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Swift’s Global Payments Initiative Signs 73 New Banks

PYMNTS

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.

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Small Firms Demand Higher Speed, Lower Costs In Global Payments

PYMNTS

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.

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SWIFT Stands Behind Its Global Payments Innovation Initiative

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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
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IBM, SWIFT Cap X-Border Payments Initiatives       

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… It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”. Africa As Greenfield Payments Opportunity. The digital asset facilitates the trade, and supplies important settlement instructions. IBM will be demoing the new project this October.

SWIFT 40
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Western Union Rolls Out Full API Access For International Payments

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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. The expanded APIs align with the European open banking and PSD2 requirements that became effective in September.

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More Banks Join SWIFT’s Global B2B Payments Pilot

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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.

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Thinking Globally, Acting Locally For Cross-Border Payments

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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.