As real-time domestic payments become ubiquitous across major economies, the spotlight is turning to cross-border transactions. As the global cross-border payments market is expected to reach $290 trillion by 2030, leading banks are racing to innovate in this space.
JPMorgan is pursuing a dual-track strategy: enhancing traditional rails while building blockchain-based solutions. “It’s a balance – how do you grow existing business while future-proofing for tomorrow,“ says Gayathri Vasudev, head of cross-border payments at JPMorgan Payments. “We are always innovating for the best outcome and we’re making strategic bets on new technologies and platforms. I believe if you don’t invest in new things, your current business will be at risk.“
We take a few big bets with a long-term perspective, rather than focusing on year-by-year returns
Clearing services are key hurdles for real-time payments, requiring instant confirmation, real-time rates and immediate settlements. JPMorgan launched a new global clearing offering, Wire365, which enables dollar settlements on the bank’s books 365 days a year – a significant advancement from traditional banking hours.
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