PYMNTS

SEPTEMBER 1, 2020

Fewer correspondent banks to move that money. For instance, the number of active correspondent banks fell about 23 percent in advanced economies, but as much as 41 percent in developing nations. And earlier this year, Harbour & Hills CEO Rahul Tripathi took note of the vagaries of correspondent banking. “I

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PYMNTS

APRIL 15, 2020

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.

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Correspondent Bank Correspondent Cross-Border B2B 76

PYMNTS

JULY 11, 2019

In some cases, blockchain is being deployed, sometimes with cryptocurrencies as part of the equation. In an interview with PYMNTS, Sonny Singh, chief commercial officer at BitPay , said that in terms of the broader landscape, commerce has become ever more global, and the standard system tied to correspondent banking is anything but efficient.

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Payments Source

JANUARY 8, 2019

Despite controversy surrounding Ripple’s digital token, one bank is pushing forward to use it in cross-border payments.

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Fintech News

JULY 14, 2024

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. We see a very bright future for blockchain-based frictionless, cross-border transactions.

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Cross-Border Correspondent Bank Multi-Currency Settlement 109

The Paypers

OCTOBER 12, 2016

(The Paypers) Wells Fargo , ANZ and Swift have deployed a prototype that envisions the role blockchain plays in correspondent banking.

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PYMNTS

NOVEMBER 10, 2020

The emergence of the “network of network” strategies on the parts of Visa and Mastercard have opened the door for faster payments, for the electronification of payments — and for blockchain to underpin it all. Blockchain remains a key driver of cryptos’ future, both as unit of currency and store of value.

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Payments Source

MAY 11, 2016

Blockchain, the distributed ledger technology commonly associated with bitcoin, is getting a lot of attention as a way to jettison fee-snagging correspondent banks from remittances, but Align Commerce insists blockchain has even more uses.

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PYMNTS

APRIL 3, 2019

It may seem that cross-border payments were in the … well … crosshairs this past week, with a number of country-by-country and company-by-company initiatives using blockchain and other methods to speed payments and lower fees. That comes as SWIFT is working with R3’s blockchain platform, Corda. A Larger Stage.

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Cross-Border Payments Cross-Border Blockchain Distributed Ledger Technology (DLT) 92

PYMNTS

OCTOBER 9, 2019

Real-time currency exchange and remittance network Ripple has teamed up with Finastra to allow banking customers to access RippleNet , its worldwide blockchain payments network. Finastra’s banking customers currently process millions of transactions each month.

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Blockchain Cross-Border Payments Cross-Border Correspondent Bank 75

PYMNTS

OCTOBER 9, 2019

Real-time currency exchange and remittance network Ripple has teamed up with Finastra to allow banking customers to access RippleNet , its worldwide blockchain payments network. Finastra’s banking customers currently process millions of transactions each month.

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Blockchain Cross-Border Payments Cross-Border Correspondent Bank 75

PYMNTS

JUNE 30, 2017

The blockchain has a bit of an identity crisis. And while it might be tempting to poke fun at those confident, if somewhat confused, CFOs, Adam Ludwin, co-founder & CEO at Chain , told Karen Webster that, actually, they are pretty much in the same boat as everyone else when it comes to the blockchain. “No Here’s a little proof.

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CB Insights

JANUARY 22, 2020

Blockchain companies have lost a step in the private markets. GET the 47-page blockchain TRENDS report. Download the free report to learn about the biggest emerging trends in blockchain and strategies to watch for 2019. Still, investor activity shows there are pockets of potential in the blockchain sector worth tracking.

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Blockchain Cryptocurrency Cross-Border Payments Correspondent Bank 79

PYMNTS

NOVEMBER 27, 2019

The First Deputy Governor of the central bank of France, Denis Beau, spoke in support of a blockchain-based settlement system that would allow for faster transfers of euros, as well as be more cost-efficient, according to a report by Yahoo!

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Fintech News

JUNE 4, 2024

The Bank for International Settlements (BIS) has launched Project Rialto to test the potential for improving instant cross-border payments through a combination of a modular foreign exchange (FX) component and wholesale central bank digital currencies (wCBDC).

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Cross-Border Payments Cross-Border CBDC Settlement 105

PYMNTS

OCTOBER 24, 2016

The FinTech space is oversaturated with talk of blockchain technology. But late last week, Visa announced that it will be rolling out Visa B2B Connect, a platform for banks to make payments and settle funds across borders using Chain Core, the blockchain infrastructure developed by Chain.

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Fintech Finance

JUNE 5, 2024

Today, Ripple , the leader in enterprise blockchain and crypto solutions, announced a new partnership with Clear Junction , the global leader in cross-border payments solutions for regulated institutions. A host of new currencies are scheduled to be switched on for Ripple customers later this year. “At

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Cross-Border Payments Cross-Border Multi-Currency Correspondent Bank 98

PYMNTS

SEPTEMBER 11, 2019

Enterprise software provider R3 is teaming up with Mastercard to establish a blockchain solution for cross-border payments, the companies said in a press release on Wednesday (Sept. The new blockchain-enabled solution aims to bridge international payments infrastructures, schemes and banks via a Mastercard clearing and settlement network.

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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.

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Fintech Finance

JANUARY 11, 2024

It explores the challenges faced by financial institutions in correspondent banking relationships, shedding light on regulatory compliance, security concerns, foreign exchange rate risks, and the impact of fintech players entering the field.

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PYMNTS

JULY 26, 2019

Increasingly, the financial services industry is targeting sluggishness in corporates’ cross-border payments, too, through technologies like blockchain and the development of faster payment rails around the globe. Some solution providers like Ripple are introducing new ways to bypass the correspondent banking system entirely.

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Cross-Border Payments Cross-Border Innovation Correspondent Bank 64

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.

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PYMNTS

JUNE 30, 2019

No doubt by now most payments watchers are familiar with Libra , the Facebook plan to bring a new global cryptocurrency to market that seemingly seeks to do nothing less than upend global banking. The Roadmap. “I

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PYMNTS

FEBRUARY 20, 2018

“While such oversight, responsibilities and requirements have been deemed crucial to the health and maintenance of the financial system, this has inadvertently resulted in ‘derisking’ by banks, resulting in some capacity constraints.”. Alt-Fin’s Limited Impact.

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The Fintech Times

FEBRUARY 28, 2024

Aleks Stefanovski, VP for strategy and business operations at Visa “Another barrier is de-risking by correspondent banks. Most cross-border payments are processed on infrastructure provided by correspondent banks. “Over the past decade, the risk appetite at correspondent banks has declined.

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PYMNTS

JULY 31, 2019

Blockchain and AI to the Rescue. Some payments providers are also leveraging blockchain and distributed ledger technology (DLT) to meet these needs, expediting the cross-border payment process. Canadian payments network Interac is also investing in blockchain and DLT solutions.

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Cross-Border Payments Cross-Border Distributed Ledger Technology (DLT) Payments 72

PYMNTS

JUNE 22, 2018

As BBVA steps up its digital efforts, the bank is merging its Beeva and i4S units to form a company called BBVA Next Technologies. The company’s 1,200 tech workers will focus on areas such as artificial intelligence (AI), the blockchain and cloud computing, according to their press release.

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PYMNTS

DECEMBER 4, 2017

“The majority of banks simply don’t have the necessary regulatory licenses to operate outside their native countries, which creates a dependency on the intermediary bank system to complete international transfers.”. Beyond U.S.

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B2B Cross-Border Payments Cross-Border Correspondent Bank 41

Finovate

JANUARY 31, 2025

Because it leverages stablecoins, the company does not rely on outdated SWIFT and correspondent banking rails and is able to deliver faster, more reliable, and cost-effective cross-border payments between developed and emerging markets.

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Cross-Border Stablecoins Cross-Border Payments Correspondent Bank 52

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. The company announced Tuesday (May 23) that its Tracker is now available to help businesses track global payments as they occur.

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PYMNTS

APRIL 24, 2017

BBVA plans to offer Ripple’s service to a small group of clients in the coming weeks as a tryout, giving corporate customers a quicker and cheaper way to pay overseas suppliers and execute other international transactions, said Alicia Pertusa, head of the lender’s Digital Transformation in the Investment Banking unit.

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Cross-Border Payments Transactions Cross-Border Blockchain 43

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.

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Correspondent Bank Correspondent Payments Volume 52

PYMNTS

APRIL 1, 2019

As a result, DLT can lower costs, and boost transparency, in part by eliminating the need for a correspondent banking relationship. That comes as SWIFT is working with R3’s blockchain platform, Corda. The blog specifically called out xRapid as a solution now being tested in real world cases.

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PYMNTS

SEPTEMBER 6, 2018

Beyond cryptocurrencies, blockchain is making wakes as a conduit for transactions. And there are a number of initiatives from banks in that country to use blockchain to exchange assets. It further adds: “It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”.

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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.

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Global Payments Cross-Border Payments Cross-Border Small Business 60

PYMNTS

DECEMBER 18, 2019

Accenture Backs Blockchain. Professional services firm Accenture is backing blockchain in a big way, announcing this week that it will collaborate with TradeIX to support corporate onboarding to the blockchain-powered trade finance platform of the Marco Polo Network. Credit Unions Mix Blockchain With Existing Rails.

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PYMNTS

APRIL 11, 2016

A new report from Citigroup makes the case for this gradual, uneven evolution when it comes to blockchain technology and the banking sector. It’s an important conclusion, especially as banks simultaneously fear and embrace the potential for blockchain to change the way they operate.

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