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Cross-Border Payments

Accelerating the modernization of your cross-border payments functionality.

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In an increasingly connected world, cross-border payments have never been more critical. With the international mobility of goods, services, capital, and people at an all-time high, cross-border payments are the backbone of global commerce. Payment services providers stand at the crossroads of this dynamic landscape, where the value of cross-border payments is set to skyrocket from $150 trillion in 2017 to over $250 trillion by 2027, according to the Bank of England. This is a staggering increase of over $100 trillion in just a decade*.

However, to be successful in this highly competitive and constantly changing landscape, payment service providers need to continually advance their capabilities to address regulatory requirements, along with elevating their service levels to their customers to differentiate and grow revenues.

What should payment service providers do to win?

 To remain competitive, payment service providers need to:

  • Expand Capabilities: Utilizing a platform that allows multiple distribution and payment service pathways, incorporating smart routing, and real-time payment flows to any destination.
  • Enhance Efficiency: Increased automation through reduced exceptions helps reduce costs, speed up payment delivery times, and improve overall customer experience.
  • Improve The Customer Experience: Offer faster, lower-cost transactions with real-time tracking and broad network integration for reliability and security, along with instant updates so that customers can track their transactions in real-time.
  • Mitigate Risks: Integrating advanced risk management features helps to reduce operational risks, increase security and data protection, and ensure compliance in an ever-changing regulatory environment.

How Temenos can help

By leveraging Temenos’ Enterprise Services approach, payment service providers can quickly configure and integrate next-generation Cross Border Payments capabilities into their existing environment and thus ensure compliance, reduce costs, accelerate time-to-market for new products, and enhance customer experiences. Our cloud-native, API-first platform leverages smart services and customer centricity to make cross-border payment services not just competitive, but market-leading.

If you’re ready to transform your cross-border payments capabilities and unlock new opportunities for growth, Temenos is ready to help. Reach out to us today to learn how our solution can elevate your business and keep you ahead of the competition.

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*https://www.bankofengland.co.uk/payment-and-settlement/cross-border-payments