How Wise bridges the gaps for banks’ cross-border payments
- Traditional banks have long taken center stage for cross-border payments, but new challenges in a digital-first world leave much to be desired.
- Ryan Zagone, Head of Americas at Wise for Banks, talks about how Wise is helping banks adapt to a post-pandemic world.
Over the course of time, the financial industry has seen substantial changes in international transactions, which can be attributed to increasing globalization and digitization.
Cross-border transactions continue to change and snowball. This year, the global cross-border payments market is expected to reach $156 trillion.
Traditional banks have long taken center stage for cross-border payments, but new challenges in a digital-first world leave much to be desired. To come to grips with the growing demand, businesses are resorting to their partner banks and fintechs to seek solutions that make payments more quick, secure, cheap, and transparent, in order for them to stay the course and meet evolving customer needs.
As a result, payment service providers continue to incorporate the latest digital innovations and technological advances to help FIs process cross-border payments like clockwork.
I spoke to Ryan Zagone, Head of Americas, Wise for Banks, about how Wise is helping banks adapt to a digital, post-pandemic world, and what areas of the B2B payments landscape still have scope for improvement.
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