{"id":136,"date":"2023-08-08T12:59:59","date_gmt":"2023-08-08T12:59:59","guid":{"rendered":"https:\/\/fintech.exrtechsolutions.com\/?p=136"},"modified":"2023-08-10T09:09:35","modified_gmt":"2023-08-10T09:09:35","slug":"the-future-of-financial-services-depends-on-global-connectivity","status":"publish","type":"post","link":"https:\/\/fintech.exrtechsolutions.com\/index.php\/2023\/08\/08\/the-future-of-financial-services-depends-on-global-connectivity\/","title":{"rendered":"The Future Of Financial Services Depends On Global Connectivity"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"136\" class=\"elementor elementor-136\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-19f63c21 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"19f63c21\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-187d7cf\" data-id=\"187d7cf\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-52085d45 elementor-widget elementor-widget-heading\" data-id=\"52085d45\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 02-08-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">FIN TECH <\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1ebe37bb elementor-widget elementor-widget-text-editor\" data-id=\"1ebe37bb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 02-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>UPDATES<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-7fe4f551\" data-id=\"7fe4f551\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-top-column elementor-element elementor-element-894ec4c\" data-id=\"894ec4c\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4cac3140 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"4cac3140\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5b9e039\" data-id=\"5b9e039\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-36fe1504 elementor-widget elementor-widget-heading\" data-id=\"36fe1504\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h1 class=\"elementor-heading-title elementor-size-default\">The future of financial services depends on global connectivity<\/h1>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2fb3a00e elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"2fb3a00e\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-6d7c78e7\" data-id=\"6d7c78e7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-69847a17 elementor-widget elementor-widget-text-editor\" data-id=\"69847a17\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Without a question, the last year has been fraught with difficulties. The pandemic&#8217;s aftermath, continued geopolitical tensions, and a rapidly globalising globe have required all businesses and industries, including financial services, to adapt.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-4a870cf2\" data-id=\"4a870cf2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-516c967d elementor-widget elementor-widget-image\" data-id=\"516c967d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 02-08-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"800\" height=\"450\" src=\"https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/The-future-of-financial-services-depends-on-global-connectivity-1024x576.png\" class=\"attachment-large size-large wp-image-138\" alt=\"The Future Of Financial Services Depends On Global Connectivity\" loading=\"lazy\" srcset=\"https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/The-future-of-financial-services-depends-on-global-connectivity-1024x576.png 1024w, https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/The-future-of-financial-services-depends-on-global-connectivity-300x169.png 300w, https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/The-future-of-financial-services-depends-on-global-connectivity-768x432.png 768w, https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/The-future-of-financial-services-depends-on-global-connectivity-1536x864.png 1536w, https:\/\/fintech.exrtechsolutions.com\/wp-content\/uploads\/2023\/08\/The-future-of-financial-services-depends-on-global-connectivity.png 1920w\" sizes=\"(max-width: 800px) 100vw, 800px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1a94eedc elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"1a94eedc\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-2c04e1ee\" data-id=\"2c04e1ee\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1fcb891 elementor-widget elementor-widget-text-editor\" data-id=\"1fcb891\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>\u00a0<\/p><p><span style=\"font-weight: 400;\">Creating interoperability in global payments is a daunting challenge.At the same time, change&#8217;s headwinds have acted as a fuel for new kinds of money to emerge &#8211; the number of cryptocurrencies monitored by CoinMarketCap surpassed 22,000 in early December. According to the World Economic Forum, the tokenized assets market may be valued up to $24 trillion by 2027.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">The development of money and customers&#8217; evolving expectations are also informing the frameworks for how global payments are conducted. The G20 strategy for improving cross-border payments prioritises collaborative effort to make international payments quicker, more transparent, and more affordable.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">While the financial services sector has shown remarkable resilience during these difficult times, there is still work to be done to ensure that these innovations can fit seamlessly into today&#8217;s financial environment.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-610eeeac elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"610eeeac\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3ba1ea56\" data-id=\"3ba1ea56\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7206e20a elementor-widget elementor-widget-heading\" data-id=\"7206e20a\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Laying the groundwork\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-19ef2dd1 elementor-widget elementor-widget-text-editor\" data-id=\"19ef2dd1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Payments are an excellent example. An emphasis on interoperability is critical to ensuring that the wave of digitization throughout the global payments sector reaches scale. This entails allowing participants to make payments across systems without having to connect to several systems. This emphasises collaboration, both at the market infrastructure and at the individual company level.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">Innovating with a global mentality naturally emphasises the value of interconnectedness and diversity. On a practical level, interoperability emphasises the need for standards and organised governance that are implemented and adhered to across jurisdictions so that payments can flow easily across borders. Global collaboration is vital in all parts of financial services, but it is critical in payments.\u00a0<\/span><\/p><p><br \/><br \/><\/p><p><span style=\"font-weight: 400;\">Payments are, after all, the lifeblood of a linked world. However, innovation frequently occurs in isolated, confined regions. Many authorities or areas are digitising with a domestic focus.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">The advent of real-time payment systems is a notable illustration of this fragmented globalisation. Different regional cross-border and multi-currency payment systems are evolving. Examples include the Buna initiative for the Middle East and Africa region; the IXB project, in which EBA Clearing and TCH want to connect the euro-denominated instant payment system, EURO1, and the dollar-denominated system, RTP, to execute instant, cross-border payments; and the Nexus project from the BIS Innovation Hub, which is designing a multi-lateral instant payment interlinking model.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">However, in order to embrace the future of money, which is progressively becoming digital, we must focus on ensuring that the systems being used can interact smoothly with other systems, allowing countries to easily transact with one another.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-59511ad8 elementor-widget elementor-widget-heading\" data-id=\"59511ad8\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Interoperability and innovation are inextricably linked\n<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2a543119 elementor-widget elementor-widget-text-editor\" data-id=\"2a543119\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Aside from real-time payments, worldwide interoperability will be critical in assuring the effective implementation of many payment-related innovation initiatives. As the global payments ecosystem embraces digitalisation with the requirement for security and global connection, we are witnessing this firsthand.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">This highlights the promising work being done in the areas of central bank digital currencies (CBDCs) and new digital assets. A variety of studies are presently underway to investigate how this new type of money may be incorporated into the global payments environment. The CBDC ecosystem is currently very fragmented, with multiple central banks building their own digital currencies based on various technologies, standards, and protocols.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">In fact, nine out of 10 central banks are investigating the possibility of establishing a domestic CBDC. So the next stage is to examine how these various digital currencies may be utilised across global borders. Whether the future of CBDC-backed global payments comprises connection with existing payment systems or links between domestic digital currencies, interconnectedness will be the crux to success.<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4b7a6942 elementor-widget elementor-widget-heading\" data-id=\"4b7a6942\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">A worldwide effort<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e210d8f elementor-widget elementor-widget-text-editor\" data-id=\"5e210d8f\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Creating interoperability in global payments is a daunting challenge. A careful balance must be achieved between collaboration and competition, encouraging new market participants while preserving a set of globally recognised norms. Central banks can help to catalyse a genuinely linked future, but they cannot do it alone. Many innovative ventures will require industry-wide effort and cooperation to scale up and last. This is why initiatives like the G20 roadmap for the future of cross-border payments are critical.<\/span><\/p><p>\u00a0<\/p><p><span style=\"font-weight: 400;\">With 2023 likely to witness the realisation and development of many key initiatives in payments \u2013 in CDBCs and beyond \u2013 we must keep the goals of their development in mind. We can go far with this purpose-driven, collaborative approach<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2322361 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no\" data-id=\"2322361\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-222b586\" data-id=\"222b586\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>FIN TECH UPDATES The future of financial services depends on global connectivity Without a question, the last year has been fraught with difficulties. The pandemic&#8217;s aftermath, continued geopolitical tensions, and a rapidly globalising globe have required all businesses and industries, including financial services, to adapt. \u00a0 Creating interoperability in global payments is a daunting challenge.At [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":138,"comment_status":"open","ping_status":"open","sticky":false,"template":"elementor_canvas","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/posts\/136"}],"collection":[{"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/comments?post=136"}],"version-history":[{"count":8,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/posts\/136\/revisions"}],"predecessor-version":[{"id":505,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/posts\/136\/revisions\/505"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/media\/138"}],"wp:attachment":[{"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/media?parent=136"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/categories?post=136"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fintech.exrtechsolutions.com\/index.php\/wp-json\/wp\/v2\/tags?post=136"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}