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International
payments in a
digital world

INTERNATIONAL PAYMENTS WILL HAVE TO CHANGE

Yet another banking business threatened by digitalization

International Payments has unmatched importance for global trade and global business. Yet it is an area that has remained relatively untouched by the digital revolution that has been under way for almost 20 years.

Accenture’s “International Payments in a Digital World” point of view outlines strategies and approaches to enable banks in the International Payments market to cope with this blizzard of change—while also realizing real business benefits from the resulting opportunities.

Banks need to create an end-to-end experience for their clients, supported by a simple yet powerful global platform that allows for ongoing innovation and the use of emerging technologies quickly and economically. And they must continue to improve the end-to-end experience relentlessly, supported by an agile organization across business and IT.

"ACCENTURE ANALYZES HOW THE IMPACTS OF DIGITAL WILL DRIVE CHANGE IN INTERNATIONAL PAYMENTS AND HOW BANKS SHOULD RESPOND."

BE BETTER PREPARED FOR THE DIGITAL WORLD

For banks, it is now crucial to respond to digital change. Now is the time to:

  • Digital first—and only

  • Integrated into clients’ value chains

  • Connecting price with value

  • Portals to interact and automate

  • Publishing APIs for easy access

  • Global Payments Innovation (GPI) as an immediate and easy step

  • Real-time payments around the world

  • Use cheaper and direct routes where available

  • Position for correspondent business with easy access via APIs

  • One processing platform for all payments globally

  • One place to invest

  • Global to local access

  • Liquidity control

  • Always compliant

  • Create “sticky” client-specific solutions such as virtual accounts

  • Build distributed ledger technology (DLT) solutions for specific industry needs

  • Monitor and experiment with cryptocurrencies as substitutes

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