// TECH TRENDS //

Connecting banks digitally through open APIs was supposed to represent a step change in consumer and business financial services by ensuring the fast and secure transfer of information between parties . Some of the promised benefits , such as easy account transferring and faster transactions , have indeed come to pass . Yet the benefits are almost exclusively domestic . Digital business has moved on in the many years since open banking was first mooted . Why hasn ’ t the banking industry ?

The answer is that cross-border , multicurrency transactions are about much more than data . They demand dedicated processes and systems such as international risk assessment , Know Your Customer and Know Your Business . Above all , banks need specialist legal expertise and know-how in every foreign territory they serve , as well as the necessary relationships with everyone from correspondent banks to national regulators .

THAT WAS ALWAYS THE PROMISE OF THE ONLINE REVOLUTION – TO SUPERCHARGE GLOBALISATION BY REMOVING THE BARRIERS TO CROSS-BORDER TRADE .

Intelligent SME . tech

15