Fintech News

JULY 4, 2024

In payments, AI-powered systems can enhance fraud detection and streamline cross-border transactions, potentially revitalising correspondent banking relationships that have dwindled due to regulatory pressures. This could help address the decline in correspondent banking relationships, a concern highlighted in the BIS report.

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PYMNTS

JULY 26, 2019

With correspondent banking relationships on the decline, financial institutions are looking for new — and faster — ways of moving money around the world, too. Some solution providers like Ripple are introducing new ways to bypass the correspondent banking system entirely. This, of course, means faster global payments.

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PYMNTS

FEBRUARY 15, 2019

Bafin, the German financial watchdog that is monitoring Deutsche Bank’s involvement in the Danske Bank money laundering scandal, has asked the bank to review some of its correspondent banking policies, according to a report from Reuters. Deutsche Bank , for its part, said there was no malfeasance on its end.

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PYMNTS

DECEMBER 16, 2020

These transactions are typically routed among a variety of financial institutions (FIs) as they pass through the correspondent banking network to reach their intended countries, but each bank included in this chain adds fees, driving up costs. Businesses are digitizing many tasks as they adjust to employees working from home.

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Security Cross-Border Payments B2B Cross-Border 64

PYMNTS

JULY 14, 2020

In addition to working with IFC, Citi is also collaborating with several correspondent banking partners to facilitate financing. Though these independent efforts are important, Pakcan emphasized the role of collaboration in connecting SMBs to the financing they need to conduct global trade.

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The Fintech Times

FEBRUARY 21, 2024

“This creates the opportunity for correspondent banks to route and settle payments via a real-time payment infrastructure rather than the Real Time Gross Settlement rail, the only option previously. Businesses can scale flexibly, capture revenue immediately, and adjust invoicing and taxation through geolocation alone.

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PYMNTS

FEBRUARY 8, 2018

The Chinese government is aiming for a slow, gradual adjustment of its economy,” Atradius concluded, “but it remains a balancing act.”. Separate analysis from Atradius published last September concluded that China is shifting its economic strategic away from global trade toward consumption. It won’t be easy, however.

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B2B Cross-Border Payments Cross-Border Innovation 44

Payment Savvy

MARCH 22, 2023

Following this logic, the recipient’s bank adjusts its records of the account that received the money. Just like when you send money locally, your funds are adjusted internally but never physically transferred to another institution. The operation is based on orders that are communicated between financial institutions.

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Nanonets

APRIL 3, 2024

Reconciliation and Review Regular reconciliation of bank accounts, credit card statements, and other financial accounts is crucial to ensure accuracy and identify discrepancies. The virtual bookkeeper monitors financial transactions, updates records, and adjusts processes to reflect changes in the client's business or industry landscape.

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