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Cross-Border Market Share Will Depend on Instant Decisions
January 29, 2025
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Cross-border payments had, for decades, been done by wire — where it had taken days to settle an international fund flow.

But now, in the digital age — unlike years past — there are many ways to deliver a payment from country A to country B. We’re headed more fully toward instant payments, always on, 365 days a year, 24 hours a day, as the dozens of instant payment schemes taking shape around the world move toward interoperability.

In an interview with PYMNTS, Dawid Janas, head of global clearing and FI payments at Citi Services, noted that ISO 20022, the financial messaging standard that’s being implemented by financial institutions (FIs) around the globe, will go a long way toward fostering that interoperability, and give banks a way to cement loyalty with corporate clients. Citi’s own research has shown, in a report titled “Cross Border Payments 24×7: Faster, Simpler, Smarter,” that corporate and retail clients are considering moving their business away from traditional FIs (and possibly to FinTechs) in order to realize the benefits of faster, more transparent and cost-effective payments.

“It’s a shift from those who adopt innovation a bit more slowly toward those who adopt the latest and greatest solutions and deliver them to their clients,” said Janas, “and it so happens that FinTechs tend to be faster adopters of that innovation, [but we see examples of innovative banks capturing market share. That being said, the general expectation [we see] from both sides of the market [i.e., banks and FinTechs] is that market share will shift from traditional banks to FinTechs.”

But with the aforementioned prevalence of ISO 20022, said Janas, there’ll be more optionality and more alternative payment methods available for banks’ clients. “ISO will manifest through two ways,” he said, through standardization and more structure in data, as instructions between parties will be automated, and more transactions will be processed in a straight-through manner, without human intervention. Processes such as anti-money laundering (AML) and sanctions screening will also be more fully automated.

Against that backdrop, said Janas, there’s room to differentiate competition when it comes to cross-border payments.

Build vs ‘Borrow’

Banks, he said, must mull whether to build out new cross-border capabilities on their own or whether they should “borrow” those capabilities from someone else. He advised that local or regional banks build out the functionalities in their ”home” markets, but to “borrow” those capabilities from providers such as Citi outside of their presence counties.

After all, said Janas, “we wouldn’t expect every bank in the world to have 290 [financial market infrastructure] connections and operate in 90 markets,” as Citi does — both those capabilities can be tapped via APIs.

Citi, for its part, has elevated its cross-border clearing flows through the past few years, and now has more than 200 banks enlisting the firm’s 24/7 payments services for different use cases as transactions are settled on holidays and beyond the confines of banking hours. In doing so, they can maintain some competitiveness versus digital-only upstarts as demand for instant and always-on payments scales.

It should be no surprise that data and artificial intelligence (AI) go hand in hand to speed and protect payments that are typically high value as they move from one global market to another. While the solution doesn’t use AI, Janas noted that Citi has launched a “confirmed value transfer,” which addresses the lack of transparency around the ultimate amount that is going to be delivered to the beneficiary. The solution is built on the analysis of millions of transactions to predict the behavior of downstream FIs, in order to cut down on fees. AI is proving instrumental in the bid to detect anomalous behavior to spot would-be fraudsters. “GenAI,” he said, “can automatically create reports related to flagged transactions, to expedite the resolution process around those transactions.”

Looking ahead, Janas noted that 80% of Citi’s surveyed clients are boosting  their demand for alternative payment methods such as digital wallets and push-to-debit options (the company recent inked a pact with Mastercard to offer clients the ability to send cross-border payments to debit cards).

As he told PYMNTS, “when it comes to corporates, the best advice I can give is that they make sure they are working with an FI that is serious about investing [in the cross-border] space … and to extract value from their solutions when it comes to more efficient payments and more efficient liquidity management. As an industry we’re in the early stages of unlocking the potential of these new technologies.”

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US Dept of Commerce to publish GDP data on blockchain

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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain are EternlTyphonVesprYoroiLaceADAliteNuFiDaedalusGeroLodeWalletCoin WalletADAWalletAtomicGem WalletTrust and Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

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XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

 

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