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Stablecoins to streamline Cross Border Payments

Finextra

60% of corporate banks agree that cross-border real-time payments infrastructure brings a revenue opportunity. Global non-cash commercial payments will grow at a CAGR of 11.3% between 2022 and 2027 Asia Pacific region leading the growth at 14.6% 42% Global cross-border e-commerce is to reach USD 3.4

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Key considerations for the adoption of digital currencies

Finextra

By removing the need for correspondent banks and facilitating direct transfers, digital currencies can improve transfer times and enhance the efficiency of cross-border payments. A typical use case is the clearing and settlement of international payments. Trade finance is another area.

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Trending Sources

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Fed To Investigate Deutsche Bank’s Role In Danske Bank Scandal

PYMNTS

Danske Bank has already said that about $230 billion that came from the Estonian branch may have been bad money. The reported noted that Danske Bank used correspondent banks including Deutsche Bank to move money around the globe. A Fed spokesman told Bloomberg it doesn’t publicly discuss confidential probes.

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Bangladesh Central Bank Won’t Sue The NY Fed, SWIFT Over $81 Million Hack

PYMNTS

It looks like after all the Sturm und Drang, Bangladesh’s central bank will not take action against the Federal Reserve Bank of New York and SWIFT network over the $81 million theft it suffered earlier this year. “We look forward to cooperation both from the Fed and SWIFT.”

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gpi Makes SWIFT Cross-Border Gains

PYMNTS

The results come across hundreds of billions of dollars’ worth of payments each day, and across hundreds of financial institutions (FIs), with the roster including 60 of the largest banks in the world. The Fed, of course, has had a request for comment open for a while.

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Watchdog Orders Deutsche Bank To Review Policies Post-AML Scandal

PYMNTS

Bafin, the German financial watchdog that is monitoring Deutsche Bank’s involvement in the Danske Bank money laundering scandal, has asked the bank to review some of its correspondent banking policies, according to a report from Reuters. Deutsche Bank , for its part, said there was no malfeasance on its end.

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SWIFT: The Road To ISO 20022 Adoption

PYMNTS

These infrastructures and processes form the backbone of the global correspondent banking model. Financial institutions have relied on their own IT systems, operations teams, the SWIFT messaging service and domestic payment schemes to acquire, construct, screen, relay and report customer payments.

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