What are the most innovative ways to negotiate cross-border payments?

2 Adopt digital currencies

Digital currencies are forms of money that exist only electronically and are not controlled by any government or central bank. They can facilitate cross-border payments, by allowing instant and direct transfers, lowering costs, and avoiding currency conversion. Some examples of digital currencies are cryptocurrencies, such as Bitcoin and Ethereum, and stablecoins, such as USDC and Libra. To negotiate with these currencies, you need to be aware of their volatility, security, and legal implications, as well as the availability and reliability of the platforms that support them.

3 Leverage cloud services

Cloud services are online platforms that provide various functions and resources, such as data storage, processing, and analytics. They can improve cross-border payments, by enabling faster and easier access to information, streamlining workflows, and automating processes. Some examples of cloud services that support cross-border payments are Amazon Web Services, Google Cloud Platform, and Microsoft Azure. To negotiate with these services, you need to evaluate their features, performance, and pricing, as well as their compatibility and integration with your existing systems and partners.

4 Utilize artificial intelligence

Artificial intelligence (AI) is the ability of machines to perform tasks that normally require human intelligence, such as learning, reasoning, and decision making. It can enhance cross-border payments, by providing insights, recommendations, and solutions, based on data analysis and machine learning. Some examples of AI applications that assist cross-border payments are chatbots, fraud detection, and risk management. To negotiate with these applications, you need to understand their capabilities, limitations, and ethical issues, as well as the quality and security of the data they use.

5 Explore alternative channels

Alternative channels are methods of cross-border payments that differ from the traditional ones, such as banks, wire transfers, and card networks. They can offer more convenience, flexibility, and affordability, by catering to specific needs, preferences, and situations. Some examples of alternative channels are mobile wallets, peer-to-peer platforms, and social media networks. To negotiate with these channels, you need to compare their advantages and disadvantages, such as speed, cost, coverage, and trustworthiness, as well as their compliance and interoperability with the relevant regulations and standards.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?