[Payments Unleashed] Video interview with Philip Bruno, ACI Worldwide

Philip Bruno, Chief Strategy and Growth Officer at ACI Worldwide, discusses how stablecoins and real-time payments are poised to transform cross-border transactions as banks accelerate their modernisation efforts.

 

 

The payments industry is experiencing a fundamental transformation as cross-border transactions face new challenges and opportunities. At the recent Payments Unleashed Summit in New York, hosted by ACI Worldwide, industry leaders gathered to discuss the future of global payments. In an exclusive interview, Philip Bruno, Chief Strategy and Growth Officer at ACI Worldwide, shared insights with Mélisande Mual, Publisher of The Paypers, about how emerging technologies like stablecoins and real-time payments are reshaping the cross-border payments landscape.

Cross-border payments in transition

The cross-border payments sector is undergoing significant changes that are reshaping traditional transaction patterns. According to Philip Bruno, the industry is experiencing a notable slowdown, with domestic payment revenues now outpacing cross-border growth. This shift is driven by evolving global trade dynamics and the ongoing trend of reshoring or "right-shoring" of trade relationships. Different payment corridors are experiencing vastly different growth rates, with some expanding rapidly while others stagnate, creating a complex and fragmented landscape for international transactions.

Stablecoins: a solution for challenging payment corridors

Stablecoins are emerging as a powerful solution for specific cross-border payment challenges. Philip identifies two primary use cases where stablecoins offer compelling advantages. First, they provide cost-effective alternatives in thinly traded corridors where traditional foreign exchange charges are prohibitively high. Second, they serve markets with unstable local currencies, allowing entities to transact in stable digital currencies without exposure to volatility risks. These digital assets are particularly valuable for senders and receivers who need reliable value transfer mechanisms in challenging economic environments.

Real-time payments: promise and limitations

While real-time payment systems hold tremendous potential for cross-border transactions, current limitations prevent their widespread international use. The lack of global interoperability between different real-time payment networks remains a significant barrier. However, progress is being made through bilateral connections, particularly in Asia. Philip highlights successful implementations between Singapore and Thailand as examples of what's possible. When fully realised, interoperable real-time payment systems will offer compelling benefits including low costs, competitive foreign exchange rates, and instant fund availability operating 24/7/365.

The next wave of payments innovation

Philip sees the next wave of payments innovation driven by accelerating investment in stablecoin infrastructure, the emergence of agentic commerce–projected to generate at least a trillion dollars in digital commerce value within five years–and unprecedented banking modernisation, with roughly three-quarters of a trillion dollars earmarked for IT upgrades. As stablecoins gain traction, real-time payment systems move toward interoperability, and financial institutions intensify their modernisation efforts, the foundations of a more efficient global payments ecosystem are taking shape. Those that embrace these technologies while addressing current limitations will be best positioned to capture value in the evolving cross-border payments landscape.

About the interviewee

Philip Bruno is ACI’s Chief Strategy and Growth Officer. In this role, he leads the company’s growth strategy, including corporate strategy development and long-range strategic planning. He works with leaders and teams across the business to drive the execution of strategic growth initiatives, monitor market dynamics to inform our strategy, and help ensure the clear communication of our strategy and vision to internal and external stakeholders. Mr. Bruno brings more than thirty years of experience in payments and financial services from McKinsey & Company, the global management consulting firm.  At McKinsey, he served as partner and co-lead of the Global Payments Practice, advising leading financial institutions and technology companies worldwide on strategic growth, digital innovation, customer experience improvement, and operational effectiveness.  

Throughout his career at McKinsey, Mr. Bruno shaped strategic initiatives across the payments ecosystem, from established banking institutions to emerging fintechs. His expertise spans digital commerce, retail payments, commercial payments/transaction banking, and payment infrastructure. Mr. Bruno holds a Master of Business Administration from New York University’s Stern School of Business and a Bachelor of Arts in International Relations from the University of Pennsylvania.  

About the company

ACI Worldwide, an original innovator in global payments technology, delivers transformative software solutions that power intelligent payments orchestration in real-time so banks, billers, and merchants can drive growth, while continuously modernising their payment infrastructures, simply and securely. With 50 years of trusted payments expertise, we combine our global footprint with a local presence to offer enhanced payment experiences to stay ahead of constantly changing payment challenges and opportunities.