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10/26/2023
ISO 20022, Open Banking Will Transform Cross-Border Payments
PYMNTS
Nilesh Dusane, global head of institutional payments at Amazon Web Services (AWS), told Karen Webster that there’s one common refrain among financial institutions (FIs) and payment companies.
It’s a refrain that’s almost universal, no matter where AWS’s customers are, what functions they serve or which end markets they target.
When it comes to transactions, he said: “Everyone wants to reduce friction in the payments process, and everyone’s coming at it from different angles.”
That’s especially true in the case of international transactions, where there is no “silver bullet” or one solution that will work everywhere as banks seek to work more efficiently with one another. There have been some advances in the tokenization of assets and liabilities, he said. Stablecoins represent another avenue; cryptos have evolved into Web3. There’s still promise in leveraging blockchain and distributed ledger technologies to facilitate cross-border payments.
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