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The changing landscape of international payments
Journal of Payments Strategy & Systems,
3
(1),
51-59
(2009)
Abstract
Many changes that impact international payments are occurring in the financial industry. This paper reviews the growth in global payments, examines the complexities of cross-border payments and looks at the many regulatory and industry challenges faced by banks and companies. The paper discusses new opportunities for financial institutions, such as remittances, open account trade and globalisation. It also considers the challenges in dealing with disparate payment systems and processing silos, and current trends towards streamlining and improving those processes. Finally, the paper discusses how payments hubs and enterprise risk management systems can streamline financial institutions' operations and reduce risk, resulting in opportunities for increased business and revenue growth.
Keywords: international payments; cross-border payments; enterprise risk management; payment hubs; remittance; trade finance
The full article is available to subscribers to the journal.
Author's Biography
Debbie Smart is a Senior Product Consultant for ACI Worldwide’s Wholesale Banking Unit. ACI Worldwide, an end-to-end e-payments solutions provider, delivers mission-critical payment systems for more than 800 clients in over 80 countries, including many of the world’s largest and most progressive financial institutions and retailers. Debbie is a Certified Treasury Professional (CTP) with over 25 years of banking and cash management experience. Prior to joining ACI, Debbie managed the Community Bank Group at Global Payment Systems, an end-to-end payments and cash management company, and previous to that spent many years with First Security Bank (now Wells Fargo). While at First Security Bank, Debbie worked in both operations and cash management and headed their cash management department for Idaho.
