New architecture for international payments is key to global growth

To realise this vision, interoperability across multiple technology platforms and networks is essential. By Rachel Chew and Tesy Mathews

- Rachel Chew and Tesy Mathews

With the proliferation of e-commerce, investment platforms and payment applications, consumers expect to be able to shop, invest and send money to anyone, anywhere in the world, at any hour. ILLUSTRATION: PIXABAY

(ILLUSTRATION: PIXABAY)

International payments are the essential lifeblood of the global economy. They enable the seamless flow of goods, services and capital across borders, ultimately benefiting businesses, consumers and communities.

For decades, international payments were powered by linear models designed for batch processing, correspondent banking and office-hour settlement cycles.

That architecture was effective in a world of physical documents, fixed-hour clearing and unilateral data ownership. Today’s global economy moves differently. Commerce flows through digital platforms, e-marketplaces and 24/7 ecosystems. Data travels instantly, but value moves in uneven intervals.

The World Bank estimates the global real-time payments market will grow at a compound annual growth rate of 35.5 per cent from 2023 to 2030.

Asia sits at the centre of this shift. Outbound cross-border payments from the region are expected to almost double from US$12.8 trillion in 2024 to US$23.8 trillion by 2032, with the Asia-Pacific’s share of global outflows rising from 32 per cent to nearly 37 per cent over the same period.

As supply chains diversify and digital commerce scales, the demand for a new payment architecture becomes structural rather than optional.

Over the past decade, Asia has led the world in building real-time domestic payment systems. Mobile adoption, QR standardisation and digital wallets have created new expectations around immediacy.