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1、Insights into Payments and BeyondKey media partners:Supporting partners:Cross-Border Payments and Ecommerce Report 2023-2024Complete Overview of Trends,Developments,and Future PerspectivesRELEASE VERSION 2.0JANUARY 2024COPYRIGHT THE PAYPERS BVDESIGN:MYRIAD DESIGN ALL RIGHTS RESERVEDTEL:+31 20 893 43

2、15 FAX:+31 20 658 0671MAIL:EDITORTHEPAYPERS.COMContact usFor inquiries on editorial opportunities please contact:Email:To subscribe to our newsletters,click hereFor general advertising information,contact:Mihaela MihailaEmail:Cross-Border Payments and Ecommerce Report 2023-2024Complete Overview of T

3、rends,Developments,and Future Perspectives3Cross-Border Payments and eCommerCe rePort 2023-2024|FOREWORDWelcome to the fifth edition of the Paypers Cross-Border Payments and Ecommerce Report!this latest issue continues the tradition of bringing together subject matter experts and providing insights

4、into the newest trends and developments in the fields of online payments and ecommerce.at a time plagued by uncertainty,when failure even more than before is not an option,businesses interested in expanding across borders must tread carefully,take all risks into account,and strategically leverage th

5、e resources at hand to ensure a comprehensive understanding of the local challenges they might face.In light of this situation,this report seeks to offer the relevant information parties might need when deciding to expand across borders.on top of this,with this newest issue,we take a step forward by

6、 shedding light on the importance of capitalising on strategic partners such as payment orchestrators,and by offering a close analysis of the emerging trends and technologies that can be used to lower costs such as artificial intelligence(aI).a snapshot of the current landscapeas research shows,when

7、 it comes to cross-border payments and ecommerce,we are now at a crossroads of sorts.While ecommerce-related domestic spending has started to show signs of slowing down over the last year,the cross-border sector in general is still thriving.the current situation is made possible by a myriad of facto

8、rs.to start,Zoomers and millennials two of the most digitally-savvy age cohorts prefer online shopping.additionally,efforts are being made to promote digitalisation,and many developing markets are growing economically.moreover,online marketplaces are more popular than ever,and merchants worldwide ar

9、e taking steps towards adding alternative payment methods to cater to customer demand.In a development that seems to mirror the shift towards digitalisation that we already saw consumer payments go through during the CoVId-19 pandemic,the B2B cross-border payments sector is also experiencing signifi

10、cant transformation.In the case of B2B payments,their recent boost has been attributed mainly to the emergence of online marketplaces and platforms aimed at supplying businesses with services and goods similar to how consumers engage in ecommerce.With an educative undertone and a clear aim to addres

11、s the challenges and subsequent emerging opportunities that the current cross-border payments and ecommerce landscape has to offer,the Cross-Border Payments and Ecommerce Report 20232024 Complete Overview of Trends,Developments,and Future Perspectives follows an intuitive structure that allows you t

12、o dive into specific trends and ways to solve the challenges faced when considering an international expansion.ForewordDiana LupuleacContent Editor at The Paypers4Cross-Border Payments and eCommerCe rePort 2023-2024|FOREWORDthe state of cross-border ecommerce today and future directionsWe kick off t

13、he report by delineating the current landscape and providing an outlook of future directions in cross-border ecommerce.the chapter includes a discussion regarding the ongoing changes in global ecommerce and seeks to offer a response to the question Is global retail ecommerce showing signs of slowing

14、 down?.With help from our contributors,we investigate the challenges currently threatening the success of cross-border ecommerce and the importance of leveraging technology innovations in todays business landscape by integrating older legacy systems with modern digital tools.other relevant topics ta

15、ckled in this chapter are the untapped potential of aI and GenaI,their anticipated effect on ecommerce in general,and the aPaC supply chain market in particular.Finally,we take a closer look at one of the hottest trends:social selling by examining its role in building trust and breaking down cultura

16、l barriers,as well as the dynamics of social selling in asia and its impact on global ecommerce.trends shaping the future of cross-border ecommerce paymentsthe second chapter of the report takes readers on a journey into the history of cross-border payments from barter to digital and offers a glimps

17、e into one of the most notable regulatory initiatives to this date:the roadmap for enhancing Cross-border Payments,an initiative that seeks to tackle some of the most relevant pain points associated with these payments.We further explore topics such as the significance of borderless payments in toda

18、ys global economy,key trends in GenaI for finance,and whats in store in terms of emerging technologies among other insightful themes.addressing specific challenges by leveraging strategic partnershipsthe key to success in the realm of cross-border ecommerce is leveraging strategic partnerships.this

19、section of the report starts with an overview of the most recent global partnerships that defined and built resilience within the payments sector,alongside the role of fintech in promoting financial inclusion and the use of a merchant of record model to ensure global growth.some other important topi

20、cs covered encompass the particularities and benefits of payment orchestration with a focus on what this means for both merchants and financial institutions,the impact of localisation on successfully expanding across borders,and how foreign exchange can address specific challenges for global marketp

21、laces.Payment orchestration has been an emerging topic in the field of commerce in the past years.to offer a clear image of the capabilities of some of the most relevant payment orchestration platforms(PoPs),we reached out to key players in the industry and asked them to discuss their offerings.the

22、POPs infographic we put together can be used as both an educational resource and a starting point when looking for a payment orchestrator.the growth of the B2B cross-border ecommerce and payments sectoras previously stated,B2B cross-border ecommerce is on an upward trajectory.In this section of the

23、report,our contributors offer insights into the B2B subscription commerce model and provide pointers for B2B merchants interested in integrating new payment solutions.B2C ecommerce:focusing on verticalsB2C ecommerce is one of the driving forces behind the expansion of the cross-border sector.this ch

24、apter includes pointers on how to navigate the cross-border payments landscape and cater to customer demands and expectations,while zooming into two key verticals:retail and digital goods video gaming.5Cross-Border Payments and eCommerCe rePort 2023-2024|FOREWORDto complement these contributions,we

25、have included a series of infographics focusing on marketplaces that are present in the following regions:europe,asia-Pacific,middle east and africa,north america,Latin america,and global.We further categorised them based on three target groups B2C,B2B,and C2C and three verticals:consumer goods and

26、services,gig market and recruiting,and hospitality and travel.regulatory standards and initiativesIso 20022 and Visa Compelling evidence 3.0 have been some of the most notable developments in the cross-border segment in the past twelve months.the contributions in this chapter explore how these stand

27、ards and initiatives affect industry stakeholders,and what experts argue comes next.Insights into local developments across the globethe closing chapter of this years edition of the Cross-Border Payments and Ecommerce Report sheds light on emerging technologies and networks that reshaped cross-borde

28、r payments for businesses.to this,we present businesses interested in expanding to new markets with three information-packed materials that showcase the local progress and payment preferences in the Us,australia,and spain.Finally,we want to take the chance to say a very kind thank you to our collabo

29、rators who accepted to be part of this journey and authored insightful and valuable contributions.A special thank you also goes to the members of The Paypers team who lent their support and time to ensure that the final version of the report,that we present today,brings together valuable contributor

30、s and impactful research pieces.Without further ado,we invite you to read and enjoy the Cross-Border Payments and Ecommerce Report 20232024 Complete Overview of Trends,Developments,and Future Perspectives!6Cross-Border Payments and eCommerCe rePort 2023-2024|Cross-Border Payments and eCommerCe rePor

31、t 2023-2024|TABLE OF CONTENTSTable of ContentsForewordthe state of Cross-Border ecommerce today and Future directionsThe Changing Dynamics of Global Ecommerce Current Developments and Future Projections|Bob Hoyler,Euromonitor InternationalTechnological DevelopmentsBridging the Divide:Balancing Legac

32、y Technology and Digital Transformation in Todays Business Landscape|Gabriel Lucas and Chaira Mekkaoui,Redbridge Debt and Treasury AdvisoryThe Potential of AI in EcommerceThe Supply Chain Evolution in APAC and the Importance of Leveraging AI to Enhance Resilience|Interview with William Xiong,Cainiao

33、 GroupThe Potential of AI in Breaking Down Language Barriers and Improving Customer Service and Shopping Experiences|Rad Anandakumar,AI Consulting GroupSocial SellingThe Role of Live Commerce in the Context of Cross-Border Trade|Interview with Li-Xiong Chu,Maximum Advertising Grouptrends shaping the

34、 Future of Cross-Border ecommerce PaymentsBeyond Borders a Deep Dive into Cross-Border Payments|Diana Lupuleac,The PaypersPayment Innovation and Industry DevelopmentsCross-Border Payments and the Next Decade of Emerging Technology|Interview with Richard Harrison,FreemarketThe Significance of Borderl

35、ess Payments in Todays Global Economy|Nina Huelsken,Payments Consulting NetworkThe Evolution of Financial Operations and Key Trends to Watch in Generative AI for Finance|Swapnil Mengawade,Optimus Fintechaddressing specific Challenges by Leveraging strategic PartnershipsGlobal Partnerships Analysis f

36、or Q3 of 2023 in the Payments and Ecommerce Space|Estera Sava,The PaypersHow to Untangle the Process of Global Business Expansion by Leveraging a Merchant of Record Model|Interview with Pierre-Henri Paulhe,NexwayThe Crucial Role of Fintech in Promoting Financial Inclusion|Interview with Jovi Overo,U

37、nlimitTrends Driving the Financial Industry Today and Boosting the Adoption of Cross-Border Payments|Interview with Aivars Belis,DECTAEmbracing Simplicity in an Expanding Digital World|Interview with Maria Parpou,Mastercard Gateway3910121315161719202223262730333637505356597Cross-Border Payments and

38、eCommerCe rePort 2023-2024|Table of ContentsCross-Border Payments and eCommerCe rePort 2023-2024|TABLE OF CONTENTS 6263666871747780818283848790939699102105106109112113115117Payment Orchestration and Optimisation Improving PerformanceHow Payment Orchestration Can Help Merchants Optimise Payment Proce

39、ssing|Ron van Wezel,Datos InsightsPayment Orchestration the Current State and Emerging Trends|Interview with Thomas Tittelbach,aye4finThe Role of Payment Orchestration Platforms in Optimising Cross-Border Payments Globally|Interview with Adam Vissing,IXOPAYThe Opportunities and Challenges Associated

40、 with Payment Orchestration|Interview with Jasper Goeman,NuveiHow Payment Orchestration Keeps Banks at the Forefront|Rob Lincolne,PaydockPayment Orchestration as a Catalyst for Boosting Customer Conversion|Interview with Alex Morgan-Moodie,WorldpayOverview of Payment Orchestration PlatformsIntroduct

41、ionPayment Orchestration Platforms(Infographic)Localisation as a Key Success FactorShaping Your Payment Strategy to Ensure Cross-Border Success|Motie Bring,PPROThe Future of Payments Is Local:How the Rise of Local Payment Methods Is Giving Consumers More Ways to Pay|Stuart Neal,BokuThe Need for Loca

42、l Payment Methods in Cross-Border Ecommerce|Interview with Karin Milkov,TrustPaySeizing Opportunities in Trkiyes Dynamic Ecommerce Landscape:a Strategic Guide for Global Enterprises|Guillaume Tournand,WorldlineFintech Frontiers:Breaking Down Barriers to Cross-Border Ecommerce Payments in Africa|Dick

43、son Nsofor,KoraReaching New Territories Insights into Growth Markets and Business Expansion|Interview with Juan Pablo Ortega,YunoThe Importance of Localisation in Ecommerce and Cross-Border Selling in LATAM|PayRetailersNavigating Global Currencies Foreign ExchangeThe Future of Cross-Border Payments

44、and How Companies Can Leverage Them to Drive Cost Optimisation|Interview with James Butland,MangopayDigitalisation in the Retail and Hospitality Sectors and the Benefits of Dynamic Currency Conversion|Interview with Sean Crowe,Fexcothe Growth of the B2B Cross-Border ecommerce and Payments sectorUnlo

45、cking B2B Subscription Commerce:the Power of Recurring Payments|Louis Wapler and Euan Jones,Edgar,Dunn&CompanyThe Frontiers of Innovation in B2B Payments|Interview with Gabriel Lucas,Redbridge Debt and Treasury AdvisoryThe Most Pressing Challenges and the Future of B2B Payments|Interview with Ani Sa

46、ne,TerraPay8Cross-Border Payments and eCommerCe rePort 2023-2024|Table of ContentsCross-Border Payments and eCommerCe rePort 2023-2024|TABLE OF CONTENTS 120121122123124125128129130131132133136138140141144146148B2C ecommerce:Focusing on VerticalsMarketplaces and RetailNavigating Cross-Border Payments

47、 and Catering to the Evolving Preferences of a Global Clientele|Interview with Kelsey Fahy,The FoldOverview of Global MarketplacesIntroductionMarketplaces and Online Platforms in the Consumer Goods&Services Vertical(Infographic)Marketplaces and Online Platforms in the Gig Market&Recruiting Vertical(

48、Infographic)Marketplaces and Online Platforms in the Travel&Hospitality Vertical(Infographic)Digital Goods:Video GamingThe Challenges and Opportunities Brought Forth by New Payment Trends in the Gaming Industry|Interview with Mantas Eitutis,Enebaregulatory standards and InitiativesFirst-Party Fraud:

49、Whats Next on the Horizon After Visa Compelling Evidence 3.0|Keith Briscoe,Merchant Risk Council(MRC)How Will the Adoption of ISO 20022 for Cross-Border Transactions Affect Industry Stakeholders?|Michael Greenwood,Juniper ResearchHow Global Businesses Can Leverage the ISO 20022 Standard to Enhance T

50、heir Operations Across Borders|Interview with Ulrike Guigui and Raquel Gomez Sirera,DeloitteInsights into Local developments across the GlobeEmerging Technologies and Networks Redrawing the Competitive Boundaries of Cross-Border Payments for Businesses|Samee Zafar,Edgar,Dunn&CompanyInsights into Loc

51、al Developments and Payment Preferences in the US|Jennifer Lucas,EY AmericasInsights into Local Developments and Payment Preferences in Australia|Andy White,AusPayNetInsights into Local Developments and Payment Preferences in Spain|ngel Nigorra,BizumThe Current State of Cross-Border EcommerceThe Sta

52、te of Cross-Border Ecommerce Today and Future Directions Global retail ecommerce signs of slowing down?The current state of cross-border retail ecommerce and expert projections Emerging marketplaces and other developments impacting regional ecommerce Challenges threatening the sustained success of c

53、ross-border ecommerce Bob Hoyler is a manager at Euromonitor International focused on sharing insights about the evolving retail landscape.Based out of Chicago,he has nearly a decade of experience in the industry.Bob helps to oversee Euromonitors global Retail,Digital Consumer,and Ecommerce syndicat

54、ed research products,with a focus on content and client engagement.Bob Hoyler Manager Retail and E-Commerce Insights Euromonitor International10Cross-Border Payments and eCommerCe rePort 2023-2024|THE CURRENT STATE OF CROSS-BORDER ECOMMERCEIn 1982,the worlds first ecommerce retailer,the Boston Compu

55、ter exchange,opened for business in the Us.that means that online retail will turn 41 in 2023 and,just as many human beings tend to slow down a bit as they enter their 40s,global retail ecommerce is showing signs of doing the same.2022 marked the lowest rate of year-on-year retail ecommerce sales gr

56、owth since the channels inception,and the first-time growth has failed to crack double-digits since the economic downturn of 2008-2009.though the rate of growth is projected to accelerate in 2023 in constant terms i.e.,after removing the effects of inflation it will remain low compared to the dizzyi

57、ng heights of the pandemic years.there are two main reasons for the slowdown.the first is the return of pre-pandemic shopping behaviours.With China ending its zero-CoVId-19 policy in late 2022,consumers everywhere are putting the pandemic behind them from a psychological perspective.as a result,they

58、 are logging off and heading back to brick-and-mortar stores to purchase goods.the other major reason for the slowdown is widespread economic stress.With high inflation continuing to impact many markets,a large share of consumers are rationing their spending to conserve cash,with many especially cut

59、ting back on online purchases of big-ticket items and other discretionary goods.although high inflation has been less of an issue in asia-Pacific countries,the economic recovery of China asias retail powerhouse is sputtering,which is also hurting global ecommerce growth.this is not to say that ecomm

60、erce is in any danger of going into retreat.Quite the contrary,retail ecommerce penetration is still advancing globally.yet,the double-digit year-on-year growth rates that ecommerce sales regularly recorded even in the years preceding the pandemic look to be a thing of the past.Going forward,global

61、ecommerce sales are expected to grow at a slower,steadier rate fitting for a channel that is now hitting middle age.even as online sales growth is normalising at a more subdued pace,cross-border ecommerce remains a bright spot.In 2022,global cross-border retail ecommerce sales stood at Usd 396 billi

62、on,accounting for 11%of the total ecommerce sales worldwide.this share has more than doubled since 2014.the main driving force behind the increased importance of cross-border ecommerce is the sustained success of online marketplaces.third-party sellers are continuing to make inroads on these platfor

63、ms,and many of them are cross-border specialists,with business strategies built around using the reach that marketplaces offer to sell across national borders to consumers located thousands of miles away.as the share of marketplace sales out of the total retail ecommerce sales continues to grow and

64、as third-party sellers account for an ever-larger value share of marketplace transactions cross-border ecommerce is making significant gains.as a result,in 2022,the year-on-year growth of global cross-border ecommerce sales was nearly three times higher than that of retail ecommerce sales as a whole

65、.The Changing Dynamics of Global Ecommerce Current Developments and Future ProjectionsEuromonitor International11Cross-Border Payments and eCommerCe rePort 2023-2024|THE CURRENT STATE OF CROSS-BORDER ECOMMERCEChina remains the key cog in the global cross-border ecommerce sector,acting as both the mo

66、st important outbound market and the most important inbound market for cross-border sales by a significant margin.despite the headwinds battering the Chinese economy as a whole in 2023,cross-border sales originating from China are getting a welcome boost thanks to the astounding success of a new onl

67、ine marketplace that has burst onto the scene:temu.since launching in september 2022,temu which is owned by Pdd Holdings,the same company that operates Chinese ecommerce giant Pinduoduo has already racked up billions of dollars in sales.temu offers a vast assortment of products,ranging from consumer

68、 electronics to apparel,at incredibly low prices.the common factor is that all these products are sold by third-party sellers operating out of China.temu initially concentrated on selling exclusively to consumers in the Us,where it soon became a sensation.By February 2023,the temu app became the mos

69、t downloaded mobile app in the country.In the same month,temu expanded operations to Canada,followed by australia and new Zealand in march 2023,and then Western europe in april 2023.although the marketplace faces regulatory scrutiny regarding the transparency of its operations and its environmental

70、impact,it has inarguably helped bolster the continued growth of cross-border ecommerce around the world.temu is not the only cross-border success story in 2023.after a bit of a down year in 2022,Us-based ecommerce leviathan amazon has righted the ship,with renewed sales growth powered primarily by t

71、hird-party sellers,many of which are cross-border specialists.marketplace giant mercado Libre which is based in argentina and has contributed greatly to the development of cross-border ecommerce across Latin america has also continued to rack up steady sales gains over the course of the year.meanwhi

72、le,in may 2023,digitally native fast fashion juggernaut shein launched its own third-party marketplace with a distinct cross-border focus.despite these victories,several challenges threaten the sustained success of cross-border ecommerce.In september 2023,the Indonesian government enacted a ban on s

73、ales of goods through social media platforms,which was widely viewed in the industry as a move intended to curb the influence of tiktok,the popular social media platform operated by Chinese tech company Bytedance.Its shopping feature,tiktok shop,had exploded in popularity in Indonesia since its laun

74、ch there in 2021,acting as a massive conduit for cross-border sales into the booming economy of the populous southeast asian nation.additionally,Brexit continues to wreak havoc on the outlook for cross-border ecommerce sales in the UK,which have barely budged upwards since 2021.most ominously,mounti

75、ng difficulties facing the commercial real estate sectors in markets from China to the Us make the chances of the global economy sliding into recession at some point over the next two years all too likely.despite these concerns,however,the prospects for cross-border ecommerce remain bright,fuelled b

76、y the animal spirits of entrepreneurship and innovation that have been unleashed by the power of an increasingly connected global consumer base.as a result,euromonitor International projects that cross-border retail ecommerce sales will increase at a compound annual growth rate of 9%,at constant pri

77、ces,from 2022 to 2027.and,regardless of the factors working against it,cross-border retail looks set to continue to be one of the most dynamic aspects of the global ecommerce landscape.Note:Euromonitor Internationals definition of cross-border retail ecommerce encompasses online sales of products be

78、tween businesses and consumers(B2C)shipped across national borders,but excludes trade between businesses(B2B)or consumers(C2C),as well as all sales of services.Euromonitor International is the worlds leading provider of global business intelligence,market analysis,and consumer insights.From local to

79、 global and tactical to strategic,our research solutions support decisions on how,where,and when to grow your business.With offices around the world,analysts in over 100 countries,the latest data science techniques and market research on every key trend and driver,we help you make sense of global Th

80、e Current State of Cross-Border Ecommerce Bridging the gap between legacy technology and digital transformation Outdated technology systems and other dilemmas related to security,risk management,and compliance Integrating older legacy systems with modern digital tools Costs and opportunities the imp

81、ortance of a clear ROI approach Delivering an optimised,user-centric experienceTechnological DevelopmentsGabriel has been providing strategic advice to international and multichannel merchants in their payment transformation and optimisation journeys since 2020.He previously worked for four years as

82、 Chief Operating Officer at TSI Payment,a Parisian fintech specialising in alternative payment methods.Gabriel Lucas Associate Director Redbridge Debt and Treasury AdvisoryIn todays fast-evolving digital environment,businesses face a significant challenge in addressing the gap between legacy technol

83、ogy and digital transformation.owners are compelled to reassess their business models and respond promptly to meet their customers needs.on the one hand,companies must maintain the reliability and functio-n a lity of their existing legacy systems,often the backbone of their operations.However,legacy

84、 payment systems are progressively losing their effectiveness in fulfilling their original purposes while they become expensive to maintain.on the other hand,companies must harness the transformative potential of digital technology to remain competitive and responsive to the evolving demands and exp

85、ectations of modern consumers.transformation can be very expensive,both from a system and an organisational standpoint.Bridging the gap between legacy technology and digital transformation is a critical endeavour for merchants and service providers seeking to uphold their competitiveness and relevan

86、ce in todays changing business landscape.For payment providers,escaping from legacy systems is usually necessary to remain competitive and gain new customers.For merchants,making the switch will highly depend on how central innovation and payments are to their value proposition.as there is no one-si

87、ze fits all solution,companies must align their payment strategy with short,medium,and long-term objectives,and carefully assess the return on investment(roI)of each type of project.assessment acceptance and customer experienceIn the ever-changing environment of the payment sector,the top priority i

88、s delivering an optimised,user-centric experience.as new payment methods and technologies emerge,customers engage in online transactions and mobile payments and expect to have a seamless,effective,and user-friendly payment process.Legacy systems might struggle to adapt to these requirements causing

89、friction and confusion for users.the aim is to make payments as streamlined as possible and offer the most relevant payment options to maximise revenues.security,risk management,and complianceoutdated technology systems present a significant security dilemma.these systems often lack the advanced sec

90、urity features that are standard in modern technology.they may no longer receive vital security patches or vendor support,rendering them susceptible to known vulnerabilities and potential exploits.Bridging the Divide:Balancing Legacy Technology and Digital Transformation in Todays Business Landscape

91、Redbridge Debt and Treasury AdvisoryWith 15 years of experience in payments,Chaira joined Redbridge in 2022 to help bring the payment practice to the next level.After a few years working as a payment consultant,she worked at Visa for 10 years as Fraud Manager and Business Analyst.Chaira mekkaoui Ass

92、ociate Director Redbridge Debt and Treasury Advisory13Cross-Border Payments and eCommerCe rePort 2023-2024|THE CURRENT STATE OF CROSS-BORDER ECOMMERCE14Cross-Border Payments and eCommerCe rePort 2023-2024|THE CURRENT STATE OF CROSS-BORDER ECOMMERCEmanage most of their payment complexities internally

93、.moreover,internal legacy challenges can also be tackled by outsourcing certain activities to specialised providers.Cost and opportunity loss roIas already mentioned,maintaining a legacy system can be quite expensive.one the one hand,sometimes fixing minor issues will not solve the root cause and wo

94、rse,it may lead to an accumulation of bigger problems and risks.at the same time,legacy systems usually suffer from manual processes to deal with the lack of features and automation and drastically reduce the time to market with subsequent opportunity loss.on the other hand,upgrading your system wil

95、l result in an efficiency gain,contrary to legacy accounts that reduce your operational efficiency but it can also represent a very significant investment.therefore,an roI approach with a clear roadmap is required to define the right strategy and facilitate the decision-making process.recommendation

96、sas payments tend to have more central roles across all organisations,staying ahead of the game has become a strategic objective for most companies and verticals.However,while new companies can rely on the newest technologies straight away despite a potentially higher cost,more established companies

97、 must embrace a more thorough and tactical approach to adopt such types of transformation projects.While short-term initiatives may help find part of the necessary resources and arguments to obtain the necessary buy-in to move towards transformation,companies must prepare for the future and set medi

98、um and long-term objectives with a structured and agile roadmap.additionally,these obsolete systems might not align with the compliance prerequisites and standards dictated by the industry regulations and data protection laws especially in sectors such as the Payment Card Industry data security stan

99、dard(PCI dss)and the General data Protection regulation(GdPr).non-compliance can result in severe violations and lead to legal and financial repercussions.at the same time,working with very innovative and young companies may be a risk per se,as they may not be as solid and robust both from a technic

100、al and financial standpoint.architecture and internal organisationthe process of integrating older legacy systems with modern digital tools,platforms,or third-party services poses a substantial challenge.Legacy systems frequently lack the compatibility necessary to integrate with modern aPIs and dat

101、a formats.this mismatch not only complicates the technical aspects of integration but also heightens the risk of operational disruptions,complexities in data transformation,and potential security vulnerabilities.to address these obstacles,a strategic approach is needed,which may involve the use of m

102、iddleware,data transformation procedures,and security measures to bridge the divide between legacy and contemporary technology.For such transformation,it is imperative to have a team well-acquainted with both legacy system intricacies and modern technologies to formulate effective integration strate

103、gies.moreover,promoting collaboration,offering training,and highlighting the long-term advantages of integration can create an environment in which employees are more willing to embrace and actively participate in the transformation process.Providers and outsourcing technologyWhen it comes to provid

104、ers in such a fast-paced environment,they can be both a challenge and the solution.While providers that struggle to keep innovating can very quickly become a burden for companies where innovation and go-to-market is at the core of their value proposition,established providers,although usually more l

105、egacy,can be the best fit for companies mature enough to Redbridge Debt and Treasury Advisory is a leading financial management partner to corporations around the globe.It is committed to providing each client with all the information required to make the best decisions and optimise their financial

106、performance.Redbridges teams are located in Houston,New York,Paris,Geneva,and LThe Current State of Cross-Border Ecommerce The importance of leveraging AI to enhance resilience The potential of AI in breaking down language barriers AI improving customer service and shopping experiences GenAI and its

107、 future impact on the APAC supply chain market How GenAI can help logistics operators drive industry competitivenessThe Potential of AI in Ecommerce16Cross-Border Payments and eCommerCe rePort 2023-2024|THE CURRENT STATE OF CROSS-BORDER ECOMMERCEWhat technologies have revolutionised the logistics in

108、dustry in the last years?While the traditional logistics ecosystem is often vulnerable to gaps and disruption,the advent of Generative aI(GenaI)could act as a unifying factor to achieve a more holistic value chain.today,the application of cutting-edge technologies like the Internet of things(Iot),au

109、gmented reality(ar),and artificial intelligence(aI)in logistics scenarios have been huge game changers,creating efficiencies and productivity boosts previously unimaginable.With a projected market growth of 5.25%annually between 2022 and 2027,the logistics industry in asia-Pacific(aPaC)needs to capi

110、talise on new technologies available to stay ahead of the curve.How can logistics operators maximise the adoption of GenaI technologies to drive industry competitiveness?amid surging ecommerce logistics demand,logistics operators have embraced digitalisation to scale their operations and elevate cus

111、tomer experiences more efficiently.out of the available technologies,GenaI becomes pivotal in facilitating the processing of an exponentially growing volume and demand,allowing logistics operators and their customers to better access the global digital economy.For example,GenaI can optimise decision

112、-making processes by providing actionable insights.It is already delivering significant improvements across routine logistics operations in areas like demand forecasting for ecommerce logistics needs,delivery route optimisation,and more,complementing the workforce to enhance overall efficiency and p

113、roductivity.as logistics operators integrate aI into existing systems as part of their digital transformation journey,this will free up resources to allow them to focus on other critical aspects that can drive growth and increase competitiveness.What is the potential impact of GenaI on the logistics

114、 talent pool in aPaC?Partially attributed to general stereotypes about the nature of the industry and workforce,such as perceptions of it being labour-intensive,the aPaC logistics market continues to struggle with talent attraction and retention.Beyond driving smarter supply chain management,GenaI w

115、ill be an indispensable asset in revolutionising talent development and retention.By streamlining workflows and empowering employees with more strategic work,GenaI fosters a greater sense of fulfilment within the modern workforce.In the same thread,employees can stay abreast of the latest technologi

116、es and serve as competitive participants in the digital economy.at industry level,GenaI can elevate logistics jobs.not only do we witness the emergence of new jobs,such as prompt engineers,but businesses are also exploring ways to diversify their workforce to remain future-ready and resilient.When m

117、anaged responsibly,GenaI has the potential to redefine work and revitalise the logistics talent pool.How is GenaI expected to further impact the future of supply chains in aPaC?In the aPaC supply chain market,GenaI alone is expected to expand at the fastest rate between 2023 and 2032.as such,logisti

118、cs operators must embrace it as a strategic necessity to stay ahead and effectively navigate the evolving supply chain landscape.GenaIs multifaceted capabilities have the potential to revolutionise supply chain operations by making them agile,efficient,and customer centric.It empowers decision-maker

119、s,streamlines training processes,and acts as a catalyst in forging new digital frontiers,all while optimising logistics and ensuring compliance.It is without a doubt that this emerging technology will play a leading role in the future of supply chains and logistics operators,and those that are adapt

120、able in leveraging new technologies will stand to gain a significant competitive advantage.Cainiao GroupWilliam Xiong Senior Vice President Cainiao GroupWilliam Xiong,Senior Vice President of Cainiao Group,talks about the supply chain evolution in APAC and the importance of leveraging AI to enhance

121、resilience.Rad Anandakumar is the Practice Manager of AI Consulting Group,taking the lead on its growth,providing thought leadership,project advisory support,and strategic consulting.He is responsible for helping organisations solve problems through data,AI,IoT,ML,and data science and offers guidanc

122、e on security,ethics,and best practice governance.rad anandakumar Practice Manager AI Consulting Group 17Cross-Border Payments and eCommerCe rePort 2023-2024|THE CURRENT STATE OF CROSS-BORDER ECOMMERCEIn todays global market,the presence of language barriers,rooted in linguistic and intercultural di

123、fferences,hinders businesses from attaining their full potential.this hurdle not only limits market reach,but also affects customer experience and engagement.With over 7,000 languages spoken globally and their inherent different cultural nuances,enterprises must find ways to overcome this difficulty

124、.artificial intelligence(aI)can play a pivotal role in breaking down language barriers.aI-based solutions can automate language translations to adjust content to specific languages,cultures,or regions and simplify everyday communication.It can break through limitations outside of spoken and written

125、language,and it can also work via other types of communication such as images and icons,thus facilitating mutual understanding and increasing the use of inclusive language.aI offers revolutionary solutions that could redefine how businesses interact with a global customer base.Lets explore the myria

126、d of ways in which aI can overcome linguistic barriers,enhance customer experience,and provide personalised shopping solutions.Breaking down the language barriersaI has been used to overcome the linguistic divide through various translation solutions for both written and spoken languages.Machine tra

127、nslation:aI-powered machine translation systems have made significant strides in translating text and speech between languages.these systems use neural networks and deep learning to constantly improve translation accuracy.Real-time translation:aI can enable real-time language translation during conv

128、ersations,making it easier for people who speak different languages to communicate effectively.devices like smart earbuds can provide on-the-fly translation services.they offer improved accuracy and the ability to translate in real time,facilitating smoother cross-language communication.Language lea

129、rning:aI can assist in language learning by offering personalised lessons and practice exercises.Language learning apps use aI to adapt content to an individuals proficiency level and learning style.Video conferencing with automatic captioning:Conferencing platforms now use aI features such as autom

130、atic captioning to boost user experience.With auto captions,teammates who speak different languages can better understand what is being said in the conversation.Speech-to-text and text-to-speech:aI-driven features like speech-to-text and text-to-speech can enable communication for individuals with d

131、ifferent language abilities,making digital content more accessible.enhancing the customer experience and bringing true business valueIn addition to hindering understanding,language barriers can compromise a positive customer experience(CX).Its vital for companies to deliver inclusive language to cus

132、tomers to optimise the customer experience,and aI has tremendous potential to do that.The Potential of AI in Breaking Down Language Barriers and Improving Customer Service and Shopping ExperiencesAI Consulting Group 18Cross-Border Payments and eCommerCe rePort 2023-2024|THE CURRENT STATE OF CROSS-BO

133、RDER ECOMMERCEIntelligent virtual agents:aI communication tools can help ease a companys reliance on one or a few multilingual employees to translate conversations.one such tool is an intelligent virtual agent(IVa).IVas can enable customers to find answers to their questions in various languages,via

134、 their preferred channel,and on their own time.this autonomy improves customer experience and can reduce the negative impacts of language barriers.real-time intelligent voice virtual agents are available now.Icon-based interfaces:designing interfaces with icons,images,and symbols instead of relying

135、solely on text can make products and services more accessible to users with diverse language backgrounds.Chatbots and virtual assistants:aI-driven chatbots and virtual assistants can provide instant responses to customer inquiries,handle routine tasks,and offer 24/7 support.they can be trained to un

136、derstand natural language and resolve issues efficiently.Sentiment analysis:aI can analyse customer feedback and sentiment on social media and other platforms.this helps companies understand customer opinions,identify issues,and make necessary improvements.Personalised recommendations:aI algorithms

137、can analyse customer data to provide personalised product or service recommendations.this improves the overall shopping experience and can lead to increased sales and customer satisfaction.Advancements in neural machine translation(NMT):nmt has seen continuous improvement,with major tech companies i

138、nvesting in research and development.these systems are now capable of providing more contextually accurate translations.Recommendation systems:aI-driven recommendation engines,like those used by amazon and netflix,analyse user behaviour and preferences to suggest products or content that are likely

139、to be of interest.this increases user engagement and sales.Visual search:aI can enable visual search capabilities,allowing users to look for products using images rather than text.retailers are integrating aI-powered visual search features into their apps and websites,making it easier for customers

140、to find what theyre looking for.this improves the shopping experience,especially in industries like fashion and home dcor.Voice search and recognition:Integrated aI-driven voice search capabilities can understand and respond to spoken queries in multiple languages.this allows customers to search for

141、 products and navigate shopping platforms using voice commands.Real-time translation for reviews and descriptions:these utilise aI to ensure that shoppers can access and understand the opinions and details about products,even if they are written in a language they are not familiar with.Chat translat

142、ion in online marketplaces:In online marketplaces where individual sellers may communicate with buyers,the integration of aI-driven chat translation services can facilitate communication,regardless of the merchants and buyers language preferences,thus enhancing the potential for sales and encouragin

143、g customer retention.maximising the aI benefitsConsidering that aI also has tremendous potential in providing important enhancements to further personalise the shopping experience,by incorporating aI-driven solutions,businesses can break down language barriers and create a more inclusive and user-fr

144、iendly environment.this not only expands the potential customer base,but also fosters positive interactions and relationships with a global audience.AI Consulting Group is an AI advisory organisation delivering machine learning and artificial intelligence advice,resources,and outcomes.The company le

145、verages its project management expertise,delivered through its Agile-Scrum-based approach,to achieve project flexibility,speed,and outcomes that align with business .auThe Current State of Cross-Border Ecommerce Live commerce across borders:technological advancements,enhanced personalisation,global

146、collaborations,sustainability How live commerce contributes to building trust and overcoming cultural barriers The evolution of the cross-border live commerce landscape The dynamics of social selling in AsiaSocial Selling20Cross-Border Payments and eCommerCe rePort 2023-2024|THE CURRENT STATE OF CRO

147、SS-BORDER ECOMMERCEthe global ecommerce market is expected to reach a total of Usd 6.3 trillion in 2023.It is estimated to grow further over the next few years,a factor indicating that borderless ecommerce is becoming an increasingly important option for retailers.By 2024,21.2%of total retail sales

148、will happen online.Live commerce started in 2016,with the launch of alibabas taobao Live,and has become mainstream in China.It is becoming more and more popular in other important markets,such as the Us and europe.Live commerce in cross-border commerce is marked by technological advancements,enhance

149、d personalisation,global collaborations,and a focus on sustainability.It is important to realize that different markets are in different stages of development or implementation for these points,and the demographics of those engaging in live commerce also vary.as businesses try to adapt their strateg

150、ies to these notions,the cross-border live commerce landscape is expected to evolve into a more interconnected,personalised,and dynamic ecosystem,providing new opportunities for international trade and consumer engagement.as live commerce continues to gain momentum,what challenges do businesses face

151、 in adapting their strategies for cross-border ecommerce?additionally,are there opportunities that arise for businesses in this process?Live commerce will have to deal with similar struggles as cross-border ecommerce in general.Understanding and respecting cultural nuances that impact consumer expec

152、tations,diverse payment and transaction systems,currencies,and transaction regulations across borders can complicate the execution of live commerce transactions.moreover,delivering products internationally involves complex logistics,potentially leading to delays,increased costs,or difficulties in me

153、eting customer expectations.Complying with diverse regulations and legal frameworks in different countries is a complex task for businesses engaged in cross-border live commerce.Varied technological landscapes and internet accessibility levels in different regions may impact the delivery and quality

154、 of live commerce experiences.as a business,how adeptly can you adjust your strategies to overcome these challenges will largely affect your success in the future.tmall International and Jd Global Purchase are ecommerce platforms for international brands to sell into the Chinese market that plan on

155、providing a live streaming functionality to be implemented for direct selling campaigns.as these platforms operate in the China market,it is often managed by so-called certified tmall(trade)partners that also offer marketing and human resource services to help with implementing a live commerce strat

156、egy.With the gradual increase in the scale of the import cross-border ecommerce in China,the competition surrounding live streaming is similarly anticipated to surge.Maximum Advertising Group Viewing the world as a global marketplace means recognising it as a vast talent market for hiring the right

157、people.Being able to attract and hire the right talents plays a vital role in overcoming trust and cultural barriers.Li-Xiong Chu,Account Director at Maximum Advertising Group,talks about the role of live commerce in the context of cross-border trade and examines its prospects.Li-Xiong Chu is a Dutc

158、h-born Chinese proficient in English,Dutch,and Chinese.Through Chu Consulting,he advises companies on how to navigate the China market in this regard.He has a specific interest in talent acquisition,digital marketing,and ecommerce-related projects.In addition,he holds a permanent position as an Acco

159、unt Director at Maximum Advertising Group,focusing on employer branding in a global context.Li-Xiong Chu Account Director Maximum Advertising Group21Cross-Border Payments and eCommerCe rePort 2023-2024|THE CURRENT STATE OF CROSS-BORDER ECOMMERCEIn what ways does live commerce contribute to building

160、trust and overcoming cultural barriers in cross-border transactions,and what implications does this carry for the future dynamics of global trade?this goes together with the challenges mentioned before.When we are talking about building trust and overcoming cultural barriers,live commerce can facili

161、tate real-time interactions with direct communication and responsiveness,visual product demonstration,user-generated content and reviews,and customisation for local preferences.Viewing the world as a global marketplace means recognising it as a vast talent market for hiring the right people.Being ab

162、le to attract and hire the right talents plays a vital role in overcoming trust and cultural barriers.For example,if you are focusing on expanding into the China market,you need to set up a suitable,dynamic team to facilitate that,people who can speak to the right audience.With the right people,you

163、can enhance cross-cultural communications to increase accessibility and understand cultural sensitivities and expectations.Live commerce has the potential to revolutionise global trade dynamics by enhancing trust,overcoming cultural barriers,and creating a more personalised and inclusive online shop

164、ping experience.Businesses that leverage live commerce effectively and prioritise cultural understanding stand to benefit in the evolving landscape of cross-border transactions.What technological advancements are expected to drive the future of live commerce in the context of cross-border transactio

165、ns,and how might these innovations impact the global marketplace?Virtual and augmented reality will play an increasingly important role for live-streaming platforms by providing new opportunities for brands to engage with audiences through virtual shopping assistance or showrooms.moreover,incorporat

166、ing advanced language translation tools powered by artificial intelligence(aI)can facilitate real-time translation during live commerce events.this can help overcome language barriers in cross-border transactions without the additional investments in human resources.additionally,localisation tools c

167、an adapt content,promotions,and user interfaces to align with the cultural preferences of different regions.as various regions and markets work with different digital infrastruc-tures,more integrations between live commerce and ecommerce platforms are to be expected.this will streamline the purchase

168、 experience by connecting live streams with product pages and offering integrated payment options for an optimised purchasing experience.sustainability is becoming an increasingly significant concern,and technologies that support eco-friendly practices,such as carbon footprint tracking and sustainab

169、le sourcing,may play a role in shaping the future of live commerce.Businesses that prioritise sustainability can appeal to environmentally conscious consumers globally.Brands that incorporate these technologies into their live commerce strategies may provide a more engaging and memorable shopping ex

170、perience,which can help them stand out in a crowded market.the future of live commerce in cross-border transactions will likely be shaped by a combination of technological advancements that enhance interactivity,personalisation,security,and efficiency.Could you elaborate on the dynamics of social se

171、lling in China within the live commerce landscape?social selling in China,particularly within the live commerce landscape,has unique dynamics that set it apart from practices in other regions.the integration of social media,ecommerce,and live streaming within the digital infrastructure has transform

172、ed the way businesses engage with consumers.as an extended functionality within social commerce,live shopping has become a mainstream strategy in China.the live commerce market in China reached a value of Usd 3.49 billion in 2021,with projections indicating an increase to USD 4.92 billion in 2023.Ma

173、ximum Advertising Group is a strategic employer branding agency that helps brands attract,hire,and retain people in the right places.Maximum is a marketing and design consultancy that specialises in navigating the global talent market by leveraging cultural nuances to best manage human capital and d

174、rive business Trends Shaping the Future of Cross-Bor-der PaymentsTrends Shaping the Future of Cross-Border Ecommerce Payments Cross-border payments on an upward trajectory The history of cross-border payments:a journey from barter to digital What are cross-border payments and how can they be categor

175、ised?The Roadmap for Enhancing Cross-border Payments initiative Diana is an experienced and dedicated Content Editor at The Paypers.She has an extensive background in content creation and is a graduate of Foreign Languages and Literature studies,currently specialising in payments and ecommerce.She s

176、trives to bring forward the latest trends for our readers,while investigating the ever-evolving landscape of cross-border payments,B2C and B2B ecommerce,and emerging technologies across the globe.diana Lupuleac Content Editor The Paypers23Cross-Border Payments and eCommerCe rePort 2023-2024|TRENDS S

177、HAPING THE FUTURE OF CROSS-BORDER PAYMENTSFor todays consumer,a world without the possibility of shopping online and having access to cross-border payments seems unfathomable.Case in point,a recent study by Statista indicates that,by 2027,25%of the total global retail sales will be made online.simil

178、arly,data from FXC Intelligence shows that,in 2023 alone,the cross-border payments industry had an approximate total market size of Usd 190.1 trillion.despite the convenience we enjoy today,it is easy to forget that things didnt always look the same.In fact,the first ecommerce payment at the time co

179、vered by The New York Times was made in 1994,when dan Kohn,a 21-year-old economics graduate,sold a Cd to a friend who was more than 480 kilometres away.the transaction was made via dans website,and it involved the use of data encryption software to secure the credit card information.Cross-border pay

180、ments are currently on an upward trajectory.By 2027,their value is expected to reach Usd 250 trillion,a growth that many attribute to a boost in customer demand,international trade,and globalisation.Given the context,having a closer look at the history of cross-border payments and their impact can p

181、rove useful for consumers,merchants,and service providers alike.the following article aims to offer a deep dive into the history of cross-border payments from their rudimentary origins to their present-day advanced iterations.a journey from barter to digitalWhen compared to ecommerce transactions,cr

182、oss-border payments have a history that precedes that of modern ecommerce,and that is closely tied to the evolution of money and globalisation.as civilisations developed,the trade of goods across borders grew,and people moved from the barter system to exchanging precious metals and coins when purcha

183、sing goods and services in new markets.this led to the emergence of exchanges that required the physical movement of currencies when completing purchases.For a long while,money changers acted as intermediaries,eventually giving way to the use of cheques and starting from the 19th century and the sur

184、ging needs brought forward by industrialisation and the invention of the telegraph to the sending of funds via wire transfers.after the telegraph was invented,Western Union started offering money transfer services by wiring funds to different locations.soon after,banks adopted wire transfers,and thi

185、s is how electronic fund transfers(eFt)came to be.In 1858,when the first transatlantic cable was installed,a new path of communication opened between europe and north america.although the first cable had a very short lifespan of just three weeks,the event established the basis for the use of transat

186、lantic cables and indirectly shaped the world of finance as we know it.even today,undersea cables are used to power the internet and the messaging systems that lay at the core of the financial world.If we take a close look at the history of cross-border payments,previous developments dont even come

187、close to the speed at which advancements were made over the last five decades.as a result of the latest technological and logistical advancements and the impact of consumer demand,cross-border transactions made a huge leap forward,making it possible for more and more people to have access to them.Be

188、yond Borders a Deep Dive into Cross-Border PaymentsThe Paypers24Cross-Border Payments and eCommerCe rePort 2023-2024|TRENDS SHAPING THE FUTURE OF CROSS-BORDER PAYMENTSone of the breakthroughs came in 1973 with the introduction of SWIFT(the society for Worldwide Interbank Financial telecommunication)

189、,a financial messaging service developed as a result of a joint effort of 239 banks from 15 countries.the sWIFt messaging services went live in 1977 and,since then,it has enabled standardised communications between financial institutions making international transactions.While the messaging system d

190、oes not play an active part in sending money across borders,it is crucial in helping financial institutions transfer funds correctly.apart from sWIFt,some other notable recent developments are the introduction of blockchain and distributed ledger technologies,the emergence of real-time payment syste

191、ms,the launch of central bank digital currencies(CBdCs),and open Banking initiatives.even more so,as a result of the partnerships they constantly forge,fintechs have started to open access to alternative payment solutions.Consequently,regulatory bodies have stepped in and introduced new regulations.

192、What are cross-border payments,and how can they be categorised?Cross-border payments are financial transactions where the person making the payment and the person or entity receiving it are based in different countries.one important aspect of international transactions is the payment method used.Whe

193、n choosing this,the payer has to consider how fast they need to make the payment,the amount of money they plan to send,and the fees and currencies involved.some common cross-border payment methods used today include card payments,wire transfers,aCH payments,digital currencies,eFts,and blockchain-bas

194、ed payments,among others,whereas cross-border transactions are usually categorised as wholesale and retail payments.Wholesale payments are large-scale transactions made between businesses,governments,banks,and other entities.according to FXC Intelligence,the overall cross-border payments market was

195、worth Usd 190.1 trillion in 2023,with USD 146 trillion coming from wholesale cross-border payments alone.Retail transfers are consumer-oriented payments like remittances or payments such as those made for online purchases.If we take into account the parties involved in a cross-border payment,we can

196、further distinguish between:Cross-border business-to-business(B2B)payments that refer to transactions that pay for goods and services between businesses in different countries.as a new study by Juniper Research shows,these payments are expected to surpass Usd 40 trillion by the end of 2024,with the

197、significant rise attributed to the surge in the popularity of ecommerce marketplaces.Cross-border business-to-consumer(B2C)or consumer-to-business(C2B)payments are,as one would expect,transactions between businesses and consumers in different countries.Cross-border consumer-to-consumer(C2C)payments

198、are transactions made by individuals who either send money or make payments to other individuals based in other countries.How are cross-border payments made today?making a cross-border payment is significantly more complex than making a domestic transfer.this is the case as international payments re

199、quire complying with multiple country-specific regulations and dealing with the challenges of currency exchanges.despite all these factors,for each cross-border transaction,the institution responsible for making the payment(be it a bank,a payment service provider,etc.)has to follow a set of steps so

200、 that they initiate,convert,route,clear,and finally transfer the funds between the payers and payees accounts.most cross-border payments made today use the sWIFt messaging system,which enables banks to send each other payment details and instructions.Because sWIFt does not actually handle any money,

201、the infrastructure that makes it possible to hold deposits and transfer funds is offered by correspondent banks.these banks are authorised institutions that can provide services on behalf of other banks that do not have a presence in the country where the cross-border payment is made.even though sWI

202、Ft is recognised as the main global financing network,it is not the sole option one has.In fact,data from the Bank for International Settlements(BIs)shows a constant decline in correspondent banking networks.some of the most popular alternatives to sWIFt are blockchains and cryptocurrencies,aCH tran

203、sfers,or fintech layer services among others.25Cross-Border Payments and eCommerCe rePort 2023-2024|TRENDS SHAPING THE FUTURE OF CROSS-BORDER PAYMENTSPain points and new developmentsas stated at the beginning of the article,statistics show that the market size of cross-border payments continues to g

204、row.despite their popularity,international payments come with a series of pain points such as the high fees they imply,the lack of speed and transparency,and the fact that not everyone has access to them.to counter this,organisations have started to put forth various initiatives to make cross-border

205、 payments easily accessible and efficient.one of the most widely recognised initiatives of this kind is the Roadmap for Enhancing Cross-border Payments supported by the G20 leaders which was developed by the Financial stability Board(FsB)in coordination with the Committee on Payments and market Infr

206、astructures(CPmI)and other relevant international organisations and standard-setting bodies.the initial roadmap,published in 2020,featured a set of KPI-based targets set to be met by 2027.In october 2023,the FsB published a consolidated progress report that outlines the first signs of progress and s

207、howcases a series of conclusions based on the monitoring of the initial KPIs.despite consistent efforts,the latest report talks about disparities between user experience and costs across regions with lower-income regions being further from meeting the targets related to costs and speed than other re

208、gions.the report further emphasises the need for both the public and the private sector to make efforts to meet the targets and highlights some priority areas of action.some of the recommended action points include developing the capabilities of central payment and settlement infrastructures,using c

209、ommon data standards for payment messages,harmonising aPIs,and reviewing the legal and regulatory frameworks that govern cross-border payments among others.In a world where cross-border payments are vital not only to our economies but also to our daily lives,it is important to educate ourselves to u

210、nderstand what these transactions are and how they impact us.similarly,it becomes essential to direct our efforts towards initiatives that stride to democratise access to these transactions for everyone and lower any friction associated with them.Trends Shaping the Future of Cross-Bor-der Payments C

211、ross-border payments and the next decade of emerging technology The significance of borderless payments in todays global economy Key trends to watch in generative AI for finance The role of payment innovation in shaping the future of cross-border tradePayment Innovation and Industry Developments27Cr

212、oss-Border Payments and eCommerCe rePort 2023-2024|TRENDS SHAPING THE FUTURE OF CROSS-BORDER PAYMENTSHow has the globalisation of the economy heightened the significance of cross-border payments?What are the traditional challenges faced in this context?the globalisation of the economy has made cross

213、-border payments more important than ever.Businesses of all sizes are now operating in a global marketplace and need efficient and secure ways to send and receive money across borders.according to the Pymnts 2022 report,40%of small and medium-sized enterprises(smes)have increased their international

214、 trade.However,only 23%of them were satisfied with cross-border payments.traditional challenges in the realm of cross-border payments are numerous,but to name a few:slow transaction times:they can be sluggish and take days or even weeks to process;High costs:they can be expensive,due to high fees ch

215、arged by banks and other financial institutions,eroding profitability and deterring international business ventures;Lack of transparency:it can be difficult to track their status,and businesses often pay hidden fees;Complexity:they can be complex,due to different regulatory requirements and currency

216、 exchange rate fluctuations;Fraud:theyre more susceptible to fraud,due to the lack of stan dar disation and interoperability between different payment systems.From where Im standing,digital transformation is key to solving these challenges.By embracing new technologies,the financial industry can str

217、eamline payments to promote global economic growth.What are the key trends marking cross-border payments?one of the foremost trends is the drive for faster,cost-effective,and transparent cross-border payments.Customers and businesses alike are demanding quicker,affordable options that provide greate

218、r visibility into the transaction process.the range of payment methods is expanding rapidly.Beyond traditional bank transfers,we now see a growing array of options,including mobile wallets and cryptocurrencies.these alternatives offer greater flexibility and choice to users,catering to diverse prefe

219、rences and needs.In an era where time is of the essence,I think the ability to send and receive money in real time is a game changer.this trend is driving the development of faster payment networks and instant cross-border payment solutions.Ive seen integration become increasingly vital.Partnerships

220、 and collaborations between fintech firms,banks,and payment providers are on the rise.these integrated solutions offer comprehensive services,combining the strengths of various players to provide seamless and efficient payment experiences.FreemarketRichard Harrison,VP of Sales at Freemarket,talks ab

221、out cross-border payments and the next decade of emerging technology.With over 20 years in sales and a decade of experience in payments,Richard heads the Freemarket team responsible for acquiring new business across various industries.This includes PSPs,regulated markets,financial institutions,and f

222、intechs.Under his leadership,the team provides cross-border and foreign exchange services to SMEs.richard Harrison VP of Sales Freemarket With a forecasted USD 250 trillion market by 2027,cross-border payments are a key battleground.With this comes competition,a driving force for innovation.28Cross-

223、Border Payments and eCommerCe rePort 2023-2024|TRENDS SHAPING THE FUTURE OF CROSS-BORDER PAYMENTSHow are emerging technologies like blockchain,stablecoins,artificial intelligence(aI),and open Banking expected to influence the future of cross-border payments?this is where I feel it gets exciting,with

224、 emerging technologies poised to revolutionise the payments landscape they hold the promise of simplifying international transactions,reducing friction,and expanding access to global financial services.Blockchain technology promises secure,transparent,and tamper-proof transactions.smart contracts en

225、able automated cross-border payments,reducing the need for intermediaries and associated costs.this innovation enhances the efficiency,speed,and trustworthiness of international transfers.From speed to accessibility,stablecoins are poised to have a significant impact as they gain popularity and acce

226、ptance.Were seeing companies develop stablecoins that are backed by a basket of fiat currencies,rather than just a single currency this would make them even more stable and less susceptible to price fluctuations.and,as a relatively new technology,theres a lot of room for future advancements.aI:frien

227、d or foe?While we need to train it to reflect our context,the potential power to boost productivity is immense.Juniper Research predicts that aI-enabled financial fraud detection and prevention platforms will reach Usd 10 billion by 2027.machine learning algorithms can identify anomalies and ensure

228、regulatory compliance,reducing fraud and error rates.open Banking initiatives promote data sharing among financial institutions.this fosters competition and innovation,leading to the development of new cross-border payment solutions that offer better rates,convenience,and transparency.What role do r

229、egulations,competition,and customer demand play in shaping the future of cross-border payments?regulatory frameworks are pivotal in shaping cross-border payments.they ensure security,mitigate risks,and combat financial crimes.emerging regulations often fuel innovation,pushing for enhanced transparen

230、cy and adherence to compliance standards.For instance,the implementation of anti-money laundering(amL)and know your customer(KyC)regulations spurs the development of more secure payment solutions.With a forecasted USD 250 trillion market by 2027,cross-border payments are a key battleground.With this

231、 comes competition,a driving force for innovation.Fintech startups,traditional banks,and tech giants are vying for a share of the cross-border payments market.this competition motivates the creation of new technologies and pricing models,ultimately benefiting consumers with faster,cheaper,and more u

232、ser-friendly options.Customer expectations are instrumental in shaping the future of cross-border payments.People now demand faster,cost-effective,and transparent transactions.as consumer preferences evolve,businesses and financial institutions are urged to adapt,offering solutions that cater to the

233、se changing needs.What are the key takeaways industry stakeholders should consider?my advice is for stakeholders to remain agile and open to innovation,as emerging technologies like blockchain,aI,and real-time payment systems are reshaping the landscape.Im really excited about the direction these te

234、chnologies are taking us in,but understanding their potential applications is crucial for staying relevant and competitive.Bear in mind that the impact of these changes isnt confined to local markets.Cross-border payments have a global reach,affecting businesses,individuals,and economies worldwide.s

235、takeholders should recognise the interconnectedness of financial systems and the importance of harmonising payment standards and regulations across borders.Its our mission at Freemarket to address these challenges head-on,providing businesses with solutions that optimise cross-border payments and fo

236、ster global economic growth,while ensuring security and efficiency.Freemarket partners with SMEs worldwide to drive growth by facilitating cross-border payments and currency exchange.Our API-enabled platform unlocks more currencies and markets for businesses,optimising international transfers throug

237、h a correspondent banking and payments network.We make it safer,faster,and easier for businesses to move money around the 29Cross-Border Payments and eCommerCe rePort 2023-2024|TRENDS SHAPING THE FUTURE OF CROSS-BORDER PAYMENTSFreemarket partners with smes worldwide to drive growth by facilitating c

238、ross-border payments and currency exchange.our aPI-enabled platform unlocks currencies and markets for businesses,simplifying international transfers through a correspondent banking and payments network.We make it safer,faster,and easier for businesses to move money around the world.CYear founded201

239、0Core solutionmoving money across borders is expensive,slow,opaque,and risky for businesses.Freemarket enables clients to expedite growth,reduce their time to market into new jurisdictions,and improve their liquidity management by ensuring they are getting the best wholesale FX rate from across our

240、network of correspondent banking partners and nBFIs.Payment capabilitiesB2B payments,settlement currencies,instant settlement,pay-out/disbursements,payment methods supportedTarget groupsGaming merchants,PsPs,fintech,banks,brokers,crypto,and FXGeographical presenceGlobalLicence typePI(Payment Institu

241、tion):FCa PI and CBI PIWhat account type do you serve?Business/corporate Payment methods supportedsWIFt,sePa,UKFP,CHaPs,BaCsWhat is unique about your company?Freemarket,a dynamic startup,champions customer-centricity.our platform ensures effortless access to tailored cross-border payments and FX.We

242、prioritise customer experience,with our team globally engaging with clients to build relationships and understand their unique needs.In todays digital world,face-to-face connections remain vital in shaping the future of payments.Future developmentsover the next year,were set to expand geographically

243、,bolster support for stable-coins,and enhance our array of payment methods to provide more choice and convenience to our clients.these three pillars of expansion will ensure a broader reach and more versatile payment options for smes.Partnerstier-1 and tier-2 banksView company profile in online data

244、base*the data present at the time of publication may be subject to changes and updates.For the latest stats and information,we invite you to check the profile in our online company database.Nina started working in the payments industry in 2005 and held several management positions at international f

245、inancial institutions.She acts as a licencing expert for several working groups for cross-border payment providers.nina Huelsken Associate,Frankfurt Payments Consulting Network30Cross-Border Payments and eCommerCe rePort 2023-2024|TRENDS SHAPING THE FUTURE OF CROSS-BORDER PAYMENTSIn a world where bu

246、sinesses and individuals are increasingly connected across borders,the significance of borderless payments cannot be overstated.Cross-border payments,the process of transferring money or making transactions between individuals,businesses,and financial institutions located in different countries,have

247、 become the lifeblood of the global economy.From multinational corporations to freelancers working remotely,to tourists exploring new horizons,or migrant workers sending money home to their families to pay for housing,education,or medical bills,borderless payments play a pivotal role in several indu

248、stries.during the 2023 edition of the Payments Leaders summit in rotterdam,I had the privilege of moderating a roundtable discussion with a group of seasoned experts.during our exchange of ideas,we delved into the challenges faced by businesses and financial institutions in navigating the complexiti

249、es of cross-border payments.In this article,we will explore the key takeaways from the summit,shedding light on innovative solutions and emerging trends that promise to reshape the landscape of international transactions.1.Cross-border payments have come a long way from the days of slow,expensive,an

250、d complex international wire transfers.technological advancements,particularly in the fields of fintech and blockchain,have revolutionised the way we conduct cross-border transactions.these innovations have not only reduced the costs associated with cross-border payments but also significantly enhan

251、ced their speed and security.2.one of the most significant advantages of borderless payments is the dismantling of financial silos.traditional banking systems often require multiple intermediaries,resulting in prolonged processing times and high fees.through borderless payments,individuals and busin

252、esses gain the ability to transact directly,bypassing the need for middlemen.this streamlined peer-to-peer approach can be especially beneficial for small and medium-sized enterprises,which may not have the resources to navigate complex international banking networks.3.the impact of borderless payme

253、nts on global trade is profound.the smooth and efficient flow of funds across borders is pivotal for international commerce.this ability to conduct cross-border transactions seamlessly and efficiently enables businesses to expand their customer base beyond domestic markets,fostering economic growth

254、and job creation.Furthermore,it facilitates the import and export of goods and services,supporting the international supply chain.the gig economy,characterised by freelancers and independent contractors working across borders,heavily relies on borderless payments.Platforms and freelancers working in

255、 fields like software development,content creation,and graphic design depend on the capacity to receive payments from clients worldwide.Borderless payments ensure that these workers can access their earnings without being hindered by geographical constraints.The Significance of Borderless Payments i

256、n Todays Global EconomyPayments Consulting Network31Cross-Border Payments and eCommerCe rePort 2023-2024|TRENDS SHAPING THE FUTURE OF CROSS-BORDER PAYMENTS4.Borderless payments have revolutionised the remittance process,making it faster and more cost-effective.remittances,money sent by individuals w

257、orking abroad to their families in their home countries,represent a crucial source of income for many developing nations.the reduction in fees associated with cross-border remittances translates to a higher portion of their funds reaching their intended recipients.this,in turn,serves to alleviate po

258、verty and contributes to economic development in the receiving countries.Borderless payments also hold the potential to enhance financial inclusion on a global scale.many individuals in underserved regions lack access to traditional banking services.By leveraging mobile banking and digital payment s

259、olutions,they can participate in the global economy,access and secure credit,and cultivate financial stability,even in the absence of a physical bank branch in their vicinity.Conclusionthe ongoing technological advancements in the payments landscape are set to further revolutionise the way we conduc

260、t cross-border transactions.as the world continues to shrink and businesses expand their horizons,the significance of borderless payments will only continue to grow,reshaping industries and improving lives across the globe.the intense competition in cross-border payments,driven by lucrative opportun

261、ities,fuels a race between new and established players adopting innovative business models.this dynamic shift is propelled by changing consumer behaviours and heightened expectations,as individuals and corporations alike seek streamlined,transparent,and 24/7 real-time payment experiences.embracing t

262、hese innovations is not just an option;its a necessity for maintaining a competitive edge in todays rapidly evolving global economy.as businesses and individuals forge stronger international ties,the transformative power of borderless payments becomes increasingly undeniable.Payments Consulting Netw

263、ork provides advisory and market research services to the financial services and payments sectors,and it has a presence in Asia-Pacific,North America,Europe,Africa,and Latin America.The firm also supports organisations in the retail,hospitality,tourism,and not-for-profit sectors to optimise payment

264、acceptance in-store and Connect,Collaborate,CPayments Consulting NetworkMerchant AdvisoryPCN NewsletterMA NewsletterPaymentsConsNetMerchntAdvisoryASIA-PACIFIC-Australia,Hong Kong,India,Indonesia,Philippines,Singapore,VietnamEUROPE-Italy,Germany,The Netherlands,United KingdomNORTH AMERICA-Canada,Unit

265、ed StatesLATIN AMERICA-ColombiaAFRICA-South AfricaPayments Consulting Network has been providing paymentsfocused strategic advisory and market research services since 2013.ExperiencedPayments SpecialistsExtensive MediaReachGlobal CoverageIndependentPurpose DrivenOur consulting services include strat

266、egydevelopment,market research,paymentsoptimisation,market assessments,benchmarking,request for proposalmanagement,fraud/risk frameworks,card scheme negotiations,industry roundtables,market entry support,technicaladvisory,business cases,marketingservices,public relations,legal/compliance services an

267、d training.We established Merchant Advisory tosupport organisations in the retail,hospitality,tourism,and not-for-profitsectors optimise payments acceptance-instore and online.Payments BeatsSwapnil Mengawade,Founder and CEO of Optimus Fintech,brings over 15 years in technology management,including o

268、ver a decade of revolutionising payment back offices for Fortune 500 companies in the retail payments sector.Prior to Optimus Fintech,Swapnil has spearheaded groundbreaking initiatives viz.space payload launches at NASA and implemented the worlds first robotic supply chain system at Estee Lauder.He

269、holds a B.Eng.in mechanical engineering from Drexel University and an M.Eng.from Cornell University.swapnil mengawade Founder and CEO Optimus Fintech33Cross-Border Payments and eCommerCe rePort 2023-2024|TRENDS SHAPING THE FUTURE OF CROSS-BORDER PAYMENTSIn the halls where calculators once clicked an

270、d keyboards clacked,there is now a symphony of automation.The Fintech Revolution has not just streamlined processes;it has composed an orchestra where efficiency conducts the melody.the evolution of financial operationsFinancial operations have come a long way from manual ledger systems to modern,fi

271、ntech-based solutions.this evolution showcases the ongoing intersection of finance and technology,marked by innovation and progress.the shift towards digital transformation,automation,aI,and Generative aI(GenaI)is reshaping how we handle financial transactions,making processes more dynamic and respo

272、nsive.the state of finance and payments back-office operationsthe current state of finance and payments back-office operations reflects a landscape in transition,caught between the inertia of traditional systems and the urgent call for innovation.many back-office operations depend on legacy systems,

273、marked by the persistence of manual data entry,time-consuming reconciliation processes,and a lack of real-time insights.nearly 65%of financial professionals spend a significant portion of their work hours on manual data entry and reconciliation tasks(Institute of Finance and management).more than 70

274、%of financial institutions encounter difficulties in achieving real-time visibility into critical financial information and financial data insights(accenture).7 out of 10 businesses encounter scalability and integration challenges with their existing back-office systems(Forrester).Inefficiencies in

275、cross-border payments are known to result in Usd 50 billion in excess costs annually(mcKinsey).the rise of Generative aIUnlike traditional aI,GenaI can analyse data and autonomously create,learn,and adapt,marking the beginning of a new era of efficiency and innovation.Instead of relying only on exis

276、ting data,GenaI generates content,makes predictions,and creates realistic images,addressing challenges faced by traditional systems,as outlined below.1.AutomatedfinancialoperationsGenaI streamlines financial data management and reconciliation by automating extraction,synthesis,and analysis.It effici

277、ently pulls structured and unstructured data,from financial statements to textual documents,organising it for a comprehensive overview.on the reconciliation front,Generative aI serves as a practical aI/mL-powered suggestion engine,simplifying the investigation and classification of reconciliation br

278、eaks.It extracts insights,using string-matching models to match data across various transaction types,addressing complex scenarios.this end-to-end automation boosts processing speed,minimises human error,and improves decision-making for accurate financial insights.We have effectively integrated Gene

279、rative aI alongside advanced data mining and analytics tools like neural networks and decision trees to enhance real-time analysis for our Fortune 500 clients,eliminating manual tasks and optimising workflows.2.Advanced reporting and analyticsGenaI enhances reporting in financial operations for merc

280、hants,banks,insurance companies,and payment providers.It provides advanced analytics,including trend analysis and predictive reporting.automation tools driven by GenaI generate regular and customisable financial reports,saving time and resources.this improves The Evolution of Financial Operations an

281、d Key Trends to Watch in Generative AI for FinanceOptimus Fintech34Cross-Border Payments and eCommerCe rePort 2023-2024|TRENDS SHAPING THE FUTURE OF CROSS-BORDER PAYMENTSdecision-making and offers comprehensive operational insights and forecasting for financial performance.the technology streamlines

282、 reporting processes,delivering actionable insights and supporting data-driven decisions.Its adaptability to various sectors ensures efficiency in managing and analysing financial data,contributing to informed decision-making and operational optimisation for businesses across the financial landscape

283、.3.Protection from fraud,chargebacks,and disputesGenerative aI utilises predictive analytics to pinpoint transactions at risk of chargebacks,enabling businesses to identify unusual patterns and proactively address issues.Its ability to analyse patterns and detect anomalies in real time enhances secu

284、rity measures,mitigating the risk of fraudulent activities on merchants,banks,and payment service providers.automation simplifies chargeback resolution by efficiently categorising and managing disputes,overseeing responses,documentation,and communication all achieved without manual intervention,ensu

285、ring a streamlined and effective process.automation streamlines chargeback resolution by categorising and managing disputes,handling responses,documentation,and communication without manual intervention.4.Fees and payoutsGenaI algorithms dynamically compute and adapt transaction fee structures,guara

286、nteeing accuracy for financial institutions,payment service providers,and merchants with diverse fee systems.automated systems manage payout calculations based on predefined rules,reducing errors,expediting payment processes,and ensuring timely payouts for merchants,insurance companies,and banks.Key

287、 trends to watch out for in Generative aI for finance back-office operationsexperts agree that upcoming trends in GenaI will boost efficiency,improve security,and make finance back-office operations more agile.Here are some key developments to watch:Advanced Natural Language Processing(NLP)will enha

288、nce the understanding and generation of more complex financial documents,improving communication and documentation processes.Explainable AI(XAI)for regulatory compliance will enable transparent decision-making processes,aiding compliance efforts in finance.Generative Adversarial Networks(GANs)will a

289、id financial services in creating realistic synthetic data to train fraud detection models.Customisable Generative AI models will allow finance teams to revolutionise real-time decision-making processes and tailor solutions to their specific needs,from addressing unique challenges in data acquisitio

290、n and ingestion to transaction matching,exceptions and case management,or analytics and reporting.Generative AI will enhance risk management capabilities and automatefinancialreporting,predicting the impact of various financial scenarios and ensuring accuracy and compliance with reporting standards.

291、this is expected to streamline back-office operations,allowing financial professionals to focus on strategic decision-making.Generative AI-driven personalisation in customer interactions is expected to improve customer satisfaction and loyalty by providing personalised financial recommendations and

292、pre-emptive resolutions.Looking aheadGenerative aI offers transformative potential by autonomously creating,learning,and adapting,leading to unprecedented efficiency,accuracy,and innovation.Whether through advanced nLP simplifying data ingestion,dynamic scenario simulation for risk management,or rea

293、l-time decision-making with continuous learning,GenaI challenges traditional financial systems,promoting accessibility and tailoring solutions to unique organisational needs.the potential for increased efficiency,enhanced security,and personalised customer interactions makes it crucial for businesse

294、s to position themselves as leaders in the dynamic and intelligent future of finance.the journey begins with boldly integrating Generative aI into the fabric of financial operations.Optimus Fintech is a financial services technology organisation offering an autonomous cloud platform Optimus to optim

295、ise payment and finance operations for businesses.The PCI DSS-compliant data platform automates data management,reconciliation,analytics,and reporting,processing billions of secure transactions annually.It democratises data fostering collaboration,enhances scalability,and boosts organisational effic

296、iency and growth.optimus.tech35Cross-Border Payments and eCommerCe rePort 2023-2024|TRENDS SHAPING THE FUTURE OF CROSS-BORDER PAYMENTSoptimus Fintech is a financial services technology organisation offering an autonomous cloud platform optimus to optimise payment and finance operations for businesse

297、s.the PCI dss-compliant data platform automates data management,reconciliation,analytics,and reporting,processing billions of secure transactions annually.It democratises data fostering collaboration,enhances scalability,and boosts organisational efficiency and growth.Contacttel:+919168237766,amrito

298、ptimus.techYear founded2020Core solutionthe PCI dss-compliant saas platform democratises financial data,streamlines payment data management,and automates financial workflows across Finops teams.It enables collaboration and data access through solutions covering data aggregation,reconciliation,except

299、ion management,fees and commission validation,in-depth payment analytics,and reporting.Businesses can track,manage,and account for money end-to-end.Payment capabilitiesreconciliation and reporting,white-label solution,payment methods supported,settlement currenciesTarget groupsmerchants,marketplaces

300、,PsPs,banks,payment fintechsGeographical presencethe Us,europe,aPaCLicence typeFintechWhat account type do you serve?Business,corporatePayment methods supported150+pre-built integrationsWhat is unique about your company?optimus is a PCI dss-compliant data platform for Finops automation that is avail

301、able 24/7 across aWs and azure environments globally.the zero-code drag-and-drop interface automates business processes and workflows instantly.From omnichannel retailers to payment providers across the globe,optimus is the payment back-office platform for Fortune 500 brands.Future developmentsto im

302、prove reconciliation efficiency,we are implementing an aI/mL-powered recommendation system that can analyse patterns and identify inconsistencies,eliminating the need for repetitive manual tasks.It uses advanced data mining and analytics technologies,such as neural networks,to examine datasets,ident

303、ify connections,and determine the best course of action.Main clients/referencesaCI Worldwide,Paysafe,dokuPartnersmicrosoft,aWs,aCI Worldwide,CView company profile in online database*the data present at the time of publication may be subject to changes and updates.For the latest stats and information

304、,we invite you to check the profile in our online company database.Navigating Challenges through Strategic PartnershipsAddressing Specific Challenges by Leveraging Strategic Partnerships Global partnerships that defined and built resilience within the payments sector in 2023 How to untangle the proc

305、ess of global business expansion Why should businesses use a Merchant of Record model for global growth The role of fintech in promoting financial inclusionAs a News Editor at The Paypers,Estera has a keen eye for quality assurance and loves deep diving into dense research and connecting relevant do

306、ts in the complex world of payments.She has been focusing on the ever-changing B2C payments and commerce landscape,never missing a good story,a particularly interesting new trend in the market,or the best reliable source of information.estera sava News Editor The Paypers37Cross-Border Payments and e

307、CommerCe rePort 2023-2024|NAVIGATING CHALLENGES THROUGH STRATEGIC PARTNERSHIPSthe Paypers has researched and analysed the most prolific partnerships that defined and built resilience within the payments and commerce sector in Q3 2023,from payments infrastructure and varied technologies for improving

308、 customer experiences to cross-border payments and their continued momentum.Payments and commerceQ3 2023 saw a rapid change in this industry,with some of the biggest trends being cross-border payments and the solutions to the challenges they pose,payment methods complexity and how merchants decide w

309、hich suit their business model best,together with the acceleration of instant payments,as per the Paypers Payment Methods Report 2023.Per GlobalData,the digital payments market size is valued at Usd 2,476.8 trillion in 2023 and is expected to increase at a CaGr of 14.3%over the forecast period.the i

310、ncreased adoption of digital payments is propelled by a high convenience level,as shown through the expansion of tap-to-Pay tech,which started gaining momentum in Q4 2022 Q1 2023.additionally,such payments help eliminate the need for physical cash or cheques,which can be inconvenient and time-consum

311、ing.Globally,governments have advocated and endorsed digital payments for numerous reasons,such as bettering financial inclusion,minimising cash usage,enhancing transparency,and promoting economic progress.diving into the developments to have taken place in this space,well first focus on worldwide p

312、artnerships within payments and ecommerce,and payment innovation with a regional focus in europe,the americas,australia,asia,and africa.Worldwide partnerships within payments and ecommerceearly in July 2023,two Brazilian companies,namely EBANX and Nubank,announced their collaboration to launch a new

313、 payment method,nuPay,designed by the digital bank and focused on expanding access for Latin american individuals to the global digital ecommerce market.the service seeks to offer customers a more efficient payment experience,alongside an up to 12 instalments payment capability.Within the same month

314、,payment provider Stax Payments joined forces with PayPal for online payment acceptance,enabling customers to accept payments with PayPal,Venmo,and PayPal Pay Later options through the stax payment platform,while offering nearly instant access to funds,fraud detection,and seller protection on eligib

315、le transactions,together with PayPals built-in compliance standards.additionally,PayPals over 430 million global active accounts were permitted to purchase with said merchants.Global Partnerships Analysis for Q3 of 2023 in the Payments and Ecommerce SpaceThe Paypers38Cross-Border Payments and eComme

316、rCe rePort 2023-2024|NAVIGATING CHALLENGES THROUGH STRATEGIC PARTNERSHIPSLater in september,PayPal announced two collaborations into separate verticals,the first one being with Meta,which sought to enable donations for charities on Facebook and Instagram in the Us,UK,australia,and Canada through the

317、 PayPal Giving Fund,and one with Uber,where it expanded its multi-year partnership to act as the latters strategic collaborator for its worldwide expansion and scalability.areas of cooperation include additional processing through PayPal Braintree,alternative domestic debit network routing across a

318、range of geographies,instant driver,and courier payouts to PayPal and Venmo,and custom support for new business lines.Financial infrastructure for businesses Stripe and Tulip,a cloud-based retail solutions provider,brought together the latters retail Pos solutions expertise and stripes payment tech

319、to better the payment experience for retailers and their consumers alike.the integration enabled support for diverse payment methods such as BnPL and Payment Links,together with access to stripes payment infrastructure.Within the context of diversifying payment methods to serve additional verticals

320、of the ecommerce sector,Nuvei and Plaid extended their partnership to support an extensive array of businesses in accepting bank-based payments for multiple use cases,such as utilities and B2B.nuvei also cooperated with Stuvia,a marketplace for educational material,to help expedite the latters inter

321、national growth by optimising its payment capabilities and expanding its target base.B2B payments company transfermate was another enterprise to cooperate with an international payments platform to strengthen its global reach,namely with 3S Money.39Cross-Border Payments and eCommerCe rePort 2023-202

322、4|NAVIGATING CHALLENGES THROUGH STRATEGIC PARTNERSHIPSCross-border payments and their continued momentumalibaba Group and its affiliates were amongst the names to have announced numerous developments within the cross-border payments space.the start of Q3 2023 saw aliexpress collaborate with China-ba

323、sed fintech PingPong Payments as an external partner to help Chinese merchants get paid abroad by having the PingPong cross-border collection option available on the ecommerce marketplace of alibaba Group.In august,luxury travel retailer DFS Group partnered with Ant Group to better payments and mark

324、eting digitalisation across the dFs retail and online stores network.dFs was set to leverage alipay+to provide an end-to-end digital experience,engaging with its customers pre-,during-,and post-shopping across 36 stores in 15 markets,and 12 online shops in 4 markets.In the same month,Alipay+joined h

325、ands with Macau Pass to help the company expand the coverage of macau Wallets mPay cross-border payment offering to over 40 overseas countries.40Cross-Border Payments and eCommerCe rePort 2023-2024|NAVIGATING CHALLENGES THROUGH STRATEGIC PARTNERSHIPSsimilarly,global payments and financial platform a

326、irwallex announced a partnership with US-basedunifiedglobalspendplatformBrex to advance its global market presence,enabling the platform to leverage its suite of solutions such as local currency collections for its global corporate card and its global employee expense reimbursements.Its focus on hel

327、ping remove friction for international payments was also showcased by the august collaboration with Israel-based OurCrowd,which sought to facilitate investments in global startups by having the airwallex aPI integrated to enable users from over 195 countries to invest in their own currencies and byp

328、ass restrictions caused by Usd-denominated wire transfers.shortly after,Us-based payments consulting startup Yeeld teamed up with airwallex,aiming to expedite global payments.Cross-border payments platform CurrencycloudandfintechIncard also partnered to help creators and digital entrepreneurs reach

329、global markets,aiming to simplify and add value to international payments.What is more,Currencycloud cooperated with accounts payable platform Nook to upgrade the latters capabilities,enabling invoices to be paid in 35 different currencies and to more than 100 countries.Financial messaging platform

330、Swift teamed up with Wise looking to expand cross-border payment options for financial institutions globally.41Cross-Border Payments and eCommerCe rePort 2023-2024|NAVIGATING CHALLENGES THROUGH STRATEGIC PARTNERSHIPSPayments as a means to better UXFurther reiterating the worldwide payments space,oth

331、er notable collaborations focused on payment orchestration,improved customer experiences,and overall checkout optimisation through varied technologies.exemplifying this is the partnership between global payment orchestration platform FinMont and chargeback mitigation provider Justt,aimed at automati

332、ng chargeback disputes through the usage of aI,and that between payment orchestration platform IXOPAY and TrustPay,which sought to provide worldwide merchants and clients alike with improved payment solutions.similarly,the open saas ecommerce platform for B2C and B2B brands BigCommerce teamed up wit

333、h Google Cloud to leverage aI,enabling enterprise merchants to improve operational efficiencies,enhance product discovery,and help drive more sales.a separate notable development was that of global retail management software TeamworkCommerceandfintechAdyen,who launched a Pay by Link solution,supporting omnichannel capabilities for simplified transactions for retailers.moving onto payment optimisat