SUMMARY

This report discusses the trillion-dollar market of international banking payments businesses and addresses the problems in the existing wire transfer process faced by both banks and consumers. In addition to this, possible solutions for banks are also presented. The report begins with a brief introduction of international payments and discusses market size, opportunities, and players. It further discusses the correspondent banking model and diagrammatically explains the operation workflow process. It also addresses existing system-related problems and sheds light on recent developments in correspondent banking relationships. The report concludes by discussing banks’ collaboration with FinTech players while presenting a detailed company analysis of a startup called ‘InstaReM.’

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