Cross-Border Payments

Ulrich Bindseil and George Pantelopoulos
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Ulrich Bindseil: European Central Bank
George Pantelopoulos: University of Newcastle

Chapter 5 in Introduction to Payments and Financial Market Infrastructures, 2023, pp 59-81 from Springer

Abstract: Abstract This chapter unpacks the mechanics of cross-border payments. To do so, what constitutes a cross-border payment is defined, and several challenges unique to international transactions are outlined by providing a brief history of cross-border payments and their universal challenges. The avenues by which commercial banks can complete cross-border payments via correspondent banking is then explored. Following this, the chapter divulges as to why correspondent banking is not a viable solution for domestic payments, and outlines how cross-border payments can be executed through Fintechs, stablecoins and through interlinking domestic payment platforms.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sptchp:978-3-031-39520-8_5

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DOI: 10.1007/978-3-031-39520-8_5

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