Earlier this month, the cross-border payments industry met in Miami for CrossTech World 2023. Covering the full breadth of the space, this saw companies from across consumer, B2B and beyond meet to network and highlight some of the latest trends.
As with many of the events this year, networking was strong at CrossTech World, with the focus for many being on serious business. However, there was also considerable discussion on how the industry is changing, and what trends and opportunities lie ahead.
Our CEO Daniel Webber hosted a key panel at the event, which captured many of the trends currently facing cross-border payments in a discussion entitled the Global State of the Industry.
Featuring CrossTech CEO Hugo Cuevas-Mohr; Uniteller CEO Alberto Guerra; Mastercard Vice President of Strategy & Solutioning Mark Corritori; and Visa Direct Vice President Breno Andrade, this was a rare opportunity to get a sense of the space some some of the industry’s key players.
Highlights of the discussion include:
- While B2B payments have seen significant developments over the past few years, digital B2B payments remain at an early stage, meaning there is growing potential for the future of business payments.
- In particular, B2B payments are still scaling, and there are needs for infrastructure development to help this.
- For example, the rails for the US-LatAm corridors currently pose some challenges, and specific changes are needed to improve the ease and speed of payments.
- Traditional rails are often not seen as providing the best service to customers, creating opportunities for improvements.
- There is also a need to make commercial payments more fluid and transparent, however this is a challenging process.
- Meanwhile on financial inclusion, the panel did report that they are starting to see improvements, following a growing focus on the topic for many players.
- Companies are increasingly able and focused on driving inclusivity at scale in a manner not previously seen or, often, even possible.
- The increased focus on the gig economy is playing a role here, providing broader ranges of financial access, while cross-border remittances and the growing ability to integrate into accessible digital payments are also playing a role.
- Looking forward, it is expected that the cost of digital remittances will continue to fall, alongside a broader global focus on driving down the cost of remittances.