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Coverage includes The National Bank of Kuwait ’s rollout of SWIFTGlobalPayments Innovation (gpi) services with the help of ACI Worldwide. In addition, UCPB launched its InstaPay service in The Phillipines, and NoBroker has brought rent payments into its app in India.
According to the Real-Time Payments Innovation Playbook , 26 percent of cross-border businesses rely on international wire transfers, while the next most common method is by paper check (20 percent). Electronicbank transfers (16 percent) and regular ACH (11 percent) are also popular.
Launched in July, Citi Payment Insights provides real-time payments visibility, including processing status and timelines, charges deducted across correspondent banks, the amount credited to the beneficiary and the ability to action payments on demand via its electronicbanking platform.
The transfers will be done through UCPB Connect, the electronicbanking service. In a statement, UCPB Vice President and Head of Marketing Group Charina Balanquit said, “The fund transfer service is geared more for retail payments, such as domestic remittances, payments to service providers, eCommerce and peer-to-peer payments.”.
Citi announced Monday (July 16) the launch of Citi Payment Insights, a new service that gives institutional clients access to real-time payment information and the ability to action payments on demand via the CitiDirect BE electronicbanking platform.
As it is essential for businesses that receive payments online, there are payment processing companies that act as mediators. As digital payments play a pivotal role within the swiftly evolving e-commerce landscape, it secures the need for payment processing business in years to come.
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