PYMNTS

JULY 8, 2020

Streamlining these procedures and implementing application programming interfaces (APIs) to connect banks more efficiently could be the lynchpin to ending these frustrations. The inefficiencies in B2B cross-border payments are well-known among struggling SMB owners, with the correspondence banking model having been in effect since 1973.

Cross-Border 57

Cross-Border Cross-Border Payments API Payment APIs and Integration 57

Finovate

APRIL 9, 2024

Infinity is a banking and payments platform for cross-border businesses in India. Swift is building instant international payments to replace the archaic correspondent banking infrastructure. GovernGPT is an AI-based database that pre-populates due diligence questionnaires with recent and trusted data.

FinTech 52

FinTech Cross-Border Due Diligence AI 52

PYMNTS

APRIL 8, 2020

The government’s PPP provides $349 billion in Small Business Administration (SBA) loans and is part of a $2 trillion stimulus plan , the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Correspondent Bank 56

Correspondent Bank Authentication Correspondent Interoperability 56

PYMNTS

NOVEMBER 8, 2017

In an interview with PYMNTS, Stanley Wachs, global head of bank engagement at SWIFT, said SWIFT’s gpi represents a “completely new service for the banking industry,” one that is focused on corporate customers. Participation in gpi is open to any supervised financial institution that agrees to comply with its business rules.

SWIFT 43

SWIFT B2B Correspondent Bank Overlay Service 43

PYMNTS

JUNE 28, 2016

Banking officials from over 40 institutions around the world have also paticipated in workshops in various cities throughout this spring to help create a plan for correspondent banking called “the digital transformation of cross-border payments.”

Payment Initiation 40

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

PYMNTS

FEBRUARY 20, 2018

“Although competition and innovations such as mobile or eBanking have made these payments more convenient, the bulk of clearing and settlement for cross-border payments still goes through traditional correspondent banks, which struggle to handle the higher-volume, lower-value retail payments,” the CPMI noted in its report.

Cross-Border Payments 43

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

PYMNTS

JUNE 30, 2017

Things that run the gamut from being more or less variations on existing database technologies to things that are really sci-fi and exciting but very different than anything that is out there right now,” he explained. Banks, themselves, may also be a little skittish in the wake of the SWIFT/Bangladesh heist.

Blockchain 77

Blockchain B2B Payments Correspondent Bank 77