PYMNTS

APRIL 3, 2019

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.

Cross-Border Payments 92

Cross-Border Payments Cross-Border Blockchain Distributed Ledger Technology (DLT) 92

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.

Cross-Border Payments 51

Cross-Border Payments Cross-Border Visa Blockchain 51

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.

Cross-Border Payments 64

Cross-Border Payments Cross-Border Innovation Correspondent Bank 64

PYMNTS

JUNE 7, 2018

Competition in the cross-border payments market is on the rise as blockchain firm Ripple and payments messaging company SWIFT vie for market leadership. The company also launched a partnership earlier this year with Spain’s Banco Santander to develop a cross-border payments service based on XCurrent.

Cross-Border Payments 59

Cross-Border Payments Cross-Border SWIFT Blockchain 59

Fintech Finance

JUNE 6, 2024

Nium , the global leader in real-time cross-border payments, today announced a partnership with BS2 , a digital bank in Brazil specializing in fintech solutions for businesses. ” The post BS2 Bank Chooses Nium to Support Global FX Settlements and Real-Time Payouts appeared first on Fintech Finance.

Settlement 52

Settlement Cross-Border Cross-Border Payments Correspondent Bank 52

PYMNTS

MAY 3, 2019

It seems that’s the journey for cross-border payments, which are in the midst of a digital disruption as innovators focus on addressing a range of friction points, from sluggish speeds to high costs. Only a few years ago, small businesses lagged in global payments technology uptake.

Global Payments 60

Global Payments Cross-Border Payments Cross-Border Small Business 60

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.

Cross-Border Payments 43

Cross-Border Payments Cross-Border International Payments Electronic Funds Transfer (EFT) 43

PYMNTS

DECEMBER 20, 2018

When it comes to corporate transactions (and, well, payments in general), two inexorable trends include speed and distance. In this case, distance applies to cross-border activity. As has been reported, more than 50 percent of SWIFT gpi payments are made within 30 minutes, and roughly 100 percent are made within 24 hours.

Cross-Border 53

Cross-Border SWIFT Federal Reserve Fed 53

PYMNTS

SEPTEMBER 6, 2018

In other payments infrastructure-related offerings, some marquee names have made some strides. For example, tech giant IBM said it launched, via blockchain, its Blockchain World Wire, which is billed as a cross-border payment system that is powered by the Stellar blockchain network. You can find out more here.

Cross-Border 40

Cross-Border SWIFT Cross-Border Payments Payment APIs and Integration 40

PYMNTS

OCTOBER 6, 2016

All of this has occurred as the company has continued to expand the pilot phase of its global payments innovation (gpi) initiative, thus far signing on dozens of major financial institutions to an effort aimed at streamlining cross-border payments. ” The FinTech boom is loud and growing louder.

SWIFT 75

SWIFT Global Payments Innovation Cross-Border 75

PYMNTS

NOVEMBER 21, 2018

With FinTech driving innovation and competition in the cross-border payments space, governments can no longer afford to ignore changing and heightening demands for greater speed, transparency and efficiency in global transactions. times global GDP in 2016.

Authorization 49

Authorization Cross-Border Payments Correspondent Bank Cross-Border 49

PYMNTS

MARCH 7, 2019

Corporate payments are still not a guaranteed use case for cryptocurrencies. One of the most promising use cases, he said, is in the friction companies experience moving money within the organization itself — that is, making payments to subsidiaries or business units, particularly when those entities exist across borders.

B2B 67

B2B Cross-Border Cross-Border Payments Correspondent Bank 67

PYMNTS

AUGUST 1, 2019

Financial service providers are operating in a global payments market filled with disruption as they work to offer cross-border corporate payment services that live up to businesses’ standards. ISO 20022 will modernize international and domestic payment rails, enabling right and new payment services.”.

Interoperability 61

Interoperability ISO 20022 Cross-Border ISOs 61

PYMNTS

JUNE 28, 2016

As of today, 73 new banks have signed on to Swift’s Global payments initiative. The goal of the project is to expand the payment services and experience for customers by upping the speed, transparency and predictability of cross-border payments.

Payment Initiation 40

Payment Initiation Global Payments Cross-Border Payments Cross-Border 40

PYMNTS

OCTOBER 28, 2019

Cross-border payments firm Western Union has rolled out full application programming interface (API) access to domestic and global payment applications, the company said in a press release on Monday (Oct. Domestic and cross-border payments are supported in over 130 currencies.

International Payments 51

International Payments API Payment APIs and Integration Cross-Border 51

PYMNTS

MARCH 17, 2016

The company, which uses a hybrid of blockchain technology and other payment rail infrastructure to enable cross-border payments, said it will look to capitalize on the demand spike for global payment services during the Olympic games, where hundreds of thousands of people will flock from all over the globe.

Cross-Border Payments 40

Cross-Border Payments Cross-Border Blockchain Payments 40

PYMNTS

NOVEMBER 27, 2018

Consumers may secure the majority of payments innovation efforts, but when it comes to cross-border payments, the opportunity undoubtedly lies in corporate transactions. The next-highest category, consumer-to-business (C2B) cross-border payments, paled in comparison at just $54 billion.

Cross-Border Payments 49

Cross-Border Payments Cross-Border SWIFT Correspondent Bank 49

PYMNTS

JANUARY 13, 2020

“Our objective is to offer [SMBs] the ability to hedge all parts of their production processes, and to allow these corporates to have access to a digital payments and hedging platform,” said INTL FCStone Global Payments Division Global Head Carsten Hils. “We

Mitigation 52

Mitigation Risk Correspondent Bank Correspondent 52

PYMNTS

JUNE 13, 2019

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

B2B Distributed Ledger Technology (DLT) Cross-Border Cross-Border Payments 75

PYMNTS

FEBRUARY 20, 2019

Cross-border payments firm Veem is introducing a rewards program for its business customers. 19) said the company is rolling out VeemRewards, a cash-back rewards program for businesses that use Veem to send payments across borders. An announcement made on Tuesday (Feb.

Cross-Border Payments 66

Cross-Border Payments Cross-Border Payment APIs and Integration B2B 66

PYMNTS

SEPTEMBER 4, 2020

Earlier this year, Spain-based CaixaBank was one of six financial institutions in the country to sign up for the Swift global payments innovation (Swift gpi), the new standard for cross-border payments that promise to improve the customer experience by increasing speed, transparency and end-to-end tracking.

Cross-Border Payments 75

Cross-Border Payments Cross-Border Correspondent Bank SWIFT 75

PYMNTS

JUNE 28, 2019

The urgency to develop more efficient infrastructures is being driven by the rise of the global economy, with banks and businesses seeking solutions that enable them to move money between borders swiftly and securely. Developments From Around The Smarter Payments World.

Cross-Border 44

Cross-Border Cross-Border Payments Deposit Account SWIFT 44

Faster Payments Council

MARCH 15, 2023

Some are retail, some are wholesale, some are domestic, some are regional, and some are cross border. The panel will explore some of these initiatives including the New York Fed's CBDC pilot program with major banks, the recently concluded Boston Fed's Project Hamilton and other global CBDC projects.

FPC 88

FPC ISO 20022 Cross-Border Payments Cross-Border 88

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

PYMNTS

NOVEMBER 21, 2018

Launched in July, Citi Payment Insights provides real-time payments visibility, including processing status and timelines, charges deducted across correspondent banks, the amount credited to the beneficiary and the ability to action payments on demand via its electronic banking platform.

Cross-Border 52

Cross-Border Cross-Border Payments Correspondent Bank Real Time Payments 52

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. The company said it will hope to improve the transparency and speed of global payments with the program.

Cross-Border Payments 41

Cross-Border Payments Cross-Border B2B SWIFT 41

PYMNTS

MAY 24, 2017

With lack of visibility into the correspondent banking system a top challenge for B2B payments, SWIFT is rolling out a way for payers to track their cross-border payments in real time. The solution is part of the firm’s broader gpi initiative, a payments innovation focus.

SWIFT 43

SWIFT Transactions Cross-Border Correspondent Bank 43

PYMNTS

APRIL 29, 2020

ius offered insight into exactly why crypto businesses are so difficult to bank. Yet doing so will be key, he said, to supporting the overall evolution of the global payments industry. ius said he is confident that cryptocurrencies will gradually become a standard part of the overall global payments infrastructure.

Cryptocurrency 113

Cryptocurrency Cross-Border Compliance AML 113

PYMNTS

DECEMBER 4, 2019

This week, the firm announced a collaboration with Ebury to integrate foreign exchange (FX) and cross-border payment services into its product suite. At first glance, SMB lending and cross-border FX services may not appear to go hand-in-hand. Recent reports from The Guardian found that more than £1 million ($1.3

Cross-Border Payments 52

Cross-Border Payments Cross-Border Scams IBAN 52

PYMNTS

APRIL 5, 2016

Last week, Uphold announced a partnership with India’s IDFC Bank, a move that allows Uphold’s business and consumer customers to conduct cross-border transactions to and from the home of the world’s fastest-growing economy. Today, the company announces yet another tie-up in India, this time, with Yes Bank.

Cross-Border 73

Cross-Border Cross-Border Payments Correspondent Bank Correspondent 73

PYMNTS

APRIL 24, 2017

Banco Bilbao Vizcaya Argentaria SA (BBVA), Spain’s number two lender, has executed its first cross-border payments using a system based on the software that supports bitcoin. On average, Ripple costs 81 percent less than the correspondent banking network used for decades to send global payments.

Cross-Border Payments 43

Cross-Border Payments Transactions Cross-Border Blockchain 43

PYMNTS

SEPTEMBER 6, 2018

However, blockchain is also gaining ground, and currency is offering a boost to the payments infrastructure. To that end, IBM said it launched its Blockchain World Wire , billed as a cross-border payment system that is powered by the Stellar blockchain network. Africa As Greenfield Payments Opportunity.

SWIFT 40

SWIFT Payment Initiation Caps Cross-Border Payments 40

PYMNTS

JUNE 22, 2018

Face recognition seems to be a focus for tech companies, SensibleVision recently announced their own “Face payments.” The news comes months after BBVA executed its first cross-border payments using a system based on the software that supports bitcoin.

Cross-Border Payments 57

Cross-Border Payments Correspondent Bank Cross-Border Correspondent 57

PYMNTS

FEBRUARY 8, 2018

B2B payments are an instrumental component of global trade and of setting the stage for currencies to operate as global instruments of cross-border trade. In a chat with PYMNTS, Moon emphasized the role of cross-border B2B payments in the ability of the RMB to remain a strong contender in global payments.

B2B 44

B2B Cross-Border Payments Cross-Border Innovation 44

PYMNTS

DECEMBER 23, 2019

It was in a convergence of these trends that Visa launched its real-time payments solution, Visa Direct , a technology enabling push payments onto recipients’ Visa cards. Deploying Visa’s existing user network means the capability for clients to accept payments is already built into the solution.

Use Case 41

Use Case Cross-Border Cross-Border Payments Push-to-Card 41

PYMNTS

MARCH 1, 2017

With increasing globalization, cross-border, or global, payments have become a very big piece of the banking business. Needless to say, banks are feeling the pressure on all fronts to get their capabilities aligned with what the innovators around them are already providing.

B2B 58

B2B Cross-Border Non-Bank Payments 58

PYMNTS

APRIL 11, 2016

And blockchain’s role in that upheaval seems even more of a relay race — smaller bursts of disruption — than an all-at-once disruption of the global payments sector. A new report from Citigroup makes the case for this gradual, uneven evolution when it comes to blockchain technology and the banking sector.

Cross-Border 40

Cross-Border Cross-Border Payments Blockchain Correspondent Bank 40