Gayathri Vasudev thinks a lot about how money moves around the world. As the global head of cross-currency payments at JPMorgan, she views international transactions not just as payments but as powerful possibilities—core to a company’s potential for growth and customer satisfaction.
It’s estimated that the cross-border payments market could reach over $250 trillion by 2027—marking a $100 trillion rise in a single decade. Even so, while domestic consumer payments have become increasingly quick and simple, cross-border payments don’t always happen so seamlessly—especially for businesses.
To make these transactions easier and more secure, financial leaders need to first grapple with the landscape’s inherent friction. Making payments in far-flung markets is a juggling act for businesses as they manage liquidity, tax compliance, fraud risks and more.
That’s why Vasudev is preparing to speak at Sibos, an annual business forum for the global financial community planned for September 18–21 in Toronto, where she’ll help other industry leaders consider smart strategies to prepare for the future of cross-border payments.
Understand The Fragmented Space
As companies aim to compete in the fast-growing payments market, industry fragmentation makes it tricky to innovate and deliver on customer expectations. This year’s Sibos conference will address this challenge by focusing on the importance of “collaborative finance in a fragmented world.”
With today’s interconnected world economy, many businesses no longer operate only locally—they’re global players—but the marketplace hasn’t caught up, explains Vasudev. “Because traditional infrastructures catered to domestic payments, the rules are different in every country. Firms are embedded in the interlinked, global supply chain, but the payment ecosystem lacks common rules of the road.”
Inconsistent regulations become even more complex as you move to B2B or B2C flows, and that’s compounded by restrictions in some markets on the free movement of currency, explains Vijay Lulla, JPMorgan’s head of cross-currency payments for Europe, the Middle East and Africa (EMEA). “There’s a lot of friction in making these payments,” he says. “Not just different payment requirements in the last mile, but also that some currencies are regulated, making risk management more critical.”
When global corporations and financial institutions can’t access these varied domestic payment infrastructures, cross-border transactions lack transparency and become costly and time-consuming, which damages the customer experience. “It’s too expensive, inefficient and risky for companies to do this on their own,” says Vasudev.
Implement Simple, Secure Solutions
If companies can’t offer innovative cross-border payment options, they’ll fall behind fast. The good news? Industry innovators like JPMorgan are offering cross-border payment solutions combining cutting-edge technology like AI, blockchain and data analytics to help organizations scale their payments infrastructure and deliver better customer experiences as the market evolves.
One of those solutions is Xpedite, JPMorgan’s bundling of easy-to-integrate options for cross-border payments so that financial institutions don’t have to build out the necessary infrastructure themselves. Xpedite allows financial institutions to offer cross-currency payment products to their clients while helping them manage risk, complexity and foreign exchange with consistency, control, transparency and authentication.
With Xpedite, JPMorgan manages the landscape’s complexity so clients don’t have to, says Vasudev. It enables financial institutions to leverage the package’s plug-and-play solutions to enhance their revenue streams, increase efficiency and boost underlying client experience—while also ensuring data security and fighting threats amid the industry’s increasing complexity, something Vasudev plans to address in her Sibos panel.
“Our multilayered security protocols, fortified by AI-driven fraud detection and biometric authentication, ensure that every transaction is shielded from malicious intent. By instilling confidence in our clients and regulators alike, we pave the way for a future where innovation and security go hand in hand,” she says. “Xpedite aims to make cross-currency payments cheaper, faster, better and safer—whether they’re consumer remittances or B2B payments.”
Make Partnership A Priority
These exciting advancements can’t take shape without cross-industry collaboration, says Vasudev—it’s a key reason she’s engaging in the dialogue at Sibos. “JPMorgan collaborates with industry infrastructures like Swift, fintechs, regulators and international bodies to shape payment frameworks that foster innovation while upholding stability,” she says. “This collaborative approach positions us to shape industry standards and contribute to the ongoing evolution of payment systems.”
JPMorgan applies this same commitment to its internal collaboration. Vasudev says a workplace that encourages employees to question the status quo, explore novel solutions and collaborate across departments is best positioned to generate the pioneering ideas that will drive the industry forward.
“The most exciting part about payments is that they are embedded in every aspect of our daily lives and are powering businesses around the world to send, receive and manage money in a seamless way,” says Vasudev. “The landscape will continue to transform with the goal that consumers, businesses, financial and government institutions can seamlessly make payments in any currency, anywhere, at any time.”