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Why payment transparency is critical to the future of correspondent banking

The Payments Association

As financial crime evolves, correspondent banks must prioritise wire transfer transparency to meet global regulations and safeguard the financial system. Correspondent banking is vital in facilitating global trade, enabling cross-border remittances, and connecting emerging markets to the international financial system.

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How China Fuels Alternatives To Correspondent Banking

PYMNTS

For foreign payment service providers looking to facilitate cross-border B2B payments into China, the correspondent banking model often remains the only route to facilitate clearing and settlement. “Getting correspondent bank accounts is the biggest challenge every payment service provider is facing. Timing And Control.

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Correspondent Banking Continues Its Decline Despite Regulator Efforts

PYMNTS

Amid stricter checks for money laundering, banks are moving away from the international money transfer practice known as correspondent banking. Even with efforts to stem the decline in correspondent banking, The Financial Stability Board (FSB) noted on Friday (Nov. Correspondent banking decreased by 4.1

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Deutsche Shrinks Correspondent Banking Post AML Danske Scandal

PYMNTS

In the wake of an investigation of over 200 billion euros ($229 billion) in suspected money laundering at Danske Bank’s Estonia branch, Deutsche Bank has said it has sharply cut down on its correspondent banking services, according to a report by Reuters. The 200 billion euros were moved from 2007 to 2015.

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Using AI and Machine Learning to Improve AML

FICO

When the sheer computing power of AI meets the transactional complexity of AML, good things happen. This allows us to focus on injecting new machine learning into world-class AML detection methodologies. AI Is the Future of AML. This is a good sign for the future of AI in AML! Here’s what that jam-packed phrase means.

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Beyond KYC: How Technology is Transforming the Fraud Prevention Game

Fintech News

Remittance companies have leveraged these technologies to enhance anti-money laundering (AML) controls, identifying high-risk users at the earliest stages and reducing both fraud rates and compliance costs. Toward a Smarter, Safer Future The evolution of fraud tactics demands a corresponding evolution in defense.

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Temasek-backed Partior Ledger Expands Following US$60M+ Series B Investment

Fintech News

Traditional cross-border payments encounter various challenges, including delays, high costs, lack of transparency, multiple intermediaries, variable processing speeds, and differing compliance standards across correspondent banks.