Convera is excited to announce The Payments Pulse, a new multi-part report analyzing the changing state of commerce in its quest for standardization and efficiency. As always, cross-border payments play a critical role, and the future will unfold with these systems positioned front and center.
As the global economy digitizes and transforms at a breakneck pace, Convera takes the pulse of the global payments industry, breaking down the latest macro trends and tactics that will move the world forward through innovations, disruptions and an evolving regulatory environment.
Download part 1 of The Payments Pulse now
Cross-border payments market projected to exceed $290 trillion by 2030
The cross-border payments ecosystem is undergoing rapid transformation, with the global market expected to surpass $290 trillion by 2030. This growth is driven by a combination of globalization, digital commerce, fintech innovation and evolving regulatory frameworks. As businesses and financial institutions continue to adapt to this dynamic environment, understanding the key trends and challenges shaping the future of international payments is crucial for staying competitive and compliant.
Trends driving growth in cross-border payments
The cross-border payments landscape has become increasingly essential to global finance, encompassing a wide range of transactions, from family remittances to large-scale business payments. In this expanding market, cross-border payments are poised to play an even larger role in global trade, financial inclusion and the expansion of e-commerce.
Several macro trends are driving this growth, including:
Globalization and trade
International trade heavily influences cross-border payments. As global trade continues to grow, the need for efficient, secure and scalable payment solutions becomes more critical. Projections suggest that by 2030, business-to-business (B2B) transactions will constitute the largest share of the cross-border payments market, expanding from $39 trillion in 2023 to $56 trillion.
Additionally, the ISO 20022 standard is set to modernize the cross-border payment experience, enhancing transparency and reducing transaction costs.
Open banking and B2B e-commerce
The expansion of open banking is enabling businesses to access better financial services, with regulations that support seamless integration across payment platforms.
The rise of B2B e-commerce, along with the automation of accounts payable and receivable (AP/AR) processes, is further boosting the demand for advanced cross-border payment solutions.
Understanding the market breakdown
Cross-border payments can be broadly divided into wholesale and retail segments. Wholesale payments primarily involve large transactions between financial institutions, such as SWIFT transfers, international wire payments and foreign exchange (FX) transactions. Retail payments, on the other hand, include smaller transactions like remittances, online purchases, and e-wallet or card-based payments.
In 2023, the global cross-border payments market was valued at approximately $190.1 trillion. By 2030, it is projected to rise to $290.2 trillion, with wholesale payments accounting for most of this growth.
Notably, B2B payments are expected to experience a sharp increase. Consumer cross-border payments, although smaller, are also poised to double due to the expanding role of digital wallets and e-commerce.
The role of ISO 20022 in cross-border payments
A key development in the evolution of cross-border payments is the migration to the ISO 20022 messaging standard, which is set to become the global language for financial communications. This transition will enable financial institutions to process payments more efficiently, with improved operational capabilities and compliance mechanisms.
ISO 20022 supports a data-rich format that allows for real-time processing and automation, drastically reducing the need for manual interventions. This will lead to faster payment processing, fewer errors and better overall transparency in transactions.
The transition to ISO 20022 is already underway, with major deadlines looming for systems like SWIFT and the Federal Reserve’s FedNow and Fedwire networks. By November 2025, the SWIFT network will complete its shift to ISO 20022, phasing out legacy MT messages. With over 32% of financial institutions already adopting this standard, the industry is moving quickly to adopt this new messaging protocol.
Overcoming challenges in cross-border payments
Despite the vast potential of cross-border payments, several obstacles hinder their efficiency. These include currency fluctuations, high transaction costs, slow processing times, and regulatory barriers such as tariffs, sanctions, anti-money laundering laws and know-your-customer compliance.
Businesses and financial institutions also face increasing pressure to comply with diverse regulatory frameworks, including an array of data privacy laws. The complexities of cross-border payments can be especially burdensome due to the costs and time associated with navigating these varying regulations.
Cooperation is the key to overcoming these cross-border challenges. Collaborations between traditional financial institutions, fintech companies and payment solution platforms such as Convera are helping to future-proof payment solutions and improve customer experience.
The evolving regulatory landscape
The global regulatory landscape is undergoing significant changes as governments address the challenges posed by technological advancements, geopolitical tensions and shifting economic priorities.
In the US, for example, the Trump administration has been particularly focused on reducing regulatory hurdles for fintechs. This could have significant implications for cross-border payments.
One of the most notable regulatory shifts is the push to expand the role of stablecoins in the payments ecosystem. The bipartisan Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, introduced in early 2025, aims to create clear regulations for stablecoins, making them a viable tool for cross-border payments. This act seeks to ensure consumer protection, transparency and stability within the stablecoin market by setting reserve requirements and imposing dual regulatory oversight.
The European Union has taken a more cautious approach, introducing the Markets in Crypto-Assets (MiCA) regulation to oversee digital assets, including stablecoins and tokenized real-world assets. Complying with these standards can be challenging for businesses operating in both the US and the EU.
Additionally, the EU’s Payment Services Directive 3 (PSD3) will expand open banking regulations starting in July 2025, enabling cross-border payment initiation and multi-currency settlements. This move contrasts with the US approach, where open banking laws are still in development.
Looking to the future of cross-border payments
The future of cross-border payments hinges on further innovations and improvements in infrastructure. With the advent of real-time payments, ISO 20022 and increasing digitalization, the payments landscape is moving toward faster, more efficient and transparent solutions.
Download Module 1 of The Payments Pulse now and stay tuned for Module 2 of the report coming in May to discover more tips on navigating the complexities of global commerce and trade.
To succeed in this evolving environment, businesses need to partner with trusted providers who can guide them through the complexities. Convera’s global network and ISO 20022–compliant platform offers businesses the tools to streamline payments, mitigate risks and comply with regulatory requirements.
Want more insights into the topics shaping the future of cross-border payments? Tune in to Converge, with new episodes every Wednesday.
Plus, register for the Daily Market Update to get the latest currency news and FX analysis from our experts.
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