Cross-Border Payments

Cross-border payments enable individuals and companies to transfer money across countries, currencies and financial systems. Wise has recently connected directly to clearing networks to reduce costs, while Swift and several banks are testing blockchain ledgers and tokenized deposits. Flex, JCB, Circle and other companies are also accelerating stablecoin adoption. U.S. and U.K. discussions about integrating stablecoins into payment systems show that these applications are moving from pilot programs toward commercial use. The sector affects remittance efficiency, fees, regulation and the risk of currency substitution, making it important to watch.