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Cross-Border Payments Adapt to the Gig Economy

As remote talent surges globally, legacy banking is giving way to instant, borderless payouts.

This article appears in the November issue of Global Finance Magazine.

The World Bank estimates that there are between 154 million and 435 million gig workers worldwide, a workforce that is helping reshape the estimated $191 trillion cross-border payments market.

Financial institutions are looking to tap into the gig economy’s high-volume, low-value cross-border payments for freelancer payments, remittances, and small-business transactions. The market is projected to grow nearly threefold, from $674.1 billion to between $2.18 trillion and $2.52 trillion, over the next 8 to 9 years.

J.P. Morgan Payments recently expanded the cross-border payment capabilities of its Xpedite Remit offering by integrating Thunes’ Direct Global Network, enabling clients to make payments in more than 100 currencies via instant payment rails to accounts and, in some cases, to digital wallets.

“If you’re paying an individual in China, they probably want to receive it in their wallet rather than in their account,” Gayathri Vasudev, global head of high-value payments & FX at J.P. Morgan Payments, told Global Finance.

Cross-Border Payments Speed Up

Whether it’s Brazil’s PIX, India’s Unified Payment Interface, or the EU’s SEPA Instant Credit Transfer, the domestic instant payment rails have set a high bar for cross-border payment rails.

“Customers and businesses now expect domestic payments to be instant, transparent, and available 24/7,” said Albion Murati, a senior partner at McKinsey & Co., who moderated a panel on the topic at the recent Sibos conference in Miami. “Cross-border transfers, by contrast, do not always deliver the same experience.”

“In most jurisdictions now, the progress that retail and wholesale domestic payments have made in terms of having that great customer experience is there for all to see,” added panelist Simon Eacott, head of payments at NatWest. “And whilst cross-border, we have made a lot of progress over the years, it’s still lagging a little bit in many areas.”

However, the speed of cross-border transactions has improved dramatically, according to Swift performance data. For inward transactions, the average time for ANZ is about 90 seconds, said fellow panelist Lisa Vasic, managing director of transaction banking at ANZ.

Corporate treasuries could pay employee salaries in emerging markets, for example, $1,000 to $4,000, directly to an employee’s mobile money account or digital wallet, said Peter De Caluwe, co-founder and CEO of Thunes. “If it’s a corporate that is ordering 50 tons of chemicals for $2 million, it won’t be paid into a wallet. That is something that needs to be transacted with correspondent banks because there is trade financing involved.”

“Speed is not the issue that it once was,” said Vasic. “Similarly, on an outbound transaction in certain corridors, we are getting payments there in 40 seconds.”

Speed is important, but not as important as principle protection for low-value cross-border flows, added J.P. Morgan Payments’ Vasudev, who was also on the panel.

“It means no deductions,” she said. “What you send is what the beneficiary gets.”

For multinational employers, these advances should improve the cross-border contractor experience and reduce payment inquiries. Adoption, however, hinges on greater transparency and availability.

Rob Daly covers fintech and economics. Contact him at rdaly@gfmag.com.

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BofA’s top 10 covered call plays (IWB:NYSEARCA)

Oct 25, 2026, 8:21 AM ETiShares Russell 1000 ETF (IWB), , , , , , , , , By: Kim Khan, SA News Editor
Reflection of a circuit board on glasses

shih-wei/E+ via Getty Images

BofA’s equity derivatives team is recommending ten covered call options plays with expiration next month.

The covered call option strategy involves selling a call option and purchasing 100 shares of the underlying stock. This strategy capitalizes on the downward and sideways

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As Trump fights over what America owes, slavery descendants organize for the future

N’nanba (Robin Rue Simmons) has spent years trying to answer a question that has vexed the United States since the abolition of slavery: What would it actually look like to repair the damage?

In Evanston, Ill., she helped turn that question into a $25,000 housing grant for Black residents whose families were harmed by discriminatory housing policies. Now, Rue Simmons is spreading the nation’s first municipal reparations program to more than 100 communities across the country.

But as America celebrates its 250th anniversary, there is a formidable hurdle: President Trump’s administration.

The administration’s campaign against diversity, equity and inclusion programs, and its broader efforts to curtail federal support for race-based initiatives and Black history, have prompted some institutions to reconsider or quietly scale back reparations work.

Those reversals come while at least part of the world community is reexamining the past. In March the U.N. General Assembly issued a resolution declaring the trafficking of millions of enslaved Africans “the gravest crime against humanity” and calling for reparations. More than 120 countries supported the resolution — only three voted against it — Argentina, Israel and the U.S. Fifty-two, including England and 27 members of the European Union, abstained.

“Under this administration, of course, there are many barriers to achieving that, but we still stand on federal redress as our collective north star,” Rue Simmons, the chairman of Evanston’s Reparations Committee and a former city councilwoman, told the Associated Press.

For more than 3½ centuries, the transatlantic slave trade forced an estimated 12.5 million Africans aboard ships bound for the Americas; some 1.8 million didn’t survive the journey.

Roughly 388,000 enslaved people were taken to what is now the U.S. and their enslavers maintained a system of chattel slavery, treating the enslaved and their children as property, until abolition in 1865.

Enslavement deprived generations of Black Americans their freedom and any meaningful share of the fruits of their labor. Jim Crow segregation, discrimination and systemic racism further depressed the Black population’s ability to build wealth that is still largely concentrated among white families.

From the unfulfilled promise of 40 acres and a mule, to modern-day reparations proposals, initiatives to address the legacy of slavery are entering a new era of political uncertainty.

“I don’t think that there’s been any president who’s been supportive of comprehensive Black reparations — for a long time it was just taboo to even speak the word,” said William Darity, who wrote a book on reparations with A. Kirsten Mullen.

“Now, Trump will speak the word, but with hostility,” he added.

“They want to steal your money for reparations,” Trump told his supporters during a speech in September. “Our country doesn’t have that kind of money. … The people that hate our country are asking for it, but it’s going nowhere.”

Marcus Anthony Hunter, a sociologist in African American studies at UCLA, said reparations are about atoning for the past crime of chattel slavery, even if some programs come in the form of housing grants or college scholarships instead of direct cash payments.

“It’s not even a lot of money that they are given. But it comes back to the recognition, the acknowledgment, responsibility and remedy,” he said.

The Trump administration disagrees and has entered the legal fight in Evanston to stop it from happening.

The Republican administration’s attacks on modern-day repayment efforts include a lawsuit in Evanston, which was initially filed by Judicial Watch.

Michael Bekesha, who represents the plaintiffs, says the Evanston program distributes funds based on race without specific harm identification. He argues the city’s program is unlike historical reparations programs.

“The Constitution prohibits governments from picking winners and losers based entirely on race,” Beshka told the AP.

The Justice Department this month received a federal judge’s permission to intervene in the case, alleging that the city’s actions violate the equal protection clause of the 14th Amendment and the Fair Housing Act.

Last year, the Justice Department sent a letter of warning to leaders in Asheville and Buncombe County, N.C., contemplating creating their own programs.

Kiersten Pels, a spokeswoman for the Justice Department, said in a statement to the AP that “race-based government benefit programs are both unconstitutional and often violate federal civil rights laws.”

“Those implementing these programs do so in violation of federal law and the federal government has an obligation to stop them,” she said.

The White House referred questions to the Justice Department.

Georgetown University was one of the leaders, offering admission consideration for the descendants of enslaved people tied to the campus’ past, an effort that has continued despite Trump’s crackdown on campus DEI efforts.

But across higher education, new efforts have come to a standstill, said Richard Cellini, who previously led a Harvard University project to identify descendants of people enslaved by Harvard’s past leaders.

“People don’t want to talk about it, they don’t want to hear about it, they’re not hiring for it,” Cellini said.

Some Virginia universities have quietly been taking steps to provide scholarships to descendants, as required under a 2021 state law. But otherwise there has been no sign of new scholarship programs being started since Trump returned to office, said Kirt von Daacke, a University of Virginia historian who leads a consortium of colleges studying slavery.

The Georgetown initiative focuses on descendants of slaves sold by Georgetown’s Jesuit priests to slaveholders in Louisiana.

The Virginia Theological Seminary makes annual cash payments to the descendants whose family members labored on its campus during slavery and Jim Crow eras. The private institution’s program is funded by an endowment started in 2019 that has grown from $1.7 million to $2.8 million. Payments to individuals vary based on the closest lineage to the family members and continue into perpetuity.

“We believe we’re the only educational institution in the United States which makes annual cash reparations payments” with no strings attached, said Nicky Burridge, the seminary’s spokeswoman.

“The moral repair, the healing aspect is as great as the monetary one,” said Ebonee Davis-Hayes, its director of reparations.

Hussein, Fields and Binkley write for the Associated Press.

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Could Recovery Reinforce Power in Venezuela?

September 2: Chris Wright, Delcy Rodríguez and Paula Henao at the contract-signing ceremony for new deals with Chevron, Eni, and GE Vernova.

The lights could come back on in Maracaibo without Venezuelans gaining the capacity to change their government. More unsettlingly, restoring power to their homes could help keep those governing them in place.

This is the possibility taking shape in Venezuela. Chavismo’s relationship with Washington has changed under the pressure of American intervention; new investment could improve services while giving both the government and its foreign partners a growing interest in preserving the arrangement that delivers those improvements.

The issue goes beyond whether chavismo has abandoned its ideology: the infrastructure sustaining its power is being rebuilt around different relationships. Democratic demands now confront a governing system whose continuity may serve interests extending well beyond Venezuela.

A different foundation for continuity

Maduro remained after July 28, 2024, but maintaining control of the State could not repair the gap between holding office and having a credible electoral mandate. When US forces captured him in January 2026, that legitimacy deficit shaped the international response. Although there were international condemnations of the operation, opposing the use of force and defending Maduro’s right to govern were different positions. Some governments rejected his claim to the presidency while still questioning the intervention. 

Nevertheless, Maduro’s removal left much of the chavista governing apparatus in place. Under Delcy Rodríguez, that apparatus faces a powerful external actor that can influence its room to manoeuvre. Pragmatism is therefore more than an ideological preference: cooperation with Washington has become a condition of political survival.

Tension arises when immediate commercial stability becomes tied to particular officeholders and agreements whose terms a democratic government might review.

For Washington, the authorities in Caracas can authorize contracts and implement agreements. For those authorities, cooperation offers resources and international acceptance. Their interests are different, but they can converge around continuity.

That convergence is acquiring a material basis. On October 17, Rodríguez announced expectations of almost $76 billion in oil investment over five years. These are anticipated investments, rather than money already spent. As contracts, payments and operations develop, however, businesses may become increasingly dependent on the officials and arrangements enabling them.

This does not make democracy incompatible with American investment. Accountable institutions could offer stronger guarantees over time. Tension arises when immediate commercial stability becomes tied to particular officeholders and agreements whose terms a democratic government might review. Political change can then appear as a risk to be postponed.

What changes behind the light switch

In my earlier article on infrastructure after the earthquakes, I argued that relationships, trust and coordination are as necessary to a response as machinery. Electricity works the same way. A power station depends on engineers, maintenance routines, payments and decisions about where resources go.

In my sociotechnical research, a cultural infrastructure framework helps distinguish three connected levels. The first is what people experience. The second is how work is organized to provide it. The third concerns who has authority, whose expertise counts and what makes their decisions acceptable or open to challenge.

During Maduro’s presidency, the drought of 2016 and the blackouts of 2019 exposed failures across all three. Households lost electricity. Behind the outages were maintenance problems, fuel shortages and the loss of experienced staff. An assessment by the Inter-American Development Bank also identified weak planning and the absence of independent regulation. Repairing machinery could not, by itself, correct the arrangements allowing the system to deteriorate.

Venezuelans may receive better electricity without gaining a meaningful say in how the system operates.

Under Delcy, the third level has changed profoundly. Washington now helps shape the conditions for reconstruction, and international suppliers offer access to equipment and expertise. The US Department of Energy describes an agreement with GE Vernova to modernize the grid and expand generation over several years.

That shift could enable changes in the second level, from procurement and contractor payments to maintenance and staffing. Those changes could eventually improve the first level, with fewer outages and more reliable services. However, Reuters reported in May that suppliers still faced uncertainty over payments, project priorities and authorizations. Announcements do not remove accumulated failures.

The important distinction is that changing who authorizes recovery does not necessarily give citizens more authority over it. The third level can be extensively reorganized between governments and companies while remaining closed to the people who depend on the service.

Whose stability, and for how long?

Electricity makes the resulting tension concrete. An oil producer needs reliable power. A household needs it too. Investment serving production could benefit both, but shared need does not ensure equal influence over which installations are repaired first or which communities wait.

If those priorities are negotiated mainly between officials and investors, Venezuelans may receive better electricity without gaining a meaningful say in how the system operates. Successful repairs could strengthen the government’s public standing while making commercial partners more invested in its continuity.

The different timescales matter. As I argued in “Venezuela Isn’t Transitioning. It’s Operating,” daily life follows immediate needs while political change moves on another timetable. A repaired installation may reduce outages before the wider network has dependable maintenance. Sustaining improvements requires organizational capacity. Establishing public accountability requires political decisions that neither repairs nor foreign investment can make automatically.

Venezuelans should not have to choose between functioning services and political rights. Nor should investors have to depend on indefinite chavista rule for contracts to be secure.

Meanwhile, every contract and operational dependency can make the emerging arrangement harder to alter. A process presented as temporary stabilization could acquire beneficiaries with reasons to prolong it. Recovery would then help rebuild the foundations of chavista power before the question of democratic authority is settled.

That is why an electoral timetable matters alongside investment commitments. US-backed talks involving Dinorah Figuera continue while María Corina Machado remains outside the process and no firm election date has been established. The practical question is whether citizens acquire enforceable rights to scrutinize and replace their government while economic arrangements are being consolidated.

Reliable electricity would be a real improvement, but Venezuelans should not have to choose between functioning services and political rights. Nor should investors have to depend on indefinite chavista rule for contracts to be secure.

Chavismo’s pragmatism is rebuilding the relationships through which it can survive. Whether that reconstruction also serves democracy depends on who can challenge its terms. The lights coming back on may show that the system works better; the decisive political test is whether Venezuelans can change the people running it.

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