Fintech

2025+
Trends, technology, and
transformation in global commerce
 IN THE REPORT Research contributors

The Paypers

Oana Ifrim, Vlad Macovei, and Mirela Ciobanu,

senior editors at The Paypers, a globally
2 Introduction
recognized banking and fintech publication,
played integral roles in the development
of the Fintech 2025+ report.
PART I 4 Sizing the cross-border payments market
Leveraging their extensive research and
Analysis of the cross-border
expertise, Oana, Vlad, and Mirela provided
payments market in 2024 9 Market outlook: Cross-border flows valuable insights into key areas of fintech
and beyond headed for $290 trillion innovation. Oana specializes in banking and
fintech innovation and trends, with a key
focus and research expertise on embedded
PART II 17 Real-time payments finance and banking-as-a-service. Vlad’s
expertise lies in industries such as open
Realizing opportunity in real
banking and open finance, covering all key
time: Commercial payment 24 Emerging rails, tokenization and
developments in these areas. Mirela contributes
innovation in the digital age the opportunities ahead
her keen eye for industry trends and a passion
for topics like crypto, blockchain, cross-border
29 Data sharing and the open payments and fraud prevention.
banking revolution
Oxford Economics

33 Fraud prevention, security and Lloyd Barton, Head of Thematic Macro

compliance take center stage Consulting at Oxford Economics, contributed
critical market research and analysis to the
Fintech 2025+ report.
39 Emerging regulatory trends
Oxford Economics was founded in 1981 as a
in 2024 and beyond
commercial venture with Oxford University’s
business college and has become one of the
42 Fintech 2025+: Navigating the new era world’s foremost independent global advisory
firms, providing reports, forecasts and analytical
tools on more than 200 countries, 250 industrial
sectors and 7,000 cities and regions.

1 convera.com
 Introduction
Fintech 2025+ dives into the dynamic, disruptive world of financial
technology and its profound impact on global commerce — both today
and in the future. The report offers a comprehensive exploration of
the cross-border payments landscape, which is an integral component
of international trade and finance. As global commerce evolves in the

FIN
digital era, alongside rapidly shifting consumer and business expectations,
the need for innovative, efficient and secure payment methods that
cater to an interconnected world becomes ever more urgent.

A key finding is a surge in cross-border These developments not only facilitate

payment flows, anticipated to reach $290 smoother transactions but also
trillion by 2030. This growth in cross-border promise enhanced security and greater
payments is fueled by the rise of international financial inclusion.
e-commerce, globalized workforce mobility,
Additionally, we assess the regulatory
and transformative digital payment solutions By 2030, cross-border
landscape that supports these technological

TECH
payment flows are
that make sending money faster, easier and
shifts, examining the implications of new anticipated to reach

290T
more transparent. The sector’s rapid growth
regulations and the challenges they pose to
highlights the pivotal role of advancing

USD
traditional banking systems and emerging
technology to support the opportunities, and
fintech platforms.
challenges, that arise from such volume.
Fintech 2025+ serves as a crucial resource By 2030, cross-border
The fintech ecosystem is core to this payment revenues to reach

280B
for stakeholders across the financial spectrum,
booming market, shaping its future through
providing insights into the opportunities

USD
advancements such as the integration of
for innovation and the strategies required to
blockchain technology, the rise of real-time
navigate the complexities of the modern
payments (RTP), global financial messaging
financial world.
standards such as ISO20022 and strategic
movements toward open banking frameworks.

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 PART I

Analysis of the
cross-border
payments market
in 2024 and beyond

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 Sizing the
Fintech 2025+

Non-wholesale cross-border payment flows • Consumer-to-consumer (C2C):

cross-border
(sometimes known as the retail market) Mainly relates to remittance flows.
comprise the following segments:
• Business-to-consumer (B2C):
payments
Regulations

• Business-to-business (B2B): Dominates The smallest segment, this represents

the market and includes trade-related business disbursements to individuals
market payments (open account and trade finance) including payroll and marketplace
and the international transfer of funds by payments for sales (e.g., Airbnb paying
Fraud prevention

WHAT DOES THE CROSS-BORDER multinational corporations. B2B e-commerce a host in another country).
PAYMENT ENVIRONMENT LOOK LIKE? transactions also represent a significant
Most new entrants are focused on low-value
The wholesale market amounted to share in this category.
transactions, in terms of sizing, in the C2C,
$146 trillion in 2023 and comprises high-value
• Consumer-to-business (C2B): Includes both B2C and B2B segments, which are currently
transactions between commercial banks,
e-commerce purchases by consumers and underserved by banks and traditional
Open data

typically FX trading and related activities.

offline consumer payments to businesses, payments providers.
which are largely related to tourism.
Blockchain

Global cross-border payment flows by segment, 20231

Sizing the cross-border payments market/defining cross-border payment
Real-time payments

Wholesale Market ($146T) Retail Market ($44T)

$91.2T $26.3T $17.2T

Wholesale, Other Banks & Investors Wholesale, Institutional Investors B2B, Large Enterprises
Market outlook

$10.4T $10.0T
$25.8T B2B, Mid-small
Enterprises
B2B,
E-commerce
Wholesale, Hedge Funds &
Proprietary Trading Firms
Market sizing

$3.1T $1.8T $1.7T

C2B C2C B2C

$2.3T Wholesale, Gov & Central Banks

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Fintech 2025+

THE ASSOCIATED REVENUE POOL

AMOUNTS TO AROUND $193 BILLION

Cross-border payment revenues refer to the Global cross-border payment revenues by segment, 20232
fees associated with the underlying payment
Regulations

flow. Total international payments revenues

of $193 billion are split between transaction Avalon
C2B
fees and FX revenues. McKinsey estimates $20.3B
the average revenue per transaction (across B2C
Fraud prevention

$10.3B
all segments) to be over $20.
C2C
However, margins vary significantly across $8.9B
segments, impacting total revenue shares:

• B2B transactions often involve direct bank

Open data

B2B
transfers or in-house processing, resulting $153.8B
in lower revenue compared to consumer
transactions, which frequently involve
Blockchain

intermediaries and value-added services.

• The B2B segment represents around

80% of global revenues and includes both
Real-time payments

wholesale and retail market payments.

Banks handle most high-value payments
with comparatively low margins while
low-value B2B transactions are often REVENUE MARGIN (REVENUE ON FLOW)³
underserved by banks. Significant growth
CONSUMER BUSINESS
potential remains in this segment, which
Market outlook

has been comparatively slow to digitize.

6.0% 3.5%
CONSUMER

• It is estimated that the pandemic

accelerated the shift to online shopping
1.5% 0.1%
BUSINESS
by as much as five years. This has boosted
Market sizing

C2B payments, which account for 10%

of cross-border payment revenues.

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Fintech 2025+

• The majority of B2C transactions tend to • Cross-border payments have also gained
be low value and traditionally dominated momentum in Latin America (16% of
by banks, but new entrants are disrupting global revenues), as the pandemic forced
this segment with faster and more cash-dependent economies in the region Tune in to our conversation
Regulations

transparent services. to go digital. with Benjamin Fernandes, CEO

of Nala, for more on payments in the
African continent and how his company is
• The C2C segment has slowed recently, • The Middle East and Africa account for solving remittance challenges for workers
as economic activity in remittance 10% of the market. Remittances are and businesses in one of the world’s largest
emerging economies.
Fraud prevention

source countries has softened, limiting particularly important in the Middle East,
employment and wage gains for migrants. while Africa remains constrained by lack
of digital infrastructure and availability of
NORTH AMERICA LEADS THE MARKET
safe and cost-effective options for
FOR CROSS-BORDER REVENUES
transferring money.
There are several defining characteristics
Open data

at the regional level: See page 13 for regional revenue forecasts.

• North America represented roughly 28%

of total revenue in 2023. The market
Blockchain

benefits from a favorable environment Global cross-border payment revenues by region, 20234
(e.g., good technology infrastructure,
supportive legal framework) and strong
Real-time payments

growth drivers (e.g., widespread use Middle East and Africa 18.8 Avalon
of e-commerce).
Latin America 31.5
• However, Asia-Pacific (26% of global
revenues) is closing the gap, with rapid Europe 39.4
developments in infrastructure and
Market outlook

increased digital adoption. Asia-Pacific 49.9

• In Europe (20% of global revenues),

North America 53.7
implementation of the Single Euro
Payments Area (SEPA) across the EU
in 2016 has been instrumental in
Market sizing

0 10 20 30 40 50 60
supporting cross-border payments
US$ BILLIONS
growth through lower fees and shorter
clearing times.

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Fintech 2025+

EXPANDING PAYMENTS REFLECT

GROWING TRADE AND CAPITAL
MARKETS ACTIVITY
Global: Ratio of trade to GDP5
There is a close correlation between
Regulations

SWIFT payments (electronic payments % of GDP

through the SWIFT banking system) 30

and global trade flows:

25
Fraud prevention

• Cross-border payments surged during

the “hyper-globalization” of the 1990s;
however, the Global Financial Crisis 20
contributed to a leveling-off of the share
of world trade in GDP at a historically 15
Open data

high level.

• Nevertheless, trade flows have continued 10

to expand at a rate that broadly tracks
Blockchain

GDP growth. 5

• Cross-border capital markets activity

has also expanded rapidly, with the FX 0
market valued at around 17x the value
Real-time payments

03

13

23

33

43

53

63

73

83

93

03

13

23
19

20
19

19
19

20
19
of global GDP.

19
19

19
19

19

20
• The US dollar is on one side of almost
90% of all FX trades.
Market outlook
Market sizing

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Fintech 2025+

Global foreign exchange turnover

by currency, daily averages, net-net basis6
Regulations

US$ Trillions

16
Fraud prevention

US dollar Euro
14 Yen Pound

Renminbi Swiss franc

12 Others Total FX turnover
Open data

10
Blockchain

6
Real-time payments

2
Market outlook

1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 2019 2022
Market sizing

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 Market outlook:
Fintech 2025+

Cross-border World: Growth in tertiary students studying abroad7

flows headed % y/y

Regulations

10

for $290 trillion

Growth in intl. mobile outbound students
1998–2019 average

8
Fraud prevention

EDUCATION: STRONG INTERNATIONAL

STUDENT GROWTH HAS DRIVEN
RELATED PAYMENTS 6

Strong growth in international students

indicates that this has been a rapidly 4
Open data

growing segment:
2
• In 1998, when UNESCO records began,
there were just under $2 million
Blockchain

international students enrolled globally. 0

By 2020, this number had more than 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020
tripled to $6.4 million.
Real-time payments

• Growth in outbound students has

exceeded global (real) GDP growth.
However, if we construct an alternative The world’s largest outbound student CONTINUED ROBUST
GDP measure weighted by outbound markets have faced a considerable GROWTH EXPECTED IN
INTERNATIONAL STUDENTS
students, there is a strikingly close slowdown in real household disposable
correlation. This indicates that when income growth in the 2021–23 period Education-related cross-border payments
Market outlook

analyzed through a more nuanced compared to the average rate of growth should continue to grow at a solid pace,
lens, macroeconomic conditions in over the last two decades. This implies given robust (albeit moderating) growth in
sending countries have been very a recent slowdown in growth in outbound international students.
strongly correlated with international students from these key markets. The
The period to 2030 will likely be characterized
student volumes at the global level slowdowns have been most pronounced
by moderately slowing growth, consistent
since UNESCO records began. in China, South Korea, the US and Nigeria,
Market sizing

with projections for our bespoke outbound

and less severe in other major outbound
• That said, the economic shocks of the student-weighted GDP measure.
markets such as India and Vietnam.
past few years have had an impact.

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Fintech 2025+

It’s expected that in the period to 2030,

global outbound student volumes
will grow at a rate of around 4–4.5% per Global outlook for growth in outbound student numbers8
year on average.
Regulations

• There is likely to be significant variation Annual average % growth

in the rates of outbound student
6 5.7%
growth at an individual country level, 5.4%
Fraud prevention

reflecting differing macroeconomic

and demographic conditions. 5

• It is likely that the increased cost of 4.2%

international study in major host
4
countries, geopolitics and immigration
Open data

policies applicable to international

students will also dampen demand, Avalon
3
particularly from more price-sensitive,
Blockchain

emerging economies.
2
Real-time payments

0
2000–10 2010–19 2022–30 (Forecast)
Market outlook

Global outbound weighted GDP is set to slow in the period to 2030, which is
expected to lead to a moderation in growth of the international student market.
Market sizing

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Fintech 2025+

CROSS-BORDER PAYMENT FLOWS from $39 trillion to $56 trillion. This • While growth in other B2B categories
TO REACH $290 TRILLION BY 2030 reflects significant digitization of the B2B will be far more modest, cross-border
The wholesale cross-border payments payments market. While consumer business services will increase more
market, which covers transactions for payments had a digital surge during than goods, reflecting higher potential
Regulations

currency trading and related activities, is the pandemic, B2B has so far lagged. to benefit from digitization and services
set to increase by 54%, from $146 trillion trade growing faster than goods trade.
• B2B growth will be led by e-commerce,
in 2023 to $225 trillion in 2030.
such that it becomes the largest • Rapid growth in e-commerce will also
Fraud prevention

Non-wholesale (retail market) payment sub-sector by 2030. The rise in B2B be a key driver of B2C and C2B payments.
flows are forecast to expand by 45%, from e-commerce is supported by the ongoing
• Meanwhile, growth in the C2C market
$44 trillion in 2023 to reach $65 trillion by proliferation of online marketplaces
will be aided by increasing migrant
2030. Key trends in the retail market include: and platforms specifically targeting
flows and more mobile affluent classes.
businesses the same way consumers
• The B2B segment will make the largest
Open data

engage in e-commerce.
contribution to this growth, increasing
Blockchain

Cross-border payments:
Retail market size by key segments, 2023 and 20309
Growth
2023–2030
Real-time payments

$1.8
B2B, +120%
E-commerce
2023 $3.1 $10.4 $17.2 $10.0 $44.2
B2B, Large +15%
enterprises
$1.7
B2B, Mid-small +10%
Market outlook

enterprises

2030 $3.3 $5.6 $3.2 $11.4 $19.7 $21.9 $65.1 B2C +83%

C2B +82%

0 10 20 30 40 50 60 70 C2C +80%
Market sizing

Market size, $T

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Fintech 2025+

CROSS-BORDER PAYMENT REVENUES

TO REACH $280 BILLION BY 2030

Judging future revenue forecasts is not Cross-border payment revenues by

entirely consistent with the flows from transaction type, 2023-203010
Regulations

the previous pages due to different sources.

Increase in value
However, some key trends and drivers 2023 vs. 2030
are evident: US$ Billions 2023 2027 2030
Fraud prevention

• The outlook for revenues will depend on $153.8

future trends in both the number and +43%

B2B $188.9
average size of transactions, as well as any $220.5
changes in how transactions are charged
or the cost of transactions. $20.3
Open data

C2B $27.2 +68%

• Headline growth prospects for revenues
from B2B transactions are robust, despite $34.0

being constrained by the fact that most

$10.3
Blockchain

payments are high-value transactions

B2C $12.0 +29%
processed through the correspondent
banking network at already-thin margins. $13.4
Real-time payments

• Price competition will intensify elsewhere $8.9

— especially for smaller payments C2C $10.7 +38%
in the B2B segment, which is currently
$12.3
underserved by banks, but also in
consumer-related segments. Tightening 0 50 100 150 200 250
margins will constrain revenue growth
Market outlook

prospects relative to the underlying rate of

expansion in cross-border payment flows.
Market sizing

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Fintech 2025+

ASIA-PACIFIC TO BECOME economic growth and advances in mature markets, although these regions
THE LARGEST GLOBAL MARKET infrastructure and payments technologies. will still benefit from the presence of
BY 2030, B2B TO DRIVE
Increased collaboration between regional key players and government policies that
Regional breakdowns of revenues governments is also facilitating growth. facilitate competition and innovation.
Regulations

are based on destination of payment flow.

• Prospects for Latin America are also • Growth in Africa will lag given the region’s
Growth in cross-border payments will bright, as the region’s economies relative lack of technology infrastructure.
vary by region, with prospects brightest increasingly go digital and investments
Fraud prevention

for payment corridors in Asia: in fintech unlock opportunities.

• Asia-Pacific is forecast to be the • Growth prospects are more modest for

fastest-growing region, reflecting rapid North America and Europe, being more
Open data

Cross-border payment revenues growth by Cross-border payment revenues

region, 2023-30: Breakdown by segment11 by region, 2023-203012
Blockchain

% sector contribution Total change, $B US$ Billions Increase in value,

to change 2023 vs 2030
2023 2027 2030
B2B C2B B2C C2C Change in value ($B) $53.7
North
Real-time payments

100 24 $65.7 +42%

America
$76.4
90
20 $49.9
80 Asia-Pacific $65.2 +60%
70 $79.6
16
60 $39.4
Europe $47.3 +37%
50 12
$54.2
Market outlook

40 $31.5
8 Latin
30 $39.2 +47%
America
$46.2
20
4 $18.8
10 Middle East $21.5 +27%
and Africa
0 0 $23.8
Market sizing

Middle East Latin Europe Asia-Pacific North

0 20 40 60 80 100
and Africa America America

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Fintech 2025+

GENERATIVE AI HAS CAUGHT THE

ATTENTION OF PAYMENTS COMPANIES

Recent earnings call transcripts from 16 Applications of AI for payments: Share of focus
major publicly traded payments companies on different applications by current and future initiatives13
Regulations

show a significant increase in AI discussion,

with a particular focus on future applications, Current applications Future applications
especially around customer experience
and productivity.
Fraud prevention

Applications of AI to cross-border payments

Risk management
can be generally categorized into three areas:
Open data

Risk management Customer service

The most traditional area of focus,
associated with areas such as Know
Blockchain

Your Customer (KYC) and identification

of other security issues.
Productivity
Real-time payments

Customer service
0 5 10 15 20 25 30
Applications such as chatbots are
already well established, but generative Mentions in Q1–Q4 2023 earning calls
AI is providing potential ways to
enhance this process.
Market outlook

Productivity
Using AI to find efficiencies
Market sizing

across operations.

14 convera.com
 Figure 1:
Fintech 2025+

THE PATH TO IMPROVING

Historical challenges in cross-border payments, as identified by the FSB15
CROSS-BORDER PAYMENTS

The Committee on Payments and Market

Infrastructures (CPMI) has established
Regulations

a Task Force dedicated to working on

cross-border payments:

• In 2020, the Financial Stability Board

Fraud prevention

(FSB) reported on the challenges facing Low rate of straight-

cross-border payments.14 [See figure 1] Significant barriers through processing
to entry for of payments and
automated
• To tackle these challenges, the FSB set intermediaries
reconciliation
out a roadmap endorsed by the G20
with a vision for enhancing cross-border
Open data

payments and an action plan, bringing Requirement to

s t • Low Sp Complexities in
together central banks, public authorities, preposition funding Co e
meeting compliance
often across

ed
h
standard-setting bodies and the private requirements

Hig
multiple currencies,

•
Blockchain

(incl for AML/CFT

sector around the world.

rency
or to have efficient
and data protection

• Limite
access to foreign CHALLENGES
purposes)
• The roadmap includes a set of measurable currency markets

spa
targets for 2027 to unite everyone around

n
d
cc
Real-time payments

ra
the same vision. Of note is the intent to T

a
es
Costly development s • Limited
explore the potential role of new payment
of direct connections Delays in clearing and
infrastructures and arrangements, required to transmit settling cross-border
including global stablecoins and central cross-border payments, particularly
payments in multiple in corridors with
bank digital currencies (CBDCs) through currencies broad time zone
Reliance on
2025 and beyond, with the IMF and batch processing, differences
Market outlook

a lack of real-time
World Bank providing technical assistance
monitoring and low
to facilitate cross-border use of CBDCs data processing
if requested. capacity
Market sizing

FRICTIONS

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 PART II

Realizing opportunity
in real time: Commercial
payment innovation
in the digital age

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 Real-time
Fintech 2025+

As the fintech sector expands to capitalize

payments
on the rapid growth in cross-border
payments, key innovations have emerged,
including developments in RTPs, blockchain
Regulations

REALIZING OPPORTUNITY and crypto currencies, open banking,

IN REAL TIME and advancements in fraud prevention and
regulatory trends.
In the digital economy, fintechs and
5,000+ payments-focused
Fraud prevention

paytechs are key to making payments faster, GDP GROWTH LINKED TO

fintechs generate around
safer and more accessible, acting like INSTANT AND RTP $100B in revenues, with
fluid in a network of interconnected tubes projections suggesting a
RTPs are becoming a key driver for
that include consumers, governments surge to $520B by 2030.
economic growth, with 86% of businesses
and businesses. They will enable swift,
with revenues between $500 million
Open data

effortless money transfers, enhancing global

and $1 billion already adopting this efficient
economic networks both old and new.
transaction method. These instant payments
Currently, over 5,000 payments-focused enhance liquidity and financial stability
fintechs generate around $100 billion by unlocking working capital and reducing
Blockchain

in revenues, with projections suggesting transaction times. They also help integrate
86% of businesses
a surge to $520 billion by 2030. This growth informal economic activities into the formal with revenues between
reflects the evolving payments landscape, financial system. $500M and $1B
Real-time payments

have adopted RTPs.

marked by the advent of CBDCs, real-time
A study by ACI and Cebr highlights the
and cross-border payments, standardized
positive impact on GDP growth, projecting
global bank communication such as
that an RTP system in New Zealand could
ISO20022 and innovations in digital assets
elevate the GDP by $271 million, or 0.1%, by
and stablecoins. With over 90% of central
2027. The European Union, recognizing
banks exploring digital currencies, we
these economic benefits, has mandated
stand on the brink of a major shift in how
Market outlook

instant payment schemes across its member

transactions are conducted, emphasizing
states, underscoring the significant role
security and efficiency in the ever-evolving
of RTP in fostering a more efficient and
payment ecosystem.
inclusive financial ecosystem.
Market sizing

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Fintech 2025+

Top 5 real-time markets16

Regulations

India Brazil China Thailand South Korea

Fraud prevention

2021 2026

$37B $164.6B
BUSINESS- AND CONSUMER-
LEVEL BENEFITS
Open data

$54.6B $131.1B
FORMAL GDP SUPPORTED
BY REAL-TIME
Blockchain

Leading 5 developed markets17

Real-time payments

USA Canada UK France Germany

Market outlook

2021 2026

$2.1B $5.5B
BUSINESS- AND CONSUMER-
LEVEL BENEFITS

$7.3B $14B
FORMAL GDP SUPPORTED
BY REAL-TIME
Market sizing

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 RTP
Fintech 2025+

RTP TAKING OFF GLOBALLY

RTPs are revolutionizing global finance

with a 63.2% jump in transactions in 2022
RTPs are on the rise RTP leaderboard
Regulations

and an expected rise to $511.7 billion by

2027, marking a 21.3% annual growth rate.
Soon, RTP will form 27.8% of all electronic

1/4
India recorded

OVER
payments, up from 18% in 2022.
89.5B
Fraud prevention

RTP transactions
Leading the RTP adoption, India recorded of electronic
in 2022
payments
$89.5 billion transactions in 2022, with
will be RTP
Bahrain predicted to reach 83.3 transactions
per capita monthly by 2027. Brazil’s 21.3%
RTP market grew by 228.9%, reaching $29.2 projected
Open data

annual
billion transactions. growth

In Asia, RTP’s success stems from standout

user-friendly features, QR codes and
63.2%
Blockchain

growth
mobile integration, with significant usage in 2022
by governments and businesses, including Brazil saw
cross-border payments within ASEAN.
228.9%
Real-time payments

In contrast, by 2027, European nations like growth in RTPs

the Netherlands and Sweden will rank high

in RTP adoption, whereas major economies
like the UK, the US and Germany will lag,
Bahrain
underscoring a global disparity in embracing
could reach
this payment innovation.
83.3
Market outlook

monthly
transactions
per capita
Market sizing

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Fintech 2025+

CONVENIENCE OF DIGITAL SERVICES save on interchange fees that can reach as have made some banks hesitant due to
IS DRIVING RTP GROWTH high as 4% and benefit from immediate the lack of direct competitive advantage.
The rise of RTP is fueled by consumer fund settlements and a streamlined returns In markets like the Netherlands, where
demand for instant transactions, driven by process, enhancing customer loyalty. banks don’t charge for RTP transactions but
Regulations

the convenience of digital services. The offer bundled account benefits, revenue
RTP REVENUE OPPORTUNITIES
integration with mobile wallets and digital is generated through package fees, interest
FOR BANKS
apps, coupled with the global surge in and traditional banking methods rather
Banks face a significant opportunity by than per-transaction fees.
smartphone users — expected to increase
Fraud prevention

embracing RTP to meet customer

by $1.5 billion to $6.4 billion by 2029 —
demands and market changes. While Banks should evaluate their use of RTP
facilitates this shift toward faster payment
banks traditionally view commercial infrastructures and think about how they
solutions. Government initiatives worldwide,
payments as a cost center, an Accenture could strategically leverage new solutions
such as Brazil’s PIX and the EU’s instant
study highlights a potential $371 to enhance their position in the rapidly
payment mandates, further support RTP
Open data

billion revenue from value-added services, changing payment ecosystem.

infrastructure development.
including RTP, by 2028.
The elimination of intermediaries in RTP
However, regulatory and consumer Learn more about real-time
systems reduces transaction fees, benefiting
Blockchain

protection aspects associated with RTP payments, FedNow and the new era
both businesses and consumers. Merchants of B2B transactions on our blog.
Real-time payments

PAYMENT DYNAMIC POTENTIAL USE CASES

P2P Person to Person Repayments/remittances to family or friends

G2C Government to Consumer Subsidies, tax refunds/rebates, government wages, pensions,

social benefits, unemployment benefits, loans

B2C Business to Consumer Bill payments (using Request to Pay), rebates, refunds, vouchers, legal
Market outlook

settlements, insurance claims, employee wages, employee reimbursements

C2B Consumer to Business Point of sale transactions, bill payments, medical co-pays

C2G Consumer to Government Taxes, loan repayments, donations, registration fees Smartphone users are
surging globally, expected
B2B Business to Business Supplier payments, refunds, adjustments to increase by $1.5B
Market sizing

to $6.4B by 2029
B2G Business to Government Taxes, registration fees, campaign donations

G2B Government to Business Privatized services, tax rebates, government contracts

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G20 ROADMAP FOR ENHANCING

CROSS-BORDER PAYMENTS

RTPs currently offer instant domestic fund Overview of the priority themes
transfers and have dramatically shifted
Regulations

and actions for achieving the G20 targets18

the payments landscape with their speed
and efficiency. However, integrating RTPs
with cross-border payments, multiple
PAYMENT SYSTEM 01 Central bank operators’ community of practice
Fraud prevention

intermediaries and often lengthy settlement

INTEROPERABILITY
times presents challenges. These include 02 FPS interlinking across borders
AND EXTENSION
interoperability issues (as most RTP systems 03 Cross-border payment service level
are country-specific), regulatory complexities agreements/schemes

across borders in various regions and the

Open data

need for significant infrastructure upgrades. LEGAL, REGULATORY AND 04 Bank/non-bank regulation and supervision
SUPERVISORY FRAMEWORKS
In 2020, the G20 prioritized enhancing 05 Information to end-users
cross-border payments, launching a roadmap 06 AML/CFT rules application
Blockchain

to improve cost, speed, accessibility and

G20
transparency by 2027. A key goal is for
DATA EXCHANGE AND 07 Interaction with data frameworks
75% of these payments to reach recipients MESSAGE STANDARDS
within an hour by 2027. Major 2023 08 ISO 20022 harmonization requirements
Real-time payments

milestones include Swift’s adoption of 09 API harmonization

ISO20022, enabling standardized global
10 Legal Entity Identifier use
bank communication for more efficient
and secure cross-border payments.
11 Payments Summit
However, adoption is still emerging, with
12 Industry taskforces
fewer than 800 banks using ISO syntax
Market outlook

13 Monitoring and progress reporting

for payment messages in 2023. Achieving
G20 targets requires interoperability 14 Technical assistance
and regulatory alignment, particularly in 15 Public sector outreach
areas like anti-money laundering and
data governance, underscoring the need
Market sizing

for public-private sector collaboration.

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CENTRAL BANKS SPEARHEAD RTPS IMPROVE FINANCIAL

INNOVATIONS IN CROSS-BORDER INCLUSION AND HUMANITARIAN AID
PAYMENTS Global transaction
RTPs are pivotal for financial inclusion, costs currently average

6.25%
Central banks globally are innovating significantly benefiting remittances by
Regulations

to enhance cross-border payments providing instant P2P family support

(more on their experiments with the BIS and lowering transaction costs, which
later). The European Central Bank and currently average 6.25% globally, with
Sweden’s Central Bank are exploring Goals set to reduce
UN Sustainable Development Goals set to
Fraud prevention

transaction costs below

instant, cross-currency payment systems,

3%
reduce it to below 3% by 2030. Digital
while the European Payment Council’s remittance costs, at 4.72%, are already lower,
One-Leg Out Instant Credit Transfer and RTP systems could reduce these
scheme aims to streamline international further by serving as a digital infrastructure.
transactions within and beyond Europe.
Open data

The Arab Monetary Fund’s Buna platform RTPs are crucial for immediate access to

facilitates payments in regional and funds in emergencies, exemplified by

international currencies across commercial situations such as global armed conflicts

or natural disasters, where traditional
Blockchain

banks and institutions.

fund-receiving methods fail. Instant payments
In 2023, Vietnam joined Indonesia, from insurance companies enable quick
Malaysia, Thailand, the Philippines and recovery actions, such as contractor payments.
Singapore in an initiative to connect
Real-time payments

payment systems, emphasizing QR code Moreover, RTP enhances B2B transactions,

usage for retail. This collaboration ensuring faster trade and prompt settlements,

aims to bolster trade and resilience against vital during crises like pandemics or labor

global financial uncertainties. India and shortages. This system fosters agile business

the UAE have also agreed on memoranda partnerships and timely supply procurement,

to use local currencies for cross-border overcoming traditional credit process delays.
Market outlook

transactions, enhancing economic ties.

Furthermore, the ASEAN Bankers Association
has developed an interoperable QR code
to simplify and reduce the cost of
cross-border payments within ASEAN,
Market sizing

promoting tourism and trade.

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FINTECH LEADERSHIP SPOTLIGHT — “Blockchain solves a lot of the issues that organizations
BLOCKCHAIN FOR GLOBAL
HUMANITARIAN AID DISBURSEMENTS face when they’re doing this amazing [humanitarian
The disbursement of humanitarian aid aid] work. The legacy financial system is opaque,
Regulations

has been a historical challenge for many expensive and slow. What blockchain has been able
organizations aiming to provide relief
to provide is a set of instant, cheap, transparent
around the globe. The Stellar Development
Foundation’s Aid Assist program is aiming rails for organizations that need to provide money
Fraud prevention

to change that. without setting up a full on-the-ground infrastructure.

Powered by the Stellar blockchain, The last thing you want to do is send in 200 staff
Stellar is on a mission to democratize members if you don’t have to.
access to financial services, with the goal
And so with Stellar Aid Assist, which is the program built
Open data

of revolutionizing how humanitarian aid

reaches its recipients through innovative
around humanitarian aid on Stellar, there’s a product
digital wallets — an approach born from
the 2022 Russian invasion of Ukraine and underneath that which basically allows for organizations
Blockchain

since expanded to other areas of need. to send money to individuals on their phones in a stable
and portable way, so that those people can receive
the money and do whatever they need to do with it.
Real-time payments

We trust people to meet their own needs in their

Learn how the Stellar Development environments, especially in a time of crisis.”
Foundation is deploying blockchain
technology to improve humanitarian aid
disbursement, such as they did following
Russia’s invasion of Ukraine in 2022.

TORI SAMPLES
Market outlook

Sr. Product Manager at Stellar Aid Assist

Market sizing

23 convera.com
 Emerging rails,
Fintech 2025+

Furthermore, statistics reveal an increasing

tokenization and
focus on real-time cross-border payment
solutions. According to ACI Worldwide,
Increasing focus on RTPs
the opportunities RTPs accounted for $266.2 billion transactions
Regulations

globally in 2023, a year-over-year (YoY)

ahead growth of 42.2%. ACI Worldwide forecasts

$575.1 billion real-time transactions by 575.1B
RTP transactions
2028, when RTPS are expected to account
Fraud prevention

by 2028
for 27.1% of all electronic payments globally.
In today’s globally connected environment,
This section explores some of the ongoing
the ability to successfully and safely transfer
and most promising experimentation, 27.1%
money across borders is essential for of electronic payments
theory and real-world applications of
businesses and individuals alike. Businesses will be RTP
blockchain and digital assets as they pertain
Open data

need to pay employees overseas, manage

to the potential for improving real-time
international suppliers, and optimize cash
cross-border payments. 42.2%
flow through treasury management. growth in 2023
Meanwhile, individuals buy goods from ADDRESSING CROSS-BORDER
Blockchain

international sellers, manage finances CHALLENGES THROUGH BLOCKCHAIN

while traveling and send money to loved Fintech companies are increasingly using
ones overseas. distributed ledger technology (DLT) and
To overcome the limitations of traditional blockchain to address cross-border payment
Real-time payments

cross-border payment systems, a new challenges, by offering transparency and

generation of fintech companies has traceability, which reduces fraud risk and
emerged. These companies are innovating enhances security.
on existing rails, with some fintechs Statista projects a significant increase in Check out our podcast, “New
leveraging cutting-edge technologies like B2B cross-border transactions on blockchain
rails to new worlds: Building
inclusive, innovative infrastructures
blockchain to improve cross-border
Market outlook

by 2025, with the Asian market leading for global payments,” featuring Convera
payments. Such private-sector innovation this trend. Moreover, a survey conducted CCO Jennifer Parker, Citi TTS Head of
Digital Assets Ryan Rugg, Ripple Head
has captured the interest of governments by PYMNTS.com found that 37% of of Payments Products Pegah Soltani,
and institutions globally, particularly businesses are currently using blockchain and Swift Head of Payments Kalyani Bhatia.
in the form of payment stablecoins and for cross-border payments. A further 13%
Market sizing

CBDCs for their potential positive impact said they would like to begin leveraging
on cross-border transactions. blockchain for their international transactions.

24 convera.com
Fintech 2025+

DLT also enhances interoperability between

financial systems, making cross-border
transactions increasingly seamless. Fintech
Increase in B2B cross-border transactions on blockchain19
companies like Stellar, Ripple and Veem
Regulations

are leveraging blockchain for more efficient

745M 466M
1/3
and transparent cross-border payments,

OVER
demonstrating the industry’s commitment
B2B cross-border blockchain transactions
to addressing evolving payment needs. blockchain transactions anticipated in Europe
Fraud prevention

of B2B cross-border
conducted by 2025 by 2025 transactions finalized on
Meanwhile, legacy players like the the blockchain were in
Society for Worldwide Interbank Financial the Asian market in 2020

Telecommunication (SWIFT) have

significantly elevated their offerings. In
Open data

2017, Swift gpi (global payments innovation)

was introduced to enable same-day
processing of cross-border payments, while
significantly increasing their transparency
Blockchain

and traceability. Swift reports that 50%

of gpi payments reach beneficiaries in
under 30 minutes and a further 40% arrive
at their destination in under 5 minutes.
Real-time payments
Market outlook
Market sizing

25 convera.com
Fintech 2025+

FINANCIAL INSTITUTIONS AND times from days to seconds. This customizable

THE BIS COLLABORATE TO ENHANCE platform supports compliance, privacy,
CROSS-BORDER PAYMENTS liquidity and monetary policy transmission.
The Bank for International Settlements’ Hear more from the Bank for
Regulations

Project Dunbar International Settlements’ Daniel

(BIS) Innovation Hub has driven and is Eidan on cross-border payment challenges
Dunbar also focuses on a common platform
currently driving several new projects to being solved through various Central Bank
for CBDC issuance and exchange, managed and private-sector experiments and the
enhance cross-border payment speed,
cooperatively by central banks and used goal of interoperability on our podcast.
transparency and interoperability. These
Fraud prevention

by private financial institutions. It addresses

initiatives highlight the importance interoperability challenges by enforcing
of leveraging blockchain and distributed technical standards, data architectures
ledger technology (DLT) for cross-border and terminology.
payment interoperability, with the IMF The Finternet proposes to bridge these
emphasizing the public sector’s role in THE “FINTERNET” — THE FINANCIAL
Open data

gaps by consolidating various financial

RAILS OF THE METAVERSE?
driving platform development alongside transactions onto a single platform (unified
private-sector innovation. Bank for International Settlements ledger), potentially transforming access
general manager, Augustín Carstens has to and the efficiency of financial services
Blockchain

Project Agora
coined the term “Finternet” to describe globally, offering broader reach, better risk
BIS and seven central banks across the
the organization’s vision of a network of management and lower transaction costs.
US, Mexico, Great Britain, Switzerland,
interconnected financial ecosystems
Eurozone, South Korea and Japan have similar to the internet. It aims to simplify CRYPTO ADOPTION IN TRADITIONAL
announced plans to collaborate with the FINANCIAL MARKETS
and enhance financial services by
Real-time payments

private sector convened by the Institute integrating technologies like tokenization In line with the views of an emerging
of International Finance (IIF) to integrate and unified ledgers. Finternet, traditional financial institutions
tokenized commercial bank deposits are increasingly embracing crypto-assets
with tokenized wholesale central bank The Finternet emphasizes collaboration
and blockchain technology, with a focus on
between public and private sectors
money using smart contracts to achieve stablecoins, which are digital assets tied
and focuses on inclusivity, particularly
Market outlook

atomic (or instantaneous) settlement. to a stable value like the US dollar.

benefiting emerging markets and
Project mBridge developing economies. Statistics reveal Despite a $1.2 trillion dip in the total crypto
mBridge aims to create a unified platform for significant gaps in financial inclusion, market cap, stablecoins have seen a gain
issuing and exchanging wholesale CBDCs with $1.4 billion adults remaining outside of 5.6%. This shift is attributed to growing
from multiple central banks, with the latest the formal financial system, and only 28% awareness and understanding of blockchain,
Market sizing

prototype reducing cross-border transfer having borrowed from a formal institution. crypto, and digital assets, with initiatives like

26 convera.com
Fintech 2025+

the Markets in Crypto Assets Regulation transfer service, while Société Générale
(MiCA) helping to clarify regulatory launched its stablecoin, EUR CoinVertible,
ambiguity. Additionally, interest is rising in for trading on Bitstamp.
decentralized finance (DeFi) platforms, To dive deeper into DeFi’s
Regulations

TOKENIZATION AND CRYPTO growth and impact on TradFi,

which enable direct financial interactions
INNOVATIONS BREAK TRADITIONS check out our 3-part series podcast
without intermediaries to reduce costs on “Why DeFi Matters,” with author Ian
and improve efficiency for traditional To help traditional banks and markets enter Horne, Head of Content for Money2020 EU.

financial players. the digital currency and DeFi world,

Fraud prevention

specialized service providers have emerged.

DECENTRALIZED FINANCE These include tokenization platforms,
POISED TO BOOM companies offering crypto-as-a-service and
According to Statista, the DeFi market’s hybrid solutions blending DeFi with
revenue is projected to hit $26.17 billion this traditional mechanisms.
Open data

year, with an annual growth rate of 9.07% By 2028, revenue from

Tokenization platforms convert real assets
expected to reach $37 billion by 2028. Each DeFi projected to reach

37B
(e.g., art) and financial products (e.g., bonds,
DeFi user is expected to contribute an
stocks) into tokens traded on blockchains.

USD
average of $1,378 in revenue in 2024, with
Blockchain

Examples include ConsenSys Codefi and

the number of DeFi users expected to
OpenSea, which enables the creation and
hit $22.09 million by 2028. The US is expected By 2028, the number of
sale of digital assets and serves as a DeFi users is expected to hit
to lead in revenue, reaching $12.5 million

22.09M
marketplace for NFTs.
in 2024.
Real-time payments

USD
Crypto-as-a-service companies, akin to
Forward-thinking banks worldwide are
banking-as-a-service providers, offer
exploring, issuing, trading and offering
pay-per-use models for digital financial
custody services for stablecoins and other
capabilities. In Brazil, companies like
digital assets. JPMorgan Chase launched
Nubank and Mercado Pago use these
JPM Coin in 2019 for instant payments
services to facilitate buying and selling
Market outlook

between institutional accounts, adding

crypto assets. Meanwhile, hybrid solutions To learn more about the promise
programmability features later. BNY Mellon
like Credix and Cloudwalk in Brazil and impact of payment stablecoins
launched Digital Asset Custody, responding and CBDCs on cross-border
blend traditional user experiences with
to high institutional interest in tokenized payments and remittances, or on
DeFi technologies internally. tokenization, check out our blog.
products. Santander introduced One Pay FX,
Market sizing

a blockchain-based international money

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FINTECH LEADERSHIP SPOTLIGHT — “I see the evolution of Environmental, Social and

ESG AND BLOCKCHAIN
Governance (ESG) from mere corporate responsibility to
According to a recent Ripple/US Faster
Payments Council survey of leaders at a strategic imperative as critical in the face of escalating
Regulations

financial institutions, 81% of those surveyed climate challenges. ESG now demands robust practices
acknowledge the environmental impact of
including emission reductions, sustainable resource use
blockchain use, while 78% believe low energy
consumption in the context of blockchain
and enhanced diversity in leadership.
Fraud prevention

use is “very” or “somewhat” important.

Fintech and blockchain are pivotal, transforming ESG
initiatives through innovations like voluntary carbon
markets and ensuring transparency with decentralized
platforms for environmental integrity.
Open data

Listen to our conversation with Nameer

on the Converge podcast to learn
how to future-proof your ESG strategy.
It’s essential that corporations not only adapt but lead by
setting clear ESG targets, embracing renewable energies,
Blockchain

and optimizing resource efficiency. Together, leveraging

advanced technologies, we can spearhead a sustainable
economic future, protect our environment and build a
Real-time payments

resilient society for future generations.”

NAMEER KHAN
Founder and CEO of Fils
Market outlook
Market sizing

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 Data sharing
Fintech 2025+

FROM OPEN BANKING TO OPEN DATA innovative environment. However, the

and the open Moving from open banking and open trajectory of open data will depend on

finance to open data marks a significant regulatory frameworks, technology and

banking shift. While open banking has sparked societal attitudes toward data sharing.
Regulations

global interest, various nations are now

revolution
US IS CATCHING UP TO
finding their unique paths to unlock EUROPEAN OPEN BANKING
financial data. This expansion highlights
The US is making strides in open banking,
the transformative potential of open
Fraud prevention

In recent years, the financial sector has catching up to Europe, as seen in

data sharing, encouraging global attention.
witnessed a paradigm shift toward INNOPAY’s Open Banking Monitor and
openness and interoperability, ushering in While open banking and open finance focus The Paypers’ Trends Report. While
the era of open banking. Jurisdictions on financial data, their core principles of Europe leads in APIs, North American banks
around the globe, including the European transparency and openness align with open now contribute 14% to the open banking
Open data

Union, United Kingdom and Brazil, have data, which extends these principles market (OBM), with CitiBank notably leading
adopted open banking frameworks, allowing beyond finance to include a wide range of in openness. US Bank and Wells Fargo
third-party providers access to financial information, from government data to are also expanding their API offerings and
data with the consent of customers. This scientific research. leading in functional scope.
Blockchain

transformation facilitates more secure

Open data aims to promote transparency, Cross River Bank and Capital One shine in
and expedient cross-border payments and
collaboration and innovation by making functional scope and developer experience,
broadens the scope of financial services,
diverse datasets accessible to the public. but access to offerings from giants like
extending into investments and insurance.
Real-time payments

This initiative encourages the development Goldman Sachs, JPMorgan and Chase is
As we progress from open banking to open of innovative applications and research in limited, hindering a full assessment.
data, this shift not only redefines the various fields.
US banks excel in offering investment and
accessibility of financial data but also sets
The evolution of these concepts suggests foreign exchange APIs, providing direct
the stage for expansive data sharing across
that open data will continue influencing access to investment data and currency
diverse sectors, enhancing transparency
data sharing and utilization across sectors, exchange rates, with some enabling real-time
Market outlook

and innovation. The following section

including finance. Trends toward openness or future trading. Unlike Europe, US
explores the open banking revolution and
and collaboration are expected to endure, developments are industry-led, with banks
its implications for global financial services
shaping a more interconnected and proactively adopting open banking strategies.
and data management.
Market sizing

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Fintech 2025+

In Europe, the Data Act, effective since platform offering adjacent financial services Initially, BaaS partnerships involved banks
January 11, 2024, complements existing while taking on some economic ownership. and API-first fintech companies, which
regulations like the General Data Protection offered enhanced financial services when
Banking as a Service (BaaS) forms the
Regulation (GDPR), aiming to create a embedded. Recently, API-first tech
Regulations

sturdy foundation for embedded finance,

unified data market. The US is also advancing companies outside the financial sector, like
enabling its dynamic growth. Embedded
in data privacy laws, with eight states e-commerce platforms or rideshare apps,
finance focuses on user-facing financial
passing laws in 2023 and more expected to have also started benefiting from embedded
services, while BaaS provides the backend
follow in 2024, indicating a growing trend finance. A report from Mastercard suggests
Fraud prevention

banking functions that enable digital

in privacy regulations. Canada is updating its that these partnerships could eventually
banks and non-banks to offer financial
privacy laws with the Digital Charter extend to all companies adopting API-based
services. This combination of BaaS
Implementation Act, 2022, expected to be business models in the future.
and embedded finance revolutionizes the
enacted in 2024, introducing the Consumer
industry, offering unparalleled convenience BaaS, part of the “as a service” trend, is
Privacy Protection Act and emphasizing
Open data

and accessibility that frees users from gaining attention. It builds on the older
data privacy for consumers.
traditional banking limitations. concept of white-label partnerships
EMBEDDED FINANCE — A FURTHER between banks and retailers, dealerships
SHIFT IN THE LANDSCAPE THE IMMEASURABLE POTENTIAL
or airlines, which were costly and rare.
FOR EMBEDDED FINANCE
APIs changed this by enabling embedded
Blockchain

Embedded finance represents a significant

The potential for embedded finance is finance, integrating financial services
evolution in the financial services landscape,
vast. Estimates suggest that the global into customer experiences.
building upon concepts like open banking,
opportunity for embedded finance
open finance, modular banking and
will reach $7.2 trillion in the next decade,
Real-time payments

banking-as-a-platform. This new approach

which is twice the combined value of
is reshaping how customers interact
the world’s top 30 banks today. Regarding
with financial institutions, offering them
BaaS, Juniper Research predicts that
integrated financial services within their
BaaS platform revenue worldwide will
daily activities.
surpass $38 billion by 2027, up from
Market outlook

Embedded finance is the integration of $11 billion in 2022. This substantial 240%
financial services into non-financial growth is attributed to BaaS’s ability
Embedded finance
offerings, driven by digital advancements to enhance connections between brands will reach $7.2T in
and customer preferences for seamless and customers through seamless banking the next decade.
experiences. Jeff Tijssen, from Bain & and payment experiences.
Market sizing

Company, describes it as a non-financial

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REAL-WORLD USE CASES FOR trade finance. Platforms such as Tradeshift PAYMENT PROCESSING
EMBEDDED FINANCE AND BAAS and Taulia integrate financing into AND INFRASTRUCTURE

Retailers have long seen the value of procurement, allowing suppliers to access Payment processing methods differ
financial services, with early examples like early payments or financing based on significantly between embedded finance
Regulations

branded credit cards; however, embedded invoices. This integration improves cash and BaaS. In embedded finance, payments
finance has begun to be widely used in flow management and strengthens are dynamic and occur during online
various contexts, such as enabling seamless supply chain relationships. purchases or service use. In contrast, BaaS
shopping experiences (e.g., Amazon) and transactions are prearranged and occur in
Fraud prevention

For businesses with international operations,

mobility services (e.g., Uber). McKinsey also the background, unbeknownst to the
embedded finance simplifies currency
reveals that demand is maturing among customer. Here, the fintech company and
exchange in cross-border transactions.
embedded finance distributors and their the bank have already established an
Traditional currency exchange services
customers for traditional financial products agreement. When a payment is made, the
can be costly and time-consuming,
like deposits, payments, issuing and lending. bank processes it through their APIs,
Open data

but embedded finance solutions offer

with the front-end brand managing all
In supply chain operations, embedded convenient and cost-effective options
customer interactions.
finance optimizes processes and facilitates with competitive rates and minimal fees.
Blockchain

B2C USE CASES

Real-time payments

Buying a house Booking travel Buying a car Getting groceries Buying Renting a flat Filing taxes
big-ticket items
Market outlook

B2B USE CASES

Filing taxes Financing assets Paying invoices Financing Providing benefits

Market sizing

working capital

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In the realm of financial infrastructure and Ensuring consumer privacy and data Regulatory considerations
regulation, Nirav Patel, CEO of Andaria, protection are also crucial. for BaaS adoption20
highlights the advantages for businesses
BaaS providers and fintech firms must also
utilizing embedded finance. Unlike
Regulations

comply with regulatory sanctions, such

traditional banking services, where setting
as those from the US or EU, to prevent illicit
up financial infrastructure and navigating
activities. This requires rigorous transaction Licensing requirements
regulatory requirements can be complex
screening to avoid engaging with sanctioned
and time-consuming, embedded finance
Fraud prevention

individuals or entities. Firms that fail to

offers a more streamlined approach.
conduct sufficient KYC checks and meet
With BaaS, licensed financial institutions AML regulations are at risk of financial crime, Data privacy
and security
share their infrastructure with other including fraud and money laundering.
businesses, allowing them to offer banking
Banks must build BaaS partnerships with
Open data

services like checking accounts and loans.

risk and compliance in mind, establishing
However, businesses are still responsible Anti-money laundering (AML)
responsibilities, reviewing product roadmaps, and Know Your Customer (KYC)
for managing finances and complying
engaging with regulators and automating
with regulations.
compliance workflows to avoid negative
Blockchain

On the other hand, embedded finance consequences. Policymakers, regulators

involves non-financial businesses seamlessly and supervisors should collaborate to Consumer protection
integrating financial services into their update frameworks, allocate liability, control
products, without the need for a banking third-party risk and ensure consumer
Real-time payments

license. Providers of embedded finance privacy and data protection are addressed.
handle the financial aspects, allowing Cross-border regulations
businesses to focus on their core activities.

COMPLIANCE PRESENTS CHALLENGES

FOR FUTURE GROWTH Regulatory changes
Market outlook

and updates
Compliance is a key factor in the growth of
embedded finance and BaaS, and regulators
and policymakers must update frameworks
to address these challenges, including
liability allocation and third-party risk control.
Market sizing

32 convera.com
 Fraud prevention,
Fintech 2025+

compliance measures needed to safeguard history, before maxing out the card with

security and
the integrity of modern financial systems. no intention to pay the bill.

RISK AND VULNERABILITIES Additionally, account takeover (ATO) fraud,

compliance take IN PAYMENTS
Regulations

where individuals gain unauthorized

center stage Fraudulent activities pose substantial access to victim accounts, remains a threat.
risks, which are evolving in sophistication. Identity theft, particularly synthetic
According to Alloy’s State of Fraud fraud, is another major concern, with US
Fraud prevention

Benchmark Report, 25% of companies auto lenders seeing a significant increase

Increasingly sophisticated fraudulent
suffered losses exceeding €1 million in synthetic identity exposure.
activities in today’s digital, AI-infused era
pose substantial risks to both consumers due to fraud in 2023, with the two most Mobile payment platforms pose the greatest
and institutions. Reports indicate significant prevalent trends being bust-out fraud challenge for banks and fintechs. A recent
financial losses due to various fraud types, and APP fraud. Shockingly, over half of report from BioCatch found that fraud
from bust-out schemes and authorized push Canadians have experienced financial scams, involving mobile devices rose from 47%
Open data

payment (APP) fraud to account takeovers according to a recent report from Interac. in 2022 to 61% in 2023. Research from
and synthetic identity fraud. APP fraud involves scammers tricking Zimperium shows that mobile malware
victims into authorizing fraudulent scams are on the rise globally, with 24,000
As real-time and mobile payments grow, so
Blockchain

transactions through various tactics like unique malware samples identified across
does the vulnerability to scams, necessitating
impersonation and romance scams. 187 countries.
advanced, multi-layered security strategies.
The next section explores the critical aspects Bust-out fraud involves applying for a credit
card and building a decent repayment
Real-time payments

of fraud prevention and the evolving

Market outlook

25% of companies suffered Fraud involving

losses exceeding $1M due mobile devices rose Hear from Alloy CTO Charles
from 47% in 2022 Hearn on our podcast covering
to fraud in 2023
to 61% in 2023 emerging fraud schemes and the
innovative authentication technologies
being deployed to avoid them.
Market sizing

33 convera.com
Fintech 2025+

FASTER PAYMENTS, FASTER FRAUD:

WHEN MILLISECONDS MATTER

With 88% of consumers eager to continue What type of fraud is most

using RTP for online purchases, according prevalent by frequency/financial losses?21
Regulations

to FICO, websites must offer diverse payment

options to meet expectations and avoid
21%
losing sales. However, the immediacy of RTP, Bust-out fraud
16%
while convenient, opens doors for fraudsters,
Fraud prevention

posing challenges in maintaining secure Authorized push 17%

payment (APP) 16%
transactions. In the US, networks like RTP,
Zelle and FedNow process transactions Account 13%
takeover fraud 12%
instantly, leaving little time for payment
verification and fraud checks. Chargeback 10%
(friendly) fraud 9%
Open data

Common fraud types include authorized

10%
push payment (APP) fraud, with imposter Check fraud
9%
and romance scams leading to significant
10%
Blockchain

losses, including a notable $10 billion ACH fraud

10%
in 2023 due to various scams. Account
takeover (ATO) fraud, where unauthorized Identity 7%
theft fraud 12%
access to accounts leads to fraudulent
Real-time payments

transactions, affected 22% of US adults. 5%

Money muling
6%

Synthetic 4%
identity fraud 7%

4% Frequency
Hear from Soups Ranjan, CEO Wire fraud
3% Most financial losses
Market outlook

and founder of Sardine, on the

current state of fintech fraud and
how to stop threats in a RTP world.
Note: “Friendly fraud” & “Coercion fraud” not displayed, only shown to UK respondents.
Market sizing

34 convera.com
 FRAUD
Fintech 2025+

Types of real-time payment fraud22

Regulations

Products & services fraud

Authorized party How was the authorized Relationship & trust fraud
Fraud prevention

was manipulated party manipulated?

AUTHORIZED PARTY Embezzlement

How was the fraud executed? Authorized party How did the authorized False claim
acted fraudulently party act fraudulently?
Synthetic ID
Open data

Compromised credentials
Unauthorized party How did the unauthorized Impersonated authorized party
modified payment party modify the payment
Who initiated Physical alteration
Blockchain

information information?
the payment?
Real-time payments

Compromised credentials
Unauthorized party How did the unauthorized
Impersonated authorized party
UNAUTHORIZED PARTY took over account party take over the account?

How was the fraud executed?

Digital payment
Market outlook

Unauthorized party How was the account Physical forgery/counterfeit

misused account information/payment
information/payment instrument misused?

instrument
Market sizing

35 convera.com
Fintech 2025+

MOBILE WALLETS, DEEPFAKES CROSS-BORDER PAYMENTS —

AND FIGHTING ADVANCED FRAUD FERTILE GROUND FOR FRAUDSTERS

The widespread use of mobile wallets has

also escalated mobile money fraud,
Cross-border payments pose significant risks
for fraud, affecting the confidence of 41%
Regulations

with a sharp increase in fraud executed small-to-medium-sized enterprises (SMEs) of small-to-medium-sized (SME)
from mobile devices, rising from 47% and individuals. According to recent businesses that have used online
payment services say fraud is a
in 2022 to 61% in 2023. research from Mastercard, 41% of SMEs main concern.
using online payment services are
Fraud prevention

47%
Invoice payment fraud and the emergence
concerned about fraud, leading 47% of
of deepfake technology present additional
those experiencing issues to reduce
risks, with deepfake scams resulting in losses
their overseas transactions. of SMEs who have experienced
like the $25.5 million transferred by a Hong
problems with international
Kong finance employee duped by a fake Fraud manifests in various forms, such payments send fewer payments
overseas as a result
video call. as card-not-present fraud (CNP) in
Open data

e-commerce and remittances, along with

Combatting such fraud requires a
a growing trend of credit-related fraud
multilayered approach, combining system-
on cross-border platforms. To further
built security measures and increased
Blockchain

complicate matters, the multi-jurisdictional

vigilance. Understanding customer behavior,
nature of these systems limits providers’
establishing anomaly protocols and
ability to effectively assess the credit status
promoting customer education are essential.
of international transactions.
Collaboration within the industry and
Real-time payments

with technology partners for real-time fraud Moreover, cross-border payments are
detection can provide comprehensive often exploited for money laundering, with
insights, highlighting the shared criminals setting up shell companies in
responsibility between financial institutions under-regulated jurisdictions. To address
and consumers in fraud prevention. these challenges, efforts like INTERPOL’s
Market outlook

new Financial Crime and Anti-Corruption

Centre aim to combat transnational
Discover what’s fueling the rapid
rise of digital wallets — and what it
financial crimes, while initiatives like Project
means for FX — on our blog. Mandala seek to harmonize cross-border
regulatory frameworks.
Market sizing

36 convera.com
Fintech 2025+

FIGHTING FRAUD IN PAYMENTS knowledge-based authentication

(answering security questions) to confirm
Banks and fintechs are turning to a variety
customer identities.
of innovative strategies to combat fraud,
such as identity verification and transaction With the rise of online payments, the global
Regulations

monitoring, along with education institutions transaction monitoring market is projected

whose international student bodies are to hit $34 billion by 2033. Transaction
increasingly susceptible to cyber criminals. monitoring systems, critical in our increasingly
Identity verification tools use document
Fraud prevention

digital world, scrutinize transactions in real

checks, biometric authentication (like facial time, flagging any suspicious activities for
recognition or fingerprint scanning) and further investigation.
Open data

Other technologies being deployed to combat fraud

Blockchain
Real-time payments

Machine learning and AI analyze vast Geolocation and device fingerprinting Behavioral analytics scrutinize
amounts of data to detect patterns help verify user locations and detect user behavior for anomalies that
and predict fraudulent behavior. compromised devices. may indicate fraud.
Market outlook

Fraud intelligence networks Blockchain helps reduce fraud risks in

facilitate information sharing and financial transactions with its transparent
thwart fraudsters. and immutable transaction records.
Market sizing

37 convera.com
Fintech 2025+

FINTECH LEADERSHIP SPOTLIGHT: ERICA DORFMAN

OF BREX ON THE IMPACT OF FINTECH AND AI ON SPEND
MANAGEMENT AND FRAUD DETECTION
Regulations

“With APIs and direct integrations into workflow tools,

finance teams now have unprecedented visibility into
their company’s expenses.
Fraud prevention

At Brex, we’ve fully integrated expense management

capabilities into our Global Corporate Cards, Bill Pay,
and Cash Management offerings, enhancing finance
teams’ control and confidence in adhering to expense
Open data

policies. Our customers can completely bypass the

need for expense reports, proactively managing spend
Blockchain

before it happens with our unique budgeting products.

With AI integrations, CFOs and controllers can focus on

the most important insights into their teams’ spending.
Real-time payments

AI will drive automation and efficiencies across the

entire expense management stack, improving text
recognition, enhancing fraud detection and powering
intuitive user experiences...”
Market outlook

Listen to our conversation with Erica on

the Converge podcast to learn how to
future-proof your spend management
and fraud prevention platforms.

ERICA DORFMAN
Head of Financial Products at Brex
Market sizing

38 convera.com
 Emerging
Fintech 2025+

GLOBAL APPROACHES TO use of deemed consent but requires

regulatory
DATA PRIVACY IN 2024 organizations to perform specific
European data regulation focuses on Data Protection Impact Assessments

trends in 2024 creating a unified data market within the for processing.
Regulations

EU. The Data Act, effective since January 11,

and beyond
KEY PAYMENT REGULATIONS
2024, is a key part of this strategy, aiming
IN EUROPE AND THE US
to ensure fair data access and standardize
In Europe and the US, fraud trends are
usage across sectors. It complements
Open banking and open data are shaping key payment regulations. The
Fraud prevention

existing regulations like the General Data

revolutionizing how financial information European Union’s regulatory framework,
Protection Regulation (GDPR), Free Flow
is shared, but with this comes a surge including AMLD6 (Anti Money Laundering
of Non-Personal Data Regulation, and Open
in fraudulent activities. Fraudsters are eager Directive), FIDA (Financial Data Access),
Data Directive, facilitating secure data flow
to exploit vulnerabilities, making it crucial MiCA and PSD2 (Payment Services Directive),
and digital transformation.
for banks to fortify their defenses. To combat emphasizes measures like Strong Customer
Open data

this, banks will invest heavily in onboarding In North America, data privacy laws are Authentication (SCA) and open banking,
controls, empowering their fraud teams progressing, with several states passing adding complexity to payment processing.
to weed out suspicious accounts from the legislation in 2023. Eight states have enacted
Blockchain

start. This proactive stance extends to laws, with five set to be enforced in 2024.
monitoring all customer interactions and Canada is also updating its regulations, with
implementing rigorous verification the Digital Charter Implementation Act,
processes for third-party apps. 2022 expected to be enacted, introducing the
Real-time payments

Learn more from Jessica Cath,

CPPA to replace outdated regulations and
Third-party vendors are now indispensable Head of Financial Crime at Thistle
emphasizing data protection for consumers. Initiatives, about the evolving regulations
for payment service providers (PSPs), in Europe and the UK supporting the
but they bring a new set of risks. To mitigate The EU’s GDPR has set a high standard, growth of crypto and digital assets,
following Sam Bankman-Fried’s recent
these risks, robust relationship management influencing privacy laws worldwide. Many 25-year prison sentence and the shadow
with suppliers is imperative. This proactive Asian countries are introducing GDPR- it cast on the industry.
Market outlook

approach is vital for preventing catastrophic inspired legal grounds, while Latin American
outcomes such as data breaches, financial countries prioritize consent but lack GDPR-
losses and operational disruptions. like provisions. Singapore has expanded the
Market sizing

39 convera.com
Fintech 2025+

In the US, regulations like the Dodd-Frank providers. PSD3’s main thrust is to enhance authenticate transactions using two
Act and EFTA, overseen by bodies like the security and innovation in financial identical categories, like token and
CFPB and OCC, impact payment systems. transactions, with a focus on combatting SMS OTP, enhancing security without
fraud and enhancing consumer trust. compromising convenience.
Regulations

The California Consumer Privacy Act (CCPA)

strengthens privacy rights for Californians, One of the main innovations in PSD3 is the Issuers can now delegate SCA to third
and recent legal decisions highlight reinforcement of SCA requirements, which parties, but this is considered outsourcing
California’s commitment to privacy aim to protect consumers by verifying and must comply with stringent rules.
enforcement. State-level data privacy laws their identity during electronic transactions. Importantly, SCA must be accessible to
Fraud prevention

are increasing, with 13 states enacting Additionally, PSD3 introduces stricter vulnerable customers, ensuring inclusivity
comprehensive legislation. guidelines for accessing payment systems in digital transactions. Furthermore,
and account information, aimed at closing businesses are required to share more data
The UK’s Payment Systems Regulator (PSR)
loopholes that have led to uneven regulatory with issuers, enabling them to monitor
introduced mandatory reimbursement
interpretations across different EU countries. transactional patterns and behaviors for
for victims of APP fraud within the faster
Open data

fraud detection, a move that could enhance

payments system, starting October Another key aspect of PSD3 is the
security measures across the industry.
2024. An amendment to delay payment introduction of the Payment Services
processing in fraud cases is also proposed. Regulation (PSR), which sets out clear PSD3 also introduces stricter licensing
Blockchain

definitions for terms like payment account requirements for PSPs and third-party
The Digital Operational Resilience Act
and establishes conduct rules for all providers (TPPs), placing a greater emphasis
(DORA) in the EU requires financial entities
payment service providers, including on security standards and regulatory
and third-party providers to implement
traditional and e-money providers. compliance. This shift requires PSPs and
Real-time payments

ICT system standards by January 2025. DORA

This regulation is designed to enhance TPPs to invest in robust fraud prevention
applies to traditional financial entities,
consumer protection and ensure uniform systems and secure infrastructure to combat
crypto-asset service providers and third-party
standards across all EU member states. various types of fraud, including social
service providers, aiming to harmonize ICT
engineering and scams.
risk management regulations across the EU. THE BUSINESS IMPACT OF PSD3

The new directive emphasizes SCA,

Market outlook

KEY PROPOSALS OF PSD3

and businesses must adapt to new rules
PSD3, the proposed successor to PSD2,
regarding data sharing, authentication
aims to fortify the EU’s payment services
methods and fraud prevention techniques.
market by addressing key fraud trends
For instance, under PSD3, users can
and promoting fair competition among
Market sizing

40 convera.com
Fintech 2025+

WELCOME TO THE of customers, refine screening processes Regtech projections²³

WORLD OF REGTECH and enhance fraud detection capabilities.
Technology is increasingly being deployed However, the use of AI poses challenges,
to fight fraud and streamline regulation including the risk of its misuse in fraud In 2023, the global
Regulations

compliance, and regulation technology, or and the need for explainability in regtech market stood at

12.82B
“regtech,” has seen impressive growth AI-driven decisions.

USD
led by innovative fintechs. In 2023, the global
Regulators worldwide are enforcing
regtech market stood at $12.82 billion,
stringent sanctions compliance programs.
Fraud prevention

with projections to soar to $85.92 billion by

The UK’s Economic Crime and Corporate
2032. Regtech solutions span areas such By 2032, the regtech
Transparency Act 2023, for instance, aims to market will soar to

85.92B
as KYC, AML and more, automating tasks to
boost corporate ownership transparency
enhance accuracy and risk management.
and combat economic crimes by mandating

USD
Working with fintechs and new tools, a new register of foreign entities and
Open data

financial institutions are increasingly strengthening legal frameworks to prevent

using cutting-edge technologies like AI abuses through hidden ownerships. These
for sanctions screening and transaction evolving regulations underscore the critical
role of technology in maintaining
Blockchain

monitoring, projected to hit a market size

of $738 billion by 2030. These advancements compliance and thwarting financial fraud.
help expand knowledge
Real-time payments
Market outlook
Market sizing

41 convera.com
 Fintech 2025+:
Fintech 2025+

Navigating the new era

The future of fintech is one of unprecedented growth, innovation
Regulations

and transformation within the landscape of global commerce.

With cross-border payment flows projected to reach $290 trillion
by 2030, the urgency for innovative, secure and transparent

FIN
Fraud prevention

payment methods has never been more pronounced.

Fintech’s integration of blockchain CFOs and treasurers. As a global commercial

technology, RTPs and open banking fintech, Convera powers international
Open data

frameworks promises not only smoother business by moving money with ease across
transactions but also heightened security a financial network of 140+ currencies, 200
and increased financial inclusion. countries and territories and 70 regulatory
Blockchain

licenses worldwide.
As you embark on this journey of
technological evolution, it’s crucial to find Contact our team of experts to discuss
the right partner to steer your business how Convera can help you navigate the

TECH
Real-time payments

through this new era of opportunity and complexity of global commerce and
complexity. Convera remains committed capture more value with every transaction.
to providing support and guidance
to all those navigating the dynamic world
of cross-border payments. We provide
Discover Convera
tech-led payment solutions to help more
convera.com
Market outlook

than 26,000 customers globally grow with

confidence — from small businesses to
Market sizing

42 convera.com
 ENDNOTES DISCLAIMERS
1 FXC Intelligence, available online at: https://www. © 2024 Convera Holdings, LLC. All rights reserved. Convera has based the opinions expressed in this purposes only and are not intended to present advice
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This brochure has been prepared solely for
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43 convera.com
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Convera Europe S.A. (registered with the Luxembourg 920 020 070 R.C.S. Paris, which has a place of business Ireland through Convera Europe S.A. (registered with Malta Financial Limited (“Convera”), a limited company
Registre de Commerce et des Sociétés under number at Liberty Tower, 17 place des Reflets, 92400 the Luxembourg Registre de Commerce et des registered in Malta (Company Number C22339) with its
B262832, Registered Office Address: OBH Building, 6B Courbevoie, France and is a branch of Convera Europe Sociétés under number B262832, Registered Office registered office at W Business Centre, Level 5, Triq
rue du Fort Niedergrunewald, L-2226, Luxembourg) S.A. (registered with the Luxembourg Registre de Address: OBH Building, 6B rue du Fort Dun Karm, Birkirkara By-Pass, Birkirkara, BKR 9033,
which is authorised and regulated by the Luxembourg Commerce et des Sociétés, Company Number Niedergrunewald, L-2226, Luxembourg), which is Malta and which is licensed and regulated by the Malta
Commission de Surveillance du Secteur Financier B262832, Registered Office Address: OBH Building, 6B authorised and regulated by the Luxembourg Financial Services Authority to undertake the business
(CSSF) and Convera Europe Financial S.A. (registered rue du Fort Niedergrunewald, L-2226, Luxembourg) Commission de Surveillance du Secteur Financier of a financial services in terms of the Financial
with the Luxembourg Registre de Commerce et des which is authorised and regulated by the Luxembourg (CSSF) and is regulated by the Central Bank of Ireland Institutions Act).
Commission de Surveillance du Secteur Financier for conduct of business rules and Convera Europe

44 convera.com
 The Netherlands Address: OBH Building, 6B rue du Fort any other capacity. Convera is not a member of the U.S.
This document is a financial promotion and has been Niedergrunewald, L-2226, Luxembourg) which is National Futures Association. Protections that would
prepared and approved by Convera Europe S.A. and authorised and regulated by the Luxembourg otherwise be available under the U.S. Commodity
Convera Europe Financial S.A. Convera is a global Commission de Surveillance du Secteur Financier Exchange Act, the rules of the U.S. Commodity Futures
leader in providing foreign exchange products and (CSSF) and Convera Europe Financial S.A. (registered Trading Commission, or the rules of the U.S. National
services and payment solutions and does business in with the Luxembourg Registre de Commerce et des Futures Association will not be available in connection
The Netherlands through Convera Europe S.A. Sociétés under number B264303, Registered Office with a client’s relationship with, or transactions with,
(registered with the Luxembourg Registre de Address: OBH Building, 6B rue du Fort Convera.
Commerce et des Sociétés under number B262832, Niedergrunewald, L-2226, Luxembourg) which is
United Kingdom
Registered Office Address: OBH Building, 6B rue du authorised and regulated by the Luxembourg
Convera is a global leader in providing foreign
Fort Niedergrunewald, L-2226, Luxembourg), which is Commission de Surveillance du Secteur Financier
exchange products and services and payment
authorised and regulated by the Luxembourg (CSSF).
solutions and does business in the UK through
Commission de Surveillance du Secteur Financier
Spain Convera UK Limited (“Convera”). Convera (registered in
(CSSF) and Convera Europe Financial S.A. (registered
This document is a financial promotion and has been England and Wales, Company Number 04380026,
with the Luxembourg Registre de Commerce et des
prepared and approved by Convera Europe S.A., Registered Office Address: Alphabeta Building, 14-18
Sociétés under number B264303, Registered Office
Sucursal en España / Convera Europe Financial S.A., Finsbury Square, London EC2A 1AH) is authorised by
Address: OBH Building, 6B rue du Fort
Sucursal en España. Convera provides foreign the Financial Conduct Authority under the Payment
Niedergrunewald, L-2226, Luxembourg) which is
exchange products and services and payment Services Regulations 2017 (Register Reference: 517165)
authorised and regulated by the Luxembourg
solutions and does business in Spain through Convera for the provision of payment services and is registered
Commission de Surveillance du Secteur Financier
Europe S.A., Sucursal en España (registered in the as a Money Service Business with HM Revenue &
(CSSF).
Mercantile Registry of Madrid in volume 44.501, book 0, Customs (Registered No: 12140130).
Poland folio 104, section 8, sheet 784083, registration 1, with
1336298783-2024
This document is a financial promotion and has been NIF W0255059H and registered office at Calle José
prepared and approved by Convera Europe S.A., Poland Abascal 41, 28003 Madrid, Spain), which is the Spanish
Branch and Convera Europe Financial S.A., Poland branch of Convera Europe S.A. (registered with the
Branch. Convera is a global leader in providing foreign Luxembourg Registre de Commerce et des Sociétés,
exchange products and services and payment Company Number B262832, Registered Office Address:
solutions. In Poland, Convera does business through OBH Building, 6B rue du Fort Niedergrunewald, L-2226
Convera Europe S.A., Oddział w Polsce (Poland Branch), Luxembourg) which is authorised and regulated by the
which has a registered place of business at Ethos Luxembourg Commission de Surveillance du Secteur
building, Plac Trzech Krzyży 10/14, 00-499 Warsaw and Financier and Convera Europe Financial S.A., Sucursal
is a branch of Convera Europe S.A. (registered with the en España (registered in the Mercantile Registry of
Luxembourg Registre de Commerce et des Sociétés, Madrid in volume 44.501, book 0, folio 112, section 8,
Company Number B262832, Registered Office Address: sheet 784083, registration 1, with NIF W0255072A and
OBH Building, 6B rue du Fort Niedergrunewald registered office at Calle José Abascal 41, 28003 Madrid,
Luxembourg) which is authorised and regulated by the Spain), which is the Spanish branch of Convera Europe
Luxembourg Commission de Surveillance du Secteur Financial S.A. (registered with the Luxembourg
Financier (CSSF) and Convera Europe Financial S.A., Registre de Commerce et des Sociétés, Company
Oddział w Polsce (Poland Branch), which has a Number: B264303, Registered Office Address: OBH
registered place of business at Ethos building, Plac Building, 6B rue du Fort Niedergrunewald, L-2226
Trzech Krzyży 10/14, 00-499 Warsaw and is a branch of Luxembourg) which is authorised and regulated by the
Convera Europe Financial S.A. (registered with the Luxembourg Commission de Surveillance du Secteur
Luxembourg Registre de Commerce et des Sociétés, Financier.
Company Number: B264303, Registered Office
Switzerland
Address: OBH Building, 6B rue du Fort
Convera is a global leader in providing foreign
Niedergrunewald Luxembourg) which is authorised
exchange products and services and payment
and regulated by the Luxembourg Commission de
solutions and does business in Switzerland through
Surveillance du Secteur Financier (CSSF).
Convera Switzerland, LLC, Zurich Branch (“Convera”).
Luxembourg Convera has a registered place of business at
This document is a financial promotion and has been Werdstrasse 2, P.O. Box 2063, 8021 Zurich, Switzerland.
prepared and approved by Convera Europe S.A. and
Convera is organised in the United States. Therefore, it
Convera Europe Financial S.A. Convera is a global
is subject to United States rules and regulations with
leader in providing foreign exchange products and
respect to certain transactions with its clients.
services and payment solutions and does business in
However, Convera is not registered with the U.S.
Luxembourg through Convera Europe S.A. (registered
Commodity Futures Trading Commission as a
with the Luxembourg Registre de Commerce et des
Commodity Trading Advisor, as a Swap Dealer, or in
Sociétés under number B262832, Registered Office

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46 convera.com