The Russian invasion of Ukraine will cause disruption to cross-border payment systems and could, in conjunction with technological advances, challenge the dominance of the Swift network, predicts a paper from the Economist Intelligence Unit (EIU).
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Swift could face challenge in new era for cross-border payments - EIU
Cross-border payments will be disrupted by government-backed efforts to link systems. In Asia, moves are already underway to do this, allowing travellers across the region to purchase goods and services by scanning QR codes.
