“Multiple forces are tearing up the map of correspondent banking and cross border transactions. The rise of the digital-first business, which is often global from inception; the retreat of large global banks from their correspondent banking networks; and increased customer expectations for more fluid, lower cost international payments. These are coming together to shake up a market largely unchallenged since the dawn of international trade.”
Re-drawing the map includes insights from interviews with heads of correspondent banking, cash management and transaction banking at large and mid-tier institutions across europe and in Canada. The interviews were conducted between February and April 2018.
The research identifies four primary themes to help banks re-think the approach of their international banking and transactions businesses.