PYMNTS

FEBRUARY 3, 2017

SWIFT is putting the pressure on its members to enhance their cybersecurity capabilities, according to reports by SC Magazine. According to the publication, SWIFT is encouraging and, in some cases, threatening its member banks to deploy more sophisticated cybersecurity measures.

SWIFT 64

SWIFT Cybersecurity Correspondent Compromise 64

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 Multi-Currency 52

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. billion bank accounts and 116 million digital wallets around the world.

Cross-Border Payments 59

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

PYMNTS

DECEMBER 16, 2019

SWIFT is launching its global Know Your Customer (KYC) registry to more corporate groups, SWIFT announced in a press release on Monday (Dec. Bart Claeys, Head of KYC and Reference Data at SWIFT, said its global KYC registry offers “huge benefits to the 5,000 banks and financial institutions which are currently using it.” .

SWIFT 52

SWIFT Due Diligence Correspondent Treasury 52

The Fintech Times

FEBRUARY 21, 2024

Practical improvements await Rachel Levi, global head of innovation engineering, SWIFT Rachel Levi , global head of innovation engineering, Swift , the cross-border payments provider, notes how the company and ecosystem are working to make practical improvements to international payment speed.

Cross-Border Payments 78

Cross-Border Payments Cross-Border ISO 20022 SWIFT 78

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

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

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. Bank Of America Wields SWIFT gpi.

Innovation 94

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

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. The Financial Stability Board released analysis last year that found SWIFT interbank payment messages reflected a 4.1

Correspondent Bank 55

Correspondent Bank Correspondent Cross-Border ISO 20022 55

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

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

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? “Crypto is just another payment channel, like SEPA, SWIFT or payment cards,” noted Karalevi? ”

Cryptocurrency 113

Cryptocurrency Cross-Border Compliance AML 113

PYMNTS

APRIL 1, 2019

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

Cross-Border 61

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

Fintech Finance

APRIL 8, 2025

This resulted in a surge of QR payment-accepting merchants under ACLEDA’s network, from 230,000 in 2022 to over 420,000 in 2024, and the corresponding number of transactions skyrocketed from 16 million to 160 million per year.

PCI DSS 94

PCI DSS ATM Debit Card Accreditation 94

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. Youll need to define clear roles, recovery time objectives (RTOs), and recovery point objectives (RPOs) to facilitate swift action in the event of a crisis.

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. Youll need to define clear roles, recovery time objectives (RTOs), and recovery point objectives (RPOs) to facilitate swift action in the event of a crisis.

Disaster Recovery 130

Disaster Recovery Risk Assessment Assessments Risk 130

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

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

PYMNTS

AUGUST 1, 2019

Payments messaging firm SWIFT has taken recent steps to promote interoperability of its payments network, recently announcing that it would allow blockchain platforms to loop into SWIFT’s global payments innovations (GPI) service to facilitate real-time transactions.

Interoperability 61

Interoperability ISO 20022 Cross-Border Correspondent Bank 61

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

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. More than 110 banks from Europe, Asia Pacific, Africa and the Americas are part of the SWIFT gpi, which has been in a pilot stage. Remittances on the Rise. and Australia’s NPP.

Cross-Border Payments 81

Cross-Border Payments Cross-Border ISO 20022 ISOs 81

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. The bank is in the process of integrating its CBS with SWIFT so this cannot happen again.

Continuity 40

Continuity SWIFT Non-Bank Correspondent 40

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

APRIL 6, 2016

Payments messaging firm SWIFT is looking to gain support for its global payments initiative and, most recently, announced the latest backers of the pilot program. Their commitment is a testament to the initiative and our joint ambition to significantly improve the cross-border payments experience for corporate customers,” he continued. “As

Cross-Border Payments 41

Cross-Border Payments Cross-Border B2B SWIFT 41

The Fintech Times

MARCH 20, 2024

As digital payment technologies continue to advance, the importance of physical cash diminishes, making access to cashless relevant in today’s digital-driven world.” Simply tapping your phone to a terminal is much easier than fumbling through your wallet for change.

Contactless Payments 115

Contactless Payments Push-to-Card Payments Online and Mobile Banking 115

FICO

JULY 23, 2020

Essentially, these systems provide early warning detection, enabling the Bank to take swift remedial action so it can meet all of its regulatory and compliance obligations – be they national or international. “By We hope this collaboration will continue in the future.”. by Frank Holzenthal.

Financial Crimes 52

Financial Crimes Crime Money Laundering Compliance 52

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

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

JULY 14, 2020

Speaking with Karen Webster, Citi Treasury and Trade Solutions Global Head of Trade Ebru Pakca n took a glimpse back at the start of the IFC collaboration and explored the strategies the partners took that set the stage for a swift response to today’s economic crisis. . Disbursing Risk. Contingency Planning.

Finance 61

Finance Correspondent Bank Risk Correspondent 61

Nanonets

APRIL 24, 2024

Bank reconciliation typically involves gathering bank statements and transaction records, comparing them with the corresponding entries in the company's accounting records, and investigating any discrepancies. This process ensures the integrity of financial data and confirms that the reported financial position is accurate.

Reconciliation 52

Reconciliation Audit Procedures Correspondent 52

PYMNTS

JULY 16, 2018

Continuing the recent string of earnings from big banks (a string that kicks off earnings season, per tradition), Bank of America said loan growth and a boost in digital initiatives improved results in the second quarter. Bank Of America Earmarks $500M In Tech Spend As Mobile Use, Zelle Soar. Apple Losing Key Executives In India.

Zelle 40

Zelle PayPal Correspondent Bank Correspondent 40

PYMNTS

OCTOBER 24, 2019

Swift recently announced that its gpi service can integrate with domestic real-time systems to facilitate rapid cross-border transactions. That fear has not been realized, however, as TCH reports that FIs continue to join RTP. Traditionally, most cross-border payments are made through Swift.

Cross-Border Payments 42

Cross-Border Payments Cross-Border B2B FedNow 42

The Payments Association

OCTOBER 11, 2024

Firms must continuously evaluate the financial stability, regulatory compliance, and track record of the institutions they choose to safeguard funds to ensure ongoing reliability, as any failure by these third parties could directly impact consumers.

Due Diligence 88

Due Diligence Audit Reconciliation Compliance 88

Nanonets

MAY 8, 2024

Stripe Reconciliation refers to the use of Stripe for the systematic process of matching and verifying transactions processed through the Stripe payment gateway with corresponding entries in your accounting records.   What is Stripe Reconciliation? Division of duties : Errors and fraud can be mitigated by dividing responsibilities.

Reconciliation 52

Reconciliation Settlement Alternative Payment Methods Automation 52

PYMNTS

DECEMBER 18, 2019

In B2B payments, though, legacy tools continue to lead. ACH payments continue to gain traction in B2B payments, but that’s not without its drawbacks. Innovation in the payments arena has provided more rails upon which to move money. Profituity Aims To Elevate ACH. It’s moving slowly.”.

B2B 52

B2B Credit Union Electronic Funds Transfer (EFT) RTP 52

PYMNTS

DECEMBER 17, 2019

Payment rails are undergoing significant innovation, a trend that promises to continue into the 2020s in various areas. Meanwhile, payments messaging firm SWIFT recently announced that its gpi service can now integrate into domestic real-time payment systems, enabling banks to wield gpi for real-time cross-border payments.

Central Bank 52

Central Bank Global Payments Cross-Border Payment APIs and Integration 52

Nanonets

JUNE 21, 2023

Reconciling payments involves verifying whether the payments received in the company's bank account match the corresponding invoices or payment records in the company's financial system. It ensures that all customer payments are correctly recorded and matched with the corresponding invoices or sales transactions.

Payment Reconciliation 52

Payment Reconciliation Reconciliation Best Practices Automation 52