cross-border payments industry

The central banks of Hong Kong and Indonesia are deepening cooperation on cross-border QR code payments, aiming to make retail payments between the two economies faster and more interconnected. The move fits a broader regional push, led by Southeast Asian regulators, to link national payment systems and reduce reliance on traditional correspondent banking channels for everyday transactions.

World Finance examines the transformation of cross-border payments, looking at how new technologies and market players are reshaping the way money moves between countries. The piece discusses what the next generation of international transfers could look like for businesses and consumers, amid ongoing interest in faster, cheaper alternatives to traditional correspondent banking.

Bank of America and Brazilian lender Bradesco are testing instant cross-border payments, according to Global Finance Magazine. The trial would let customers move money between the United States and Brazil in seconds rather than days, aligning with a wider banking push to speed up international transfers. Details on the technology, timeline and scope of the pilot were not disclosed.