Finextra

OCTOBER 14, 2024

Deutsche Bank’s Institutional Cash and Trade announces the launch of dbX, paving the way for its next generation, fully integrated correspondent banking ecosystem.

Correspondent Bank 52

Correspondent Bank Correspondent 52

Payments Source

JANUARY 8, 2019

Despite controversy surrounding Ripple’s digital token, one bank is pushing forward to use it in cross-border payments.

Correspondent Bank 86

Correspondent Bank Correspondent Cross-Border Payments Cross-Border 86

Finextra

OCTOBER 22, 2024

Regulators must define a “minimum set of data” to be shared between banks that would still “serve the purpose” of fraud detection and prevention, said Michele Gentile, head of group correspondent banking, APAC, UniCredit, at Sibos today.

Correspondent Bank 111

Correspondent Bank Fraud Detection Regulations APACS 111

Finextra

JUNE 19, 2024

Taking to the stage on the second and final day of EBAday in Lisbon, Portugal were Erik Frantz, executive director, financial institutions – banks, CaixaBank; Roisin Levine, head of UK and Europe partnerships, Wise Platform; Rafael Linde, head, international development and global relationship management, Cecabank; Dean Sposito, head of institutional (..)

Correspondent Bank 59

Correspondent Bank Cross-Border Payments Cross-Border Correspondent 59

Payments Source

AUGUST 8, 2018

The fact remains that the vast majority of international payments are still done via banks and through the correspondent (SWIFT) network, writes Rosie Faulkner, vice president and money laundering reporting officer at Earthport.

Correspondent 64

Correspondent Cross-Border Payments Correspondent Bank Cross-Border 64

PYMNTS

SEPTEMBER 24, 2020

Correspondent Banking . Financial institutions (FIs) traditionally offer remittances through correspondent banking relationships , in which banks in different countries open deposit accounts to handle cross-border payments. Correspondent banking is not the only way that money transfers can be conducted.

Regulatory Compliance 89

Regulatory Compliance Compliance Correspondent Bank Correspondent 89

Fintech News

JULY 14, 2024

Traditional cross-border payments encounter various challenges, including delays, high costs, lack of transparency, multiple intermediaries, variable processing speeds, and differing compliance standards across correspondent banks.

Cross-Border 108

Cross-Border Correspondent Bank Multi-Currency Settlement 108

The Payments Association

MARCH 15, 2024

Exploring innovative solutions to address the challenges and opportunities in global financial connectivity as traditional correspondent banking relationships diminish. Read more

Correspondent 88

Correspondent Correspondent Bank Addressing Innovation 88

The Paypers

OCTOBER 12, 2016

(The Paypers) Wells Fargo , ANZ and Swift have deployed a prototype that envisions the role blockchain plays in correspondent banking.

Correspondent Bank 31

Correspondent Bank Correspondent Blockchain SWIFT 31

Fintech News

NOVEMBER 27, 2024

Deutsche Bank’s additional investment reinforces Partior’s plans to scale its operations globally and enhance cross-border capabilities as well as develop functions like Intraday FX swaps and Just-in-Time multi-bank payments. Established in 2021 and backed by DBS Bank, J.P.

Cross-Border 109

Cross-Border SARS Multi-Currency Correspondent Bank 109

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

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

The Paypers

MARCH 20, 2018

(The Paypers) The Financial Stability Board (FSB) has published updated data on correspondent banking relationships using data provided by SWIFT.

Correspondent Bank 28

Correspondent Bank Correspondent SWIFT 28

PYMNTS

JUNE 10, 2020

The following Deep Dive examines how cross-border remittances are typically conducted via a correspondent banking model and details how these payments’ slow processing times and high fees are exacerbated by complex and overlapping government regulations. How Correspondent Banking Works. Obstacles To Smooth Remittances.

Correspondent Bank 63

Correspondent Bank Correspondent Process Cross-Border 63

PYMNTS

OCTOBER 19, 2020

These challenges are only exacerbated when payments move across international borders, usually accomplished via correspondence banking. Banks are typically required to establish direct links with financial institutions (FIs) in other nations to make or receive cross-border payments.

Cross-Border Payments 77

Cross-Border Payments Cross-Border Correspondent Bank Technology 77

Fintech News

JUNE 4, 2024

The Bank for International Settlements (BIS) has launched Project Rialto to test the potential for improving instant cross-border payments through a combination of a modular foreign exchange (FX) component and wholesale central bank digital currencies (wCBDC).

Cross-Border Payments 92

Cross-Border Payments Cross-Border CBDC Settlement 92

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

JANUARY 23, 2020

MoneyGram has partnered with Suez Canal Bank to let customers send money right into Egyptian bank accounts, according to a press release. The deal will expand MoneyGram’s presence in Egypt and give it access to Suez Canal’s large network of correspondent banks around the globe.

Correspondent Bank 119

Correspondent Bank Cross-Border Correspondent Financial Inclusion 119

Finextra

APRIL 29, 2024

Service level agreements used in cross-border payment arrangements define minimum service levels for correspondent banking relationships, the links between payment systems and payment instrument rulebooks.

Cross-Border Payments 64

Cross-Border Payments Cross-Border Agreements Correspondent Bank 64

Fintech News

AUGUST 12, 2024

BS2 also serves as Nium’s Brazilian Real (BRL) Correspondent Bank, assisting in real-time payment settlements for cross-border Pix transfers. BS2 is leveraging Nium’s Global FX product to reduce costs and enable real-time payouts between Brazil and key trading partners like China and the UAE.

Cross-Border 109

Cross-Border Cross-Border Payments Correspondent Bank Real Time Payments 109

Payments Source

FEBRUARY 18, 2016

Inefficient, paper-bound processes, oligopolies that can charge high prices, the Rube Goldberg structure of correspondent banking, and excessive regulation all make it expensive for migrants to send money home. Technology is a big part of the answer.

Correspondent Bank 67

Correspondent Bank Correspondent Regulations Process 67

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

PYMNTS

AUGUST 31, 2020

This network is quickly becoming more popular as a replacement for correspondence banking models, partnering with BNY Mellon and Microsoft to enable payments at 11,000 FIs in more than 200 countries around the world. The first is improved speed, shown by the adoption of cloud technology from global payments network SWIFT.

Real Time Payments 135

Real Time Payments Online and Mobile Banking Correspondent Bank SWIFT 135

Payments Source

FEBRUARY 8, 2018

Cross-border transactions are getting smaller in size and more frequent, rendering the correspondent banking model increasingly obsolete as new use cases pile up.

Cross-Border 62

Cross-Border Correspondent Bank Correspondent Use Case 62

Payments Source

MARCH 7, 2019

INTL FCStone's Global Payments Division's foreign currency pricing has picked up enough momentum to extend beyond its initial launch to more than 350 correspondent banks globally.

Correspondent Bank 62

Correspondent Bank Correspondent Global Payments Payments 62

Payments Source

MAY 11, 2016

Blockchain, the distributed ledger technology commonly associated with bitcoin, is getting a lot of attention as a way to jettison fee-snagging correspondent banks from remittances, but Align Commerce insists blockchain has even more uses.

Blockchain 63

Blockchain Correspondent Bank Correspondent Bitcoin 63

PYMNTS

APRIL 21, 2020

Exploring Correspondent Banking Alternatives. Getting correspondent bank accounts is the biggest challenge every payment service provider is facing.” 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

Finextra

OCTOBER 21, 2024

(“Mizuho Bank”), the banking arm of Mizuho Financial Group, Inc. NYSE: MFG) and one of the largest full-service financial institutions in the world, jointly announced a landmark agreement for correspondent bank network connectivity for international trade.

Correspondent Bank 59

Correspondent Bank Correspondent Finance Agreements 59

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.

Addressing 120

Addressing Fraud Prevention Financial Inclusion Payments 120

Fintech Finance

DECEMBER 17, 2024

Designed specifically to address these problems, Visa B2B Connect is an innovative multilateral payment network which offers an alternative to the unpredictability corporate clients associate with current cross-border correspondent banking processes.

Cross-Border 90

Cross-Border Cross-Border Payments Payment APIs and Integration B2B 90

PYMNTS

NOVEMBER 10, 2020

Immigrants must quickly establish local bank accounts in their host countries so they can easily receive payroll, and many also seek seamless, cost-effective ways to send money back home. Legacy banks often send remittances over correspondent banking networks, which can drive up costs. Get the full story in the Tracker®.

Cross-Border 86

Cross-Border Correspondent Bank Correspondent Regulatory Compliance 86

Fintech Finance

JUNE 26, 2024

This empowers financial institutions to address problems at the source and understand the effort required for different exception types, payment systems, or correspondent banks – improving overall payment processing efficiency.

Cross-Border Payments 98

Cross-Border Payments Reconciliation Cross-Border Instant Payments 98

PYMNTS

APRIL 17, 2018

A new report by the General Council for Islamic Banks and Financial Institutions (CIBAFI) said the decline of correspondent banking relationships disproportionately impacts Islamic financial institutions (FIs). Islamic banks in Southeast Asia added that cash management services were most impacted for them.

Correspondent 44

Correspondent Correspondent Bank Wire Transfer Money Laundering 44

Fintech Finance

OCTOBER 21, 2024

Leverages banks’ existing investments in Swift messaging infrastructure, with a single technical connection that allows corridors and currencies to be added with minimal cost and resources. Fully compatible with existing correspondent banking arrangements between respondents and correspondents.

Cross-Border Payments 104

Cross-Border Payments Cross-Border Visa Near Real-Time 104

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

Payments Source

MAY 9, 2017

Today: Australia deregulates fintech; Mobile bank goes real-time in the U.K.; German companies collaborate on ID; Correspondent banks face regulatory expense. The information you need to start your day, including top headlines from PaymentsSource and around the Web.

Correspondent Bank 60

Correspondent Bank Correspondent Mobile Banking FinTech 60

PYMNTS

NOVEMBER 27, 2019

Many EU residents have to wait a long time for payments to work their way through the region’s banking systems, and that the “correspondent banking model” is outdated and too pricey. DLT would also help in terms of cross-border payments, he said.

Central Bank 94

Central Bank Digital Currency Distributed Ledger Technology (DLT) CBDC 94