The cross-border payment industry is undergoing significant growth, with an estimated increase in value from $150 trillion in 2017 to $250 trillion by 2027. The World Bank is monitoring the global average cost of sending a $200 international payment, which stood at 6.01% in June 2022, and aims to halve this to 3% by 2030.

The G20 has established a roadmap to enhance cross-border payments to meet this target, which includes adopting ISO 20022 as the global messaging standard, harmonizing approaches to data protection and privacy, and adopting common data sharing standards. The roadmap also explores ways to reduce frictions in cross-border payments by examining factors such as screening frequency, value thresholds, intermediary dependency, interlinking payment systems, and reciprocal liquidity arrangements.

Unir offers various banking and financial industry IT services and solutions to help companies navigate the challenges of the cross-border payment industry. These services include ISO 20022 Payments Data Management,  and API Ecosystem Management. With its team of professionals, including data management specialists with extensive experience in the Cross Border Payments domain and ISO 20022 messaging standards, and technology experts with expertise in cloud-native systems and solutions, Unir is equipped to help companies effectively manage their payments data, transform their legacy platforms into cloud-native systems, and effectively manage their API ecosystems