Finance Magnates

FEBRUARY 15, 2023

With Circle acting as a correspondent bank, using USDC has proven to be a promising solution for reducing counter-party risk and facilitating multi-MSB payouts. By leveraging Circle and USDC, MSBs can facilitate faster and more secure payments while ensuring that all compliance and regulatory checks remain in place.

Cross-Border Payments 52

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 52

Fintech Finance

JANUARY 2, 2024

Cross-border payments have long been a complex area marked by ongoing regulatory and compliance changes, bank offline hours, and increasing competition. Swift has consistently played a pivotal role in facilitating such transactions, connecting a vast network of financial institutions as well as banks worldwide.

Cross-Border Payments 59

Cross-Border Payments Cross-Border SWIFT Verification 59

PYMNTS

APRIL 21, 2020

Exploring Correspondent Banking Alternatives. Getting correspondent bank accounts is the biggest challenge every payment service provider is facing.” Still, NACHA noted that ACH transaction capabilities remain an important part of helping the economy continue. ”

NACHA 82

NACHA Correspondent Bank Real Time Payments Push-to-Card 82

Finovate

APRIL 9, 2024

Perhaps most notably, there is a strong focus on innovation in the payments space, with multiple startups offering solutions to help businesses go international more easily, providing instant international payments, and facilitating the launch of card programs and financial products in emerging markets.

FinTech 52

FinTech Cross-Border Due Diligence AI 52

PYMNTS

AUGUST 1, 2019

Payments messaging firm SWIFT has taken recent steps to promote interoperability of its payments network, recently announcing that it would allow blockchain platforms to loop into SWIFT’s global payments innovations (GPI) service to facilitate real-time transactions. Across the pond, meanwhile, the U.S.’s

Interoperability 61

Interoperability ISO 20022 Cross-Border Correspondent Bank 61

PYMNTS

JULY 18, 2017

Expanding access to the registry means its members will benefit from more information and collaboration in their correspondent banking and funds distribution networks, SWIFT said. SWIFT also offers SWIFT Profile , which launchd in 2015 as a report to help banks identify red flags and potential problem customers.

SWIFT 40

SWIFT Office of the Comptroller of the Currency Due Diligence Correspondent Bank 40

PYMNTS

DECEMBER 15, 2020

In B2B payments, added Visa Direct Vice President of Global Segments and Market Development Tim Summers , businesses don't care exactly how funds get from Point A to Point B, but the rails that facilitate the movement of funds must do so seamlessly. They want a user-friendly solution, but most importantly, they want those funds," he said.

Innovation 94

Innovation Cross-Border Payments Cross-Border Real Time Payments 94

PYMNTS

FEBRUARY 26, 2020

These infrastructures and processes form the backbone of the global correspondent banking model. To advance these benefits to the global financial community, SWIFT is facilitating the adoption of ISO 20022 in cross-border and domestic FI to FI payments and reporting messages. Richer Data With A Little Help From Our Friends .

ISO 20022 104

ISO 20022 ISOs SWIFT Cross-Border Payments 104

The Fintech Times

FEBRUARY 21, 2024

When payment rails are established, they involve corresponding banks, and transactions are increasingly expected to flow in real-time. Intix addresses a critical aspect of banking operations that extends beyond the external environment to the internal workings of a bank, which often involve multiple systems and silos.

APACS 59

APACS Legal Framework Finance Cross-Border 59

PYMNTS

APRIL 3, 2019

In Myanmar, Shwe Rural & Urban Development Bank has partnered with Krung Thai Bank, which is state-owned, to debut a cross-border transfer money offering that is in turn tied to the Ethereum blockchain. The company said it facilitates international payments, with funds reaching recipients in less than five minutes.

Cross-Border Payments 92

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

PYMNTS

OCTOBER 11, 2017

In fact, in a recent check-in with PYMNTS, Cooke listed four ways that working through a middleman like nanopay can reduce risks and costs for banks facilitating cross-border transactions. Again, in the traditional process, funds sit in a foreign bank in a foreign currency. If the exchange rate fluctuates, banks can lose U.S.

Cross-Border 40

Cross-Border Correspondent Bank Cross-Border Payments Correspondent 40

Payment Savvy

JUNE 18, 2020

According to analysts, in 2012, it was observed that SWIFT facilitated up to $6 trillion per day. The SWIFT system can be used by money brokers, clearing systems, security broker-dealers, and even non-bank financial institutions, amongst others. The corresponding bank will also have to use a SWIFT system to carry out the transfer.

SWIFT 52

SWIFT Funds Transfer Facilitators Correspondent Bank 52

PYMNTS

NOVEMBER 27, 2018

“The trusted and tested correspondent banking approach has encountered challenges from emerging alternative solutions and new players upending some of the industry’s fundamentals,” wrote SWIFT Head of Banking Harry Newman and McKinsey Partner Olivier Denecker in the report’s introduction.

Cross-Border Payments 49

Cross-Border Payments Cross-Border SWIFT Correspondent Bank 49

PYMNTS

SEPTEMBER 6, 2018

According to a statement on the launch: “Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital assets as the bridge asset between any two fiat currencies. The digital asset facilitates the trade and supplies important settlement instructions.”

Cross-Border 40

Cross-Border SWIFT Cross-Border Payments Payment APIs and Integration 40

Faster Payments Council

MARCH 15, 2023

Speakers: Justin Jackson, Fiserv; Dan Gonzalez, The Federal Reserve; Ryan Riveland, Early Warning; Keith Gray, The Clearing House 9:50am-10:30amCT: Panel Session – Taking Directories to the Next Level (City Beautiful Ballroom AB) Alias directories are an important infrastructure needed to facilitate instant payments.

FPC 88

FPC ISO 20022 Cross-Border Payments Cross-Border 88

PYMNTS

APRIL 29, 2020

And as cross-border transactions grow more difficult as traditional correspondent banking relationships dissipate, the demand for alternative methods of moving funds will grow. “Crypto is just another payment channel, like SEPA, SWIFT or payment cards,” noted Karalevi?

Cryptocurrency 113

Cryptocurrency Cross-Border Compliance AML 113

PYMNTS

APRIL 27, 2017

To change bitcoin into fiat currency, exchanges for bitcoin often have relationships with local banks that rely on larger “correspondent banks” to facilitate wire transfers and process transactions that involve foreign currencies. OKCoin International and BTC-e have warned users of disruptions in U.S. dollar transactions.

Bitcoin 42

Bitcoin Wire Transfer Correspondent Bank Correspondent 42

PYMNTS

JULY 14, 2020

In addition to working with IFC, Citi is also collaborating with several correspondent banking partners to facilitate financing. Investment in that infrastructure enabled the capacity and monitoring processes that are key to facilitating trade finance, noted Pakcan.

Finance 61

Finance Correspondent Bank Risk Correspondent 61

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

SEPTEMBER 11, 2019

Some of the most commonly used cross-border digital payment solutions employ application programming interface (API) technology, which can facilitate the exchange of information between otherwise disconnected systems. APIs serve as bridges connecting national or regional real-time payment rails.

Cross-Border Payments 76

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

PYMNTS

APRIL 22, 2019

The massive global trade finance gap is the topic of conversation for many banks and FinTech firms looking to strengthen their position in the market. However, both sides struggle with making trade finance profitable, and maintaining compliance.

Finance 53

Finance Financial Inclusion Compliance Correspondent Bank 53

The Fintech Times

FEBRUARY 21, 2024

“This creates the opportunity for correspondent banks to route and settle payments via a real-time payment infrastructure rather than the Real Time Gross Settlement rail, the only option previously. “Public-private partnerships will also rise among regulators and payment players such as banks and technology providers.

Cross-Border Payments 78

Cross-Border Payments Cross-Border ISO 20022 SWIFT 78

Nanonets

APRIL 3, 2024

Document Sharing and Collaboration To facilitate remote collaboration, the client uploads relevant financial documents and transactions to a secure online platform or shares access to their accounting software with the virtual bookkeeper. Streamlined expense approval processes, automating spend limits and approval mechanisms.

Automation 96

Automation Payment APIs and Integration Reconciliation Financial Analysis 96

PYMNTS

OCTOBER 22, 2019

The payments often have to travel between MTOs or between one MTO’s different offices through corresponding banks, and the different operating hours and time zones under which domestic systems operate can delay MTOs from getting their money. Consumers are not spared from the space’s frictions, either.

Cross-Border Payments 41

Cross-Border Payments Cross-Border P2P B2B 41

PYMNTS

SEPTEMBER 6, 2018

By way of illustration, the company gave a scenario: “Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital assets as the bridge asset between any two fiat currencies. The digital asset facilitates the trade, and supplies important settlement instructions.

SWIFT 40

SWIFT Payment Initiation Caps Cross-Border Payments 40

PYMNTS

DECEMBER 23, 2019

However, those principles — reach, trust and operating scale — are now key requirements for payment senders, recipients and facilitators in use cases well beyond P2P. For the 2019 fiscal year, there have been approximately 2 billion transactions facilitated via Visa Direct. Emerging And Unexpected Use Cases.

Use Case 41

Use Case Cross-Border Cross-Border Payments Push-to-Card 41

Payment Savvy

MARCH 22, 2023

International Transaction with an Intermediary Bank In a different type of scenario where two different financial institutions have no agreement, an intermediary bank steps in. The intermediary bank is the one binding the two parties and facilitates the process for an additional fee.

SWIFT 52

SWIFT IBAN Transactions Encryption 52

PYMNTS

OCTOBER 24, 2019

Swift recently announced that its gpi service can integrate with domestic real-time systems to facilitate rapid cross-border transactions. A trial of the service included one test in which it delivered a payment from Singapore’s FAST scheme through 17 banks and seven countries within 13 seconds.

Cross-Border Payments 42

Cross-Border Payments Cross-Border B2B Real Time Payments 42

PYMNTS

FEBRUARY 8, 2018

Blockchain also has the potential to play a part in this,” the executive added, pointing to SWIFT’s efforts in its gpi initiative to collaborate with banks and deploy blockchain technology to enhance real-time payments reconciliation.

B2B 44

B2B Cross-Border Payments Cross-Border Innovation 44

PYMNTS

MAY 1, 2017

The issue comes when exchange users wish to change bitcoin into regular currency, at which point the exchanges leverage relationships with local banks that themselves rely on larger “correspondent banks” to facilitate wire transfers and process transactions that involve foreign currencies.

Bitcoin 46

Bitcoin Blockchain Non-Bank Wires 46

Fintech Labs Insights

MARCH 24, 2016

Harris: Valuto is an innovative solution that bypasses expensive intermediaries such as banks or FX brokers. It is a cost-effective service that facilitates everything from foreign exchange to sending and receiving transfers in local currencies across several European countries.

Multi-Currency 17

Multi-Currency API Payment APIs and Integration Accounts 17

Segpay

JUNE 13, 2024

The Service Provider Showcase on FedNow Explorer includes a growing list of more than 100 payment processors, correspondents, banking operations, and application providers to help financial institutions connect and amplify their network. Settlement of these transactions often takes days, which impacts businesses and consumers.

FedNow 52

FedNow Federal Reserve Real Time Payments Instant Payments 52

PYMNTS

SEPTEMBER 24, 2019

“Integrating gpi, through banks, into domestic real-time payment systems reuses existing cross-border and domestic payments infrastructure, minimizing implementation costs and avoiding the complexities of adopting new infrastructure,” SWIFT said in its announcement.

SWIFT 73

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

PYMNTS

DECEMBER 18, 2019

Another show of support for blockchain-powered payments comes from Japan’s MUFG, though the bank declined to confirm the exact nature of its joint venture with human resources company Recruit Holdings. The solution will first facilitate electronic funds transfers (EFTs), which move over ACH rails. Credit Unions Embrace RTP.

B2B 52

B2B Credit Union Electronic Funds Transfer (EFT) RTP 52

PYMNTS

APRIL 1, 2019

Consider the fact that current processes involving funds making their way across borders must navigate the vagaries of time zones (and hours of operation) and also navigate across several banks. As a result, DLT can lower costs, and boost transparency, in part by eliminating the need for a correspondent banking relationship.

Cross-Border 61

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

PYMNTS

JULY 7, 2020

Nowhere is this change more apparent than cross-border payments, where a host of payment providers are offering new alternatives to the tedious and opaque correspondence banking protocols that have historically dominated the industry. For more on these and other smarter payments news items, download this month’s Tracker.

Cross-Border Payments 62

Cross-Border Payments Cross-Border Payments API 62

PYMNTS

AUGUST 21, 2020

For the financial services world to address businesses’ global payments needs, Conibear said they must take a holistic approach that goes beyond facilitating cross-border payments or improving upon legacy payment rails. Beyond Payments Initiation. “But payments is just one side of the equation,” noted Conibear.

Multi-Currency 69

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