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.

Correspondent 44

Correspondent Correspondent Bank Wire Transfer Money Laundering 44

PYMNTS

JULY 8, 2020

Payment providers are offering alternatives to cumbersome and opaque correspondence banking protocols with cross-border payments. 69%: Share of companies that use wire transfers for cross-border payments. All this, Today in Data. Data: . 55B: Square’s market capitalization.

Cross-Border Payments 54

Cross-Border Payments Cross-Border Wire Transfer Innovation 54

PYMNTS

OCTOBER 2, 2018

Cross-border payments technology provider AscendantFX is bolstering its offering for financial institutions (FIs) through an integration with WireXchange, the wire transfer service operated by Fiserv. The integration follows ongoing change in the payments landscape, leading banks to demand more agile, efficient payment services.

Cross-Border Payments 55

Cross-Border Payments Payment APIs and Integration Cross-Border Wire Transfer 55

PYMNTS

SEPTEMBER 11, 2019

According to the Real-Time Payments Innovation Playbook , 26 percent of cross-border businesses rely on international wire transfers, while the next most common method is by paper check (20 percent). Electronic bank transfers (16 percent) and regular ACH (11 percent) are also popular.

Cross-Border Payments 76

Cross-Border Payments Cross-Border ISO 20022 Real Time Payments 76

PYMNTS

JUNE 13, 2019

The transactions between businesses are done on an account-to-account basis, as opposed to using the existing correspondent banking network — which, of course, relies on intermediaries. The digital identifier, he elaborated, tokenizes an organization’s sensitive data, including banking details and account numbers.

B2B 75

B2B Distributed Ledger Technology (DLT) Cross-Border Cross-Border Payments 75

PYMNTS

APRIL 27, 2017

To change bitcoin into fiat currency, exchanges for bitcoin often have relationships with local banks that rely on larger “correspondent banks” to facilitate wire transfers and process transactions that involve foreign currencies. OKCoin International and BTC-e have warned users of disruptions in U.S.

Bitcoin 42

Bitcoin Wire Transfer Correspondent Bank Correspondent 42

PYMNTS

OCTOBER 24, 2016

“With an international wire transfer, or even a domestic check payment or ACH, when you hit send, you don’t really know where that payment is and its status.” Blockchain also negates the need for a hierarchy in the payment system, both among banks and among corporates.

Blockchain 77

Blockchain B2B Real Time Payments Payer 77

PYMNTS

DECEMBER 18, 2019

New research from Tipalti, conducted by Levvel Research, found that when it comes to cross-border B2B payments, wire transfers remain the most common method (cited by 69 percent of survey respondents), despite the high fraud risks and sluggish speed of the tool. In B2B payments, though, legacy tools continue to lead.

B2B 52

B2B Credit Union Electronic Funds Transfer (EFT) RTP 52

Nanonets

MARCH 30, 2023

ACH payments are processed in batches, making them more efficient than wire transfers Wire Transfers: Wire transfers are a method of transferring funds electronically between banks, typically for large or urgent payments.

Automation 52

Automation Transactions Wire Transfer ACH 52

The Fintech Times

FEBRUARY 21, 2024

Most notably, the European Payment Council ’s ‘One-Leg Out Instant Credit Transfer (OCT Inst)’ scheme went live in December. “This creates the opportunity for correspondent banks to route and settle payments via a real-time payment infrastructure rather than the Real Time Gross Settlement rail, the only option previously.

Cross-Border Payments 78

Cross-Border Payments Cross-Border ISO 20022 SWIFT 78

PYMNTS

JULY 7, 2020

Nowhere is this change more apparent than cross-border payments, where a host of payment providers are offering new alternatives to the tedious and opaque correspondence banking protocols that have historically dominated the industry.

Cross-Border Payments 62

Cross-Border Payments Cross-Border Payments API 62

PYMNTS

MAY 14, 2018

Wire transfers, or traditional correspondent banking, are another, although they do lose money at each hop – which is why many companies have been developing proprietary methods to take a more direct-to-bank approach. Maybe you use a wire transfer because the bank is exempt.

OFAC 40

OFAC Wire Transfer ATM Cross-Border 40

Payment Savvy

MARCH 22, 2023

Additionally, an international transfer may require other details like full name and address. On the other side of the transaction is the correspondent bank which uses the SWIFT messaging network to convey the request. The recipient’s bank registers the message and credits the money to your friend’s account.

SWIFT 52

SWIFT IBAN Transactions Wire 52

PYMNTS

SEPTEMBER 14, 2018

Two years ago, a whistleblower complaint filed with the SEC had identified Deutsche Bank and Citigroup as additional banks involved with the transactions that had flowed through the Estonian branch. Of those two banks, Deutsche had been handling wire transfers, acting as a correspondent bank.

Money Laundering 66

Money Laundering Wire Transfer Law Enforcement Treasury 66

PYMNTS

JULY 9, 2020

International transactions must be vetted not only by financial institutions (FIs) in the sending and receiving countries, but also by every correspondent bank the payments flow through along the way. Yet, businesses all too often rely on methods such as wire transfers, which are more susceptible to fraud.

Cross-Border Payments 56

Cross-Border Payments Cross-Border B2B Regulations 56

PYMNTS

MAY 1, 2017

The issue comes when exchange users wish to change bitcoin into regular currency, at which point the exchanges leverage relationships with local banks that themselves rely on larger “correspondent banks” to facilitate wire transfers and process transactions that involve foreign currencies.

Bitcoin 46

Bitcoin Blockchain Non-Bank Wire 46