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Bitso Business Surpasses $12 Billion in Transactions in 2024 and Unveils Study Revealing Stablecoins as the Leading Alternative for Cross-Border Payments

Fintech Finance

Key 2024 results include: 90% growth in volume transacted YoY 1 More than $12 billion in transactions Bitso Business managed more than 10% of total remittances between US and Mexico, which today is considered the biggest remittances corridor of the world 2. For these transactions, in 2024 3 Bitso Business registered a volume of more than $6.5

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HSBC Bolsters Cross-Border Payment Capabilities in Partnership With Dandelion

The Fintech Times

Following its collaboration with Dandelion, HSBC now offers fee-free transfers to over 100 destinations in more than 60 currencies, providing a seamless, real-time payment experience that bypasses the traditional correspondent banking model.

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Nexus Empowers APAC Financial Institutions to Achieve G20 Cross-Border Payment Targets

Fintech News

The challenge today is that many countries operate their own IPS, but cross-border payments still rely on slow and expensive correspondent banking arrangements. With Nexus, banks and fintechs connect once through their IPS to a shared platform instead of building separate bilateral links with each market.

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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. The key, though, is the cost of using blockchain networks, for example gas fees, can vary based on volume and network capacity, like electricity charges. Global non-cash commercial payments will grow at a CAGR of 11.3%

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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. The transfer volume of stablecoins hit highs of $717.1 The popularity of stablecoins is also reaching new heights. billion in April.

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Re-Examining The Role Of Correspondent Banking

PYMNTS

Fewer correspondent banks to move that money. For instance, the number of active correspondent banks fell about 23 percent in advanced economies, but as much as 41 percent in developing nations. And eventually, global volumes should rebound as economies re-emerge from lockdowns.

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How China Fuels Alternatives To Correspondent Banking

PYMNTS

For foreign payment service providers looking to facilitate cross-border B2B payments into China, the correspondent banking model often remains the only route to facilitate clearing and settlement. “Getting correspondent bank accounts is the biggest challenge every payment service provider is facing.