For over 50 years, cross-border payments have been defined by complexity, friction, and limited transparency. But that era is ending. A new generation of infrastructure, thinking, and purpose-built technology is transforming how banks and financial institutions move money across borders—safely, profitably, and in real time.
In a recent Finextra webinar, hosted in partnership with Visa Direct, Payall CEO Gary Palmer joined industry leaders from Visa and Red Hat to explore what’s changing, what’s still holding us back, and why banks—new and old—are more empowered than ever to compete and win in this space.
1. The Rails May Be Old, But the Opportunities Are New
“Much of the infrastructure in use today hasn’t changed in 50 years,” Palmer noted. Banks still rely on outdated core systems, PDFs, and manual processes to determine routing, assess compliance, and screen for risk. But what’s exciting is that new infrastructure doesn’t require a new license—just a new mindset. Banks and financial institutions of every type can now plug into modern rails like Visa Direct or platforms like Payall to deliver local currency to 120+ countries, instantly and safely.
2. Fintechs Are Nimble—But Banks Are Trusted
As Stefan Münch of Visa Direct pointed out, fintechs bring speed, UX, and flexibility—but banks bring trust, reach, and regulatory alignment. The real power lies in partnerships: fintechs that understand local markets, and banks that bring compliance rigor and customer relationships. With Payall, these partnerships are no longer dependent on legacy correspondent models or risky workarounds. Institutions can build compliant, audit-ready cross-border programs without compromising safety or control.
3. Compliance Can’t Be an Afterthought
As Palmer said bluntly, “Old tech is simply incapable of adapting fast enough.” From changing trade policies to evolving sanctions lists, banks and fintechs need to be agile—and that starts with purpose-built software. With Payall, compliance and risk rules are executed before a transaction is processed. Every data point, artifact, and rule is collected, verified, and audit-logged—so institutions never have to “trust” a partner. They can see it all in real time.
4. The Future Is Coexistence, Not Competition
Panelists agreed: the cross-border future isn’t about one model replacing another. It’s about interoperability, interconnectedness, and modular tools that give banks and fintechs options. Whether delivering via Visa Direct, domestic RTGS, or new methods like CBDCs and tokenized money, the key is being able to choose—and adapt. As Palmer put it, “Technology has changed everything around us—but it’s only now starting to change correspondent banking.”
What’s Next?
This isn’t just incremental change. It’s a rewiring of how money moves globally—faster, safer, and with more control than ever before. With platforms like Payall, banks can become correspondent banks again—with none of the historical risk or complexity.
📩 Want to simplify your cross-border business and grow it profitably? Let’s connect
