Today’s economy is a global economy that depends on global banking. Global banking facilitates the transfer of trillions of dollars across national borders every day helping to fuel global finance, trade, and remittances.
The concept of global banking has been around since the 16th century when it became clear that to facilitate trade, a banking system that reached across borders was needed around the world. Despite the awareness of the need for global banking centuries ago, most banking systems evolved to be national entities that restricted businesses and individuals to bank within a single country. As the world becomes ever more interconnected there’s added pressure to lift national restrictions to make it easier, faster, and more cost-effective for everyone to bank across borders.