As real-time payment systems proliferate and trade corridors shift, banks are under pressure to reimagine cross-border transaction infrastructure. At a roundtable of heads of transaction banking, supported by ACI Worldwide, industry leaders exchanged perspectives on how financial institutions are aligning customer needs, regulatory obligations and infrastructure design to deliver intelligent, seamless and scalable cross-border payment experiences. From complexity to clarity: Aligning client experience and infrastructure Participants widely acknowledged that client expectations have outpaced the capabilities of traditional cross-border payment models. Customers now expect instant settlement, real-time tracking, embedded liquidity visibility and low-cost routing—regardless of payment corridor. Several bankers shared that treasury clients increasingly expect “single-window visibility” into global positions, with foreign exchange (FX), receivables and liquidity unified across jurisdictions. Yet, delivering this experience is difficult amid fragmented legacy infrastructure. One banker observed, “It is no longer one corridor, one rail. Clients do not care about the channel. They care about what they see and when they get it.” Ong Chee Cheng, vice president and head of ASEAN at ACI Worldwide, emphasised the growing urgency for the infrastructure to enable competitive differentiation, not just compliance, “What’s really changing,” he noted, “is the expectation that compliance and infrastructure should drive competitive advantage, not merely fulfill minimum requirements.” Ong Chee Cheng, vice president and head of ASEAN, ACI Worldwide Building orchestration capability across rails, platforms and tokens A key theme was the shift away from siloed, rail-specific systems toward orchestrated, multi- rail platforms capable of handling real-time, automated clearing house (ACH), SWIFT, local real-time gross settlement (RTGS) and blockchain protocols under a unified architecture. Banks also emphasised that the complexity of underlying infrastructure—whether SWIFT, local RTGS, ISO 20022, or blockchain-based—should be abstracted away through orchestration. One participant explained that as long as the bank can interface through application programming interfaces (APIs), the rail itself becomes just another channel in the unified orchestration framework: “We get distracted by the technology—blockchain or whatever. But in order to integrate, the bank doesn’t have to be on blockchain. It just has to have an API opening to the rail. So this demystifies all this technology for us.” This approach simplifies the architecture, allowing new rails—blockchain or otherwise—to be treated as modular services within a unified routing and reconciliation layer. Several bankers described their shift from multi-system fragmentation to intelligent orchestration, with one noting, “We are building orchestration layers that allow for smart routing and frictionless reconciliation—so we can evolve without needing to rewire everything every time.” The discussion covered new cross-border tokenised payment networks like JPMorgan’s Kinexys, formerly JPM Coin, which handles high volumes of tokenised deposits, and Partior, a multi-currency blockchain clearing system by DBS and JPMorgan now expanding to include the euro. Participants noted the growing need for banks to connect with both fiat and blockchain rails, citing Ripple’s XRP network as a functional system some banks are already testing for interoperability. There was consensus that these platforms would not replace real-time country payment schemes or core RTGS infrastructure, but they are influencing how banks architect real-time, multi-currency, multi-asset settlement solutions. Ong reinforced this perspective, stating, “What we are seeing is regional clearing replacing the traditional correspondent model. Bilateral and multilateral clearing arrangements are gaining momentum in ASEAN, driven by central banks and central infrastructure operators.” Domestic real-time innovation driving cross-border expectations A framework offered by one participant summed up the real-time transformation journey in three words, “Simplify, straight-through and status.” The approach focuses on simplifying architecture, automating processes end-to-end, and ensuring real-time payment status visibility—all key to improving both customer experience and internal efficiency, especially in regulated environments. Participants noted that domestic real-time payment systems—like BI-FAST DuitNow, UPI, PromptPay and PayNow—have changed how consumers and small and medium-sized enterprises (SMEs) think about speed and transparency, pushing cross-border expectations higher. A regional transaction banking head said, “Our clients in Malaysia or Thailand do not understand why they can get instant settlement locally, but a trade payment to a neighbouring country takes two days.” Banks are increasingly under pressure to harmonise the experience across domestic and cross-border flows, especially in SME and supply chain finance. Ong highlighted this convergence as a key opportunity, “The technology now exists to consolidate high-value, low-value, domestic and cross-border payments onto a single platform, all converged at one point through ISO 20022 —and this is the model forward-looking institutions are adopting.” BIS Nexus and public-sector interoperability The group also examined Bank for International Settlements (BIS) Project Nexus, which aims to link national real-time payment (RTP) systems through a shared multilateral layer. One participant described the project as “An interlink across central infrastructures so banks don’t need to create a thousand bilateral connections.” This model was contrasted with blockchain-native alternatives, with consensus that both traditional and decentralised clearing will coexist, and orchestration layers must support both. CBDCs and stablecoin regulation Several participants noted that central bank digital currency (CBDC) adoption remains limited, with China as the main exception, but agreed these digital currencies could play a key role in future interbank clearing, especially in digitally advanced jurisdictions. Stablecoins were also discussed, with growing US regulatory support seen as significant. Some described stablecoins backed by US Treasuries as “private-sector CBDCs,” citing the Trump administration’s support and the implications of the Genius Act. There was general agreement that both CBDCs and private stablecoins will be part of future payment infrastructure, and banks must be prepared to operate across both. AI as a real-time enabler: Risk, routing and intelligence Askari Brown, head of solution consulting, Asia Pacific at ACI Worldwide, described how artificial intelligence (AI) is now embedded in real-time payment flows, “We are talking about behavioural models and anomaly detection that learn and adapt in real time. But it is not just about detecting—it is about combating.” Askari Brown, Head of Solution Consulting, Asia Pacific, ACI Worldwide Participants agreed AI must sit at the core of payment orchestration—from routing and sanctions to fraud mitigation and pricing logic.“You cannot stop a chief financial officer (CFO)’s bulk payment run because of a technical alert. Your models have to understand context.” Brown reinforced the importance of transparency, “We make sure our models are explainable—so that both compliance teams and business owners understand why a transaction was flagged.” Cost, monetisation and value creation in transaction banking The group explored whether banks can sustainably monetise modern payment platforms given the rising costs of fraud prevention, compliance and infrastructure investment. Several are pursuing fee-based models, environmental, social and governance (ESG)-linked payments and tiered treasury services, while others continue to focus on float and volume- based revenue. Brown highlighted the architectural imperative, “You cannot bolt business models on after the fact. The platform needs to be designed with flexibility, intelligence and control from day one.” Designing for speed, security and scale The roundtable demonstrated that real-time, intelligent, cross-border payments are no longer a technology question—they are an operating model imperative. Banks that succeed will be those that treat payments not just as infrastructure, but as a strategic business layer—built on orchestration, powered by AI, and interoperable across fiat, tokenised and blockchain-native rails. “Consolidation is not just about cost,” said Ong. “It’s about agility. Done right, it lets you launch faster, adapt quicker and serve smarter.” Whether through BIS Nexus, Ripple’s XRP, tokenised Kinexys Digital Payments infrastructure, or stablecoin networks, the path forward lies in building unified payments platform with multi-asset, real-time systems designed for an open, intelligent financial future.
