The latest edition of Oaklen Consulting's industry watch highlights cross-border payments.

The ever-growing interest in cross-border payments is undoubtedly the result of a desire to extend to this type of payment the improvements obtained in recent years for domestic or intra-regional payments:

• In a very operational document, the European Banking Federation answers the questions of its members on the interpretation of certain points of the regulation 518/2019 concerning the charges for currency conversion and those applicable to cross-border payments which entered into force in April 2020.
  
  
• A European Directive is currently being adopted that will require payment service providers to keep a record of cross-border payments in Europe as of January 2024 in order to identify attempted VAT fraud via cross-border transactions.
  
  
• At the request of the G20, the Financial Stability Board has initiated a three-step process to improve cross-border payments. The assessment of current practices covers both retail and corporate needs. It highlights four challenges (cost, speed, access conditions, transparency) with associated irritants along the value chain (validation, transmission, financing). Two documents are to follow in the coming months: one on solutions to resolve the irritants, the other on an implementation roadmap.
  
  

For more information and the complete watch: contacteznous@oaklen.eu