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.

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Correspondent Bank Fraud Detection Regulations APACS 111

PYMNTS

JULY 11, 2019

As cryptocurrencies gain, well, currency, and as heavyweights such as Facebook gear up to bring digital coins beyond being tools of speculation and volatility — might they help transform B2B beyond the way it has always been done, and disrupt the correspondent banking process?

Correspondent Bank 67

Correspondent Bank Correspondent Blockchain Bitcoin 67

PYMNTS

SEPTEMBER 11, 2017

A new report from the International Finance Corporation, a part of the World Bank Group, finds correspondent banking relationships are down, an unintended consequence of regulatory reform. 8) said 27 percent of global banks surveyed have reported a drop in the number of correspondent banking relationships.

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Correspondent Bank Correspondent Due Diligence Wire Transfer 51

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

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.

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Correspondent Bank Correspondent Finance Agreements 59

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.

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Correspondent Bank Correspondent SWIFT 28

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.

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Correspondent Bank Correspondent Blockchain SWIFT 31

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 98

Cross-Border Correspondent Bank Multi-Currency Settlement 98

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

Payments Source

JANUARY 8, 2019

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

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Correspondent Bank Correspondent Cross-Border Payments Cross-Border 86

The Paypers

OCTOBER 14, 2024

Germany-based financial institution Deutsche Bank has announced the launch of dbX, intending to advance the capabilities of its integrated correspondent banking ecosystem.

Correspondent Bank 41

Correspondent Bank Correspondent 41

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.

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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

Currencycloud

MAY 22, 2024

Swift (Society for Worldwide Interbank Financial Telecommunications) is the global messaging system used by the correspondent banking network and financial institutions to manage cross-border transactions. It was founded in Brussels in 1973 to establish common processes and standards for international financial transactions.

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SWIFT Cross-Border Correspondent Bank Correspondent 52

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 95

Cross-Border Liquidity Management Cross-Border Payments Correspondent Bank 95

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).

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Cross-Border Payments Cross-Border CBDC Settlement 80

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.

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Correspondent Bank Correspondent Process Cross-Border 63

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

The Paypers

JUNE 2, 2021

Datasoft , a global provider of foreign exchange and global payments software solutions, has launched FxOffice Platform-as-a-Service (PaaS).

Correspondent Bank 31

Correspondent Bank Correspondent Global Payments Payments 31

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 103

Cross-Border Cross-Border Payments Correspondent Bank Real Time Payments 103

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.

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Cross-Border Payments Cross-Border Visa Near Real-Time 96

Fintech Finance

NOVEMBER 4, 2024

Wise has spent the last 14 years building an alternative to traditional correspondent banking. With over 65 licenses globally and now six direct connections to domestic payment systems, this infrastructure enables over 63% of all Wise transactions to be completed instantly (under 20 seconds), with an average fee of 0.62%.

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Instant Payments Settlement Accounts Cross-Border Payments 97

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.

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Cross-Border Payments Cross-Border Correspondent Bank Technology 77

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

The Paypers

MAY 10, 2023

Banking Circle has joined the UK Faster Payments Service (FPS) as a direct participant for GBP, aiming to build a super-correspondent bank for global B2B payments.

Correspondent Bank 36

Correspondent Bank Correspondent Faster Payments B2B 36

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

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.

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Cross-Border Payments Cross-Border Correspondent Bank Correspondent 56

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.

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ISO 20022 ISOs SWIFT Cross-Border 76

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.

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Cross-Border Payments Cross-Border Correspondent Bank Correspondent 57

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.

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Cross-Border Payments Reconciliation Cross-Border Instant Payments 93

The Fintech Times

OCTOBER 21, 2024

By leveraging banks’ existing investments in Swift messaging infrastructure, a single technical connection also enables corridors and currencies to be added with minimal cost and resources. Large clearing banks can extend the service to their institutional customers with minimal changes to their current processes.

Cross-Border 52

Cross-Border Addressing Cross-Border Payments Visa 52

The Fintech Times

NOVEMBER 8, 2024

In addition to their role in correspondent banking, they also have the potential to streamline and simplify the settlement of tokenised assets in the capital market.”

Cross-Border 57

Cross-Border Cross-Border Payments Payment Solutions Blockchain 57

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 57

Real Time Payments Cross-Border Payments Cross-Border Correspondent Bank 57

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.

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Correspondent Bank Correspondent Global Payments Payments 62

Fintech Finance

JUNE 5, 2024

Blockchain technology and cryptocurrencies will definitely be at the core of the evolution of correspondent banking and we are happy to partner with Ripple to be a part of this process. This partnership is a great example of two institutions coming together to augment their respective products and services.

Cross-Border Payments 98

Cross-Border Payments Cross-Border Multi-Currency IBAN 98

The Paypers

MARCH 3, 2022

ThetaRay has announced that its system can identify attempts to circumvent economic and trade sanctions and help governments and financial institutions maintain uninterrupted correspondent banking activities.

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Correspondent Bank Correspondent Government Governance 36

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.

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Cross-Border Correspondent Bank Correspondent Use Case 62