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How IBOS is helping to improve international cross-border payments?

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How IBOS is helping to improve international cross-border payments? Improving cross-border payments was set as a priority for the G20 in 2020, providing important global momentum to solving this longstanding and complex issue.

The G20 asked the Financial Stability Board (FSB), working with the Committee on Payments and Market Infrastructures (CPMI) and other standard-setting bodies to co-ordinating a three-stage process to develop a roadmap to enhance cross-border payments (see Figure 4).

Assessment (Stage 1):

The FSB, in coordination with relevant international organizations and standard-setting bodies, conducted an assessment of existing cross-border payment arrangements and identified frictions/challenges. Published in April 2020.

Building Blocks (Stage 2):

The CPMI developed a set of 19 building blocks to improve the current global cross-border payment arrangements and address the frictions identified in Stage 1.

These building blocks were grouped into five focus areas:

  • (i) commit to a joint public and private sector vision to enhance cross-border payments;
  • (ii) coordinate on regulatory, supervisory, and oversight frameworks;
  • (iii) improve existing payment infrastructures and arrangements to support the requirements of the cross-border payments market;
  • (iv) increase data quality and straight-through processing by enhancing data and market practices, and
  • (v) explore the potential role of new payment infrastructures and arrangements. Published in July 2020.
How IBOS is helping to improve international cross-border payments

The IBOS Cross-border Banking Alliance

Cross-border financial transactions, where the payer and the recipient are based in different countries, can cover both retail and wholesale payment types, including remittances.

Cross-border payments can be made in many different ways with the most prevalent currently being e-money wallets and mobile payments along with more traditional methods such as Bank transfers and credit card payments.

The world is seeing an increase in the international mobility of goods and services, as well as people. The value of cross-border payments is estimated to increase with projections for 2027 possibly reaching $250 trillion (from $150 trillion in 2017).

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Contributing factors to this projected growth include diversification of supply chains, asset management, global investment flows across borders, e-commerce growth, and migrants sending money via international remittances.

IBOS is an international banking alliance that provides connectivity services for key corporates looking to expand beyond their borders. With some of the biggest commercial banks from across the globe as its members, they offer effective and thorough cash management in regions where your local bank does not offer access.

Working with corporate banks across Europe and America, IBOS is open at all hours.  Whether you’re refocusing on your bank’s core domestic market and looking for a global partner to help with your international business, or you need support providing effective and thorough cash management across multiple regions, becoming an IBOS member benefit both your organization and your corporate clients.

Benefits include:

Uniform, high-quality cross-border banking provided by all IBOS members

  • Unified client onboarding and service processes make partnerships between IBOS banks seamless
  • Dedicated multi-lingual teams in each bank can provide efficient support and assistance with local issues.
  • Access to a wide network with clear processes, quality checks, and escalation procedures in place to ensure issues can be resolved quickly and efficiently

Access to an international network of banks and affiliates

  • Find the best partners internationally from a pool of nominated affiliates that other members work with
  • IBOS offers banks access to the best service at the best price, anywhere in the world
  • Greater opportunities for business deals through an expansive network in each country
  • Save on the costs of international agreements by utilizing the network of local IBOS members

How IBOS is helping to improve international cross-border payments?

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Mohammed Ahaduzzaman
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