FinextraTV @ EBAday:Driving Change in Cross-Border Payments
At EBAday 2023 in Madrid, Marc Recker, Global Head of Product, Institutional Cash Management, Deutsche Bank spoke to FinextraTV about one of the most talked-about topics of the conference: how to drive meaningful change within cross-border payments.
In the video interview, Recker explains that efforts to improve cross-border payments are being driven on several fronts: by ever-changing customer demand, which is translating into the need for faster, more transparent and more secure payments; by regulators, where there are several different agendas to follow, both on a national level but also on an international level with the G20 roadmap; and by increased competition from non-bank players.
Fortunately, efforts are already underway to address these drivers head on. One of the biggest elements of this has been the ISO 20022 migration, which is addressing a lack of standardisation and harmonisation across the industry, as well other initiatives that leverage new technologies, such as distributed ledger technology (DLT). Recker hopes that through continued industry collaboration and by embracing innovative technologies, a future with fast, transparent and frictionless cross-border payments will become a reality for all.