Bitesize Payments
Payments are one of things that we do every day - they just happen, really they are just like magic!!!! But we don't wake up and think today I want to make a payment - we just want to pay a bill or buy a coffee but payments make them happen.
Paradoxically we both know more about them than we think and yet at the same time very little about what they are and how they work.
I have spent a lot of time in our industry doing education and training sessions on Payments and I kinda thought it would be useful to record it. So, here we go.... In Bitesize Payments I try and explain the History of Payments, how they work and who does what. Also who get paid for what....that might surprise you!
Anyway hopefully in less than 20 mins, week after week you can become a payment experts....... or at the very least someone who can ask the tough questions :-)
Please let me have your feedback, input or question at bitesizepayments@gmail.com
Thanks for listening.......
Bitesize Payments
Cross border Payments
Welcome to Bitesize Payments where we discuss their history how they work and of course who does what.
In today’s episode, we’ll unravel the fascinating world of Cross-Border Payments. With so many payment terms, brand names, and confusing jargon out there, it’s easy to feel overwhelmed. But at its core, cross-border payments are actually a straightforward concept—and we’re here to simplify it for you.
Let’s start with the history of cross-border payments, which stretches all the way back to the time of the Silk Road. Back then, trade flourished across vast distances, and the challenge was figuring out how to exchange value between parties who didn’t know—or necessarily trust—each other.
This led to the creation of what we now call correspondent banking, a system built on a network of trust. Here’s an example:
If I wanted to trade with someone in China but didn’t know or trust them, I’d have a problem. But what if I trusted someone in France, who in turn trusted someone in Prussia, and they trusted the trader in China? This chain of trust created a secure way for value to flow between distant and unfamiliar parties—one of the earliest examples of how cross-border payments worked.
Fast forward to today, and cross-border payments are a cornerstone of global trade and commerce. Yet, the principles of trust and intermediaries remain at their heart.
To help us break this all down, I’m thrilled to be joined by my good friend Susan Hall, a seasoned expert in the field of cross-border payments. Susan has dedicated much of her career to understanding and explaining how these payments work, and I can’t wait to dive into her insights.
Payments Industry Insights
History of Payments
Payment System Explained
Corporate Payments Strategy
Payment Regulations Impact
ISO20022 Standard
Digital Payments Evolution
CBDC Advancements
Cryptocurrency in Payments
Financial Technology Education