PYMNTS

FEBRUARY 4, 2019

In the wake of an investigation of over 200 billion euros ($229 billion) in suspected money laundering at Danske Bank’s Estonia branch, Deutsche Bank has said it has sharply cut down on its correspondent banking services, according to a report by Reuters. The 200 billion euros were moved from 2007 to 2015.

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Correspondent Bank Correspondent AML Posting 51

Fintech Finance

MARCH 6, 2025

The service is fully operational and accessible via the banks mobile applications and branch networks, enabling seamless transactions across African borders. With this launch, businesses and individuals can benefit from faster, more cost-effective, and secure payments without relying on correspondent banks or third-party currencies.

Cross-Border Payments 52

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 52

Finextra

JUNE 19, 2024

Taking to the stage on the second and final day of EBAday in Lisbon, Portugal were Erik Frantz, executive director, financial institutions – banks, CaixaBank; Roisin Levine, head of UK and Europe partnerships, Wise Platform; Rafael Linde, head, international development and global relationship management, Cecabank; Dean Sposito, head of institutional (..)

Correspondent Bank 59

Correspondent Bank Cross-Border Payments Cross-Border Correspondent 59

Fintech Finance

MARCH 24, 2025

.” Transactions on RTGS.global’s network are conducted Payment vs, Payment (PvP), therefore no deduction fees are taken at the point of transaction, nor is there a requirement to pre-fund either bank account as with correspondent banking services.

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Cross-Border Cross-Border Payments B2B Settlement 64

PYMNTS

SEPTEMBER 24, 2020

Correspondent Banking . Financial institutions (FIs) traditionally offer remittances through correspondent banking relationships , in which banks in different countries open deposit accounts to handle cross-border payments. Correspondent banking is not the only way that money transfers can be conducted.

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Regulatory Compliance Correspondent Bank Compliance Correspondent 89

Finextra

OCTOBER 21, 2024

(“Mizuho Bank”), the banking arm of Mizuho Financial Group, Inc. NYSE: MFG) and one of the largest full-service financial institutions in the world, jointly announced a landmark agreement for correspondent bank network connectivity for international trade.

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Correspondent Bank Correspondent Finance Agreements 59

PYMNTS

OCTOBER 16, 2020

The traditional correspondent banking network is one major speedbump that stops financial institutions (FIs) from providing speedy, inexpensive, cross-currency and cross-border transfers, Lembo explained, but financial services providers can adopt new technology and approaches to safely streamline these transactions.

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Cross-Border Payments Cross-Border Correspondent Bank Correspondent 85

PYMNTS

MAY 29, 2019

.” It’s a challenge that has weighed particularly heavy on banks’ ability to address the global trade finance gap, according to the International Chamber of Commerce (ICC). This only exacerbates the preexisting gap between the demand and supply of trade finance.” “Why is this so significant?”

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Regulations Finance Correspondent Bank Correspondent 43

PYMNTS

APRIL 22, 2019

The massive global trade finance gap is the topic of conversation for many banks and FinTech firms looking to strengthen their position in the market. However, both sides struggle with making trade finance profitable, and maintaining compliance. ” Below, PYMNTS looks at some of the data points behind these conclusions. .

Finance 53

Finance Financial Inclusion Compliance Correspondent Bank 53

Fintech Finance

JUNE 26, 2024

This empowers financial institutions to address problems at the source and understand the effort required for different exception types, payment systems, or correspondent banks – improving overall payment processing efficiency.

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Cross-Border Payments Reconciliation Cross-Border Instant Payments 98

Fintech Finance

OCTOBER 15, 2024

PSPs save money as they no longer need to set up correspondent banking to hold money overseas, nor do they need to pay banks per transaction. The post RTGS.global Launches Unique Solution for PSPs to Drive ‘exponential Growth’ With Frictionless Foreign Exchange Money Transfers appeared first on FF News | Fintech Finance.

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Cross-Border Liquidity Management Cross-Border Payments Correspondent Bank 98

Fintech Finance

OCTOBER 21, 2024

Leverages banks’ existing investments in Swift messaging infrastructure, with a single technical connection that allows corridors and currencies to be added with minimal cost and resources. Fully compatible with existing correspondent banking arrangements between respondents and correspondents.

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Cross-Border Payments Cross-Border Visa Near Real-Time 104

PYMNTS

OCTOBER 19, 2020

These challenges are only exacerbated when payments move across international borders, usually accomplished via correspondence banking. Banks are typically required to establish direct links with financial institutions (FIs) in other nations to make or receive cross-border payments.

Cross-Border Payments 77

Cross-Border Payments Cross-Border Correspondent Bank Technology 77

PYMNTS

JUNE 10, 2020

The following Deep Dive examines how cross-border remittances are typically conducted via a correspondent banking model and details how these payments’ slow processing times and high fees are exacerbated by complex and overlapping government regulations. How Correspondent Banking Works. Obstacles To Smooth Remittances.

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Correspondent Bank Correspondent Process Cross-Border 63

PYMNTS

JULY 14, 2020

When Citigroup and the International Finance Corp. Since its 2009 debut, the fund has connected businesses to $35 billion in trade finance. Since its 2009 debut, the fund has connected businesses to $35 billion in trade finance. Their tie-up led to the creation of the IFC’s Global Trade Liquidity Program.

Finance 61

Finance Correspondent Bank Risk Correspondent 61

PYMNTS

JANUARY 20, 2021

Corporate finance teams were not simply tasked with finding ways to continue operations in a remote work environment as a result of the coronavirus crisis. There were cases where some of these finance teams could not even understand what their cash visibility looked like.”. The Biggest Pain Points, Revealed.

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B2B Cross-Border Payments Correspondent Bank Cash Management 125

PYMNTS

AUGUST 21, 2020

Indeed, making payments across borders remains one of the biggest pain points for small- and medium-sized businesses, as well as one of the biggest opportunities for FinTechs and other FinServ providers, thanks to the continued lack of transparency and speed in traditional global payment methods that rely on the correspondent banking system.

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Multi-Currency Cross-Border Payments Cross-Border Finance 69

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! DLT would also help in terms of cross-border payments, he said.

Digital Currency 94

Digital Currency Central Bank Distributed Ledger Technology (DLT) CBDC 94

PYMNTS

APRIL 17, 2018

A new report by the General Council for Islamic Banks and Financial Institutions (CIBAFI) said the decline of correspondent banking relationships disproportionately impacts Islamic financial institutions (FIs). Islamic banks in Southeast Asia added that cash management services were most impacted for them.

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Correspondent Correspondent Bank Wire Transfer Money Laundering 44

PYMNTS

MARCH 7, 2019

Wirex , which providers consumers with an account to store both fiat and cryptocurrency, recently stepped into the corporate finance space with the launch of its business account. 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.

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B2B Cross-Border Cross-Border Payments Correspondent Bank 67

Fintech Finance

MAY 29, 2025

The platform bridges crypto-native infrastructure with traditional finance, offering nearly instant, programmable global transactions with integrated AML, sanctions screening, and transaction monitoring. The company plans to expand its product offering into Asia, strengthen its footprint in Mexico, as well as other geographies.

Cross-Border Payments 81

Cross-Border Payments Cross-Border Stablecoins SWIFT 81

PYMNTS

NOVEMBER 21, 2018

. … They are at the center of the international finance system, enabling trade, investment and money transfers. This report, which is itself a great example of international collaboration, provides a foundation that will enable further exploration of how innovation could improve this crucial aspect of finance.”.

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Authorization Cross-Border Payments Correspondent Bank Cross-Border 49

Fintech Finance

JUNE 5, 2024

Blockchain technology and cryptocurrencies will definitely be at the core of the evolution of correspondent banking and we are happy to partner with Ripple to be a part of this process. The post Ripple Partners With Clear Junction to Enhance UK and EU Cross-Border Payments appeared first on Fintech Finance.

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Cross-Border Payments Cross-Border Multi-Currency IBAN 98

PYMNTS

FEBRUARY 20, 2018

Trade finance is viewed as essential to businesses, especially smaller firms, that participate in the global economy and expand across borders. trillion gap in available trade finance, a staggering figure released last year by the Asian Development Bank (ADB). Yet there is a $1.5 Alt-Fin’s Limited Impact.

Finance 40

Finance Blockchain Correspondent Bank Correspondent 40

Fintech News

JULY 4, 2024

In payments, AI-powered systems can enhance fraud detection and streamline cross-border transactions, potentially revitalising correspondent banking relationships that have dwindled due to regulatory pressures. This could help address the decline in correspondent banking relationships, a concern highlighted in the BIS report.

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Central Bank AI Correspondent Bank Correspondent 103

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. The post U.S.

Cross-Border Payments 93

Cross-Border Payments Cross-Border Faster Payments ISO 20022 93

Fintech Finance

AUGUST 12, 2024

BS2 also joined Nium’s network of partner banks, acting as Nium´s Brazilian Real (BRL) Correspondent Bank and assisting real-time payment settlement for cross-border Pix transfers. Nium has been present in the region dating back to 2017. Recent customer wins, include Ouribank, Treviso, OZ Cambio, and Frente.

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Real Time Payments Cross-Border Payments Cross-Border Central Bank 98

The Fintech Times

FEBRUARY 21, 2024

When payment rails are established, they involve corresponding banks, and transactions are increasingly expected to flow in real-time. Intix addresses a critical aspect of banking operations that extends beyond the external environment to the internal workings of a bank, which often involve multiple systems and silos.

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APACS Legal Framework Finance Cross-Border 59

FICO

FEBRUARY 15, 2021

Making FICO Siron the automated system for monitoring suspicious activity in transactions related to correspondent banking services. Working with FICO and its partner Printec , Eurobank took this opportunity to establish more comprehensive KYC and AML processes as well as mitigate risks related with correspondent banking.

Money Laundering 52

Money Laundering Regulatory Compliance Correspondent Bank AML 52

PYMNTS

JULY 8, 2020

Streamlining these procedures and implementing application programming interfaces (APIs) to connect banks more efficiently could be the lynchpin to ending these frustrations. The inefficiencies in B2B cross-border payments are well-known among struggling SMB owners, with the correspondence banking model having been in effect since 1973.

Cross-Border 57

Cross-Border Cross-Border Payments API Correspondent Bank 57

PYMNTS

APRIL 29, 2020

And as cross-border transactions grow more difficult as traditional correspondent banking relationships dissipate, the demand for alternative methods of moving funds will grow. ius, adding that by offering support for both, crypto businesses can also operate in the crypto and traditional finance markets.

Cryptocurrency 113

Cryptocurrency Cross-Border Compliance AML 113

PYMNTS

FEBRUARY 20, 2019

The company deploys bitcoin to enable seamless cross-border payments for both businesses and consumers, bypassing the traditional correspondent banking model.

Cross-Border Payments 66

Cross-Border Payments Cross-Border Payment APIs and Integration B2B 66

PYMNTS

APRIL 3, 2019

Separately, Bill.com , in addition to securing $88 million in financing, has launched a partnership with Mastercard to speed up accounts payable for joint business customers. Blockchain (or DLT), said the authors, can lower costs and improve transparency, in part by eliminating the need for a correspondent banking relationship.

Cross-Border Payments 92

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

PYMNTS

FEBRUARY 15, 2019

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.

Correspondent Bank 43

Correspondent Bank Money Laundering AML Correspondent 43

PYMNTS

JULY 6, 2017

Reports Wednesday (July 5) said the FSB released the results of a survey that found banks across the globe are reducing the number of correspondent banking relationships, used for cross-border payments, as they grow increasingly concerned about falling out of compliance with anti-money-laundering and other regulations.

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Correspondent Bank Correspondent Cross-Border Payments Cross-Border 40

Fintech Finance

JULY 19, 2024

Many more financial institutions also access the CHAPS system indirectly and make payments via direct participants which is knowns as agency or correspondent banking. If you are concerned about a CHAPS payment you plan to make or receive today, please contact your bank, or other payment service provider.’

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Payments ISO 20022 Retail Payments Settlement 98

Fintech Finance

FEBRUARY 22, 2024

With Numeral, companies can programmatically manage payments through the banks and schemes that best fit their needs without building multiple integrations. The post Payment technology provider Numeral launches Swift payments appeared first on Fintech Finance. Morgan, BNP Paribas and HSBC,” says Édouard Mandon.

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SWIFT Technology Cross-Border Payments Correspondent Bank 52