Nanonets

APRIL 3, 2024

Bank Reconciliation: They reconcile bank statements with the company's financial records to ensure consistency and identify discrepancies. Reconciliation and Review Regular reconciliation of bank accounts, credit card statements, and other financial accounts is crucial to ensure accuracy and identify discrepancies.

Automation 74

Automation Payment APIs and Integration Reconciliation Financial Analysis 74

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

JULY 16, 2019

In other corporate payment scenarios like cross-border intercompany payments, other technologies like blockchain and tokenization allow businesses to bypass the traditional (and sluggish) correspondent banking system and move money in real time.

Payment APIs and Integration 60

Payment APIs and Integration B2B API Payments 60

PYMNTS

DECEMBER 17, 2019

Citi noted that traditional methods of cross-border accounts receivable are inefficient, involving multiple collections service providers with silos between invoicing, collections and reconciliation. If you are doing open banking (through those other rails), you are still going through the corresponding bank system,” he told Webster.

Central Bank 52

Central Bank Global Payments Cross-Border Payment APIs and Integration 52

PYMNTS

APRIL 11, 2016

For instance, some startups operating in the blockchain sphere are looking at how to disrupt corresponding banking, the strategy used by FIs to complete cross-border transactions. But Horowitz said the interviews with corporate banking clients suggest otherwise. “We We don’t think the pain point is the fees,” he said.

Cross-Border 40

Cross-Border Cross-Border Payments Blockchain Correspondent Bank 40

PYMNTS

SEPTEMBER 17, 2019

“Because we are a bank [as well as a payments processor], we can deposit their credit card proceeds the same day, including weekends, at no additional cost,” explained WePay CEO Bill Clerico in an interview at the time. Community Banks Go Real Time. According to the companies, speed is a crucial benefit of such a tool.

B2B 43

B2B RTP Bankers' Bank Funding Agent 43

PYMNTS

NOVEMBER 18, 2019

He noted, too, that real-time payments, tied to the universal financial messaging scheme known as ISO 20022, have rich messaging attached, which allows for easier reconciliation of transactions at the back end. That means cost savings for firms as they reduce manual processes and paperwork, he said.

Real Time Payments 49

Real Time Payments Consumer ISO 20022 Online and Mobile Banking 49

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

DECEMBER 30, 2019

In an interview with PYMNTS , Ripple Senior Vice President of Business and Corporate Development Kahina Van Dyke explained why building new infrastructure from the ground up can be an effective way to combat friction in the legacy correspondent banking system that lacks transparency and is plagued by slow transaction speeds and high FX costs.

Innovation 42

Innovation Cross-Border Commercial Card B2B 42

Nanonets

SEPTEMBER 8, 2023

In contrast, while not as swift, ACH transactions bring several advantages—they are typically routine, include comprehensive transaction details, allow for recall or dispute in case of errors, and generate electronic records, streamlining the reconciliation process. Wire transfers, on the other hand, enjoy extensive global acceptance.

Wire Transfer 52

Wire Transfer Wire Wires ACH 52

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. The advantage is lower fees and 24×7 availability.

Cross-Border Payments 78

Cross-Border Payments Cross-Border ISO 20022 SWIFT 78

PYMNTS

DECEMBER 15, 2020

Businesses can use a recipient's accounting number or email address to initiate a payment, while transaction data is enhanced to support the reconciliation process. According to the bank, it is the first in Canada to introduce faster payments for business customers.

Innovation 94

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

Fintech Labs Insights

MARCH 24, 2016

Moreover, with Valuto we cut out the middlemen by offering domestic, localized payouts and pay-ins from our network of bank accounts. A typical cross-border transfer passes through several correspondent banks, each taking a percentage off the initial payment amount. We will go live with our first integration March of this year.

Multi-Currency 17

Multi-Currency API Payment APIs and Integration Accounts 17