Cross-border payments take many forms, from traditional wire transfers and closed-loop systems (like Western Union and MoneyGram) to modern, disaggregated peer-to-peer transfer systems based on block-chain technology.
Our panel begins today with an introduction to some of the methods and systems used today to effect cross-border payments.
- Transfers in Open-Loop Systems (e.g., bank-initiated wire transfers and ACH transactions that rely on correspondent banking relationships)
- Closed-loop Proprietary Systems (e.g., Western Union, MoneyGram and payment card networks (like Visa and Mastercard))
- Interlinking of Domestic Payment Systems (e.g., FedGlobal ACH)
- Virtual currency (e.g., Bitcoin) and Distributed Ledger Systems that leverage direct, peer-to-peer systems without numerous intermediaries