PYMNTS

MAY 3, 2019

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.

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Global Payments Cross-Border Payments Cross-Border Small Business 60

PYMNTS

NOVEMBER 21, 2018

Working with HSBC , the authorities assessed contributions and feedback from corporates and commercial banks to discuss current pain points, potential future capabilities and various use cases of global payments and settlements. Reuters reported earlier this month that the Financial Stability Board (FSB) counted a 4.1

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Authorization Cross-Border Payments Correspondent Bank Cross-Border 49

PYMNTS

JANUARY 13, 2020

“Our objective is to offer [SMBs] the ability to hedge all parts of their production processes, and to allow these corporates to have access to a digital payments and hedging platform,” said INTL FCStone Global Payments Division Global Head Carsten Hils. “We

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Mitigation Risk Correspondent Bank Correspondent 52

PYMNTS

OCTOBER 6, 2016

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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SWIFT Global Payments Innovation Cross-Border 75

Fintech Finance

AUGUST 12, 2024

Nium , the global leader in real-time cross-border payments, is strengthening its presence in Latin America by applying for essential licenses, joining key fintech associations, expanding its employee presence, and signing new customers. Nium has been present in the region dating back to 2017.

Real Time Payments 98

Real Time Payments Cross-Border Payments Cross-Border Central Bank 98

PYMNTS

JULY 15, 2020

In a conversation with PYMNTS, Nader discussed the role payments plays in helping (or hampering) a company’s global growth ambitions, and the value of an efficient global payments strategy on giving smaller companies a competitive edge that had once been out of reach. Although the globalization of U.S.

Cross-Border 67

Cross-Border Cross-Border Payments Multi-Currency Correspondent Bank 67

PYMNTS

MARCH 7, 2019

Subsidiaries based in different countries, with different bank accounts, are obliged to send funds to each other using existing payment rails,” Lazarichev said in a recent interview, adding that traditional global payments tools take several days to complete. “In Cross-Border Payments Friction.

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B2B Cross-Border Cross-Border Payments Correspondent Bank 67

PYMNTS

JUNE 28, 2016

As of today, 73 new banks have signed on to Swift’s Global payments initiative. The goal of the project is to expand the payment services and experience for customers by upping the speed, transparency and predictability of cross-border payments.

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

PYMNTS

AUGUST 31, 2020

“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.

Real Time Payments 135

Real Time Payments Online and Mobile Banking Correspondent Bank SWIFT 135

PYMNTS

AUGUST 1, 2019

In corporate payments, high-value transactions with tall demands for compliance, transparency, speed, efficiency and security aren’t just placing a burden on the businesses sending and receiving funds. International payments often contain unstructured and ambiguous transaction data, causing unnecessary delays and failed processing.

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PYMNTS

OCTOBER 28, 2019

Cross-border payments firm Western Union has rolled out full application programming interface (API) access to domestic and global payment applications, the company said in a press release on Monday (Oct. The expanded APIs align with the European open banking and PSD2 requirements that became effective in September.

International Payments 51

International Payments API Payment APIs and Integration Cross-Border 51

PYMNTS

JULY 26, 2019

Increasingly, the financial services industry is targeting sluggishness in corporates’ cross-border payments, too, through technologies like blockchain and the development of faster payment rails around the globe. Some solution providers like Ripple are introducing new ways to bypass the correspondent banking system entirely.

Cross-Border Payments 64

Cross-Border Payments Cross-Border Innovation Correspondent Bank 64

PYMNTS

JANUARY 20, 2021

Though common, this strategy fails to present an opportunity to optimize transaction routing throughout the growing number of infrastructures available, whether it be through ACH, SWIFT, Ripple, the correspondent banking network or otherwise. It's the result of looking at the big picture," said Aruldhas.

Correspondent Bank 52

Correspondent Bank Correspondent Payments Volume 52

PYMNTS

SEPTEMBER 4, 2020

Two years ago, José Ignacio Goirigolzarri, Bankia’s chairman, said his bank could be a perfect fit for several of its rivals, per the report.

Cross-Border Payments 75

Cross-Border Payments Cross-Border Correspondent Bank SWIFT 75

PYMNTS

NOVEMBER 27, 2018

In a new report , “A vision for the future of cross-border payments,” SWIFT and McKinsey & Company found that B2B cross-border transactions accounted for $125 billion in revenues last year. The next-highest category, consumer-to-business (C2B) cross-border payments, paled in comparison at just $54 billion.

Cross-Border Payments 49

Cross-Border Payments Cross-Border SWIFT Correspondent Bank 49

PYMNTS

SEPTEMBER 11, 2019

“Our goal is to deliver global payment infrastructure choice and connectivity as demonstrated through our recent strategic acquisitions and partnerships, including our relationship with R3. In July, Mastercard closed on its acquisition of cross-border payments company Transfast, which works with both P2P and B2B payments.

Cross-Border Payments 51

Cross-Border Payments Cross-Border Visa Blockchain 51

PYMNTS

MAY 24, 2017

With lack of visibility into the correspondent banking system a top challenge for B2B payments, SWIFT is rolling out a way for payers to track their cross-border payments in real time. The company announced Tuesday (May 23) that its Tracker is now available to help businesses track global payments as they occur.

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SWIFT Transactions Cross-Border Correspondent Bank 43

PYMNTS

JULY 16, 2018

In a press release, Citi said Citi Payment Insights empowers clients by giving them a complete view of the transaction lifecycle within Citi’s global network and across the correspondent banking ecosystem by integrating the transparency provided by SWIFT’s gpi initiative.

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Correspondent Bank Payment APIs and Integration Correspondent Real Time Payments 44

PYMNTS

JUNE 7, 2018

But as more banks invest in blockchain, to at least explore the technology for global payments, SWIFT — a 45-year-old leader in the payments messaging market — has stepped up its own competitive edge, reports said. We have our own cloud and API solutions and are already doing payments in minutes or even seconds.”

Cross-Border Payments 59

Cross-Border Payments Cross-Border SWIFT Blockchain 59

PYMNTS

FEBRUARY 20, 2019

The company deploys bitcoin to enable seamless cross-border payments for both businesses and consumers, bypassing the traditional correspondent banking model.

Cross-Border Payments 66

Cross-Border Payments Cross-Border Payment APIs and Integration B2B 66

PYMNTS

NOVEMBER 21, 2018

Citi ’s Treasury and Trade Solutions (TTS) announced that it has expanded its Citi Payment Insights offering to more than 20 new markets, making it available in more than 70 markets. Citi’s offering goes beyond any other offerings I have seen in the marketplace thus far.”.

Cross-Border 52

Cross-Border Cross-Border Payments Correspondent Bank Real Time Payments 52

PYMNTS

JUNE 13, 2019

The transactions between businesses are done on an account-to-account basis, as opposed to using the existing correspondent banking network — which, of course, relies on intermediaries.

B2B 75

B2B Distributed Ledger Technology (DLT) Cross-Border Cross-Border Payments 75

PYMNTS

JUNE 22, 2018

BBVA planned to offer Ripple’s service to a small group of clients as a tryout, giving corporate customers a quicker and cheaper way to pay overseas suppliers and execute other international transactions, Alicia Pertusa, head of the lender’s Digital Transformation in the Investment Banking unit, had said at the time.

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Cross-Border Payments Correspondent Bank Cross-Border Correspondent 57

PYMNTS

SEPTEMBER 6, 2018

It further adds: “It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”. Looking at larger trends, Africa is proving to be a greenfield opportunity for FinTechs and other upstarts seeking to give a tech-enabled boost to payments infrastructure.

Cross-Border 40

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

PYMNTS

APRIL 29, 2020

ius offered insight into exactly why crypto businesses are so difficult to bank. Yet doing so will be key, he said, to supporting the overall evolution of the global payments industry. ius said he is confident that cryptocurrencies will gradually become a standard part of the overall global payments infrastructure.

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Cryptocurrency Cross-Border Compliance AML 113

PYMNTS

FEBRUARY 20, 2018

In addition, innovators the world over are exploring how technologies like blockchain could address payments speeds and efficiency on an international level. Payments experiences are far from ubiquitous from market to market, however, and a global payments settlement agency is now pressing for faster cross-border payments at a global scale.

Cross-Border Payments 43

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

PYMNTS

APRIL 6, 2016

Payments messaging firm SWIFT is looking to gain support for its global payments initiative and, most recently, announced the latest backers of the pilot program. The company said it will hope to improve the transparency and speed of global payments with the program.

Cross-Border Payments 41

Cross-Border Payments Cross-Border B2B SWIFT 41

Faster Payments Council

MARCH 15, 2023

Differences in currency, time zones, infrastructure, laws, and regulation remain barriers to fast, efficient, affordable and accessible cross-border payments for businesses and consumers alike. As global markets become more accessible, legacy providers and innovators continue to target frictions to offer better cross-border payments options.

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FPC ISO 20022 Cross-Border Payments Cross-Border 88

PYMNTS

APRIL 24, 2017

BBVA plans to offer Ripple’s service to a small group of clients in the coming weeks as a tryout, giving corporate customers a quicker and cheaper way to pay overseas suppliers and execute other international transactions, said Alicia Pertusa, head of the lender’s Digital Transformation in the Investment Banking unit.

Cross-Border Payments 43

Cross-Border Payments Transactions Cross-Border Blockchain 43

PYMNTS

APRIL 5, 2016

These profits are coming from the 3–5 percent foreign exchange fees that banks can charge for conducting a cross-border transfer, often through the costs that get tacked on as a payment moves between corresponding banks. To India, And Beyond . That doesn’t mean Uphold isn’t anticipating competition, however.

Cross-Border 73

Cross-Border Cross-Border Payments Correspondent Bank Correspondent 73

PYMNTS

DECEMBER 20, 2018

When it comes to corporate transactions (and, well, payments in general), two inexorable trends include speed and distance. SWIFT , the messaging service, said earlier this week that its SWIFT global payments innovation (gpi) service is being used for a majority — as in 55 percent — of its cross-border traffic.

Cross-Border 53

Cross-Border SWIFT Federal Reserve Fed 53

PYMNTS

APRIL 3, 2019

In reference to costs, the average global remittance (overall) cost stood at 7 percent as of Q4 2018 – 4 percent higher than the 3 percent target set in the Sustainable Development Goals for 2030. By way of concrete examples, the authors cited xRapid.

Cross-Border Payments 92

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

PYMNTS

JUNE 28, 2019

In the search for more efficient cross-border solutions, many banks and businesses are realizing it pays to have partners in the effort. However, many firms are also realizing that traditional correspondent banking practices are not up to task. About The Tracker.

Cross-Border 44

Cross-Border Cross-Border Payments Deposit Account SWIFT 44

PYMNTS

DECEMBER 4, 2019

Once an SMB is willing to consider working with an alternative financial service provider on its FX needs, there is still confusion that remains about the right foreign exchange products an SMB should deploy — and it may still inadvertently be relying on the same legacy global payment tools traditional FIs deploy.

Cross-Border Payments 52

Cross-Border Payments Cross-Border Scams IBAN 52

PYMNTS

SEPTEMBER 11, 2019

In July, SWIFT released its first set of guidelines for financial institutions using the ISO 20022 payments messaging standard to complete cross-border transactions. Last week, SWIFT launched a new API standard for the pre-authorization of funds.

Cross-Border Payments 76

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

PYMNTS

MARCH 1, 2017

With increasing globalization, cross-border, or global, payments have become a very big piece of the banking business. Needless to say, banks are feeling the pressure on all fronts to get their capabilities aligned with what the innovators around them are already providing. New Challenges, Old Systems.

B2B 58

B2B Cross-Border Non-Bank Payments 58

PYMNTS

SEPTEMBER 6, 2018

… It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”. Africa As Greenfield Payments Opportunity. The digital asset facilitates the trade, and supplies important settlement instructions. IBM will be demoing the new project this October.

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SWIFT Payment Initiation Caps Cross-Border Payments 40