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Industry Landscape
The cross-border payments industry is undergoing rapid transformation, driven by technological advancements and increasing demand for faster, cheaper, and more transparent transactions. Traditional correspondent banking models are being challenged by agile FinTechs. Regulatory scrutiny on AML/CTF is intensifying, pushing for robust compliance solutions. Digitalization and financial inclusion are key growth drivers, especially in emerging markets, leading to diverse payout options.
Total Assets Under Management (AUM)
Cross-border payment transaction value in United States
~Varies significantly by source, generally estimated in trillions of USD annually, for example, 25 trillion USD in 2022 (Source: McKinsey)
(5-10% (estimated) CAGR)
- Driven by increasing global trade and e-commerce.
- Boosted by remittances from migrant workers.
- Influenced by growing digital payment adoption.
Total Addressable Market
156 trillion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Central Bank Digital Currencies (CBDCs)
CBDCs could streamline cross-border payments by enabling direct, real-time transfers between central banks or regulated financial institutions, reducing reliance on correspondent banking and associated costs and delays.
Generative AI for Compliance
Generative AI can significantly enhance AML/CTF efforts by automating anomaly detection, generating synthetic data for model training, and assisting in the real-time analysis of complex transaction patterns to identify suspicious activities.
Decentralized Finance (DeFi) Protocols
DeFi, leveraging blockchain and smart contracts, offers the potential for faster, transparent, and lower-cost cross-border transactions through permissionless liquidity pools and automated settlement mechanisms, challenging traditional financial intermediaries.
Impactful Policy Frameworks
FinCEN's Beneficial Ownership Information Reporting Rule (2024)
Effective January 1, 2024, many companies created or registered to do business in the U.S. must report information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN) as part of the Corporate Transparency Act.
This policy significantly increases the compliance burden for financial institutions regarding customer due diligence, requiring enhanced capabilities for collecting and verifying beneficial ownership information, which Payall's KYC/KYT features can directly address.
Digital Asset Anti-Money Laundering Act of 2023 (Proposed)
This proposed legislation aims to extend Bank Secrecy Act requirements, including KYC/AML obligations, to various digital asset entities and service providers, treating them similarly to traditional financial institutions.
If enacted, this policy would expand the regulatory perimeter for digital assets in cross-border payments, requiring Payall and its clients to ensure their platforms are robustly equipped to handle AML compliance for crypto and digital asset transactions.
Executive Order on Ensuring Responsible Development of Digital Assets (2022)
This EO directs various U.S. government agencies to assess the risks and benefits of digital assets, including their implications for financial stability, consumer protection, national security, and cross-border payments, signaling future regulatory focus.
While not a direct regulation, this EO indicates an ongoing and increasing scrutiny on digital assets in cross-border financial flows, necessitating Payall's platform to be adaptable and ready for evolving compliance frameworks in this space.
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