Remove Correspondent Bank Remove Cross-Border Remove Distributed Ledger Technology (DLT)
article thumbnail

Cross-Border Payment Efforts Look To The Blockchain And Beyond

PYMNTS

It may seem that cross-border payments were in the … well … crosshairs this past week, with a number of country-by-country and company-by-company initiatives using blockchain and other methods to speed payments and lower fees. These shortcomings make the cross-border payment industry ripe for disruption and innovation.

article thumbnail

B2B Cross-Border Payments Are Speeding Up

PYMNTS

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.

article thumbnail

France’s Central Bank Latest To Ponder A Digital Currency

PYMNTS

The First Deputy Governor of the central bank of France, Denis Beau, spoke in support of a blockchain-based settlement system that would allow for faster transfers of euros, as well as be more cost-efficient, according to a report by Yahoo! DLT would also help in terms of cross-border payments, he said.

article thumbnail

Deep Dive: Emerging Response To B2B, P2P Cross-Border Payments Pain

PYMNTS

Money constantly flows across borders in the increasingly interconnected global economy, from workers overseas back to their families, and from buyers to their suppliers. Transfers are passed between FIs until they reach intended recipients, and each bank adds extra steps and fees along the way. International B2B Payments Pains.

article thumbnail

 Visa B2B Connect Goes Global

PYMNTS

Visa and Mastercard each made headlines in the payments infrastructure and cross-border realms, eyeing digital payments and B2B payments. As reported earlier in the week, Visa launched B2B Connect , a network focused on enabling financial institutions (FIs) to help their clients make B2B payments across borders.

B2B 75
article thumbnail

Why Cross-Border Payments Still Present Challenges

PYMNTS

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

article thumbnail

 World Bank Sees DLT Potential For Cross-Border Transactions

PYMNTS

The jockeying for cross border-payments continues, and SWIFT and Ripple continue to dominate the headlines. At heart of the matter, of course, is the place (or choice) of using distributed ledger technology (DLT) to underpin the transactions — especially B2B transactions.