In the 14th century, the Medici family used the power of its newly invented, double-entry accounting system to build a cross-border banking empire that banks still use today. Now more than 600 years later, cross-border payments total more than $22 trillion.
These transactions are essential to conducting international business, and increasingly important as global commerce continues to expand — a 14th century process is simply not good enough. Medici’s system uses “nostro” and “vostro” accounts […]
