Finextra

JUNE 19, 2024

Taking to the stage on the second and final day of EBAday in Lisbon, Portugal were Erik Frantz, executive director, financial institutions – banks, CaixaBank; Roisin Levine, head of UK and Europe partnerships, Wise Platform; Rafael Linde, head, international development and global relationship management, Cecabank; Dean Sposito, head of institutional (..)

Correspondent Bank 59

Correspondent Bank Cross-Border Payments Correspondent Cross-Border 59

Payments Source

AUGUST 8, 2018

The fact remains that the vast majority of international payments are still done via banks and through the correspondent (SWIFT) network, writes Rosie Faulkner, vice president and money laundering reporting officer at Earthport.

Correspondent 64

Correspondent Cross-Border Payments Correspondent Bank Cross-Border 64

PYMNTS

APRIL 17, 2018

A new report by the General Council for Islamic Banks and Financial Institutions (CIBAFI) said the decline of correspondent banking relationships disproportionately impacts Islamic financial institutions (FIs). The group’s analysis found that the impact of this trend on Gulf and European FIs was relatively minor.

Correspondent 44

Correspondent Correspondent Bank Wire Transfer Money Laundering 44

Finextra

OCTOBER 22, 2024

Regulators must define a “minimum set of data” to be shared between banks that would still “serve the purpose” of fraud detection and prevention, said Michele Gentile, head of group correspondent banking, APAC, UniCredit, at Sibos today.

Correspondent Bank 111

Correspondent Bank Fraud Detection Regulations APACS 111

PYMNTS

JULY 11, 2019

As cryptocurrencies gain, well, currency, and as heavyweights such as Facebook gear up to bring digital coins beyond being tools of speculation and volatility — might they help transform B2B beyond the way it has always been done, and disrupt the correspondent banking process?

Correspondent Bank 67

Correspondent Bank Correspondent Blockchain Bitcoin 67

PYMNTS

SEPTEMBER 11, 2017

A new report from the International Finance Corporation, a part of the World Bank Group, finds correspondent banking relationships are down, an unintended consequence of regulatory reform. 8) said 27 percent of global banks surveyed have reported a drop in the number of correspondent banking relationships.

Correspondent Bank 51

Correspondent Bank Correspondent Due Diligence Wire Transfer 51

The Paypers

JANUARY 15, 2019

(The Paypers) Euro Exim Bank has signed up for payment network RippleNet, putting Ripple ’s digital currency XRP on a potential path to replace correspondent banking.

Correspondent 40

Correspondent Correspondent Bank Digital Currency Payment Networks 40

Finextra

OCTOBER 21, 2024

NYSE: MFG) and one of the largest full-service financial institutions in the world, jointly announced a landmark agreement for correspondent bank network connectivity for international trade. (“Mizuho Bank”), the banking arm of Mizuho Financial Group, Inc.

Correspondent Bank 59

Correspondent Bank Correspondent Finance Agreements 59

Fintech Finance

OCTOBER 21, 2024

Fully compatible with existing correspondent banking arrangements between respondents and correspondents. Leverages banks’ existing investments in Swift messaging infrastructure, with a single technical connection that allows corridors and currencies to be added with minimal cost and resources.

Cross-Border Payments 98

Cross-Border Payments Cross-Border Visa Near Real-Time 98

Fintech Finance

OCTOBER 21, 2024

Rising Demand for Correspondent Services Wise Platform’s Correspondent Services, launched at Sibos last year in collaboration with Swift , allows partners to send and receive international payments instantly.

Cross-Border 97

Cross-Border Global Payments Cross-Border Payments Multi-Currency 97

The Paypers

MARCH 20, 2018

(The Paypers) The Financial Stability Board (FSB) has published updated data on correspondent banking relationships using data provided by SWIFT.

Correspondent Bank 28

Correspondent Bank Correspondent SWIFT 28

Fintech News

JULY 14, 2024

Traditional cross-border payments encounter various challenges, including delays, high costs, lack of transparency, multiple intermediaries, variable processing speeds, and differing compliance standards across correspondent banks.

Cross-Border 103

Cross-Border Correspondent Bank Multi-Currency Settlement 103

NFCW

NOVEMBER 14, 2024

DPPs, which could incorporate an NFC chip as the data carrier, and the corresponding data collection within the supply chain, governance and infrastructure, are seen as a major step towards sustainability and transparency in the EU and moving the lifecycle of products sold in member states towards a circular model.

Product 79

Product Third-Party Service Provider Correspondent Interoperability 79

Finextra

APRIL 29, 2024

Service level agreements used in cross-border payment arrangements define minimum service levels for correspondent banking relationships, the links between payment systems and payment instrument rulebooks.

Cross-Border Payments 64

Cross-Border Payments Cross-Border Agreements Correspondent Bank 64

The Paypers

OCTOBER 14, 2024

Germany-based financial institution Deutsche Bank has announced the launch of dbX, intending to advance the capabilities of its integrated correspondent banking ecosystem.

Correspondent Bank 41

Correspondent Bank Correspondent 41

The Paypers

OCTOBER 12, 2016

(The Paypers) Wells Fargo , ANZ and Swift have deployed a prototype that envisions the role blockchain plays in correspondent banking.

Correspondent Bank 31

Correspondent Bank Correspondent Blockchain SWIFT 31

Payments Source

JANUARY 8, 2019

Despite controversy surrounding Ripple’s digital token, one bank is pushing forward to use it in cross-border payments.

Correspondent Bank 86

Correspondent Bank Correspondent Cross-Border Payments Cross-Border 86

Nanonets

JUNE 27, 2024

Fuzzy matching (également appelée correspondance approximative de chaînes) est une technique qui permet d'identifier deux éléments de texte, chaînes ou entrées qui sont à peu près similaires mais ne sont pas exactement identiques. Qu’est-ce que fuzzy matching?

Correspondent 52

Correspondent AI Non-Bank Duplicate 52

Fintech Finance

OCTOBER 22, 2024

The new virtual account, exclusively held by HSBC, provides each business with a dedicated account number, which enables the domestic bank to identify the corresponding merchant for each payment and carry out reconciliation seamlessly, so the merchant can receive their funds much more quickly.

Cross-Border 97

Cross-Border Accounts Cross-Border Payments Reconciliation 97

PYMNTS

SEPTEMBER 24, 2020

Correspondent Banking . Financial institutions (FIs) traditionally offer remittances through correspondent banking relationships , in which banks in different countries open deposit accounts to handle cross-border payments. Correspondent banking is not the only way that money transfers can be conducted.

Regulatory Compliance 89

Regulatory Compliance Compliance Correspondent Bank Correspondent 89

The Fintech Times

OCTOBER 21, 2024

Tackling serious pain points Mastercard Move Commercial Payments is fully compatible with existing correspondent banking arrangements between respondents and correspondents. Large clearing banks can extend the service to their institutional customers with minimal changes to their current processes.

Cross-Border 52

Cross-Border Addressing Cross-Border Payments Visa 52

Fintech Finance

OCTOBER 29, 2024

The network of over 5,600 women banking correspondents (BCs) in Maharashtra have played a crucial role in reaching out to women, providing them with the support needed to open and maintain their bank accounts. By facilitating access to banking services, Airtel Payments Bank aims to empower women economically and socially.

Accounts 87

Accounts Financial Literacy Correspondent Enrollments 87

Bank Automation

JANUARY 12, 2024

Total headcount at Citi as of the fourth quarter of 2023 was 239,000, down from 240,000 during the corresponding period […]

Correspondent 75

Correspondent Technology Automation 75

Currencycloud

MAY 22, 2024

Swift (Society for Worldwide Interbank Financial Telecommunications) is the global messaging system used by the correspondent banking network and financial institutions to manage cross-border transactions. It was founded in Brussels in 1973 to establish common processes and standards for international financial transactions.

SWIFT 52

SWIFT Cross-Border Correspondent Bank Correspondent 52

The Fintech Times

SEPTEMBER 11, 2024

Vikas Suri, co-head of wholesale banking group at RAKBANK Vikas Suri , co-head of wholesale banking group at RAKBANK added: “The successful transfer of eCNY to our correspondent in China is a game-changer in several respects. The mBridge Ledger, a new blockchain, underpins the platform, supporting secure and instantaneous transactions.

CBDC 126

CBDC Cross-Border Payments Transactions Cross-Border 126

Fintech Finance

OCTOBER 15, 2024

PSPs save money as they no longer need to set up correspondent banking to hold money overseas, nor do they need to pay banks per transaction. This puts PSPs in control of their own liquidity and allows them to buy and sell with speed overseas.

Cross-Border 96

Cross-Border Liquidity Management Cross-Border Payments Correspondent Bank 96

Fintech Finance

OCTOBER 18, 2024

As one of the pioneering payment processors in Latin America, Payválida has the largest network of partners for cash payments at physical branches and banking correspondents, in addition to offering customized alternative payment solutions for businesses and their customers, to facilitate smooth transactions that promote successful sales.

Alternative Payment Methods 93

Alternative Payment Methods B2C Correspondent Payments 93

The Fintech Times

MAY 16, 2024

NAO has revealed that in theory, this would be very effective as it would cut costs servicing telephone calls and correspondence. However, it is not clear how far and fast digital will reduce demand for telephone and correspondence services. It would also free up staff to serve people who need extra support.

Correspondent 58

Correspondent Audit Small Business Assessments 58

Fintech News

JUNE 4, 2024

Currently, FX services provided by correspondent banks are often costly, slow, and complex, posing liquidity, credit, and settlement risks to participants. Enhancing cross-border payments is a significant international policy objective and a priority for the G20.

Cross-Border Payments 87

Cross-Border Payments Cross-Border CBDC Settlement 87

PYMNTS

SEPTEMBER 27, 2019

Criticism of the world’s correspondent banking network continues to mount — and at the same time, the number of correspondent banking relationships is on the decline. percent decline in correspondent banking activity in 2017.

Correspondent Bank 55

Correspondent Bank Correspondent Cross-Border ISO 20022 55

PYMNTS

JUNE 10, 2020

The following Deep Dive examines how cross-border remittances are typically conducted via a correspondent banking model and details how these payments’ slow processing times and high fees are exacerbated by complex and overlapping government regulations. How Correspondent Banking Works. Obstacles To Smooth Remittances.

Correspondent Bank 63

Correspondent Bank Correspondent Process Cross-Border 63

Fintech News

AUGUST 12, 2024

BS2 also serves as Nium’s Brazilian Real (BRL) Correspondent Bank, assisting in real-time payment settlements for cross-border Pix transfers. 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.

Cross-Border 106

Cross-Border Cross-Border Payments Correspondent Bank Real Time Payments 106

The Paypers

OCTOBER 17, 2023

Real-time payments platform Pidgin has announced a partnership with Independent Correspondent Bankers’ Bank (ICBB).

Real Time Payments 48

Real Time Payments Correspondent Payments 48

Fintech News

FEBRUARY 5, 2024

million) in the corresponding period the previous year. For the quarter ending 31 December 2023, the company reported a net profit of INR 37.2 crore (US$4.5 million), a significant improvement from a loss of INR 87 crore (US$ 10.5 million) through its IPO, which included sales by existing shareholders.

Correspondent 105

Correspondent Blocks FinTech Transactions 105

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).

Correspondent Bank 31

Correspondent Bank Correspondent Global Payments Payments 31

Nanonets

APRIL 29, 2024

It is the process of comparing and matching credit card transactions with corresponding spends and financial records to ensure accuracy and transparency in financial reporting.  It ensures that credit card transactions are accurately recorded and reconciled with corresponding entries in the company's accounting records.

Reconciliation 52

Reconciliation Credit Cards Correspondent PCI DSS 52

Fintech Finance

NOVEMBER 4, 2024

Wise has spent the last 14 years building an alternative to traditional correspondent banking. With over 65 licenses globally and now six direct connections to domestic payment systems, this infrastructure enables over 63% of all Wise transactions to be completed instantly (under 20 seconds), with an average fee of 0.62%.

Instant Payments 97

Instant Payments Settlement Accounts Cross-Border Payments 97