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Global financial transfers were well over $20t in 2019 and are expected to hit $30t by 2022. Improving cost, speed and reliability of payments would remove frictions that prevent many small businesses reaching out to customers beyond their borders.
Improving the system is a multi-dimensional challenge that needs to be tackled as a whole. Better, harmonised data standards will allow more information to be sent with each payment. But unless compliance authorities agree standards for the information they require, repeated compliance checking at each stage of the chain will continue to add delay and cost.
https://www.ft.com/content/a241d7e0-e1de-4812-b214-b350cbb7d046
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