Date: Oct 2017
A utility model is one of the most promising models emerging in the banking world, where banks follow the cost and distribution models from the world of electricity, water, etc. The report explores the utility model in global payments in a world where payments profit is reducing and fintechs are taking a huge chunk of the market.
The report explores factors affecting global payment flows – from geopolitical developments and evolving regulation to foreign exchange, economic volatility and shifting trade corridors. The emergence of the financial utility is set to shake up the way in which global businesses transact across borders to meet evolving customer demands.
The correspondent banking model is now under immense pressure due to the demands of SMEs and their global growth aspirations, and the rising costs and times of global cross-border payments. Disruptive innovation by fintech firms now offers alternative solutions at lower costs and shorter settlement periods.
Burnmark has a database of 50+ cross-border payments fintech firms across segments,