How Faster Cross-Border Payments Are Opening Global Markets

Cross-border payments have long been a challenge for businesses looking to expand internationally. The payments are plagued by delays, hidden costs and a lack of transparency. With digital payment advancements, companies of all sizes now have more efficient and secure options for moving money across borders.

In a recent interview with PYMNTS.com, Mike Salerno, FNBO Senior Vice President of Global Banking, discussed how faster payments and enhanced transparency are reshaping global trade. FNBO operates on the Swift network and has adopted Swift GPI, which enables real-time tracking of international payments. This level of visibility helps businesses know exactly where their money is at any given moment, addressing a long-standing issue in global transactions.

Beyond speed, managing foreign exchange volatility is key for companies engaged in cross-border trade. Salerno said relying on U.S. dollars isn’t always the best strategy. As exchange rates fluctuate, businesses may benefit from paying in local currencies or using financial tools like forward contracts to mitigate risk. He also emphasized that diversifying supply chains — sourcing inputs from multiple countries — can help businesses remain competitive and reduce exposure to geopolitical uncertainties.

As digital innovation continues to transform cross-border payments, companies that actively manage their payment processes, foreign exchange risk and supply chain strategies will be better positioned to thrive in global markets. To learn more, watch the PYMNTS interview with Mike Salerno and read the article.