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How China Fuels Alternatives To Correspondent Banking

PYMNTS

For foreign payment service providers looking to facilitate cross-border B2B payments into China, the correspondent banking model often remains the only route to facilitate clearing and settlement. “Getting correspondent bank accounts is the biggest challenge every payment service provider is facing.

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SWIFT Stands Behind Its Global Payments Innovation Initiative

PYMNTS

All of this has occurred as the company has continued to expand the pilot phase of its global payments innovation (gpi) initiative, thus far signing on dozens of major financial institutions to an effort aimed at streamlining cross-border payments. Since, SWIFT has reported three new cyberbreaches that occurred over the summer.

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New BIS Project Explores Wholesale CBDC for Faster, Cheaper Cross Border Payments

Fintech News

Currently, FX services provided by correspondent banks are often costly, slow, and complex, posing liquidity, credit, and settlement risks to participants. Decentralised solutions, CBDC, and interconnected payment infrastructures offer promising paths to improve cross-border payments.

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Nium Sets Sights on Latin America Expansion with Focus on Brazil

Fintech News

Global payments company Nium is enhancing its presence in Latin America, with a focus on expanding its operations in Brazil. 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.

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Cloud Banking Next Step In FI Modernization

PYMNTS

“Cloud payments come with a number of advantages over their traditional counterparts. The first is improved speed, shown by the adoption of cloud technology from global payments network SWIFT.

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INTL FCStone boosts 'exotic currency' pricing

Payments Source

INTL FCStone's Global Payments Division's foreign currency pricing has picked up enough momentum to extend beyond its initial launch to more than 350 correspondent banks globally.

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Small Firms Demand Higher Speed, Lower Costs In Global Payments

PYMNTS

It seems that’s the journey for cross-border payments, which are in the midst of a digital disruption as innovators focus on addressing a range of friction points, from sluggish speeds to high costs. Only a few years ago, small businesses lagged in global payments technology uptake.