Cross-border financial transactions, where the payer and the recipient are based in different countries, can cover both retail and wholesale payment types, including remittances.
Cross-border payments can be made in many different ways with the most prevalent currently being e-money wallets and mobile payments along with more traditional methods such as Bank transfers and credit card payments.
The world is seeing an increase in international mobility of goods and services, as well as people. The value of cross-border payments is estimated to increase with projections for 2027 possibly reaching $250 trillion (from $150 trillion in 2017).
Contributing factors to this projected growth include a diversification of supply chains, asset management and global investment flows across borders, e-commerce growth and migrants sending money via international remittances.
IBOS is an international banking alliance that provides connectivity services for key corporates looking to expand beyond their borders. With some of the biggest commercial banks from across the globe as its members, they offer effective and thorough cash management in regions where your local bank does not offer access.
Working with corporate banks across Europe and America, IBOS are open all hours. Whether you’re refocusing on your bank’s core domestic market and looking for a global partner to help with your international business, or you need support providing effective and thorough cash management across multiple regions, becoming an IBOS member benefits both your organisation and your corporate clients.
Benefits include:
Uniform, high-quality cross-border banking provided by all IBOS members
Unified client onboarding and service processes make partnerships between IBOS banks seamless
Dedicated multi-lingual teams in each bank can provide efficient support and assistance with local issues.
Access to a wide network with clear processes, quality checks and escalation procedures in place to ensure issues can be resolved quickly and efficiently
Access to an international network of banks and affiliates
Find the best partners internationally from a pool of nominated affiliates that other members work with
IBOS offers banks access to the best service at the best price, anywhere in the world
Greater opportunities for business deals through an expansive network in each country
Save on the costs of international agreements by utilising the network of local IBOS members