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.

Cross-Border Payments 126

Cross-Border Payments Cross-Border SWIFT Fed 126

PYMNTS

OCTOBER 15, 2020

Panel members included Russ Waterhouse , EVP at The Clearing House; Mike Kresse , SVP card and money movement at FIS; Jane Larimer , CEO at Nacha; David Scola , chief executive, Americas and UK at SWIFT; and Jeremy Allaire , CEO at Circle. Moving Beyond ACH . There need to be governance models. There need to be regulatory models around it.”.

Real Time Payments 125

Real Time Payments NACHA SWIFT TCH 125

PYMNTS

SEPTEMBER 19, 2016

With the pressure of cybercrime mounting in the financial services space, several central banks of the globe are joining together to figure out a strategy. 16) said several central banks have confirmed the formation of a task force to explore cybersecurity of cross-border payments and banking to protect interbank transactions.

Cybersecurity 78

Cybersecurity Global Payments Central Bank Federal Reserve 78

PYMNTS

JANUARY 31, 2019

Financial messaging service SWIFT said this past week that it has fashioned a partnership with R3 , a blockchain startup. The partnership will integrate the R3 platform into the SWIFT global payments innovation (gpi) offering. I think that today, that is not what SWIFT is.”.

SWIFT 77

SWIFT Blockchain Federal Reserve Cross-Border Payments 77

Payments Source

MAY 26, 2016

Investigators are examining possible computer breaches at as many as 12 banks linked to Swift’s global payments network that have irregularities similar to those in the theft of $81 million from the Bangladesh central bank, according to a person familiar with the probe.

SWIFT 64

SWIFT Central Bank Breach Payment Networks 64

PYMNTS

DECEMBER 17, 2019

Payment rails are getting more attention these days, and there is an increasing focus on offering a standardized, relatively seamless experience that can be locked and loaded by various operators with minimal hassle. Open Banking. We offer a single API across all banks,” Kirsch told Webster. It’s moving slowly.”.

Central Bank 52

Central Bank Global Payments Cross-Border Payment APIs and Integration 52

PYMNTS

MARCH 17, 2020

While some geographies have opted to collaborate with the private sector to develop their own national instant payment networks, others are adopting solutions like RippleNet and SWIFT gpi to modernize their banks’ capabilities. Hungary Welcomes Instant Payments. Curacao Takes Steps Toward Instant Payments.

Instant Payments 98

Instant Payments Payment Networks Cross-Border Payments Cross-Border 98

PYMNTS

NOVEMBER 27, 2019

The global payments ecosystem’s path to faster and real-time payments ubiquity is an evolution, not a revolution. Among corporates, there is an increasing demand that their global payment activity is able to keep up with the pace of doing business.

ISO 20022 117

ISO 20022 Cross-Border Payments ISOs Real Time Payments 117

PYMNTS

SEPTEMBER 26, 2016

Gone are the days when bank robbers wore face masks and carried guns and dynamite to get into safes. Earlier this year, cybercriminals stole $81 million from the Bangladeshi central bank, and they also stole the trust that the SWIFT global payments network had built with its 11,000 users.

Online and Mobile Banking 78

Online and Mobile Banking SWIFT Credential Central Bank 78

PYMNTS

JANUARY 2, 2019

Coverage includes The National Bank of Kuwait ’s rollout of SWIFT Global Payments 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.

SWIFT 49

SWIFT Cross-Border Payee Funds Transfer 49

PYMNTS

SEPTEMBER 15, 2020

Working with First Horizon is about providing its treasurer clients with payment rail choice as well as speed, Massey added. Emirates NBD Consolidates Global Payments Infrastructure. Mastercard Leads Central Bank Digital Currency Test.

RTP 105

RTP Blockchain Distributed Ledger Technology (DLT) Cross-Border 105

Fintech Finance

MARCH 26, 2024

Tom Zschach, Chief Innovation Officer at Swift, said: “Swift is a community – a convener of and for our industry – and I’m delighted that we’ve been able to facilitate these critical innovation experiments and show that institutions can continue to use much of their existing infrastructure alongside new, innovative technologies.

Use Case 52

Use Case Cross-Border SWIFT CBDC 52

PYMNTS

JANUARY 13, 2017

Financial messaging firm SWIFT made its first public embrace of blockchain technology last year with a whitepaper exploring the use of the technology for smart contracts. 12) said SWIFT will launch a proof-of-concept test to explore the use of blockchain technology for cross-border payments and settlements by banks.

SWIFT 41

SWIFT Blockchain Cross-Border Payments Cross-Border 41

PYMNTS

APRIL 26, 2016

Bad news broke on Monday morning (April 25) for global payments messaging platform SWIFT as BAE Systems released analysis concluding that cyberthieves hacked into SWIFT’s software , causing the $81 million bank heist from the Bangladesh central bank.

SWIFT 40

SWIFT Payment Message Procedures Central Bank 40

PYMNTS

SEPTEMBER 23, 2019

The phase 1 implementation of the ISO 20022 migration strategy that was scheduled for November 2020 is being postponed by the Federal Reserve Bank, the U.S. central bank said in a press release on Monday, Sept. If payments are not fully enabled for ISO 20022 by the time SWIFT rolls the system out, messages might get cut off.

ISO 20022 76

ISO 20022 Federal Reserve ISOs FedWire 76

PYMNTS

SEPTEMBER 6, 2018

The process integrates the World Wire’s APIs into banks’ payments systems. According to a statement on the launch: “Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital assets as the bridge asset between any two fiat currencies.

Cross-Border 40

Cross-Border SWIFT Cross-Border Payments Payment APIs and Integration 40

PYMNTS

SEPTEMBER 6, 2018

The company said that the Blockchain World Wire can simultaneously clear and settle cross-border payments in near real time. … It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”. SWIFT, Too. Almost all transactions, said the firm, are done within 24 hours.

SWIFT 40

SWIFT Payment Initiation Caps Cross-Border Payments 40

PYMNTS

DECEMBER 4, 2018

The payment messaging entity SWIFT this past week began implementing its SWIFTNet Instant service that is tied to the Eurosystem’s TARGET Instant Payment Settlement service. The service, as has been reported, lets customers make instant payments from inside the Single Euro Payments Area (also known as SEPA ).

Instant Payments 50

Instant Payments ISO 20022 SWIFT ISOs 50

PYMNTS

SEPTEMBER 4, 2020

If a deal is signed, it would create the country’s largest bank with assets of more than 650 billion euros ($769 million). Two years ago, José Ignacio Goirigolzarri, Bankia’s chairman, said his bank could be a perfect fit for several of its rivals, per the report.

Cross-Border Payments 75

Cross-Border Payments Cross-Border Correspondent Bank SWIFT 75

Fintech News

APRIL 23, 2024

Why flexibility is vital Flexibility is vital in payments, given the dynamic nature of markets and emerging concepts like cloud, AI, metaverse , NFTs, and central bank digital currency. Traditional methods coexist with Open Banking and Web 3.0, fostering intense competition. This carries risks and support challenges.

Multi-Currency 110

Multi-Currency Web 3.0 Payments Acquirers 110

PYMNTS

JUNE 29, 2020

The health crisis has brought about changes to this rule, however, and these may have long-term implications for payment standards and regulations. In the latest Merchants Guide To Navigating Global Payments Regulations® , PYMNTS analyzes how the pandemic has affected SMBs in the EU, the United Kingdom and the United States.

Contactless Payments 95

Contactless Payments Regulations Authentication Rules 95

Wharton Fintech

JANUARY 18, 2024

We provide products from payments and collection, FX and payout all the way to embedded finance to allow or empower any businesses to operate the whole financial and payments stack on top of our platform. Our goal was to access local payment networks directly, avoiding intermediaries like SWIFT.

Cross-Border 130

Cross-Border Cross-Border Payments Payment APIs and Integration Cryptocurrency 130

PYMNTS

AUGUST 1, 2019

In corporate payments, high-value transactions with tall demands for compliance, transparency, speed, efficiency and security aren’t just placing a burden on the businesses sending and receiving funds. International payments often contain unstructured and ambiguous transaction data, causing unnecessary delays and failed processing.

Interoperability 61

Interoperability ISO 20022 Cross-Border Correspondent Bank 61

The Paypers

MARCH 6, 2019

(The Paypers) India’s central bank has fined at least 19 lenders for failing to comply with its guidelines on the use of global payments network SWIFT.

SWIFT 28

SWIFT Compliance Central Bank Payment Networks 28

PYMNTS

JULY 21, 2020

Many nations in the region are thus examining their open banking proposals to ensure they address this behavior. The latest Merchants Guide To Navigating Global Payments Regulations examines how open banking initiatives are developing in Latin America as well as how the pandemic is affecting these moves.

Online and Mobile Banking 91

Online and Mobile Banking Regulations Rules Global Payments 91

Fintech Finance

APRIL 2, 2025

ION Treasury , a global provider of treasury and risk management solutions for corporations, financial institutions, and central banks, announces the launch of its Enterprise Payment Hub , a new solution, to centralize, automate, and secure payment processing.

Treasury 64

Treasury Process Payment APIs and Integration Payments 64

PYMNTS

JANUARY 20, 2021

Read More On Global Payments: Mexican Remittances Set Surprising US Record Today In Payments Around The World: Ant Eyes Credit Unit Overhaul; FCA Releases Pandemic Resiliency Survey Data Central Bank Of Russia: Electronic Money Could Render SWIFT Obsolete BoxFox On Why Order-To-Cash Innovation Is Key For Businesses Expanding Globally.

Mobile Payments 60

Mobile Payments Online and Mobile Banking Payments Central Bank 60

PYMNTS

SEPTEMBER 26, 2016

While most international bank transfers take days to complete, this took just 20 seconds. According to FT , online shopping and the adoption of mobile payments have spurred growth in revenues from the payments sector, and McKinsey predicts that global payments revenues will increase from $ 1.8 trillion in 2019.

Regulations 72

Regulations Online and Mobile Banking FinTech Third-Party Service Provider 72

Fintech News

APRIL 28, 2024

Other sessions also delved into key trends and issues shaping the global payment landscape, including open banking in Europe, the QR code revolution in Asia as well as the US’s card dominance. It complements rules-based systems by utilizing AI to process unstructured data and SWIFT transaction data.

Payment APIs and Integration 119

Payment APIs and Integration Cross-Border Cross-Border Payments Financial Inclusion 119

PYMNTS

AUGUST 13, 2019

While the Federal Reserve dives into domestic faster payments, other players have been working to accelerate money globally. Financial messaging service provider SWIFT , for one, recently tested an effort to send money instantly between countries’ real-time payment systems.

On-Demand 62

On-Demand ISO 20022 Federal Reserve Faster Payments 62

PYMNTS

FEBRUARY 1, 2019

The Federal Reserve Bank of New York announced that it will formally assist Bangladesh Bank in a lawsuit to recover funds stolen by hackers. While $1 billion was requested, $81 million was eventually sent to accounts at Manila-based Rizal Commercial Banking Corporation (RCBC), then to Philippine casinos.

Federal Reserve 44

Federal Reserve Fed Money Laundering Central Bank 44

Fintech News

DECEMBER 10, 2023

Additionally, it prevents tainted payments from entering the correspondent banking network, thus bolstering security. “ We have a solution to this issue: the LexisNexis Bankers Almanac Validate which verifies global payment data and prevents fraud.

Addressing 122

Addressing Fraud Prevention Financial Inclusion Payments 122

PYMNTS

DECEMBER 18, 2019

However, by using R3’s Corda Settler application, the technology will be able to integrate with additional payment rails moving forward, the company said, pointing to blockchain’s ability to accelerate and streamline the movement of funds across existing payment rails. M10 Eyes Central Banks’ Rail Demands.

B2B 52

B2B Credit Union Electronic Funds Transfer (EFT) RTP 52

PYMNTS

JUNE 2, 2016

According to a letter seen by Reuters , the House of Representatives’ Science Committee is launching a probe into how the Federal Reserve Bank of New York handled the massive bank heist that took place back in February. SWIFT later fired back at those allegations, saying it was not responsible for any of the issues.

Federal Reserve 40

Federal Reserve Fed SWIFT FBI 40

PYMNTS

AUGUST 15, 2018

GenBank’s ATMs will still accept Visa and Mastercard cards that are issued by other banks outside of Crimea, noted the report. The report noted that GenBank was the only financial institution in Crimea that issued cards of foreign payment companies. Russia launched MIR after the U.S.

Visa 40

Visa Central Bank Credit Cards ATM 40

Fintech Finance

FEBRUARY 12, 2024

Visa , a world leader in digital payments, announced the signing of a Memorandum of Understanding (MoU) with Egyptian Banks Co. for Technological Advancements (EBC), the operator and developer of national payment networks and ecosystems, in collaboration with the Central Bank of Egypt (CBE).

Facilitators 52

Facilitators Cross-Border Instant Payments Central Bank 52

PYMNTS

FEBRUARY 8, 2018

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. There is a direct correlation between usage of RMB for trade and cross-border payment and RMB internationalization,” he said. “The

B2B 44

B2B Cross-Border Payments Cross-Border Innovation 44