Cross-border payments — financial transactions where the payer and recipient are based in separate countries — are growing in economic importance. The value of both the retail and wholesale market is expected to grow from $150tn in 2017 to more than $250tn by 2027, according to projections by the Bank of England. But the systems to enable such payments can be slow and expensive for a number of reasons, from a lack of competition to legacy tech platforms and fragmented data. That’s why improving them is a priority for the G20 as it looks to boost global trade
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