Remove Correspondent Bank Remove Digital Currency Remove Interoperability
article thumbnail

Key considerations for the adoption of digital currencies

Finextra

Central banks across 66 countries are now in the advanced phases of exploring Central Bank Digital Currencies (CBDCs), with 44 pilots including the digital euro already underway. But digital currencies do not stand on their own. Digital currencies can be issued by central banks (aka.

article thumbnail

UBS Successfully Pilots Blockchain-based Payment Solution for Cross-Border Transactions

The Fintech Times

Client transfers at UBS are recorded and processed in a digital system for recording transactions – independent of currency, practically in real-time and around the clock. In addition to their role in correspondent banking, they also have the potential to streamline and simplify the settlement of tokenised assets in the capital market.”

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

U.S. Faster Payments Council Explores the Practicalities of Cross-Border Payments in a Faster Payments World

Fintech Finance

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.

article thumbnail

Conduit Raises $36 Million Series A to Scale Use of Stablecoins for Cross-Border Payments

Fintech Finance

Already connected into multiple local banks across North America, Latin America, Europe, Africa, and Asia, Conduit will use the capital to fuel expansion into additional markets and support an even broader range of traditional and digital currencies through its real-time payment rails.

article thumbnail

Addressing the Silent Crisis of Failed Payments

Fintech News

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.

article thumbnail

FPC 2023 Spring Member Meeting

Faster Payments Council

Whether we will see these services gain traction is tied to what many believe to be a major hurdle–interoperability. FedNow may not interoperate with RTP, and it doesn't seem to be a priority for either. Some banks may not be able to connect to both. Panelists will provider perspectives on correspondent banking strategies.

FPC
article thumbnail

Payment Rails Search For Harmony In B2B Payments

PYMNTS

MUFG’s Unconfirmed Digital Currency. Another show of support for blockchain-powered payments comes from Japan’s MUFG, though the bank declined to confirm the exact nature of its joint venture with human resources company Recruit Holdings. MoolahGo Explores The Interoperability Challenge.

B2B