Cross-border payments are still handled largely through correspondent banking relationships established over decades. Clearing and settlement can take multiple days, and costs for settlement and FX can be high.
Goals and Objectives
Provide retail and corporate customers the ability to clear and settle payments across borders in real or near real time, at or near the cost for any other domestic payment.
New settlement platforms, blockchain, and cloud
Use Case Summary
Cross-border faster settlement extends the speed and immediacy of domestic payments to international payments by creating new payment and settlement rails and networks purpose built for immediate payment and settlement.