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 31, 2020

The first is improved speed, shown by the adoption of cloud technology from global payments network SWIFT. This network is quickly becoming more popular as a replacement for correspondence banking models, partnering with BNY Mellon and Microsoft to enable payments at 11,000 FIs in more than 200 countries around the world.

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Real Time Payments Online and Mobile Banking Correspondent Bank SWIFT 135

PYMNTS

NOVEMBER 27, 2018

In a new report , “A vision for the future of cross-border payments,” SWIFT and McKinsey & Company found that B2B cross-border transactions accounted for $125 billion in revenues last year. 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

MARCH 7, 2019

Subsidiaries based in different countries, with different bank accounts, are obliged to send funds to each other using existing payment rails,” Lazarichev said in a recent interview, adding that traditional global payments tools take several days to complete. “In Cross-Border Payments Friction.

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B2B Cross-Border Cross-Border Payments Correspondent Bank 67

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

SEPTEMBER 4, 2020

Two years ago, José Ignacio Goirigolzarri, Bankia’s chairman, said his bank could be a perfect fit for several of its rivals, per the report.

Cross-Border Payments 75

Cross-Border Payments Cross-Border Correspondent Bank SWIFT 75

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

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

APRIL 3, 2019

Blockchain (or DLT), said the authors, can lower costs and improve transparency, in part by eliminating the need for a correspondent banking relationship. SWIFT also has an ongoing distributed ledger proof of concept. That comes as SWIFT is working with R3’s blockchain platform, Corda.

Cross-Border Payments 92

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

PYMNTS

JANUARY 20, 2021

Though common, this strategy fails to present an opportunity to optimize transaction routing throughout the growing number of infrastructures available, whether it be through ACH, SWIFT, Ripple, the correspondent banking network or otherwise. It's the result of looking at the big picture," said Aruldhas.

Correspondent Bank 52

Correspondent Bank Correspondent Payments Volume 52

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. In addition to expanding to new markets, the solution is now available to all client segments across corporate, public sector and financial institutions (FIs).

Cross-Border 52

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

PYMNTS

JULY 16, 2018

In a press release, Citi said Citi Payment Insights empowers clients by giving them a complete view of the transaction lifecycle within Citi’s global network and across the correspondent banking ecosystem by integrating the transparency provided by SWIFT’s gpi initiative.

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Correspondent Bank Payment APIs and Integration Correspondent Real Time Payments 44

PYMNTS

JULY 26, 2019

Increasingly, the financial services industry is targeting sluggishness in corporates’ cross-border payments, too, through technologies like blockchain and the development of faster payment rails around the globe. Some solution providers like Ripple are introducing new ways to bypass the correspondent banking system entirely.

Cross-Border Payments 64

Cross-Border Payments Cross-Border Innovation Correspondent Bank 64

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. The SWIFT gpi pilot is not the only partnership aimed at improving the cross-border payments infrastructure.

Cross-Border 44

Cross-Border Cross-Border Payments Deposit Account SWIFT 44

PYMNTS

SEPTEMBER 11, 2019

In an interview with PYMNTS , Citi’s Global Head of Payments and Receivables Manish Kohli explained how APIs that pre-validate payments data can reduce errors and costs while improving speed. Last week, SWIFT launched a new API standard for the pre-authorization of funds.

Cross-Border Payments 76

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

PYMNTS

FEBRUARY 8, 2018

China’s renminbi (RMB) is one global currency that is pushing its international standing, but new data from SWIFT released earlier this month found 2017 was a mixed year for the currency. There is a direct correlation between usage of RMB for trade and cross-border payment and RMB internationalization,” he said. “The

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B2B Cross-Border Payments Cross-Border Innovation 44

PYMNTS

FEBRUARY 20, 2018

In addition, innovators the world over are exploring how technologies like blockchain could address payments speeds and efficiency on an international level. Payments experiences are far from ubiquitous from market to market, however, and a global payments settlement agency is now pressing for faster cross-border payments at a global scale.

Cross-Border Payments 43

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

PYMNTS

SEPTEMBER 24, 2019

For today’s payment service providers, accelerating payments across borders means either developing new infrastructure, or making use of existing rails, to move money around the world. Below, PYMNTS looks at the latest news in cross-border payments innovation as industry players complete, collaborate and innovate.

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SWIFT Cross-Border Payment APIs and Integration Cross-Border Payments 73

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

SWIFT 52

SWIFT Technology Cross-Border Payments Correspondent Bank 52

PYMNTS

NOVEMBER 8, 2017

To that end, SWIFT debuted its global payments innovation initiative (gpi) earlier this year, a solution which looks to boost the infrastructure underpinning the movement of money on a global scale. Data transferred along with payments will include invoices or compliance documents.

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SWIFT B2B Correspondent Bank Overlay Service 43

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. We offer a single API across all banks,” Kirsch told Webster. It’s moving slowly.”.

Central Bank 52

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

Fintech News

DECEMBER 10, 2023

Whether you’re a small company or a large bank, the challenge remains: ensuring that every payment instruction contains the correct data in the right format.” ” For FIs, the consequences are equally daunting, as they face expenses associated with the correspondent banking network.

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Addressing Fraud Prevention Financial Inclusion Payments 116

PYMNTS

APRIL 1, 2019

The jockeying for cross border-payments continues, and SWIFT and Ripple continue to dominate the headlines. As noted, SWIFT has rolled out its gpi (short for global payments initiative). Ripple has xRapid, its cross-border payments solution.

Cross-Border 61

Cross-Border Distributed Ledger Technology (DLT) Cross-Border Payments Transactions 61

PYMNTS

AUGUST 16, 2019

Many are choosing to implement ISO 20022 as a common messaging standard to achieve greater interoperability between payment systems, with the system seeing more than 80 implementations in over 40 markets, including with TCH’s RTP system in the U.S. That resistance doesn’t reflect the needs of smaller, regional banks. innovations.

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Cross-Border Payments Cross-Border ISO 20022 ISOs 81

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? Revenues are forecast to hit $2 trillion by 2020, according to McKinsey. Currently, there are 0.7 international transactions per capita every year, up from 0.5

Cross-Border Payments 72

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

PYMNTS

DECEMBER 18, 2019

However, by using R3’s Corda Settler application, the technology will be able to integrate with additional payment rails moving forward, the company said, pointing to blockchain’s ability to accelerate and streamline the movement of funds across existing payment rails. M10 Eyes Central Banks’ Rail Demands.

B2B 52

B2B Credit Union Electronic Funds Transfer (EFT) RTP 52

PYMNTS

DECEMBER 30, 2019

In an interview with PYMNTS , Ripple Senior Vice President of Business and Corporate Development Kahina Van Dyke explained why building new infrastructure from the ground up can be an effective way to combat friction in the legacy correspondent banking system that lacks transparency and is plagued by slow transaction speeds and high FX costs.

Innovation 42

Innovation Cross-Border Commercial Card B2B 42

PYMNTS

NOVEMBER 19, 2018

Despite the efforts of regulators, correspondent banking relationships continue to decline, according to the G20’s Financial Stability Board in a Reuters report late last week. percent drop in correspondent banking last year. percent drop in correspondent banking last year.

Cross-Border Payments 74

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 74

CB Insights

FEBRUARY 8, 2018

Facilitating payments is highly profitable for banks, providing them with little incentive to lower fees. Cross-border transactions, from payments to letters of credit generated 40% of global payments transactional revenues during 2016. The actual money is then processed through a system of intermediaries.

Blockchain 78

Blockchain Bitcoin Correspondent Bank Cryptocurrency 78

PYMNTS

JANUARY 9, 2019

That is geared toward eliminating pre-funding needs of banks to have foreign currencies on hand tied to destination currencies. Where capital is free to roam (in a way) beyond the confines of the traditional correspondent banking system, it can be deployed in other ways, making money cheaper to move, and speedier to move too.

Cross-Border 76

Cross-Border SWIFT Correspondent Bank Multi-Currency 76