The cross-border payments industry is seeing levels of "unprecedented change" globally, including in regulation, where Australia is struggling to keep apace despite the competition watchdog's probe into the $9 billion foreign currency transaction market.

That's the view of OFX chief executive Skander Malcolm who identifies three themes dominating cross-border payment, including that a larger number of small and medium businesses are utilising global payments to tap into new customers or for their supply chain, and that rapid technological change is spawning a rash of new products and services.