Categories: Analysis

2030: Predictions for real-time payments, ISO20022 and APIs

At EBAday 2024, Akshat Saharia, Head of European Financial Institutions Product and Propositions, Global Payments Solutions, HSBC, discusses the biggest changes that will occur in the cross-border payments landscape over the next five years. While 90% of cross-border transactions complete in 30 minutes, the other 10% can experience delays, leading to frustration and a lack of transparency. Significant changes will come with the opening of real-time payment systems for cross-border payments. With the introduction of ISO20022 from November 2025, banks around the world will in turn work with improved data, standardized information and LEIs, which will significantly improve STP and reduce costs. Digital transformation through the use of APIs will also strengthen end-to-end connectivity and pave the way for value-added services that provide greater transparency and verification with payee confirmation.

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David Brooks

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