Fintech Finance

JULY 19, 2024

A global payments technical issue caused The Bank of England ‘s CHAPS payment system yesterday (Thursday 18th July) to fail leaving a large proportion of time-sensitive and high-value payments delayed. Retail payments, such as ATM and card payments, remained unaffected.

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Payments ISO 20022 Retail Payments Settlement 98

PYMNTS

AUGUST 31, 2020

With estimates that over 500 billion real-time payments will be processed over the next five years, the race is on for upgrades and integrations that allow financial institutions (FIs) and their clients to participate in a real-time payments space that is expected to reach nearly 53 billion real-time payment transactions by 2024.

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Real Time Payments Online and Mobile Banking Correspondent Bank SWIFT 135

Fintech News

AUGUST 12, 2024

Global payments company Nium is enhancing its presence in Latin America, with a focus on expanding its operations in Brazil. 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 107

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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Real Time Payments Cross-Border Payments Cross-Border Central Bank 98

PYMNTS

MARCH 7, 2019

Corporate payments are still not a guaranteed use case for cryptocurrencies. Co-Founder Dmitry Lazarichev explained to PYMNTS why the company remains confident in cryptocurrency’s potential for corporate payments. Cross-Border Payments Friction.

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B2B Cross-Border Cross-Border Payments Correspondent Bank 67

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

PYMNTS

JULY 15, 2020

And yet, the same legacy challenges remain to operate globally. In a conversation with PYMNTS, Nader discussed the role payments plays in helping (or hampering) a company’s global growth ambitions, and the value of an efficient global payments strategy on giving smaller companies a competitive edge that had once been out of reach.

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Cross-Border Cross-Border Payments Multi-Currency Correspondent Bank 67

PYMNTS

DECEMBER 17, 2019

Payment rails are getting more attention these days, and there is an increasing focus on offering a standardized, relatively seamless experience that can be locked and loaded by various operators with minimal hassle. Open Banking. that develops solutions for digital currency. It also gained control of Earthport , having bought the U.K.

Central Bank 52

Central Bank Global Payments Cross-Border Payment APIs and Integration 52

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.

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

PYMNTS

AUGUST 1, 2019

In corporate payments, high-value transactions with tall demands for compliance, transparency, speed, efficiency and security aren’t just placing a burden on the businesses sending and receiving funds. International payments often contain unstructured and ambiguous transaction data, causing unnecessary delays and failed processing.

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Interoperability ISO 20022 Cross-Border Correspondent Bank 61

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.

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Authorization Cross-Border Payments Correspondent Bank Cross-Border 49

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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Cross-Border Payments Cross-Border Innovation Correspondent Bank 64

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. During the second quarter, the company will enable payments to more than 14 countries spanning the U.S.,

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

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. At the time, the company had pegged its customer base at 80,000.

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

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. A Call for Transparency.

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Cross-Border Payments Cross-Border ISO 20022 ISOs 81

PYMNTS

APRIL 29, 2020

But proponents of the technology argue that crypto is not only here to stay, but it will one day become a vital part of the overall payments and financial services ecosystem — so it’s essential that these companies receive adequate banking services today to prepare for the future. ” Contributing To The Payments Ecosystem.

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Cryptocurrency Cross-Border Compliance AML 113

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.

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API International Payments Payment APIs and Integration Cross-Border 51

PYMNTS

JULY 31, 2019

According to the latest Smarter Payments Tracker , global payment usage is at an all-time high. So, why do cross-border payments present so many challenges? Increasingly, payments providers are stepping in creating solutions that solve speed and security issues for companies while maintaining seamless user experiences.

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

Fintech Finance

FEBRUARY 22, 2024

Numeral, the payment technology provider, today announces the support of Swift payments , enabling companies and financial institutions to automate cross-border payments with their partner banks to more than 200 countries, in addition to local European SEPA as well as UK Bacs, FPS, and CHAPS payments, from a single platform. “At

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SWIFT Technology Cross-Border Payments Correspondent Bank 52

PYMNTS

AUGUST 21, 2020

There are signs that the wheels are beginning to churn once again, however, and though not every industry will recover at the same pace, there is evidence that global trade is once again on the rise. Yet as cross border trade picks back up, the foreign exchange and global payments needs of businesses will intensify.

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Multi-Currency Cross-Border Payments Cross-Border Finance 69

PYMNTS

JANUARY 13, 2020

13) it has reached an agreement to acquire Germany-based GIROXX, which provides payment and FX hedging solutions for small and medium-sized businesses (SMBs) in Germany, Austria and Switzerland. INTL FCStone’s Global Payments Division maintains an estimated 350 correspondent banking relationships.

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Mitigation Risk Correspondent Bank Correspondent 52

PYMNTS

JUNE 22, 2018

In line with BBVA’s efforts, the bank recently demonstrated a ‘selfie’ payment system based on facial recognition. Face recognition seems to be a focus for tech companies, SensibleVision recently announced their own “Face payments.” Customers can buy items by looking at a camera in a booth adjacent to cash registers.

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Cross-Border Payments Correspondent Bank Cross-Border Correspondent 57

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. The new blockchain-enabled solution aims to bridge international payments infrastructures, schemes and banks via a Mastercard clearing and settlement network.

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Cross-Border Payments Cross-Border Visa Blockchain 51

PYMNTS

NOVEMBER 21, 2018

Citi ’s Treasury and Trade Solutions (TTS) announced that it has expanded its Citi Payment Insights offering to more than 20 new markets, making it available in more than 70 markets. Citi’s offering goes beyond any other offerings I have seen in the marketplace thus far.”.

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

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. Currently, there are 57 real-time payments rails operating in more than 72 countries, with even more under construction.

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

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.

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Cross-Border Payments Cross-Border Correspondent Bank SWIFT 75

Finovate

OCTOBER 21, 2024

Mastercard launched Move Commercial Payments , a real-time cross-border payments solution that operates 24/7. The new commercial payments tool leverages a multi-rail system that includes SWIFT, Visa Direct, and Mastercard’s proprietary networks. Mastercard Move Commercial Payments offers more than just real-time settlement.

Cross-Border Payments 59

Cross-Border Payments Cross-Border Visa FedNow 59

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.

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

PYMNTS

JANUARY 20, 2021

Choice is good, and as payment modernization initiatives mature worldwide, corporates now have more choice than ever in how they move money from Point A to Point B. This is particularly beneficial as companies prioritize their payments modernization initiatives to drive optimization. Optimizing Payment Paths.

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Correspondent Bank Correspondent Payments Volume 52

PYMNTS

DECEMBER 18, 2019

Innovation in the payments arena has provided more rails upon which to move money. In B2B payments, though, legacy tools continue to lead. Local and global ACH transfers are used by 29 percent (the same portion of businesses that write checks to make international payments), while 17 percent use prepaid debit cards.

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B2B Credit Union Electronic Funds Transfer (EFT) RTP 52

PYMNTS

DECEMBER 4, 2017

FinTech innovators are finally paying attention to the B2B sphere, and much of that focus has landed on the cross-border payments space — a notoriously clunky, expensive and opaque burden for many business payers. Traditional banks are often at the center of that global B2B payments friction. Regulatory Burdens.

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B2B Cross-Border Payments Cross-Border Correspondent Bank 41

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).

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Correspondent Bank Correspondent Global Payments Payments 31

PYMNTS

APRIL 5, 2016

Today, the company announces yet another tie-up in India, this time, with Yes Bank. According to Uphold EVP of Growth and Partnerships Robin O’Connell, even amid the earthquake of FinTech disruption, the existing banking infrastructure upon which payments has depended for so long is unlikely to go unneeded in the future.

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Cross-Border Cross-Border Payments Correspondent Bank Correspondent 73

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. In the U.S.,

Cross-Border Payments 43

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

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.

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Cross-Border Payments Cross-Border B2B SWIFT 41

PYMNTS

JULY 16, 2018

Citi announced Monday (July 16) the launch of Citi Payment Insights, a new service that gives institutional clients access to real-time payment information and the ability to action payments on demand via the CitiDirect BE electronic banking platform.

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Correspondent Bank Payment APIs and Integration Correspondent Real Time Payments 44

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. New Challenges, Old Systems.

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B2B Cross-Border Non-Bank Payments 58