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.

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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

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PYMNTS

DECEMBER 15, 2020

Real-time rails continue to gain traction as solution providers debut new tools wielding existing instant payment infrastructure to enhance their offerings to business customers. Bank Of America Wields SWIFT gpi.

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PYMNTS

SEPTEMBER 4, 2020

As the number of Spanish banks has dwindled to just a dozen, down from 55 since the financial crisis of 2008, regulators have continued to advocate for mergers. 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.

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Fintech News

DECEMBER 10, 2023

Whether you’re a small company or a large bank, the challenge remains: ensuring that every payment instruction contains the correct data in the right format.” ” For FIs, the consequences are equally daunting, as they face expenses associated with the correspondent banking network.

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PYMNTS

APRIL 29, 2020

While the debate continues as to whether FIs should or should not step into the world of crypto, either by banking businesses in the sector or developing their own digital currency technologies, Karalevi? “Crypto is just another payment channel, like SEPA, SWIFT or payment cards,” noted Karalevi? ”

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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

APRIL 1, 2019

The jockeying for cross border-payments continues, and SWIFT and Ripple continue to dominate the headlines. As noted, SWIFT has rolled out its gpi (short for global payments initiative). As a result, DLT can lower costs, and boost transparency, in part by eliminating the need for a correspondent banking relationship.

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Cross-Border Distributed Ledger Technology (DLT) Cross-Border Payments Transactions 61

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

AUGUST 16, 2019

Remittances to developing nations continue to grow, which has spurred many global markets to pursue efforts to enable more efficient cross-border payments. World Bank data shows that remittances to low- and middle-income nations reached a record high last year, with migrants sending $529 billion to their home countries. innovations.

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The Payments Association

JANUARY 29, 2025

Common themes Analysis of these regulatory fines highlights four persistent weaknesses that continue to challenge the industry: Inadequate governance, accountability and culture: Ineffective governance and fragmented leadership often resulted in unaddressed vulnerabilities. billion settlement with the U.S.

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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. Their commitment is a testament to the initiative and our joint ambition to significantly improve the cross-border payments experience for corporate customers,” he continued. “As

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PYMNTS

DECEMBER 16, 2020

Corporate buyers and sellers continue to struggle with disruptions to cash flow and administrative processes that are being caused by the pandemic. This may make it more important than ever for firms to be able to use alternatives to expensive, slow-moving paper checks.

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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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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. Contingency Planning.

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PYMNTS

JULY 16, 2018

Bank Of America Earmarks $500M In Tech Spend As Mobile Use, Zelle Soar. Continuing the recent string of earnings from big banks (a string that kicks off earnings season, per tradition), Bank of America said loan growth and a boost in digital initiatives improved results in the second quarter.

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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.

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PYMNTS

DECEMBER 18, 2019

In B2B payments, though, legacy tools continue to lead. ACH payments continue to gain traction in B2B payments, but that’s not without its drawbacks. Innovation in the payments arena has provided more rails upon which to move money. Profituity Aims To Elevate ACH. It’s moving slowly.”.

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PYMNTS

DECEMBER 17, 2019

He emphasized that the company’s aim is to help move digital currency — that is, digital forms of fiat currency — across bank rails, and that it has nothing to do with cryptocurrency, which is still an unwelcome concept to many financial institutions (FIs) and payments players. It also gained control of Earthport , having bought the U.K.

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

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. Bank, MYOB and others.

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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.

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Cross-Border Payments Cross-Border Correspondent Bank Correspondent 74

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. ”

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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.

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PYMNTS

NOVEMBER 27, 2018

In a new report , “A vision for the future of cross-border payments,” SWIFT and McKinsey & Company found that B2B cross-border transactions accounted for $125 billion in revenues last year. The next-highest category, consumer-to-business (C2B) cross-border payments, paled in comparison at just $54 billion.

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Fintech News

JANUARY 22, 2025

These solutions are key to achieving success in the evolving banking sector, enabling institutions to respond swiftly to market demands, and prevent disruption to existing processes whilst also boosting operational efficiency. of cross-border traffic was ISO Native, according to Swift. As of November 2024, 26.8%

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