Journal of Payments Strategy & Systems Retrospective

Looking back to look ahead: The future of cross-border payments

Discover how global payments have evolved and where they’re headed next

In 2018, SWIFT and McKinsey outlined their bold vision for cross-border payments. Six years later, experts from ACI Worldwide, CLS Group, and McKinsey review these predictions, assess their progress, and discuss what’s next in the future of payments.

Key Insights from the Assessment

  • Cross-border payment volumes have grown faster than expected, driven by e-commerce, SMEs, and new use cases
  • Customer expectations are rising, but digital experiences still lag
  • Fragmentation in standards and infrastructure is intensifying, despite global alignment efforts  
  • Liquidity and regulation remain key battlegrounds for competitive advantage
  • Digital currencies, regional systems, and non-bank liquidity are poised to disrupt the status quo

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