Globally, cross-border payments represent $156 trillion annually - roughly 25% of global GDP - and are projected to reach nearly $250 trillion by 2027. From a payments industry perspective, these transactions account for approximately $40 billion of $2.1 trillion in fee-generated revenues, excluding foreign exchange (2022 McKinsey Global Payments Report). These attention-grabbing numbers have been in the line of sight of regulators, innovators, and incumbents with increasing urgency. Improvements in domestic systems have matured in many countries, leading to conversations on how new fast payments systems can go cross-border. And, indeed, they are in several regions. Central Bank Digital Currencies are piloting cross-border payments, too. 

In this episode, we’re looking at the rapidly evolving space of cross-border payments with Glenbrook colleagues who have been traveling the globe working extensively with regulators, corporations, and governments on cross-border initiatives.