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

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

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

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. Everyday payments made within the same country typically take a straightforward course.

Correspondent Bank 63

Correspondent Bank Correspondent Process Cross-Border 63

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. This puts PSPs in control of their own liquidity and allows them to buy and sell with speed overseas.

Cross-Border 98

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

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

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

Whether you’re a small company or a large bank, the challenge remains: ensuring that every payment instruction contains the correct data in the right format.” ” For FIs, the consequences are equally daunting, as they face expenses associated with the correspondent banking network.

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Addressing Fraud Prevention Financial Inclusion Payments 119

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

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

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

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.

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B2B Cross-Border Cross-Border Payments Correspondent Bank 67

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 103

Central Bank AI Correspondent Bank Correspondent 103

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

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

PYMNTS

SEPTEMBER 4, 2020

As the number of Spanish banks has dwindled to just a dozen, down from 55 since the financial crisis of 2008, regulators have continued to advocate for mergers. A combined Bankia-Caixa name would become Spain’s largest lender by market share in loans and deposits, the news service reported.

Cross-Border Payments 75

Cross-Border Payments Cross-Border Correspondent Bank SWIFT 75

PYMNTS

OCTOBER 6, 2016

SWIFT’s year has been filled with controversy, the apex of which occurred when reports surfaced that cyberthieves infiltrated Bangladesh Bank via the SWIFT messaging system in February, resulting in $81 million stolen from the bank’s account at the New York Federal Reserve.

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SWIFT Global Payments Innovation Cross-Border 75

PYMNTS

AUGUST 1, 2019

In its announcement , SWIFT noted that this standardization will be especially impactful for high-value corporate payments within the correspondent banking sphere. Adoption of ISO 20022 will continue the transformation of correspondent banking already ongoing,” SWIFT said in its Wednesday (July 31) announcement.

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Interoperability ISO 20022 Cross-Border Correspondent Bank 61

PYMNTS

APRIL 29, 2020

While the debate continues as to whether FIs should or should not step into the world of crypto, either by banking businesses in the sector or developing their own digital currency technologies, Karalevi? ius, “but also understanding if the business model is rational, or just another get-rich-quick scheme.”

Cryptocurrency 113

Cryptocurrency Cross-Border Compliance AML 113

PYMNTS

JUNE 13, 2019

The transactions between businesses are done on an account-to-account basis, as opposed to using the existing correspondent banking network — which, of course, relies on intermediaries. As reported, the launch covers 30 markets globally.

B2B 75

B2B Distributed Ledger Technology (DLT) Cross-Border Cross-Border Payments 75

PYMNTS

DECEMBER 15, 2020

Real-time rails continue to gain traction as solution providers debut new tools wielding existing instant payment infrastructure to enhance their offerings to business customers.

Innovation 94

Innovation Cross-Border Payments Cross-Border Real Time Payments 94

The Fintech Times

FEBRUARY 28, 2024

Aleks Stefanovski, VP for strategy and business operations at Visa “Another barrier is de-risking by correspondent banks. Most cross-border payments are processed on infrastructure provided by correspondent banks. “Over the past decade, the risk appetite at correspondent banks has declined.

Cross-Border Payments 59

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 59

CB Insights

JANUARY 22, 2020

The company has continued to market its RippleNet payments platform as a disruptive technology to the cross-border payments market and the correspondent banking system that banks use to transfer funds. Largest funding rounds point to enterprise applications Focus.

Blockchain 79

Blockchain Cryptocurrency Cross-Border Payments Correspondent Bank 79

Finance Magnates

FEBRUARY 15, 2023

As cross-border payments continue to gain popularity, businesses are constantly looking for faster, more secure, and cost-effective methods to conduct transactions. With Circle acting as a correspondent bank, using USDC has proven to be a promising solution for reducing counter-party risk and facilitating multi-MSB payouts.

Cross-Border Payments 52

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 52

PYMNTS

APRIL 5, 2016

“From a banking perspective, every business is going to be connected into the banking system in some way,” O’Connell said, explaining why Uphold inks partnerships with the very institution — traditional banking — it’s a part of disrupting. You have two types of banks,” O’Connell continued.

Cross-Border 73

Cross-Border Cross-Border Payments Correspondent Bank Correspondent 73

PYMNTS

DECEMBER 4, 2017

“The majority of banks simply don’t have the necessary regulatory licenses to operate outside their native countries, which creates a dependency on the intermediary bank system to complete international transfers.”. Rather than working against and competing with banks, we intend to partner with them.”. the executive added.

B2B 41

B2B Cross-Border Payments Cross-Border Correspondent Bank 41

PYMNTS

JANUARY 20, 2021

Though common, this strategy fails to present an opportunity to optimize transaction routing throughout the growing number of infrastructures available, whether it be through ACH, SWIFT, Ripple, the correspondent banking network or otherwise.

Correspondent Bank 52

Correspondent Bank Correspondent Payments Volume 52

PYMNTS

JANUARY 23, 2019

arm of Deutsche Bank did enough to monitor funds from the Estonian branch of Danske Banke. Danske Bank has already said that about $230 billion that came from the Estonian branch may have been bad money. The reported noted that Danske Bank used correspondent banks including Deutsche Bank to move money around the globe.

Fed 55

Fed Money Laundering Federal Reserve Law Enforcement 55

Fintech Finance

APRIL 17, 2024

This partnership will support cross-border payments and expand local payment reach in an additional set of 10 currencies, providing access to customers in markets the bank had not previously serviced. StoneX’s API-driven financial institution platform and extensive network of over 350 correspondent banks will be leveraged.

Cross-Border 52

Cross-Border Cross-Border Payments Correspondent Bank Payments 52

PYMNTS

APRIL 1, 2019

The jockeying for cross border-payments continues, and SWIFT and Ripple continue to dominate the headlines. As a result, DLT can lower costs, and boost transparency, in part by eliminating the need for a correspondent banking relationship. As noted, SWIFT has rolled out its gpi (short for global payments initiative).

Cross-Border 61

Cross-Border Distributed Ledger Technology (DLT) Cross-Border Payments Transactions 61

Fintech Finance

JULY 19, 2024

Many more financial institutions also access the CHAPS system indirectly and make payments via direct participants which is knowns as agency or correspondent banking. If you are concerned about a CHAPS payment you plan to make or receive today, please contact your bank, or other payment service provider.

Payments 98

Payments ISO 20022 Retail Payments Settlement 98

The Fintech Times

NOVEMBER 5, 2024

Alongside enhancing the service it offers millions of its own customers, the move also benefits millions more users of some of the world’s largest banks and financial institutions, such as Bank Mandiri , which offer their customers international payments through Wise Platform.

Real Time Payments 59

Real Time Payments Cross-Border Payments Cross-Border Correspondent Bank 59

PYMNTS

DECEMBER 16, 2020

Corporate buyers and sellers continue to struggle with disruptions to cash flow and administrative processes that are being caused by the pandemic. This may make it more important than ever for firms to be able to use alternatives to expensive, slow-moving paper checks.

Security 64

Security Cross-Border Payments B2B Cross-Border 64

PYMNTS

AUGUST 16, 2019

Remittances to developing nations continue to grow, which has spurred many global markets to pursue efforts to enable more efficient cross-border payments. World Bank data shows that remittances to low- and middle-income nations reached a record high last year, with migrants sending $529 billion to their home countries. innovations.

Cross-Border Payments 81

Cross-Border Payments Cross-Border ISO 20022 ISOs 81

PYMNTS

AUGUST 21, 2020

Widespread disruption throughout the world’s supply chains earlier this year had businesses’ continuity plans threatened and, for some, even forced operations to grind to a screeching halt. “But payments is just one side of the equation,” noted Conibear.

Multi-Currency 69

Multi-Currency Cross-Border Payments Cross-Border Finance 69