The March 2024 report shows cross-border payments are vital to 97% of North American businesses, with nearly 80% reporting rising volumes. Most rely on financial institutions over fintechs, though fintechs attract firms with easier integration, broader payment options, automated reconciliation, and better reporting. Friction points include fees, security, currency conversion, settlement, data, and coverage. Larger midmarket firms see the fastest growth, often expanding into new regions. To remain competitive, FIs must address these pain points and deliver a modern, efficient cross-border payments experience.

Join for free to read