PYMNTS

OCTOBER 7, 2019

First Investment Bank ( Fibank ) is the first Bulgarian bank to offer the SWIFT Global Payment Initiative (gpi), according to a press release. SWIFT data shows that about 36 percent of gpi transfers reach their destination within 5 minutes. Fibank has correspondent accounts in not only major currencies, like the U.S.

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SWIFT International Payments Correspondent Payment Message 43

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.

Global Payments 60

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

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.

Payment Initiation 40

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

PYMNTS

NOVEMBER 8, 2017

To that end, SWIFT debuted its global payments innovation initiative (gpi) earlier this year, a solution which looks to boost the infrastructure underpinning the movement of money on a global scale. Data transferred along with payments will include invoices or compliance documents.

SWIFT 43

SWIFT B2B Correspondent Bank Overlay Service 43

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. You can find out more here.

Cross-Border 40

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

PYMNTS

APRIL 29, 2020

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. In a recent interview with PYMNTS, Bankera Co-founder Vytautas Karalevi?ius ”

Cryptocurrency 113

Cryptocurrency Cross-Border Compliance AML 113

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. Mixing Crypto With Fiat.

B2B 67

B2B Cross-Border Cross-Border Payments Correspondent Bank 67

Fintech Finance

JULY 12, 2024

“CashPro Search is a major time saver for our clients who’ve used it 7 million times since it was initially deployed,” said Christian Stolcke, head of Financial Institutions, NBFIs and Governments in Global Payments Solutions (GPS) at Bank of America.

Transactions 98

Transactions Correspondent Finance Wire 98

PYMNTS

SEPTEMBER 4, 2020

Earlier this year, Spain-based CaixaBank was one of six financial institutions in the country to sign up for the Swift global payments innovation (Swift gpi), the new standard for cross-border payments that promise to improve the customer experience by increasing speed, transparency and end-to-end tracking.

Cross-Border Payments 75

Cross-Border Payments Cross-Border Correspondent Bank SWIFT 75

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.

Cross-Border Payments 92

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

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. SWIFT, Too. Thus, FinTech firms such as Ebury are able to track international payments in real time, and globally.

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SWIFT Payment Initiation Caps Cross-Border Payments 40

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.

Interoperability 61

Interoperability ISO 20022 Cross-Border Correspondent Bank 61

PYMNTS

AUGUST 16, 2019

Many are choosing to implement ISO 20022 as a common messaging standard to achieve greater interoperability between payment systems, with the system seeing more than 80 implementations in over 40 markets, including with TCH’s RTP system in the U.S. and Australia’s NPP. Challenges Aren’t Universal. innovations.

Cross-Border Payments 81

Cross-Border Payments Cross-Border ISO 20022 ISOs 81

Fintech News

DECEMBER 10, 2023

Whether you’re a small company or a large bank, the challenge remains: ensuring that every payment instruction contains the correct data in the right format.” ” For FIs, the consequences are equally daunting, as they face expenses associated with the correspondent banking network.

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Addressing Fraud Prevention Financial Inclusion Payments 117

PYMNTS

APRIL 1, 2019

The jockeying for cross border-payments continues, and SWIFT and Ripple continue to dominate the headlines. As noted, SWIFT has rolled out its gpi (short for global payments initiative). Ripple has xRapid, its cross-border payments solution.

Cross-Border 61

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

PYMNTS

DECEMBER 17, 2019

Payment rails are getting more attention these days, and there is an increasing focus on offering a standardized, relatively seamless experience that can be locked and loaded by various operators with minimal hassle. that develops solutions for digital currency. Open Banking. We offer a single API across all banks,” Kirsch told Webster.

Central Bank 52

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

Finovate

OCTOBER 21, 2024

Mastercard launched Move Commercial Payments , a real-time cross-border payments solution that operates 24/7. The new commercial payments tool leverages a multi-rail system that includes SWIFT, Visa Direct, and Mastercard’s proprietary networks.

Cross-Border Payments 59

Cross-Border Payments Cross-Border Visa FedNow 59

PYMNTS

JULY 31, 2019

According to the latest Smarter Payments Tracker , global payment usage is at an all-time high. So, why do cross-border payments present so many challenges? Revenues are forecast to hit $2 trillion by 2020, according to McKinsey. Currently, there are 0.7 international transactions per capita every year, up from 0.5

Cross-Border Payments 72

Cross-Border Payments Cross-Border Distributed Ledger Technology (DLT) Payments 72

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

PYMNTS

SEPTEMBER 11, 2019

In an interview with PYMNTS , Citi’s Global Head of Payments and Receivables Manish Kohli explained how APIs that pre-validate payments data can reduce errors and costs while improving speed. 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

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

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. In addition to expanding to new markets, the solution is now available to all client segments across corporate, public sector and financial institutions (FIs).

Cross-Border 52

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

JUNE 28, 2019

The urgency to develop more efficient infrastructures is being driven by the rise of the global economy, with banks and businesses seeking solutions that enable them to move money between borders swiftly and securely. The SWIFT gpi pilot is not the only partnership aimed at improving the cross-border payments infrastructure.

Cross-Border 44

Cross-Border Cross-Border Payments Deposit Account SWIFT 44

PYMNTS

FEBRUARY 8, 2018

China’s renminbi (RMB) is one global currency that is pushing its international standing, but new data from SWIFT released earlier this month found 2017 was a mixed year for the currency. There is a direct correlation between usage of RMB for trade and cross-border payment and RMB internationalization,” he said. “The

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B2B Cross-Border Payments Cross-Border Innovation 44

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

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

DECEMBER 18, 2019

However, by using R3’s Corda Settler application, the technology will be able to integrate with additional payment rails moving forward, the company said, pointing to blockchain’s ability to accelerate and streamline the movement of funds across existing payment rails. MoolahGo Explores The Interoperability Challenge.

B2B 52

B2B Credit Union Electronic Funds Transfer (EFT) RTP 52

Nanonets

NOVEMBER 20, 2023

3-Way Matching: Alignment of the invoice with the corresponding purchase order and receiving report in a 3-way matching process. Global Payment Reconciliation: Some automation solutions offer real-time automated global payment reconciliation, supporting multiple payment methods and currencies.

Payment Reconciliation 52

Payment Reconciliation Automation Reconciliation Verification 52

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.

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Innovation Cross-Border Commercial Card B2B 42

PYMNTS

SEPTEMBER 24, 2019

For today’s payment service providers, accelerating payments across borders means either developing new infrastructure, or making use of existing rails, to move money around the world. Below, PYMNTS looks at the latest news in cross-border payments innovation as industry players complete, collaborate and innovate.

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

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. The company also launched a partnership earlier this year with Spain’s Banco Santander to develop a cross-border payments service based on XCurrent.

Cross-Border Payments 59

Cross-Border Payments Cross-Border SWIFT Blockchain 59

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

CB Insights

FEBRUARY 8, 2018

Facilitating payments is highly profitable for banks, providing them with little incentive to lower fees. Cross-border transactions, from payments to letters of credit generated 40% of global payments transactional revenues during 2016. Nearly 10% of Santander’s revenue in 2016 came from international transfers.

Blockchain 78

Blockchain Bitcoin Correspondent Bank Cryptocurrency 78

Fintech Review

MARCH 5, 2025

How Cross-Border Payments Work International payments rely on a network of correspondent banks. SWIFT plays a key role in this process. A UK bank sending money to the US sends a SWIFT message with payment instructions. The actual transfer happens through correspondent banks, adding complexity.

Cross-Border Payments 76

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 76

Fintech News

JANUARY 22, 2025

What makes APAC unique is its blend of diverse regulatory frameworks and a multitude of exotic currencies, creating a dynamic payments environment. The region is home to four of the top five global real-time payment markets by volume, showcasing APACs strategic measures to lead the global payments landscape.

Real Time Payments 120

Real Time Payments APACS ISO 20022 Cross-Border 120

PYMNTS

JANUARY 9, 2019

Where capital is free to roam (in a way) beyond the confines of the traditional correspondent banking system, it can be deployed in other ways, making money cheaper to move, and speedier to move too. But for now, the stage is set for a head on battle between Ripple and SWIFT. There are a few wrinkles (ripples?)

Cross-Border 76

Cross-Border SWIFT Correspondent Bank Multi-Currency 76