Cross-border payments are still handled largely through correspondent banking relationships established over decades. Clearing and settlement take multiple days to occur. What’s more, the costs for settlement and FX can be quite high.
Goals and Objectives
To 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
Use Case Summary
Cross-Border Faster Settlement extends the speed and immediacy of domestic payments to international payments by creating alternate payment and settlement “rails” built for immediate payment and settlement, whether those payments are for corporate payments or P2P (remittances).