8 min read
Key takeaways
- Cross-border payments have long served as the engine enabling global trade and investments
- In recent years, the landscape has undergone significant changes, creating challenges that have tested the resilience, efficiency and adaptability of financial institutions
- Today, four cross-border payments trends are presenting opportunities for both growth and innovation
To help stay competitive in this ever-evolving economic environment, financial institutions (FIs) focused on delivering next-level payment experiences must also be nimble. This is particularly true when it comes to cross-border payments.
Over the past several years, the cross-border payments landscape has undergone significant changes, which have created shifts that are reshaping business models, technological capabilities and the global money movement. Yet interestingly, despite the uncertainty, cross-border spending continues to grow: from $194.6 trillion in 2024 to a projected $320 trillion by 2032.1
With that boom in mind. the following four trends are poised to transform this payments landscape and unlock new opportunities.
From $194.6 trillion in 2024 to a projected $320 trillion by 2032.1
Trend #1: Faster payments—the cross-border payments evolution
Faster payments, once primarily a domestic norm, are now increasingly becoming an expectation in the cross-border space. In fact, more than 70 countries have now adopted real-time payment systems,2 helping to increase customer satisfaction and trust in FIs.
More than 70 countries have now adopted real-time payment systems2
This advancement is being driven by:
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Enhanced traditional payment rails: This helps FIs meet client needs, foster innovation and improve service delivery.
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Adopting new technology: Especially important for specific use cases that complement the traditional model and address specific segments. It helps:
- Improve speed and visibility
- Simplify end-to-end processes
- Introduce pricing flexibility
- Maximize efficiency
- Unlock new revenue opportunities
How is J.P. Morgan Payments supporting faster payments?
- ISO 20022 standardization went live at J.P. Morgan Chase in 2023, using the new universal payments format as our business-as-usual practice. It enhances interoperability between financial systems, improves data quality and transparency and supports efficient processing.
- Wire 365 is an enhancement to help clients meet the demand for extended payment processing and sending times. It gives FIs business hours that allow payments between J.P. Morgan clients to be made every single day of the year, including weekends and U.S. holidays.
- Xpedite offers easy-to-integrate cross-currency solutions that address consistency, control, transparency and value, while making your payments less costly, faster and more secure.
- Real-time payments can help improve liquidity, lower costs and improve customer experience through payments solutions that fit the end-user’s 24/7 lifestyle.
Trend #2: Platform modernization, data and AI—unlocking growth and profits
Cross-border payments are growing quickly thanks to AI advancements, improved visibility and transparency, virtual account solutions and partnerships. In the face of this growth, global businesses are turning to their banks and fintech partners for solutions that make payments more instant, secure and transparent, helping them to remain competitive in the global marketplace.
The tools of the trend
Designing a continuous modernization strategy is crucial for unlocking growth and profits. To achieve this, though, FIs must consider the following:
- Assessing current infrastructure
- Adopting scalable and integrated platforms
- Embracing a data-centric approach
- Integrating AI and other tech
C-suite decision-makers can play an important role in keeping FI current and forward-thinking through:
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Involving key stakeholders, including IT, business units and customers in the modernization process. Their input can provide valuable insights and ensure that the strategy aligns with organizational needs and customer expectations.
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Continuously monitoring the progress of modernization initiatives and being prepared to do so often based on feedback and changing conditions. This adaptive approach ensures the strategy remains relevant and effective.
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Ensuring effective AI through the use of a robust data management strategy and by encouraging the adoption of AI tools across multiple business lines.
How is J.P. Morgan Payments supporting modernization?
Each day, we move over $10 trillion on 60 million transactions across more than 200 countries3 and territories in 120 currencies,4 achieving a 99.3% straight-through processing (STP) rate.5 Our deep investment in AI and machine learning (ML) investments plays a large role in achieving this.
Our early adoption of ISO 20022 has, again, been very beneficial, leading to standardized messaging, structured data, improved STP rate, rich data benefits, reduced false/positive screens and faster payments.
Early adoption of AI has also helped increase our productivity. Leveraging AI and ML helps decrease false/positives, reduce the manual workload and friction across the cash payments life cycle, thereby improving STP.
55% of organizations are currently adopting AI for productivity6
Trend #3: Emerging corridors—providing efficient cross-border payments
FIs involved in cross-border payments are increasingly adapting to new currency corridors in our always-on economy. This, however, comes with currency risks. So what are these risks—and the benefits—of expanding to an emerging corridor?
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Disruption of supply chains and volatility in currency markets due to potential regional conflicts
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Restricted financial transactions with certain countries due to sanctions imposed by governments that complicate payment processes
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Assisting clients with onshore FX pricing and connectivity for payments and possible solutions to repatriate from restricted currencies
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Offering near real-time FX rates for dynamic pricing and to help minimize currency exposure using APIs
Trend #4: Cybersecurity/Fraud and resiliency—securing your processes and infrastructure
As threats and attacks continue to increase, FIs must be much more vigilant, educated and aware of growing threat vectors and fortify their infrastructure to guard against these threats. They must also anticipate and ensure resilience, security and stability in their operations, considering new technologies that keep evolving and bringing more complexity to the cyber and fraud space.
Steps to keeping finances safe
Cybertheft and fraud are major challenges in cross-border payments. In a recent survey, 88% of respondents reported being a victim of payment fraud in 2022–2023.7 Moreover, the approximate annual cost of cybercrime globally is estimated at $10.5 trillion.8
A critical component of a robust security strategy is empowering employees as the first line of defense through education. By providing comprehensive training programs, organizations can equip their staff with the knowledge and skills needed to recognize and respond to potential threats. Regular workshops and seminars on cybersecurity best practices, phishing awareness and data protection can help employees stay informed about the latest risks and how to mitigate them.
Also, many times a third-party provider is needed to deliver payments. But these systems may have weaker cybersecurity measures, allowing fraudsters to exploit their vulnerabilities. This can result in the failure of a third-party provider to deliver liquidity or process payments, thereby causing delays and operational challenges.
FIs can benefit from emphasizing cybersecurity and fraud prevention to ensure resilience, security and stability in their operations. This is especially true in the age of Gen AI and deepfake technology, where new dimensions of deception have been introduced, leading to fraud and scandals that are increasingly challenging to detect.
Ensure your readiness with an incident response plan
One of the most important steps you can take to protect your business is to be ready to take action in case of an incident. This includes:
- Preparation
- Identification
- Containment
- Eradication
- Recovery
- Lessons learned
- Compliance and reporting
By including these components, a bank or fintech company can create a comprehensive incident response plan that helps minimize the impact of cybersecurity and fraud incidents, ensuring a swift and effective response.
Learn more about how our Treasury Solutions can help your FI
References
FXCintelligence, “NEW DATA: cross-border payments market now worth over $194tn and is forecast to reach $320tn by 2032,” January 16, 2025
Deloitte Center for Financial Services, “Fasten your seat belts: Real-time business-to-business payments are preparing for takeoff,” 2023
J.P. Morgan Internal Data, 2025. Please see your banker for a full list
J.P. Morgan internal data, 2025
AI Index Report 2024, “Measuring trends in AI,” Stanford University, 2024
Entrust, “PKI and Post-Quantum Trends Study,” 2024
Cobalt, “Top Cybersecurity Statistics for 2025,” 2024
