PYMNTS

MARCH 7, 2019

The challenges of global payments are well known, particularly as analysts warn of the impact of a decline in correspondent banking relationships around the world. Analysts pointed to a rise in regulatory pressure as one of the factors pushing banks to reduce exposure to and participation in the correspondent banking space.

B2B

PYMNTS

NOVEMBER 8, 2017

Friction abounds in the world of B2B payments, especially amid international payments across far-flung supply chains. 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.

SWIFT

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.

Cross-Border Payments

PYMNTS

DECEMBER 15, 2020

In B2B payments, added Visa Direct Vice President of Global Segments and Market Development Tim Summers , businesses don't care exactly how funds get from Point A to Point B, but the rails that facilitate the movement of funds must do so seamlessly. Bank Of America Wields SWIFT gpi.

Innovation

PYMNTS

APRIL 3, 2019

Indeed, B2B cross-border payments , traditionally characterized by fragmentation and opacity, are a potential use case for the successful implementation of DLT,” said the authors in their post. 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

PYMNTS

MAY 24, 2017

With lack of visibility into the correspondent banking system a top challenge for B2B payments, SWIFT is rolling out a way for payers to track their cross-border payments in real time. SWIFT gpi targets companies with a global presence conducting cross-border transactions.

SWIFT

PYMNTS

JULY 18, 2017

SWIFT is opening up its KYC registry to more banks around the globe. The Registry enables banks and FIs to share and access KYC data and documents. Expanding access to the registry means its members will benefit from more information and collaboration in their correspondent banking and funds distribution networks, SWIFT said.

SWIFT

PYMNTS

DECEMBER 20, 2018

SWIFT , the messaging service, said earlier this week that its SWIFT global payments innovation (gpi) service is being used for a majority — as in 55 percent — of its cross-border traffic. As has been reported, more than 50 percent of SWIFT gpi payments are made within 30 minutes, and roughly 100 percent are made within 24 hours.

Cross-Border

The Fintech Times

FEBRUARY 21, 2024

Practical improvements await Rachel Levi, global head of innovation engineering, SWIFT Rachel Levi , global head of innovation engineering, Swift , the cross-border payments provider, notes how the company and ecosystem are working to make practical improvements to international payment speed.

Cross-Border Payments

PYMNTS

JUNE 30, 2017

Banks, themselves, may also be a little skittish in the wake of the SWIFT/Bangladesh heist. Ludwin said that the correspondent banks have begun pulling back from correspondent banking because of the increasing regulatory burden of being an intermediary bank.

Blockchain

PYMNTS

APRIL 1, 2019

The jockeying for cross border-payments continues, and SWIFT and Ripple continue to dominate the headlines. At heart of the matter, of course, is the place (or choice) of using distributed ledger technology (DLT) to underpin the transactions — especially B2B transactions. Thus, costs are high and speeds are less than optimal.

Cross-Border

PYMNTS

APRIL 29, 2020

And as cross-border transactions grow more difficult as traditional correspondent banking relationships dissipate, the demand for alternative methods of moving funds will grow. “Crypto is just another payment channel, like SEPA, SWIFT or payment cards,” noted Karalevi? ”

Cryptocurrency

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

PYMNTS

SEPTEMBER 27, 2019

Criticism of the world’s correspondent banking network continues to mount — and at the same time, the number of correspondent banking relationships is on the decline. The Financial Stability Board released analysis last year that found SWIFT interbank payment messages reflected a 4.1

Correspondent Bank

PYMNTS

FEBRUARY 8, 2018

B2B payments are an instrumental component of global trade and of setting the stage for currencies to operate as global instruments of cross-border trade. 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.

B2B

PYMNTS

DECEMBER 18, 2019

In B2B payments, though, legacy tools continue to lead. New research from Tipalti, conducted by Levvel Research, found that when it comes to cross-border B2B payments, wire transfers remain the most common method (cited by 69 percent of survey respondents), despite the high fraud risks and sluggish speed of the tool.

B2B

PYMNTS

JULY 31, 2019

Visa’s approach has been a cross-border payments platform called Visa B2B Connect that processes payments directly with Visa’s partners in a single day rather than routing out of network. B2B Takes a Cue from Consumers. Since the start of the year, numerous cross-border payment partnerships have formed.

Cross-Border Payments

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.”. But SWIFT also made headlines when it said late last week that Ebury has become the first of the FinTechs to go live across the SWIFT gpi (global payments innovation).

Cross-Border

PYMNTS

OCTOBER 24, 2019

Swift recently announced that its gpi service can integrate with domestic real-time systems to facilitate rapid cross-border transactions. A trial of the service included one test in which it delivered a payment from Singapore’s FAST scheme through 17 banks and seven countries within 13 seconds. What About FedNow? .

Cross-Border Payments

PYMNTS

DECEMBER 16, 2020

B2B transactions are increasingly shaking free of paper-based methods as companies have moved operations online this year. The December CFO’s Guide To Digitizing B2B Payments examines why virtual cards' foothold in the B2B commerce space is growing and how straight-through processing tools can further remove frictions.

Security

PYMNTS

SEPTEMBER 6, 2018

… It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”. SWIFT, Too. However, SWIFT also made headlines when it said late last week that Ebury has become the first FinTech firm to go live across the SWIFT global payments innovation (gpi).

SWIFT

PYMNTS

OCTOBER 22, 2019

This month’s Deep Dive explores the frictions currently afflicting the B2B cross-border payments and P2P remittances spaces, as well as the solutions being developed to accelerate transactions and reduce pain points. International B2B Payments Pains. Limited connections between FIs can cause delays and higher costs as well.

Cross-Border Payments

PYMNTS

AUGUST 1, 2019

Payments messaging firm SWIFT has taken recent steps to promote interoperability of its payments network, recently announcing that it would allow blockchain platforms to loop into SWIFT’s global payments innovations (GPI) service to facilitate real-time transactions.

Interoperability

PYMNTS

JULY 26, 2019

With correspondent banking relationships on the decline, financial institutions are looking for new — and faster — ways of moving money around the world, too. Some solution providers like Ripple are introducing new ways to bypass the correspondent banking system entirely. This, of course, means faster global payments.

Cross-Border Payments

PYMNTS

JUNE 28, 2016

As of today, 73 new banks have signed on to Swift’s Global payments initiative. The pilot of the program is focused on B2B payments and is already up and running. ” With the new banks onboard, Swift’s initiative covers 75 percent of all cross-border payments crossing the network.

Payment Initiation

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.

Correspondent Bank

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

PYMNTS

FEBRUARY 20, 2018

“Although competition and innovations such as mobile or eBanking have made these payments more convenient, the bulk of clearing and settlement for cross-border payments still goes through traditional correspondent banks, which struggle to handle the higher-volume, lower-value retail payments,” the CPMI noted in its report.

Cross-Border Payments

PYMNTS

NOVEMBER 18, 2019

Downloading a mobile app and preregistering a payment choice can pave the way for using application programming interfaces (APIs) connected to banking apps for requests for payments. Ramsey noted that SWIFT gpi has been improving both the speed and transparency of cross-border payments. The Corporate Case.

Real Time Payments

PYMNTS

DECEMBER 17, 2019

M10 facilitates real-time, intra-bank transfers and cross-border remittances, as well as Internet of Things (IoT) and B2B payments, “with no counterparty risk and at a lower cost than existing rails.”. Open Banking. It also gained control of Earthport , having bought the U.K.-based It’s moving slowly.”.

Central Bank

PYMNTS

DECEMBER 30, 2019

This year, B2B payments technology made strides toward speed, transparency and efficiency as service providers took advantage of a massive market opportunity: corporates’ payment demands are growing more sophisticated, yet they continue to rely on checks and legacy tools. Below, PYMNTS explores the biggest B2B payments stories of 2019.

Innovation

PYMNTS

MAY 3, 2019

. “These are all issues emanating from the traditional correspondent banking infrastructure,” explained Banking Circle CEO Anders la Cour at the time.

Global Payments

PYMNTS

JULY 14, 2020

Speaking with Karen Webster, Citi Treasury and Trade Solutions Global Head of Trade Ebru Pakca n took a glimpse back at the start of the IFC collaboration and explored the strategies the partners took that set the stage for a swift response to today’s economic crisis. . Disbursing Risk.

Finance

PYMNTS

SEPTEMBER 24, 2019

This week, SWIFT picks the latter, while JPMorgan Chase grows its initiative using blockchain to make cross-border transactions, and Form3 announces a new international payment services that connects banks with global small business payments capabilities via application programming interface (API).

SWIFT

PYMNTS

DECEMBER 14, 2018

Throughout the year, that prediction has manifested into reality, as more traditional financial institutions (FIs) turn toward FinTech innovators to address the biggest pain points of the legacy correspondent banking system. The challenges for service providers are lengthy, yet worth the trouble. ”

Cross-Border Payments

PYMNTS

NOVEMBER 19, 2018

Despite the efforts of regulators, correspondent banking relationships continue to decline, according to the G20’s Financial Stability Board in a Reuters report late last week. percent drop in correspondent banking last year. percent drop in correspondent banking last year.

Cross-Border Payments

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. Reports in the Financial Times this week highlighted the increasing competition in the market as Ripple continues to add banks to its XCurrent blockchain messaging system.

Cross-Border Payments