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 (..)

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The Fintech Times

FEBRUARY 28, 2024

When you think about financial technology, it is easy to think about solutions which are making payments faster, easier and more accessible. Having explored the evolution of cross-border payments to date, we now turn our attention to the biggest barriers that may be limiting and slowing the growth of the space.

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Finance Magnates

FEBRUARY 15, 2023

How MSBs are leveraging the power of USDC and Circle for cross-border payments to their counterparties. As cross-border payments continue to gain popularity, businesses are constantly looking for faster, more secure, and cost-effective methods to conduct transactions.

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PYMNTS

OCTOBER 15, 2020

Cross-border payments are a necessary, yet often frustrating part of the world economy, with international transactions prone to overlapping government regulations, excessive fees and slow processing times. Developments From Around The World of Payments Modernization. billion by the end of this year.

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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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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.

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PYMNTS

APRIL 15, 2020

For foreign payment service providers looking to facilitate cross-border B2B payments into China, the correspondent banking model often remains the only route to facilitate clearing and settlement. “Getting correspondent bank accounts is the biggest challenge every payment service provider is facing.

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PYMNTS

JULY 31, 2019

So, why do cross-border payments present so many challenges? Despite rapid market growth, international payments have been hampered by country-specific regulations, while transactions being channeled through intermediary banks can take days to complete and often come with fees. Currently, there are 0.7

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Cross-Border Payments Cross-Border Distributed Ledger Technology (DLT) Payments 72

PYMNTS

AUGUST 16, 2019

Cross-border payments are expected to surge over the next few years as the economy becomes increasingly global and interconnected. The latest Smarter Payments Tracker looks at the infrastructure developments that are making cross-border payment systems faster, more seamless and interoperable.

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PYMNTS

SEPTEMBER 11, 2019

According to the new Simplifying Cross-Border Payments Playbook , there are five key criteria that an ideal cross-border payment solution should meet: speed, security, compliance, transparency and ubiquity. How Cross-Border Payments Are Made. So, what’s the problem? What’s Changing?

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Cross-Border Payments Cross-Border ISO 20022 Real Time Payments 76

The Fintech Times

NOVEMBER 8, 2024

Global asset manager and Swiss bank UBS has developed and successfully piloted a blockchain-based payment solution, aiming to increase efficiency and transparency, as well as enable the programmability of money movements for corporate and institutional clients. UBS plans to further expand and develop its UBS Digital Cash offering.

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The Fintech Times

OCTOBER 21, 2024

Payments giant Mastercard has launched a new cross-border payments solution in a move to simplify operations, optimise liquidity, reduce counterparty risk and provide end-to-end visibility for banks and their customers.

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PYMNTS

JULY 7, 2020

B2B payments are undergoing a vast digital transformation, with solutions providers stepping up to offer more speedy options as companies look to expand internationally. The organization also plans to develop the regulatory framework for facilitating seamless payments between EU citizens, corporations and governments. More than $18.2

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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

JULY 26, 2019

The modern-day financial services landscape has a need for speed, and one of the slowest areas of the market can be seen in cross-border payments. Remittance and peer-to-peer payment technologies have accelerated transaction speeds for consumers tired of waiting days for money to move across borders.

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PYMNTS

JULY 9, 2020

Many of these payments are conducted across borders, with funds flowing from paying companies in one country to receiving companies in another. Challenges Facing Cross-Border Payments. These costs are typically passed on to the SMBs making these payments, to their great exasperation. 1 frustration.

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PYMNTS

SEPTEMBER 11, 2019

Enterprise software provider R3 is teaming up with Mastercard to establish a blockchain solution for cross-border payments, the companies said in a press release on Wednesday (Sept. More than 300 financial services firms, technology companies, banks, regulators and associations are part of R3’s Corda ecosystem.

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Fintech Finance

AUGUST 12, 2024

Nium , the global leader in real-time cross-border payments, is strengthening its presence in Latin America by applying for essential licenses, joining key fintech associations, expanding its employee presence, and signing new customers. Nium has been present in the region dating back to 2017.

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PYMNTS

JULY 11, 2019

In another example, also in June, MoneyGram and Ripple struck a two-year strategic partnership to use Ripple’s xRapid product, where the goal is to leverage the XRP cryptocurrency for foreign exchange settlements in MoneyGram’s cross-border payments.

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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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PYMNTS

JULY 15, 2020

.” That means being able to send and receive payment regardless of location, yet traditional offerings often fall short, he said. An alternative to this payment strategy is to open up a bank account in each market in which a business operates.

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Fintech Finance

OCTOBER 15, 2024

RTGS.global , the next generation settlement company revolutionising cross-border payments, has today announced the launch of a unique solution for Payment Service Providers (PSPs) that will enable them to offer cheaper and faster international payments to their retail and corporate customers.

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PYMNTS

FEBRUARY 20, 2018

Individual jurisdictions around the globe are pressing for both faster and more efficient cross-border payments. China’s central bank, for instance, took steps last month to boost the efficiency of cross-border transactions involving Chinese parties by lengthening its clearing window time span.

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The Fintech Times

AUGUST 13, 2024

Nium , the global real-time cross-border payments provider, is looking to strengthen its presence in Latin America by applying for new payment licenses, joining fintech associations, growing its team, and signing new customers.

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The Fintech Times

NOVEMBER 5, 2024

Wise , the fintech focused on money transfer, has been granted direct access to the Philippines’ real-time payment system, InstaPay, enabling it to enhance the cross-border payment experience for around 13 million of its customers.

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Fintech News

JULY 14, 2024

Companies such as Siemens and iFAST Financial have benefited from the platform through Standard Chartered, gaining better access and control of their working capital, constant availability, and faster, more seamless payment flows.

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PYMNTS

OCTOBER 24, 2019

Cross-border payments still present challenges , but the landscape is changing rapidly. . Swift recently announced that its gpi service can integrate with domestic real-time systems to facilitate rapid cross-border transactions. Traditionally, most cross-border payments are made through Swift.

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Fintech Finance

JANUARY 2, 2024

StoneX has announced that it is one of the first financial organizations to enable Swift ’s new leading-edge solution for cross-border payments. Cross-border payments have long been a complex area marked by ongoing regulatory and compliance changes, bank offline hours, and increasing competition.

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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.

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Cross-Border Cross-Border Payments Correspondent Bank Real Time Payments 105

PYMNTS

OCTOBER 22, 2019

They frequently face delays and rack up fees as they pass through multiple FIs, and parties making these payments often wrestle with currency conversions and value fluctuations. International B2B Payments Pains. Transfers are passed between FIs until they reach intended recipients, and each bank adds extra steps and fees along the way.

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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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Fintech Finance

JUNE 26, 2024

SmartStream’s enhanced APC solution addresses these issues by connecting financial firms with any payment rail globally, providing a single, integrated solution to track, monitor, and investigate transactions across the payments corridor.

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Cross-Border Payments Reconciliation Cross-Border Instant Payments 94

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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PYMNTS

SEPTEMBER 24, 2020

This month’s Deep Dive explores the challenges that remittance service providers face when seeking to stay compliant, the impact this has on the availability of cross-border money transfer services and regulatory technology strategies to help reduce this friction. . Correspondent Banking . The Cost of Compliance .

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PYMNTS

JULY 8, 2020

Payment providers are offering alternatives to cumbersome and opaque correspondence banking protocols with cross-border payments. And Square is broadening its platform with its recent purchase of Verse, an app that lets users make instant payments. All this, Today in Data. Data: .

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Fintech Finance

APRIL 17, 2024

The Payments division of StoneX ( StoneX Payments ) will supply NatWest with third-party delivery and international FX payment systems, allowing the bank’s corporate clients to transfer money to more nations with ease.

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Cross-Border Cross-Border Payments Correspondent Bank Payments 52

PYMNTS

JUNE 8, 2020

Cross-border payments are expected to hit $39 trillion by 2022, with $572 million worth of payments consisting of remittances sent from migrant workers to their families abroad. Developments From Around The World of Smarter Payments. Deep Dive: How Correspondent Banking Makes Remittances Sluggish And Expensive.

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