The AFP Payments Guide: Seismic Shifts Are Coming for Cross-Border Payments, underwritten by Wells Fargo, is a comprehensive look at how ISO 20022, instant payment trends and innovations like stablecoins are redefining global payment infrastructure.

As businesses face growing pressure to improve speed, transparency, and compliance in international transactions, this guide explains how emerging standards like ISO 20022, the rise of real-time payment systems and the adoption of stablecoins are reshaping global money movement. It helps finance leaders understand the strategic and operational implications of these shifts—equipping them to make informed decisions on liquidity, risk management, and technology investment in an increasingly complex environment.

Download the Guide

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Why Cross-Border Payments Are at a Turning Point

Cross-border payments are the lifeblood of global commerce — yet they’ve traditionally been slow, expensive and opaque. Today, that’s changing.

• The cross-border payments market is projected to exceed $290 trillion by 2030, fueled by real-time infrastructure, digital assets and open banking.
• Businesses are rethinking old payment rails as pressure grows to improve speed, cost-efficiency, compliance and liquidity.
• New technologies like blockchain, stablecoins, and ISO 20022 are converging to deliver a modernized, globally aligned payments environment.

This guide unpacks what finance and treasury professionals must know to adapt.

What’s Inside the Guide

ISO 20022: A New Standard for Global Payments

ISO 20022 is a unified global standard for financial messaging, using XML-based formats to enable richer, structured data in transactions.

• In 2024, CHIPS^® became the first U.S. high-value payment system to complete ISO 20022 migration.
• In July 2025, the Federal Reserve completed implementation of ISO 20022 for the Fedwire^® Funds Service.
• As of November 2025, SWIFT will end MT/MX coexistence — banks must be ISO-compliant for interbank messaging.

📌 Why it matters:

ISO 20022 improves data transparency, reconciliation, fraud prevention, and automation. While corporates aren’t yet mandated to adopt it, early movers gain significant operational advantages.

Real-Time & Instant Cross-Border Payments

Real-time domestic payments are common. But truly instant cross-border payments? That’s the new frontier.
Current initiatives driving progress:

• SWIFT GPI: Provides real-time payment tracking and same-day settlement across 11,000 banks.
• SEPA SCT Inst: Enables Euro transfers in under 10 seconds.
• Project Nexus: BIS-led initiative connecting ASEAN, European, and other real-time systems for frictionless international settlement.
• RTP (Clearing House) and and FedNow Service (The Federal Reserve): Laying the domestic foundation for faster outbound transactions.
  

🚀 The goal:

Near-instant global payments with full traceability, reduced fees and better liquidity management. But challenges remain — especially interoperability, compliance, and inconsistent local infrastructure.

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The Rise of Stablecoins in B2B Payments

Unlike volatile cryptocurrencies, stablecoins are pegged to fiat currencies like the USD or EUR, offering price stability and blockchain speed.

📊 Market forecast: The global stablecoin market is expected to hit $3 trillion by 2028.

Why corporates are paying attention:

• Instant settlement without intermediaries
• Near-zero transaction costs
• Programmable fund flows via smart contracts
• Accessibility in emerging markets
• Reduced FX risk and trapped cash
  

Examples include:

• USDC (Circle)
• USDT (Tether)
• PYUSD (PayPal)
  

💡 Insight from the guide:

“Ideally, you’ll have a pilot to hold a small pile of stablecoins in lieu of a currency. Then you can instantly convert stablecoins into restricted currencies to support local operations.” 
— Kammy Tsang, Principal for CapitalBridge Advisory

🛑 Caution: Regulatory frameworks are still evolving. Corporate treasurers must vet compliance risks, wallet custody, and liquidity providers carefully.

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Who Should Use This Guide?

This guide is ideal for:

• Corporate treasurers and enterprise payments teams preparing for ISO migration and instant rail adoption
• Finance leaders facing compliance, FX volatility or global liquidity challenges
• Fintech firms and banks planning to build or integrate cross-border capabilities
• CFOs and controllers evaluating blockchain and digital currency infrastructure
  
• Risk, fraud and compliance teams adapting to evolving sanctions and cybersecurity threats

Whether you’re at a multinational or scaling startup, these insights are actionable and grounded in real-world case studies.

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Real-World Lessons from the Field

• Delta Airlines spent 8+ years preparing for ISO 20022, prioritizing high-volume corridors like Europe and Latin America first.
• Ankura used banking and IT partnerships to align their ERP/TMS for ISO compliance.
• Ripple’s former treasury leader recommends pilot programs to hold stablecoins and reduce trapped international cash.

These cases illustrate how forward-thinking organizations are navigating complex transitions without disrupting operations.

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FAQs: Cross-Border Payments & Stablecoins

What is ISO 20022 and why should my company care?
ISO 20022 enables richer, standardized data in financial messaging. It reduces reconciliation errors, improves compliance, and unlocks automation in treasury workflows.

Are stablecoins legal for cross-border use?
Yes, though it depends on jurisdiction. U.S. regulation is evolving. Leading stablecoins like USDC and PYUSD are transparent, fiat-backed and already in enterprise use.

Will real-time global payments replace SWIFT?
Unlikely — SWIFT is evolving, not disappearing. But alternatives like blockchain rails are gaining traction, especially in emerging markets and fintech ecosystems.

Download the guide for more information.