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

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

PYMNTS

APRIL 22, 2019

Other top factors behind rejections include an applicant’s poor credit profile, limited institutional ability to underwrite financing, a decline in correspondent banking relationships, and geopolitical and economic risk factors.

Finance 53

Finance Financial Inclusion Compliance Correspondent Bank 53

PYMNTS

SEPTEMBER 17, 2018

The bad guys were able to use malware that interfered with bank processes that typically create document confirmation and use Oracle databases to retain records of messages sent via SWIFT, “then used other malware to delete evidence of those concealing activities,” noted the filing. correspondent banks,” said the complaint.

SWIFT 75

SWIFT Phishing Ransomware Central Bank 75

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