Fintech Finance

NOVEMBER 4, 2024

Wise has spent the last 14 years building an alternative to traditional correspondent banking. Wise has continued to invest in building direct connections to payment systems starting with the UK in 2018 where Wise was the first non-bank to connect to the Faster Payment System (FPS).

Instant Payments 98

Instant Payments Settlement Accounts Cross-Border Payments 98

The Payments Association

NOVEMBER 29, 2024

The dynamic platform continually evolves its capabilities and feature sets in response to changing regulatory trends, emerging threats and customer preferences. Futureproof solution Jones noted that partnerships between banks and third-party providers facilitate agile, accurate, and responsive solutions.

Disputes 88

Disputes Issuers Card Issuer Payment APIs and Integration 88

Fintech Finance

MARCH 6, 2025

Known for its fiat and crypto correspondent account services for financial institutions, Clear Junctions continued presence in the FT 1000 is a testament to the trust it has built across the banking, fintech, payments, and digital asset ecosystems. since 2020. Further growth is forecasted for 2025.

Cross-Border Payments 52

Cross-Border Payments Cross-Border Correspondent IBAN 52

Fintech Finance

MARCH 18, 2025

With StoneX Payments broad foreign exchange capabilities and correspondent network and Bamboos extensive payment connections and platform, clients should see benefits in terms of FX pricing, more reliable settlement, improved acceptance rates, and greater cash flow efficiency.

Cross-Border Payments 52

Cross-Border Payments Cross-Border Correspondent Payments 52

Fintech Finance

MARCH 24, 2025

.” Transactions on RTGS.global’s network are conducted Payment vs, Payment (PvP), therefore no deduction fees are taken at the point of transaction, nor is there a requirement to pre-fund either bank account as with correspondent banking services. “This is a game-changer for the market,” continued Treacher.

Cross-Border 64

Cross-Border Cross-Border Payments B2B Settlement 64

Fintech Review

NOVEMBER 20, 2024

What’s more, financial barriers continue to impact quality of life for people globally. Once a transfer request is received, the SOE identifies the best route and shares the corresponding rate with the institution and consumer. Today’s cross-border payment solutions also lack transparency.

Cross-Border Payments 115

Cross-Border Payments Cross-Border Multi-Currency FinTech 115

Fintech Finance

MARCH 6, 2025

With this launch, businesses and individuals can benefit from faster, more cost-effective, and secure payments without relying on correspondent banks or third-party currencies. The service is fully operational and accessible via the banks mobile applications and branch networks, enabling seamless transactions across African borders.

Cross-Border Payments 52

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 52

The Payments Association

NOVEMBER 11, 2024

Security Concerns: Concerns about data security and privacy continue to weigh heavily on consumers and banks alike. The sharing of data, without a direct corresponding increase in revenue streams, has made it a largely unprofitable venture for many financial institutions.

Payment APIs and Integration 88

Payment APIs and Integration API Privacy Regulations 88

Fintech News

JULY 14, 2024

Morgan, Standard Chartered, and Temasek continue to support the company, alongside founding shareholders DBS, J.P. According to a report by the Bank for International Settlements (BIS), existing correspondent banking processes have struggled to adapt to new regulatory and supervisory requirements. Existing shareholders J.P.

Cross-Border 107

Cross-Border Correspondent Bank Multi-Currency Settlement 107

The Fintech Times

DECEMBER 1, 2024

Following its collaboration with Dandelion, HSBC now offers fee-free transfers to over 100 destinations in more than 60 currencies, providing a seamless, real-time payment experience that bypasses the traditional correspondent banking model.

Cross-Border Payments 59

Cross-Border Payments Cross-Border Multi-Currency Wire Transfer 59

Fintech Finance

OCTOBER 21, 2024

Rising Demand for Correspondent Services Wise Platform’s Correspondent Services, launched at Sibos last year in collaboration with Swift , allows partners to send and receive international payments instantly. This reflects the increasing trust financial institutions have in Wise’s growing service offerings.

Cross-Border 98

Cross-Border Global Payments Cross-Border Payments Multi-Currency 98

PYMNTS

AUGUST 1, 2019

A press release issued Wednesday (July 31) said ISO 20022 has the potential to promote efficiency in the correspondent banking community and modernize cross-border transactions. “Adoption of ISO 20022 will continue the transformation of correspondent banking already ongoing,” SWIFT said in its announcement.

ISO 20022 76

ISO 20022 ISOs SWIFT Cross-Border 76

PYMNTS

FEBRUARY 14, 2020

The telephone number of the service provider must have Mexico’s country code and the IP address must correspond to the country. The person must be a resident of Mexico , and payment must be made through an intermediary. The providers will have to register for VAT in Mexico and get a tax identification number.

Correspondent 95

Correspondent Laws B2B Legal 95

PYMNTS

OCTOBER 16, 2020

The traditional correspondent banking network is one major speedbump that stops financial institutions (FIs) from providing speedy, inexpensive, cross-currency and cross-border transfers, Lembo explained, but financial services providers can adopt new technology and approaches to safely streamline these transactions.

Cross-Border Payments 85

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 85

CB Insights

DECEMBER 6, 2016

As internet-connected hardware proliferates, there’s been a corresponding rise in cyber security threats, with malicious hackers using these new digital entry points to infiltrate and disrupt systems. In turn, startups focused on securing the Internet of Things (IoT) and the … Continued.

Correspondent 67

Correspondent Security Continuity Cybersecurity 67

PYMNTS

DECEMBER 30, 2020

"Employers can take comfort in knowing that Payactiv continues to be the leader in responsible EWA for employees.". Payactiv recovers corresponding EWA amounts via employer-facilitated payroll deductions” and doesn't “seek repayment from an employee directly or through a payment authorization from the employee’s account,” the order stated.

CFPB 106

CFPB Payroll Correspondent Rules 106

PYMNTS

SEPTEMBER 27, 2019

Criticism of the world’s correspondent banking network continues to mount — and at the same time, the number of correspondent banking relationships is on the decline. percent decline in correspondent banking activity in 2017.

Correspondent Bank 55

Correspondent Bank Correspondent Cross-Border ISO 20022 55

PYMNTS

JUNE 10, 2020

One might expect that an everyday process that affects so many would have been simplified and streamlined over the years, but sending or receiving remittances continues to be challenging. How Correspondent Banking Works. The good news is that correspondent banking — as well as the challenges associated with it — is on the decline.

Correspondent Bank 63

Correspondent Bank Correspondent Process Cross-Border 63

Fintech Finance

JUNE 26, 2024

We are continuously working with our clients to make sure they meet local standards and regulatory requirements”. This functionality not only provides financial institutions with an accurate view of payments for better funding decisions, but also limits risk exposure.

Cross-Border Payments 98

Cross-Border Payments Reconciliation Cross-Border Instant Payments 98

Fintech Finance

OCTOBER 15, 2024

PSPs save money as they no longer need to set up correspondent banking to hold money overseas, nor do they need to pay banks per transaction. The speed at which transactions are settled through the RTGS.global network has truly impressed us, and we have confidence that the platform can revolutionise our offering as we continue to scale.

Cross-Border 98

Cross-Border Liquidity Management Cross-Border Payments Correspondent Bank 98

PYMNTS

APRIL 21, 2020

“The jury is very much out, but based on the early days of what we’re seeing, this is awakening the realization that the old ways of how businesses pay other businesses just can’t continue,” he said. Still, NACHA noted that ACH transaction capabilities remain an important part of helping the economy continue. ”

NACHA 82

NACHA Correspondent Bank Real Time Payments Push-to-Card 82

Fintech News

DECEMBER 10, 2023

” For FIs, the consequences are equally daunting, as they face expenses associated with the correspondent banking network. This approach is not limited to domestic payments but is especially relevant to international transactions, which often involve a complex web of correspondent banks.

Addressing 117

Addressing Fraud Prevention Financial Inclusion Payments 117

PYMNTS

JANUARY 20, 2021

Corporate finance teams were not simply tasked with finding ways to continue operations in a remote work environment as a result of the coronavirus crisis. As organizations continue to weave through the market volatility, implementing change to the enterprise will not be easy or painless.

B2B 125

B2B Cross-Border Payments Correspondent Bank Cash Management 125

CB Insights

JANUARY 24, 2017

The uptick in funding corresponds to the loosening of marijuana restrictions. As of 2016, 28 … Continued. Funding to the cannabis industry has skyrocketed over the past 4 years with 2015 hitting a high of over $220M in equity financing to private companies.

Correspondent 55

Correspondent Finance Continuity 55

The Payments Association

JANUARY 29, 2025

Common themes Analysis of these regulatory fines highlights four persistent weaknesses that continue to challenge the industry: Inadequate governance, accountability and culture: Ineffective governance and fragmented leadership often resulted in unaddressed vulnerabilities. billion settlement with the U.S.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

PYMNTS

NOVEMBER 21, 2018

She continued, “Many national payment systems are benefitting from considerable innovation and change,” adding that cross-border payments “totaled 1.8 It’s not surprising then that, despite regulatory efforts, the number of correspondent banking relationships continues to decline, threatening corporate cross-border payment capabilities.

Authorization 49

Authorization Cross-Border Payments Correspondent Bank Cross-Border 49

PYMNTS

NOVEMBER 16, 2020

Consumers, of course, are ever-more dependent on digital connections and correspondence in the midst of economic headwinds and the public health crisis. “As As consumers turn to more digital, rather than customer-present interactions, it changed a lot of the ways consumers are interacting with payment systems,” Ragan told PYMNTS.

Identity Theft 118

Identity Theft Credential Account Takeovers Fraud Prevention 118

PYMNTS

JUNE 8, 2020

In the June Smarter Payments Tracker® , PYMNTS explores the latest in the world of smarter payments, including new remittance-as-a-service platforms from providers such as Nium, the prob lems associated with correspondent banking, and how COVID-19 is negatively impacting the cross-border payments industry. About The Tracker.

Cross-Border Payments 56

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 56

Fintech Finance

JANUARY 11, 2024

It explores the challenges faced by financial institutions in correspondent banking relationships, shedding light on regulatory compliance, security concerns, foreign exchange rate risks, and the impact of fintech players entering the field.

Cross-Border Payments 93

Cross-Border Payments Cross-Border Faster Payments ISO 20022 93

Fintech Finance

AUGUST 12, 2024

This continued expansion is a step towards Nium’s commitment to revolutionizing the global payments landscape in this strategic region. ” Nium continues to expand its customer and partner footprint in Latin America. This ongoing growth empowers us to further bolster the region’s vibrant and dynamic landscape.”

Real Time Payments 98

Real Time Payments Cross-Border Payments Cross-Border Central Bank 98

VISTA InfoSec

DECEMBER 2, 2024

Calculate Overall Risk Level With both the likelihood of each threat and the corresponding vulnerabilities in hand, you can now determine the overall risk level. Continuously refining your approach not only keeps your recovery plan current but also positions your business to respond to crises more effectively in the future.

Disaster Recovery 130

Disaster Recovery Risk Assessment Assessments Risk 130

VISTA InfoSec

DECEMBER 2, 2024

Calculate Overall Risk Level With both the likelihood of each threat and the corresponding vulnerabilities in hand, you can now determine the overall risk level. Continuously refining your approach not only keeps your recovery plan current but also positions your business to respond to crises more effectively in the future.

Disaster Recovery 130

Disaster Recovery Risk Assessment Assessments Risk 130

PYMNTS

JANUARY 30, 2020

A sample customer file and the researcher’s correspondence with the airline were reviewed by the news outlet. Our systems are fully capable and always up to date to secure the fliers’ data, which is a continuous process,” an airline spokesperson said in a statement. “We The airline then took steps to secure the database. “At

Breach 80

Breach Correspondent Research Database 80

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.

Central Bank 102

Central Bank AI Correspondent Bank Correspondent 102

PYMNTS

APRIL 12, 2018

PNB explained that those responsible hid the fraud by issuing the guarantees via the SWIFT interbank messaging system and not entering the corresponding entries in the CBS. They come only for a short period of time and they go and basically see data only on the CBS,” said Mehta, referring to PNB’s core banking software.

Continuity 40

Continuity SWIFT Non-Bank Correspondent 40

PYMNTS

MARCH 7, 2019

The challenges of global payments are well known, particularly as analysts warn of the impact of a decline in correspondent banking relationships around the world. Analysts pointed to a rise in regulatory pressure as one of the factors pushing banks to reduce exposure to and participation in the correspondent banking space.

B2B 67

B2B Cross-Border Cross-Border Payments Correspondent Bank 67

VISTA InfoSec

APRIL 3, 2024

Encryption is a vital safeguard that transforms data into a format that is unintelligible without the corresponding decryption key. For businesses around the world, the journey towards robust cybersecurity is a continuous endeavor that requires vigilance, adaptation, and the commitment to continually assess and refine security practices.

Cybersecurity 130

Cybersecurity Encryption Breach Phishing 130