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By Jean DIEDERICH, Partner, WAVESTONE Luxembourg
With the increased digitalisation of commerce worldwide, consumers request fast, instant, secure, cross-border and ubiquitous payments, leading to a revolution in the retail payments world. Nowadays, new enhanced payment systems allow real-time credit in approximately 50 domestic markets. Wholesale payments made between financial institutions and large corporations have also experienced an evolution, particularly since the introduction of the SWIFT Global Payments Innovation (gpi).
Launched in 2017, SWIFT gpi aims at expediting international transactions while achieving transparency and traceability. Cross-border payments are more complex than domestic transactions due to several factors: multiple...
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