Non-bank competitors eroded traditional banks' share as global market revenue reached $212.55B in 2024.

Rest of World's Declining Share in a Growing Market

The Rest of World's share of global cross-border payment revenue contracted from 2.5% in 2020 to 2.3% in 2024, even as the overall market expanded significantly. The global cross-border payments market was estimated at USD 212.55 billion in 2024, according to Grand View Research, and is projected to reach USD 320.73 billion by 2030, growing at a compound annual rate of 7.1% from 2025 to 2030. This means that while absolute revenue from Rest of World corridors likely increased in nominal terms, it did not keep pace with growth in higher-volume corridors served by major banks and non-bank entrants.

The Rest of World category—encompassing regions outside the dominant corridors of North America, Europe, and Asia-Pacific—faces structural headwinds. These include lower transaction volumes, higher costs relative to payment value, and slower payment speeds that deter both senders and receivers from routing flows through formal channels. As the global market expands, these regions are capturing a smaller fraction of incremental revenue.

Non-Bank Challengers and Bank Investment Patterns

Non-bank competitors are the primary force reshaping market share dynamics. FXC Intelligence reports that non-bank B2B-focused players are taking "much of their new business from banks, rather than other competitors." This shift is particularly pronounced in high-value corridors where incumbents once held near-monopoly positions. The banking industry "remains central to cross-border payments, particularly when it comes to the B2B side of the industry," but is "often seen as a follower, rather than an innovator, in the space."

Banks are responding through targeted investments in cross-border payments organizations, though the scale varies significantly by institution. Analysis of 13 global banks' earnings reports reveals uneven prioritization: while Standard Chartered and Citi break out direct cross-border payments metrics, many others subsume the category within broader transaction banking units.

Share of Investments (%)Source: Orionmano Industries

BNY Mellon made 17% of its 35 total investments in cross-border payments-related organizations over a five-year period, the highest concentration among banks tracked. Citi, a far more prolific investor with 409 total investments, allocated 11% to cross-border payments companies—the most absolute investments in the space across 19 banks analyzed. Standard Chartered had the third-highest share at 10% of 91 investments. The data suggests a bifurcated strategy: some banks are doubling down on cross-border payments as a standalone priority, while others treat it as a secondary line within broader transaction banking.

Regional Disparities and G20 Targets

The Rest of World's competitive position is further complicated by persistent regional disparities in cost and speed—key metrics tracked under the G20 Roadmap for Enhancing Cross-border Payments. The Financial Stability Board's 2024 monitoring report shows wide variation across the regions that constitute the Rest of World.

Remittances to the Middle East and North Africa remain "particularly expensive" although speed has improved since last year. Latin America and the Caribbean experienced "one of the most significant improvements in speed" for person-to-person retail cross-border payments since 2024. Europe and Central Asia retain the lead for cheapest retail cross-border payments, while Sub-Saharan Africa "remains far from the G20 targets" on both cost and speed.

Wholesale cross-border payment speed improved at the global level, which the FSB notes could "lay the foundation for faster retail payments and remittances in the future." However, average costs remain "sticky" overall, and access to cross-border payment services is "largely unchanged." The global share of payment services settling within one hour decreased to 33.5% in 2024, down 0.7 percentage points from 2023, while within-one-business-day settlement fell to 69%, down 5 percentage points.

These dynamics matter directly for the Rest of World's revenue share. Faster, cheaper corridors attract volume, which in turn attracts investment and innovation. Regions that lag on both dimensions risk being bypassed by non-bank entrants that prioritize higher-margin, higher-volume routes. Fast payment systems and their interlinking hold "significant promise" for enhancing retail payments and remittances in the near term, per the FSB, with the share of fast payment systems that have completed or plan to complete at least two priority actions rising from 91% in 2023 to 98% in 2024. But legacy real-time gross settlement systems saw a decline in such plans, from 71% to 58%, suggesting that infrastructure modernization is uneven.

Outlook

Rest of World's share may continue to face pressure from non-bank players targeting high-value corridors where margins are thicker and volumes are scalable. However, G20-led infrastructure improvements—including ISO 20022 adoption, fast payment system interlinking, and SWIFT GPI expansion—could eventually strengthen the region's competitive position by reducing friction and cost. The structural trend is clear: incumbents cannot rely on inertia to defend their share in a market growing at 7.1% CAGR. For the Rest of World to stabilize or regain share, tangible progress on cost and speed—especially in Sub-Saharan Africa and parts of the Middle East—will be necessary.