fuelling efficient and intelligent processing of payments.
