LexisNexis Risk Solutions, in partnership with the Singapore FinTech Association, has released a White Paper exploring the evolving landscape of cross-border payments in the Asia-Pacific (APAC) region. The document identifies key opportunities and strategies to achieve a seamless payments ecosystem, focusing on regulatory challenges and technological advancements.
The White Paper reveals that 77% of surveyed organisations prefer API-based validation systems to enhance payment processing efficiency. Additionally, 67% of respondents emphasise the importance of real-time payment data validation at the customer input stage to prevent errors and reduce operational costs. Speed remains a top priority for customers, with 33% of organisations ranking it as their primary concern.
Regulatory compliance emerges as the most significant challenge, cited by 31% of participants. The paper stresses the need for harmonised regulatory frameworks to address complexities and reduce compliance costs. It also highlights the transformative potential of technologies such as blockchain, central bank digital currencies (CBDCs), and mobile payments, whilst cautioning that their adoption must be carefully managed to mitigate risks.
The White Paper outlines eight strategic pillars aimed at addressing fragmented systems, regulatory complexities, and promoting financial inclusion. These insights provide a roadmap for industry stakeholders to navigate the dynamic cross-border payments landscape in APAC.
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