Fintechs drive instant, low-cost cross-border payment solutions

Direct access to local payment schemes expected in 2025.

The rapid advancement in cross-border payments is reshaping the financial industry, with instant transaction capabilities now emerging as a global standard. "Today, 60% of our transactions happen end to end in less than 20 seconds," said Samarth Bansal, APAC General Manager of Wise Platform during Sibos 2024 Beijing.

Reflecting on the past decade, Bansal highlighted the shift from days-long international transfers to near-instant transactions that customers can track in real-time, offering greater transparency on costs and delivery times.

As customer expectations evolve alongside these technological changes, financial service providers are feeling pressure to keep pace. Bansal noted that the digital landscape has heightened customer demand for seamless, low-cost, and instant transactions, mirroring domestic payment capabilities.

Looking ahead, Wise sees an opportunity for fintechs to gain direct access to local payment schemes worldwide, such as Singapore’s FAST and PayNow or Japan’s RTP scheme, thanks to ongoing regulatory efforts. Bansal explained that Wise is working to connect domestic payment systems for a fully interoperable network that supports instant, transparent, and cost-effective cross-border payments.