SIBOS 2023: Banks Discuss Cross-Border Payments, SWIFT Go's Potential Impact
The author eagerly awaits attending Money20/20 in the near future. Meanwhile, the banking world recently gathered at SIBOS, where high security and formal attire were the norm. The event discussed complex relationships between fintechs and banks, and the potential impact of SWIFT's new product, SWIFT Go, on cross-border payments.
SIBOS, an event with airport-level security due to the presence of senior bankers, saw attendees discussing the current state of cross-border payments. Bankers at the event did not view crypto or blockchain as a solution, except in trade finance. The formal dress code at SIBOS, with 95% of attendees in suits, contrasted with the more casual attire at mainstream fintech and payments conferences like Money20/20.
Complex relationships exist between fintechs and banks. Varying risk appetites and technology stacks can affect seamless payment experiences. However, co-opetition is a core tenet in financial services, particularly in cross-border payments. Organizations compete and partner simultaneously to improve services.
SWIFT's new product, SWIFT Go, aims to facilitate more low-value payments through its network. This could potentially alter the payment landscape. At SIBOS 2023, SWIFT and Ripple emphasized collaboration on cross-border payment solutions. Meanwhile, at Money20/20 2023, Mastercard and Airwallex highlighted partnerships to enhance cross-border transaction efficiency.
While the author looks forward to Money20/20, the banking world at SIBOS discussed the current state and future of cross-border payments. SWIFT's new product, SWIFT Go, could significantly impact this landscape, with collaboration and partnerships driving innovation.
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