The Future of Cross-Border Payments: A Closer Look

The world is becoming increasingly interconnected, and with it, the need for efficient and affordable cross-border payments.

The world is becoming increasingly interconnected, and with it, the need for efficient and affordable cross-border payments. The good news is that revolutionary technology like DLT-based transactions, digital payment platforms, and CBDCs are poised to revolutionize this area.

How it works:

• DLT-based transactions: Leveraging blockchain technology, these transactions offer faster speeds, lower costs, and enhanced security.

• Digital payment platform: These platforms provide a seamless experience for individuals and businesses, allowing for easy transfers across borders.

• CBDCs: Central bank digital currencies provide a digital representation of fiat currency, enabling faster and more efficient cross-border payments.

• Push to Cards: This progressive method permits real-time cross-border card payments. By leveraging existing card networks and infrastructure, Push to Cards gives a convenient and efficient solution for consumers and businesses alike.

Key benefits:

• Speed: Transactions in seconds or minutes, compared to days or weeks.

• Cost: Lower fees and more transparent pricing.

• Interoperability: Seamless integration with current financial systems and infrastructure.

• Risk: Reduced fraud risks and enhanced security.

As these technologies continue to mature, we can expect to see a significant transformation in how we send and receive money across borders. This will positively impact businesses, consumers, and economies globally.

Author

AiUTOMATING PEOPLE, ABN ASIA was founded by people with deep roots in academia, with work experience in the US, Holland, Hungary, Japan, South Korea, Singapore, and Vietnam. ABN Asia is where academia and technology meet opportunity. With our cutting-edge solutions and competent software development services, we're helping businesses level up and take on the global scene. Our commitment: Faster. Better. More reliable. In most cases: Cheaper as well.

Feel free to reach out to us whenever you require IT services, digital consulting, off-the-shelf software solutions, or if you'd like to send us requests for proposals (RFPs). You can contact us at [email protected]. We're ready to assist you with all your technology needs.

© ABN ASIA