Cross-border payment plays rev up
Payments Dive
OCTOBER 10, 2022
The Clearing House, Swift and rivals are jostling to speed up cross-border payments, with collaboration and competition likely to emerge at an international conference this week.
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Oracle, SWIFT Add Fast Cross-Border Payments For SMBs
PYMNTS
OCTOBER 7, 2020
Oracle Banking Payments announced Wednesday (Oct. 7) that it is supporting SWIFT ’s latest service to speed effortless global cross-border payments for small- and medium-sized business (SMBs) and consumer markets. “We Oracle and SWIFT share a history of collaboration. The subsidiary of Oracle Corp.
Ant International Joins Swift Initiative for Cross-Border Payment Interoperability
Fintech News
DECEMBER 8, 2024
Ant International has joined Swift ‘s “Network Interoperability Reference Implementation” programme, a pre-pilot initiative designed to improve cross-border payment experiences. Kelvin Li Kelvin Li, Head of Platform Tech at Ant International , said, We are honored to be part of this programme by Swift.
Nium Offers Swift Connectivity for Faster Cross-Border Payments
Fintech News
OCTOBER 20, 2024
Nium, a global payments infrastructure provider, announced that financial institutions can now connect to its real-time payments network using their existing Swift infrastructure. This eliminates the need for complex and costly API integrations, making cross-border payments faster and more affordable.
Swift Unveils AI Pilots to Combat Cross-Border Payment Fraud
Fintech News
JUNE 2, 2024
Swift, the global financial messaging cooperative, has announced two AI-driven experiments in collaboration with member banks to combat cross-border payments fraud which could potentially save the industry billions in fraud-related costs.
Swift makes progress on some G20 cross-border payments goals
Payments Dive
AUGUST 24, 2023
The international cooperative reports improvements in meeting some G20 cross-border payments goals, but says the industry is falling short on others.
RBI Discusses CBDCs for Cross-Border Payments with HKMA, US Fed, and SWIFT
Fintech News
DECEMBER 10, 2023
The Reserve Bank of India (RBI) has initiated discussions with the Hong Kong Monetary Authority (HKMA) , the US Federal Reserve, and the international payment platform SWIFT to explore the use of central bank digital currencies (CBDCs) for cross-border payments.
Swift Streamlines Cross-Border Payments for Corporate Clients with ISO 20022
Fintech News
MAY 21, 2024
Swift has announced a major upgrade aimed at improving the cross-border payment experience for corporate customers. The financial messaging network will extend ISO 20022 across the entire payment chain and provide banks with ready-to-use tracking services.
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Swift Cross-Border Payment Processing Speed Stretches Further Ahead of G20 Target
Fintech Finance
OCTOBER 17, 2024
Swift today published new data which reveals continued progress towards meeting the G20’s goal for the speed of cross-border payments, reporting that 90% of cross-border payments made over the Swift network reach the destination bank within an hour.
SWIFT Launches Service For Low-Value Cross-Border Payments
PYMNTS
OCTOBER 1, 2020
SWIFT , a global provider of secure financial messaging, announced a new service Thursday (Oct. 1) that promises to improve the experience for small and medium-sized businesses (SMBs) and consumers who send low-value payments across borders. SWIFT said this latest improvement is another building block for its new strategy.
RegTech Innovator GSS Teams Up with Swift to Drive Frictionless Cross-Border Payments
Fintech Finance
OCTOBER 14, 2024
The collaboration progresses a strategic relationship the two organisations announced in October 2022, and reflects a commitment by Swift, GSS and the GSS Advisory Board, comprising 35 of the world’s leading financial institutions, to reduce inefficiency in the global payments ecosystem.
Currencycloud Powers OPAL to Simplify Cross-Border Payments for SMEs
Fintech News
JUNE 11, 2024
Licensed as a Major Payment Institution (MPI) by the Monetary Authority of Singapore (MAS), OPAL offers domestic and cross-border payments, payment accounts, and e-money services. Customers can receive funds in up to 33 different currencies via SWIFT and local payout rails.
Mastercard Transforms Cross-Border Payments for Banks With Industry-First Innovation
Fintech Finance
OCTOBER 21, 2024
Mastercard introduced a new product innovation, Mastercard Move Commercial Payments, that will enable banks to facilitate near real-time, predictable and transparent commercial cross-border payments. Fully compatible with existing correspondent banking arrangements between respondents and correspondents.
Temenos Launches Enterprise Service to Power Faster, Lower-Cost Cross Border Payments
Fintech Finance
OCTOBER 22, 2024
Temenos today launched a SaaS enterprise service for cross border payments, empowering Payment Service Providers (PSPs), including banks, electronic money institutions (EMIs) and fintechs, to swiftly launch and lower the cost of cross border payment services.
BIS Completes Project Mandala, Automating Cross-Border Transaction Compliance
Fintech News
OCTOBER 28, 2024
The Bank for International Settlements (BIS) and a group of central banks have successfully completed Project Mandala demonstrating automated compliance for cross-border transactions. We are optimistic about the potential of these early results to enhance cross border payments.”
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SWIFT To Create New Cross-Border Real-Time Rails
PYMNTS
SEPTEMBER 17, 2020
SWIFT , a global provider of secure financial messaging services, announced Wednesday (Sept. 16) that its cross-border platform will be retooled to enable financial institutions to deliver instant transactions. SWIFT said the planned platform will leverage its reach across more than 11,000 institutions in 200 countries.
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Japanese banks pilot stablecoin-based cross-border payments
Finextra
SEPTEMBER 9, 2024
Japanese banks MUFG, SMBC and Mizuho are participating in a pilot using stablecoins and the Swift network for cross-border payments.
Bank Of America Expands SWIFT gpi, Intros CashPro Cross-Border Payment Tracker
PYMNTS
DECEMBER 10, 2020
Bank of America (BofA) is introducing a cross-border payment tracker and expanding SWIFT gpi to support more than 140 currencies, accessible through the integrated CashPro platform. Customers can make payments via Bank of America’s SWIFT gpi solution. and Ireland at SWIFT. . 10) press release.
Cross-Border Real-Time Payments Make Tangible Progress as Over 50% Consumers Use Them, Says GlobalData
Fintech Finance
JULY 12, 2024
Cross-border payments are becoming increasingly important to international economies. The G20 roadmap for enhanced cross-border payments aims to improve the speed, access, transparency, and cost of international payments by 2030.
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Temenos and Mastercard to Expand Cross Border Payment Options for Banks
Fintech News
JUNE 4, 2024
This partnership will integrate Mastercard Move , a comprehensive suite of money transfer solutions, into Temenos Payments Hub. Mastercard Move’s solutions facilitate secure and swift international money transfers, offering cost-effective options to route and deliver funds through Mastercard’s extensive global network.
UK Banks Urged to Act Now Ahead of New Cross-Border Payments Legislation ISO 20022 to Prevent Exclusion from International Payment Networks
Fintech Finance
APRIL 24, 2024
The replacement RTGS system, slated for readiness in August 2024, makes support for ISO 20022 a prerequisite for all international payments from the SWIFT deadline. The shift in cross border payments is the first step in what will become a broader adoption of the ISO 20022 standard in the payments environment as a whole.
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Bitso Business Surpasses $12 Billion in Transactions in 2024 and Unveils Study Revealing Stablecoins as the Leading Alternative for Cross-Border Payments
Fintech Finance
DECEMBER 17, 2024
Bitso Business the B2B arm of Bitso that provides the infrastructure for the future of cross-border payments releases its 2024 results. billion registered in 2022, consolidating an accelerated cross-border remittances growth. For these transactions, in 2024 3 Bitso Business registered a volume of more than $6.5
Swift to Launch AI-Powered Fraud Defence to Enhance Cross-Border Payments
Fintech Finance
OCTOBER 16, 2024
Swift today announced that it is rolling out new AI-enhanced fraud detection to help the global payments industry step up its defence as bad actors grow increasingly sophisticated. Available from January 2025, the service is the result of extensive collaboration with banks from around the world and a successful pilot earlier this year.
U.S. Faster Payments Council Explores the Practicalities of Cross-Border Payments in a Faster Payments World
Fintech Finance
JANUARY 11, 2024
Faster Payments Council (FPC) , a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, today published its latest research report, titled The Practicalities of Cross-Border Payments in a Faster Payments World.
Swift Invites Fintech Pioneers to Join AI-Based Cross-Border Innovation Challenge
Fintech News
DECEMBER 11, 2023
Swift has announced the launch of its first-ever “The Innovation Challenges” that invites participants to create AI-based solutions aimed at improving the efficiency and security of cross-border transactions. They will be granted access to the Swift Challenge sandbox environment.
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Singapore-based TransferTo and Pan-African Ecobank Group Forge Strategic Partnership to Expand Financial Access and Cross-Border Payments Across Africa
Fintech Finance
NOVEMBER 15, 2024
TransferTo , a Singapore-based global technology group, and Ecobank Group the leading pan-African financial institution, announce a landmark Memorandum of Understanding (MOU), laying the groundwork to transform financial access and cross-border payment solutions across Africa.
Why Blockchain Holds Promise For Cross-Border Payments
PYMNTS
JULY 1, 2019
The rise of the global economy and the demand for swift and secure cross-border payments is driving the development of more efficient infrastructures, and spurring financial institutions (FIs) to experiment with emerging tech. The bank recently announced it had been testing moving international funds using Ripple.
Simplifying Global Money Movement with Visa Cross-Border Solutions
Fintech News
FEBRUARY 19, 2024
In a recent interview, Rohit Narang, Vice President for the Asia-Pacific region at Visa Cross-Border Solutions, powered by Currencycloud, shared insights into the acquisition of Currencycloud by Visa, shedding light on the evolution of their collaboration and the impact it has had on global money movement.
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SWIFT launches ISO 20022 translation services for cross-border payments
The Paypers
DECEMBER 10, 2021
Global provider of secure financial messaging services SWIFT has announced the translation availability for its ISO 20022 customer testing environment for cross-border payments.
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Global Cross-Border Payments Expected To Grow, But Challenges Remain
PYMNTS
AUGUST 16, 2019
Cross-border payments are expected to surge over the next few years as the economy becomes increasingly global and interconnected. The latest Smarter Payments Tracker looks at the infrastructure developments that are making cross-border payment systems faster, more seamless and interoperable.
Swift, Lloyds deliver real-time cross-border payments in U.K. through GPI Instant
Payments Source
DECEMBER 2, 2020
After tests with several banks that established Swift's ability to connect its Global Payments Initiative faster payments rail to domestic networks, the financial and messaging standards organization is activating the service in the U.K.
Deep Dive: Accelerating Cross-Border Payments With Cloud Technology
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.
Swift to pilot AI in fight against fraud
Finextra
MAY 30, 2024
Banking co-operative Swift is working with global banks on AI pilots to tackle cross-border payments fraud.
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Six Spanish Banks Join SWIFT gpi For Cross-Border Payments
PYMNTS
MARCH 21, 2019
SWIFT announced Thursday (March 21) that six Spanish banks, representing 85 percent of the cross-border payments market in Spain, have adopted SWIFT global payments innovation or gpi. SWIFT gpi enables banks to conduct end-to-end tracking of the cross-border payment.
Temenos Simplifies Cross-Border Payments with Cloud-Based Service
Fintech News
OCTOBER 22, 2024
Banking software provider Temenos has introduced a new service designed to make cross-border payments faster and more affordable. The Temenos Cross Border Payments Enterprise Service is available to banks, Payment Service Providers (PSPs), electronic money institutions (EMIs), and fintechs.
Swift and Global Banks launch AI pilots to tackle Cross-Border Payment Fraud
Finextra
JUNE 3, 2024
Swift and Global Banks Team Up to Combat Cross-Border Payment Fraud with AI Swift, the global financ.
Collaboration Is Key For Consensus On Cross-Border Payments
PYMNTS
SEPTEMBER 11, 2019
According to the new Simplifying Cross-Border Payments Playbook , there are five key criteria that an ideal cross-border payment solution should meet: speed, security, compliance, transparency and ubiquity. How Cross-Border Payments Are Made. So, what’s the problem? What’s Changing?
Cross-Border Payment Efforts Grab Funding
PYMNTS
FEBRUARY 14, 2019
The movement toward cross-border payments — done digitally, at lower cost and completed faster — is an inexorable one. Headlines in recent weeks have centered on the efforts by Ripple and messaging service SWIFT to improve cross-border money transfer activities. dollars to Philippine pesos.
Why Cross-Border Payments Still Present Challenges
PYMNTS
JULY 31, 2019
So, why do cross-border payments present so many challenges? Despite rapid market growth, international payments have been hampered by country-specific regulations, while transactions being channeled through intermediary banks can take days to complete and often come with fees. Currently, there are 0.7
Swift Go settles low-value cross-border payments in under three minutes
The Paypers
MARCH 17, 2023
Swift Go has been launched in 2021 as a solution for completing low-value cross-border payments, and there are over 600 banks that support it.
Swift tests faster payments for consumers, small businesses
Payments Source
OCTOBER 1, 2020
Swift is working with more than 20 banks in its network to test a service designed to help consumers and small and medium-size companies send low-value cross-border payments with the same speed and transparency benefits larger banks enjoy on Swift rails.
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Consumers, SMBs prize security in cross-border payments: survey
Payments Dive
JULY 14, 2023
Trust and transparency of fees were other key factors for consumers and businesses choosing a cross-border payment provider, a Swift survey revealed.
Naval Group uses Swift's GPI for cross-border payments via Kyriba
Payments Source
JUNE 28, 2019
Naval Group, an international technology company specializing in naval defense systems, is among the first to complete a cross-border payment through Swift's global payments innovation early adopter program.
Pelican, SWIFT partner to low value cross-border payments service
The Paypers
FEBRUARY 11, 2021
Pelican has announced its support for SWIFT as it develops a new service for low value cross-border payments.
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