More Than a Number

Making People Part of the Payments Process

Today’s fast-paced payments industry uses the latest technologies to get the job done. But is there more to processing payments than simply moving cash from A to B? Raphael Barisaac, Global Head of Payments & Cash Management, UniCredit, is certain that there is.

With the global payments market valued at $2.64tr in 2023, and figures expected to reach $4.78tr in 2029, this is clearly a big numbers game. Indeed, volumes of cross-border payments alone is expected to accelerate up to $345.42bn from 2023’s $160bn valuation.

There are a number of reasons for this, suggests Barisaac. Among his list of top contenders are increased globalisation, favourable regulatory initiatives, and greater acceptance of digital formats across a wider set of channels.

But, he cautions, as payments tools extend their reach across geographies, channels, and end users, so the challenges for providers increase. With ongoing geopolitical instability, for instance, comes increased pressure for payment processors to monitor and comply with AML, sanctions and other watch lists from the US Office of Foreign Assets Control (OFAC), and the European Central Bank (ECB) et al. On top of this may be added a broadening scope of domestic regulatory requirements, sometimes at variance with each other, but all demanding compliance.

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