Cross-Border Payments for Digital Native Economies

This article looks at evolving trends across digital native economies and how new technologies are enabling advancements in cross-border payments, unlocking efficiency and improving customer experiences. Topics and trends explored include: • Evolving e-commerce landscapes and shifting consumer buying behavior have created an environment for digital native companies where unlocking efficiency in cross-border payments is now critical. • The need for speed in cross-border payments is more important now than ever before, helping to attract customers and investors. • Emerging application programming interfaces (APIs) for digital native companies enable access to real-time data, improving services provided. • Managing foreign exchange (FX) risk efficiently: Finding the right FX solution is critical for managing risk. • The beneficiary is king: Self-service tools for suppliers and gig economy workers allow them to access real-time payment information, improving supply chain efficiency and reducing operating costs. • The wallet is dead, long live the wallet: The global rise in the use of digital wallets is changing how individual beneficiaries want to be paid. • Let the games begin: Some industries have experienced growth during the COVID-19 pandemic. Banks must consider how to respond to the growing need for seamless payments into complex markets. • Insights from Citi’s leadership team and industry leaders, including Payoneer and Kantox.