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 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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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 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.
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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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 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 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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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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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.
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. . and Ireland at SWIFT. .
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. These have since gone live and new features like payment, and foreign currency exchange are currently in the works.
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.
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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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.
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 Bank of England has provided a strong commitment to the international programme through the development of its new Real Time Gross Settlement System (RTGS) which sits at the heart of the UK’s national payments infrastructure. The UK is increasingly falling behind the world order in this space, with the inability of Pay.UK
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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.
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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Swift to focus on transaction management to fuel faster payments
Payments Source
SEPTEMBER 17, 2020
After two years of helping banks connect globally to domestic faster payments rails, Swift is planning to expand on that concept.
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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.
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.
Financial Institutions Can Now Send Swift Payments Directly to E-Wallets via TerraPay
Fintech News
JULY 23, 2024
Payments infrastructure company TerraPay has announced that financial institutions can now send money directly to over 2.1 billion mobile wallets worldwide using their existing Swift connectivity. This development aims to enhance the cross-border payments experience for businesses and consumers.
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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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Central Bank Of Russia: Electronic Money Could Render SWIFT Obsolete
PYMNTS
DECEMBER 28, 2020
Digital currencies could render the SWIFT global payments network unnecessary, RT.com reported, citing the Central Bank of Russia (CBR). In this case SWIFT it may not be necessary, because it will be a different kind of technological interaction,” Skorobogatova said during a virtual meeting, per RT.com.
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The Paytech Show #77: How Cambodia’s Biggest Banks are Accessing Swift and Crossing Borders. With ABA Bank and Bottomline.
Fintech Finance
JANUARY 9, 2024
Along with his colleague Hean, they both speak about how Bottomline help them to access the Swift network and stay compliant with ISO 20022. The post The Paytech Show #77: How Cambodia’s Biggest Banks are Accessing Swift and Crossing Borders. With ABA Bank and Bottomline. appeared first on Fintech Finance.
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TerraPay Enables Financial Institutions to Send International Account-to-Wallet Payments Using Swift
Fintech Finance
JULY 23, 2024
billion mobile wallets around the world using their existing Swift connectivity, enhancing the cross-border payments experience for businesses and consumers. Swift connects more than 11,500 financial institutions in over 200+ countries. Swift connects more than 11,500 financial institutions in over 200+ countries.
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Bank Of China Advises Country’s Banks To Avoid SWIFT Messaging
PYMNTS
JULY 29, 2020
and China heating to a boil, one of China’s top banks is urging financial institutions (FIs) to cut their use of the SWIFT financial messaging network for cross-border transactions. adopting measures such as locking Chinese banks out of SWIFT, Reuters reported.
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Russia urges Brics countries to develop cross-border alternative to Swift
Finextra
OCTOBER 14, 2024
Russia is pushing for the creation of a new cross-border payment system for Brics countries as part of a scheme that would help the country to evade financial sanctions and reduce its reliance on the US dollar.
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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.
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
Google Cloud and Swift Pioneer Advanced AI and Federated Learning Tech to Help Combat Payments Fraud
Fintech Finance
DECEMBER 11, 2024
To better combat fraud in cross-border payments, Swift, the global provider of secure financial messaging services, is working with Google Cloud to develop anti-fraud technologies that use advanced AI and federated learning. The central server aggregates these learnings to enhance Swifts global model.
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Swift connects instant payment systems to bring 24/7 processing across borders
Finextra
NOVEMBER 30, 2023
Swift has connected domestic payment schemes across Europe to provide full transparency and end-to-end tracking for instant cross-border transfers destined for the EU.
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Thunes Enables Banks to Unlock Mobile Wallet Payments Via Their Existing Swift Connectivity
Fintech Finance
OCTOBER 21, 2024
Thunes , the Smart Superhighway to move money around the world, today announced its proprietary Direct Global Network now provides banks with access to over 3 billion mobile wallets around the world via their existing Swift connectivity.
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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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SWIFT gpi Instant Goes Live In The UK
PYMNTS
DECEMBER 2, 2020
Belgium-headquartered payments solution provider SWIFT is introducing a new service for real-time cross-border payments and transfers called gpi Instant. He added that SWIFT’s gpi Instant targets four main issues: “speed, security, transparency and compliance.” Global payments routed to the U.K.
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Swift, Pelican team on low-value money transfers
Payments Source
FEBRUARY 11, 2021
Pelican, a provider of payments and artificial intelligence technology, is supporting Swift's development of a new service for low-cost cross border payments across its Global Payments Initiative and high-speed rails.
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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. Canadian payments network Interac has experimented with blockchain for consumer payments.
Australian Payments Plus Join Forces With Swift to Combat Fraud
Fintech News
MARCH 19, 2024
Swift has been selected by Australian Payments Plus (AP+) to develop a new service aimed at enhancing the safety and security of money transfers in Australia. This service, known as confirmation of payee, is designed to minimise the risk of erroneous payments and bolster defenses against fraud.
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