Thanks in no small part to the pandemic driven lockdowns of 2021, the gambling and gaming sectors experienced a boom in business as consumers flocked to betting platforms and online casinos. Similarly, a turbulent market for shares, currencies and commodities has led to soaring sign-ups for a range of trading platforms, including Robinhood, which added six million users in just 60 days during January and February 2021.
Cross Border Payments
Rapid leaps forward in cross-border payments have led to significant reductions in processing times. This is great for customers but also leaves windows of opportunity open for cybercriminals, such as money launderers and fraudsters. The responsibility to remain compliant with financial-crime regulations weighs heavily on banks as it becomes more complicated, but the SWIFT network is going all out to help in the effort to ensure swift but legal transactions.
It’s not news that the innovation sweeping most of the financial world has been slow to meet up with the realm of international trade finance. That’s why the world’s premier international-payments network, SWIFT, has joined forces with various financial institutions and utilities to make cross-border payments a whole lot faster as well as more efficient, transparent and traceable.