The Paypers

OCTOBER 12, 2016

(The Paypers) Wells Fargo , ANZ and Swift have deployed a prototype that envisions the role blockchain plays in correspondent banking.

Correspondent Bank 31

Correspondent Bank Correspondent Blockchain SWIFT 31

PYMNTS

FEBRUARY 26, 2020

Financial institutions have relied on their own IT systems, operations teams, the SWIFT messaging service and domestic payment schemes to acquire, construct, screen, relay and report customer payments. These infrastructures and processes form the backbone of the global correspondent banking model.

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ISO 20022 ISOs SWIFT Cross-Border Payments 104

PYMNTS

OCTOBER 19, 2020

These challenges are only exacerbated when payments move across international borders, usually accomplished via correspondence banking. Banks are typically required to establish direct links with financial institutions (FIs) in other nations to make or receive cross-border payments.

Cross-Border Payments 77

Cross-Border Payments Cross-Border Correspondent Bank Technology 77

Payment Savvy

JUNE 18, 2020

According to analysts, in 2012, it was observed that SWIFT facilitated up to $6 trillion per day. However, contrary to what most people think, SWIFT does not do any of the fund transfers. So, what is SWIFT? What is SWIFT? A Brief History of SWIFT. SWIFT was founded in 1973 in Brussels. How Does SWIFT Works?

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SWIFT Funds Transfer Facilitators Correspondent Bank 52

PYMNTS

SEPTEMBER 5, 2019

A new API standard for the pre-authorization of funds is being rolled out by SWIFT, clearing a path for a revolution in financial services enabled by open banking, the company said in a press release on Thursday (Sept. With this latest standard, a payer’s bank can designate funds in advance, assuring upcoming payments will clear. .

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SWIFT ISO 20022 Authorization API 72

PYMNTS

SEPTEMBER 27, 2019

Criticism of the world’s correspondent banking network continues to mount — and at the same time, the number of correspondent banking relationships is on the decline. The Financial Stability Board released analysis last year that found SWIFT interbank payment messages reflected a 4.1

Correspondent Bank 55

Correspondent Bank Correspondent Cross-Border ISO 20022 55

PYMNTS

JULY 18, 2017

SWIFT is opening up its KYC registry to more banks around the globe. The Registry enables banks and FIs to share and access KYC data and documents. 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.

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

Fintech Finance

JANUARY 2, 2024

StoneX has announced that it is one of the first financial organizations to enable Swift ’s new leading-edge solution for cross-border payments. Cross-border payments have long been a complex area marked by ongoing regulatory and compliance changes, bank offline hours, and increasing competition.

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Cross-Border Payments Cross-Border SWIFT Verification 59

Payment Savvy

MARCH 22, 2023

Most international money wires have been possible with the infamous SWIFT code. SWIFT is widely used in almost every country, with just a few exceptions, as it’s one of the most secure methods of sending international payments all over the world. This article discusses the definition and purposes of the SWIFT network system.

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SWIFT IBAN Transactions Encryption 52

The Fintech Times

FEBRUARY 21, 2024

Practical improvements await Rachel Levi, global head of innovation engineering, SWIFT Rachel Levi , global head of innovation engineering, Swift , the cross-border payments provider, notes how the company and ecosystem are working to make practical improvements to international payment speed.

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Cross-Border Payments Cross-Border ISO 20022 SWIFT 78

PYMNTS

DECEMBER 18, 2018

SWIFT said Tuesday (December 18) that its SWIFT gpi payment service is being used for more than half of SWIFT’s cross-border traffic. According to SWIFT, the SWIFT gpi service has improved the customer experience in cross-border payments by boosting speed, transparency and the traceability of payments.

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Cross-Border SWIFT Cross-Border Payments Correspondent Bank 55

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. SWIFT gpi targets companies with a global presence conducting cross-border transactions.

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SWIFT Transactions Cross-Border Correspondent Bank 43

PYMNTS

DECEMBER 14, 2018

Throughout the year, that prediction has manifested into reality, as more traditional financial institutions (FIs) turn toward FinTech innovators to address the biggest pain points of the legacy correspondent banking system. The challenges for service providers are lengthy, yet worth the trouble. ”

Cross-Border Payments 77

Cross-Border Payments Cross-Border Correspondent Bank FinTech 77

PYMNTS

JUNE 7, 2018

Competition in the cross-border payments market is on the rise as blockchain firm Ripple and payments messaging company SWIFT vie for market leadership. Reports in the Financial Times this week highlighted the increasing competition in the market as Ripple continues to add banks to its XCurrent blockchain messaging system.

Cross-Border Payments 59

Cross-Border Payments Cross-Border SWIFT Correspondent Bank 59

PYMNTS

OCTOBER 6, 2016

SWIFT’s year has been filled with controversy, the apex of which occurred when reports surfaced that cyberthieves infiltrated Bangladesh Bank via the SWIFT messaging system in February, resulting in $81 million stolen from the bank’s account at the New York Federal Reserve.

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SWIFT Global Payments Innovation Cross-Border 75

PYMNTS

DECEMBER 20, 2018

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. As has been reported, more than 50 percent of SWIFT gpi payments are made within 30 minutes, and roughly 100 percent are made within 24 hours.

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Cross-Border SWIFT Federal Reserve Fed 53

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.”. But SWIFT also made headlines when it said late last week that Ebury has become the first of the FinTechs to go live across the SWIFT gpi (global payments innovation).

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

The Paypers

OCTOBER 17, 2017

(The Paypers) SWIFT has aligned its Know Your Customer (KYC) Registry with the new Wolfsberg Due Diligence Questionnaire (DDQ) for Correspondent Banks.

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SWIFT Due Diligence Correspondent Bank Correspondent 28

Fintech Finance

JANUARY 11, 2024

It explores the challenges faced by financial institutions in correspondent banking relationships, shedding light on regulatory compliance, security concerns, foreign exchange rate risks, and the impact of fintech players entering the field.

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Cross-Border Payments Cross-Border Faster Payments ISO 20022 93

PYMNTS

SEPTEMBER 17, 2018

The fraudsters who hacked their way into the Bangladesh central bank two years ago got there by getting into software tied to the SWIFT financial platform. Upon success with the phishing, the hackers “moved through the bank’s network” to access computers that victimized banks used to send and receive messages over SWIFT systems.

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SWIFT Phishing Ransomware Central Bank 75

PYMNTS

AUGUST 17, 2016

It looks like after all the Sturm und Drang, Bangladesh’s central bank will not take action against the Federal Reserve Bank of New York and SWIFT network over the $81 million theft it suffered earlier this year. “We look forward to cooperation both from the Fed and SWIFT.”

Fed 40

Fed SWIFT Central Bank Correspondent Bank 40

PYMNTS

AUGUST 31, 2020

The first is improved speed, shown by the adoption of cloud technology from global payments network SWIFT. This network is quickly becoming more popular as a replacement for correspondence banking models, partnering with BNY Mellon and Microsoft to enable payments at 11,000 FIs in more than 200 countries around the world.

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Real Time Payments Online and Mobile Banking Correspondent Bank SWIFT 135

PYMNTS

SEPTEMBER 6, 2018

… It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”. SWIFT, Too. However, SWIFT also made headlines when it said late last week that Ebury has become the first FinTech firm to go live across the SWIFT global payments innovation (gpi).

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SWIFT Payment Initiation Caps Cross-Border Payments 40

PYMNTS

MARCH 7, 2019

The challenges of global payments are well known, particularly as analysts warn of the impact of a decline in correspondent banking relationships around the world. Analysts pointed to a rise in regulatory pressure as one of the factors pushing banks to reduce exposure to and participation in the correspondent banking space.

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B2B Cross-Border Cross-Border Payments Correspondent Bank 67

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.

Interoperability 61

Interoperability ISO 20022 Cross-Border Correspondent Bank 61

PYMNTS

OCTOBER 21, 2020

Rather than relying on the global SWIFT system, which can often incorporate numerous correspondent banks and take longer to resolve, the Emburse Global Reimbursements technology will use TransferWise's own accounts to exchange foreign currency using the mid-market exchange rate.

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Cross-Border Automation Correspondent Bank Correspondent 78

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

DECEMBER 15, 2020

Bank Of America Wields SWIFT gpi. Bank of America has built a new solution using SWIFT's gpi rail, which integrates with domestic rails, to enable cross-border payment tracking for its corporate customers.

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

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.

FinTech 52

FinTech Cross-Border Due Diligence AI 52

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

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. Cross-border payments are a changing market, McKinsey and SWIFT said, which includes small business and large corporate transactions.

Cross-Border Payments 49

Cross-Border Payments Cross-Border SWIFT Correspondent Bank 49

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.

Correspondent Bank 52

Correspondent Bank Correspondent Payments Volume 52

PYMNTS

APRIL 3, 2019

Blockchain (or DLT), said the authors, can lower costs and improve transparency, in part by eliminating the need for a correspondent banking relationship. SWIFT also has an ongoing distributed ledger proof of concept. That comes as SWIFT is working with R3’s blockchain platform, Corda.

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

PYMNTS

JULY 26, 2019

With correspondent banking relationships on the decline, financial institutions are looking for new — and faster — ways of moving money around the world, too. Some solution providers like Ripple are introducing new ways to bypass the correspondent banking system entirely. This, of course, means faster global payments.

Cross-Border Payments 64

Cross-Border Payments Cross-Border Innovation Correspondent Bank 64

PYMNTS

JUNE 28, 2016

As of today, 73 new banks have signed on to Swift’s Global payments initiative. 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.”

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

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.

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Cross-Border Payments Cross-Border B2B SWIFT 41

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