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). The group’s analysis found that the impact of this trend on Gulf and European FIs was relatively minor.

Correspondent 44

Correspondent Correspondent Bank Wire Transfer Money Laundering 44

PYMNTS

SEPTEMBER 11, 2017

A new report from the International Finance Corporation, a part of the World Bank Group, finds correspondent banking relationships are down, an unintended consequence of regulatory reform. 8) said 27 percent of global banks surveyed have reported a drop in the number of correspondent banking relationships.

Correspondent Bank 51

Correspondent Bank Correspondent Due Diligence Wire Transfer 51

The Paypers

JANUARY 15, 2019

(The Paypers) Euro Exim Bank has signed up for payment network RippleNet, putting Ripple ’s digital currency XRP on a potential path to replace correspondent banking.

Correspondent 40

Correspondent Correspondent Bank Digital Currency Payment Networks 40

Fintech News

JULY 14, 2024

Traditional cross-border payments encounter various challenges, including delays, high costs, lack of transparency, multiple intermediaries, variable processing speeds, and differing compliance standards across correspondent banks.

Cross-Border 109

Cross-Border Correspondent Bank Multi-Currency Settlement 109

Finextra

APRIL 29, 2024

Service level agreements used in cross-border payment arrangements define minimum service levels for correspondent banking relationships, the links between payment systems and payment instrument rulebooks.

Cross-Border Payments 64

Cross-Border Payments Cross-Border Agreements Correspondent Bank 64

Nanonets

JUNE 27, 2024

Fuzzy matching (également appelée correspondance approximative de chaînes) est une technique qui permet d'identifier deux éléments de texte, chaînes ou entrées qui sont à peu près similaires mais ne sont pas exactement identiques. Qu’est-ce que fuzzy matching?

Correspondent 52

Correspondent AI Non-Bank Duplicate 52

The Paypers

MARCH 20, 2018

(The Paypers) The Financial Stability Board (FSB) has published updated data on correspondent banking relationships using data provided by SWIFT.

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Correspondent Bank Correspondent SWIFT 28

The Paypers

OCTOBER 12, 2016

(The Paypers) Wells Fargo , ANZ and Swift have deployed a prototype that envisions the role blockchain plays in correspondent banking.

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Correspondent Bank Correspondent Blockchain SWIFT 31

Payments Source

JANUARY 8, 2019

Despite controversy surrounding Ripple’s digital token, one bank is pushing forward to use it in cross-border payments.

Correspondent Bank 86

Correspondent Bank Correspondent Cross-Border Payments Cross-Border 86

Currencycloud

MAY 22, 2024

Swift (Society for Worldwide Interbank Financial Telecommunications) is the global messaging system used by the correspondent banking network and financial institutions to manage cross-border transactions. It was founded in Brussels in 1973 to establish common processes and standards for international financial transactions.

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SWIFT Cross-Border Correspondent Bank Correspondent 52

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.

Regulatory Compliance 89

Regulatory Compliance Compliance Correspondent Bank Correspondent 89

Bank Automation

JANUARY 12, 2024

Total headcount at Citi as of the fourth quarter of 2023 was 239,000, down from 240,000 during the corresponding period […]

Correspondent 63

Correspondent Technology Automation 63

The Fintech Times

MAY 16, 2024

NAO has revealed that in theory, this would be very effective as it would cut costs servicing telephone calls and correspondence. However, it is not clear how far and fast digital will reduce demand for telephone and correspondence services. It would also free up staff to serve people who need extra support.

Correspondent 59

Correspondent Audit Small Business Assessments 59

Fintech News

AUGUST 12, 2024

BS2 also serves as Nium’s Brazilian Real (BRL) Correspondent Bank, assisting in real-time payment settlements for cross-border Pix transfers. BS2 is leveraging Nium’s Global FX product to reduce costs and enable real-time payouts between Brazil and key trading partners like China and the UAE.

Cross-Border 109

Cross-Border Cross-Border Payments Correspondent Bank Real Time Payments 109

Fintech News

JUNE 4, 2024

Currently, FX services provided by correspondent banks are often costly, slow, and complex, posing liquidity, credit, and settlement risks to participants. Enhancing cross-border payments is a significant international policy objective and a priority for the G20.

Cross-Border Payments 100

Cross-Border Payments Cross-Border CBDC Settlement 100

Fintech Finance

JULY 12, 2024

In partnership with Mastercard, Alchemy Pay can identify users based on their risk levels and guide them through corresponding workflows. Its account opening solution leverages advanced machine learning to help organizations identify genuine consumers and fraudulent actors during the application process.

Visa 103

Visa Accounts Payment APIs and Integration Payment Gateways 103

PYMNTS

SEPTEMBER 27, 2019

Criticism of the world’s correspondent banking network continues to mount — and at the same time, the number of correspondent banking relationships is on the decline. percent decline in correspondent banking activity in 2017.

Correspondent Bank 55

Correspondent Bank Correspondent Cross-Border ISO 20022 55

Nanonets

APRIL 29, 2024

It is the process of comparing and matching credit card transactions with corresponding spends and financial records to ensure accuracy and transparency in financial reporting.  It ensures that credit card transactions are accurately recorded and reconciled with corresponding entries in the company's accounting records.

Reconciliation 52

Reconciliation Credit Cards Correspondent PCI DSS 52

The Paypers

OCTOBER 17, 2023

Real-time payments platform Pidgin has announced a partnership with Independent Correspondent Bankers’ Bank (ICBB).

Real Time Payments 48

Real Time Payments Correspondent Payments 48

Fintech News

FEBRUARY 5, 2024

million) in the corresponding period the previous year. For the quarter ending 31 December 2023, the company reported a net profit of INR 37.2 crore (US$4.5 million), a significant improvement from a loss of INR 87 crore (US$ 10.5 million) through its IPO, which included sales by existing shareholders.

Correspondent 109

Correspondent Blocks FinTech Transactions 109

The Paypers

JUNE 2, 2021

Datasoft , a global provider of foreign exchange and global payments software solutions, has launched FxOffice Platform-as-a-Service (PaaS).

Correspondent Bank 31

Correspondent Bank Correspondent Global Payments Payments 31

Finextra

SEPTEMBER 27, 2023

At Sibos 2023, Dalbir Sahota, Senior Director, Product Management, LexisNexis® Risk Solutions, and Ed Metzger, Vice President, Payments, LexisNexis® Risk Solutions, discuss the financial industry's response to rising sanctions, the impact on banks and FIs correspondent networks, and the benefits of early sanction screenings in the payments process. (..)

Correspondent 40

Correspondent Payments Risk Process 40

Fintech News

JANUARY 30, 2024

Etiqa Insurance Singapore has unveiled a new pet insurance policy in response to the growing number of pets and the corresponding rise in veterinary costs in the island-state. The new policy “Tiq Pet Insurance” covers a range of medical expenses due to accidents, illnesses, congenital, and hereditary conditions.

Correspondent 109

Correspondent FinTech Posting 109

PYMNTS

OCTOBER 19, 2020

These challenges are only exacerbated when payments move across international borders, usually accomplished via correspondence banking. The biggest hurdle the cross-border payments industry faces is navigating the networks that govern payment flows in every correspondent bank through which funds pass.

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Cross-Border Payments Cross-Border Correspondent Bank Technology 77

The Paypers

JANUARY 10, 2019

(The Paypers) Norway’s Unite Global has announced plans to unleash a centralised platform for global real-time payments and settlement between banks.

Correspondent 28

Correspondent Real Time Payments Settlement Payments 28

The Fintech Times

FEBRUARY 28, 2024

Aleks Stefanovski, VP for strategy and business operations at Visa “Another barrier is de-risking by correspondent banks. Most cross-border payments are processed on infrastructure provided by correspondent banks. “Over the past decade, the risk appetite at correspondent banks has declined.

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Cross-Border Payments Cross-Border Correspondent Bank Correspondent 59

The Paypers

MAY 10, 2023

Banking Circle has joined the UK Faster Payments Service (FPS) as a direct participant for GBP, aiming to build a super-correspondent bank for global B2B payments.

Correspondent Bank 36

Correspondent Bank Correspondent Faster Payments B2B 36

M2P Fintech

JANUARY 22, 2024

PNG JPEG TIFF Here, we validate the image data to determine if it corresponds to one of the supported formats using an enum class ‘ FormatType.’ ’ Once the masked image is in data format, we export it with the corresponding format types such as JPEG, PNG, or TIFF.

Correspondent 52

Correspondent Origination Breach Security 52

Payments Source

JULY 26, 2019

By offering Prime subscribers one-day shipping instead of the standard two, Amazon saw a dramatic change in shopping behavior — and a corresponding rise in costs.

Correspondent 67

Correspondent Payments 67

PYMNTS

AUGUST 1, 2019

A press release issued Wednesday (July 31) said ISO 20022 has the potential to promote efficiency in the correspondent banking community and modernize cross-border transactions. “Adoption of ISO 20022 will continue the transformation of correspondent banking already ongoing,” SWIFT said in its announcement.

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ISO 20022 ISOs SWIFT Cross-Border 76

The Paypers

NOVEMBER 4, 2022

The Global Legal Entity Identifier Foundation (GLEIF) has collaborated with Sociovestix Labs to create a machine learning tool that recognizes an entity’s specific legal form and automates the assignment of its corresponding Entity Legal Form (ELF) code.

Correspondent 41

Correspondent Legal Automation 41

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. This partnership is a great example of two institutions coming together to augment their respective products and services.

Cross-Border Payments 98

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

PYMNTS

DECEMBER 14, 2018

Throughout the year, that prediction has manifested into reality, as more traditional financial institutions (FIs) turn toward FinTech innovators to address the biggest pain points of the legacy correspondent banking system. “The nature and direction of these changes, however, [remain] unclear in many cases.” ”

Cross-Border Payments 77

Cross-Border Payments Cross-Border Correspondent Bank FinTech 77

PYMNTS

NOVEMBER 21, 2018

It’s not surprising then that, despite regulatory efforts, the number of correspondent banking relationships continues to decline, threatening corporate cross-border payment capabilities. Industry players have warned for several years that correspondent banking is on the decline, yet the drops continue.

Authorization 49

Authorization Cross-Border Payments Correspondent Bank Cross-Border 49

Payments Source

MARCH 7, 2019

INTL FCStone's Global Payments Division's foreign currency pricing has picked up enough momentum to extend beyond its initial launch to more than 350 correspondent banks globally.

Correspondent Bank 62

Correspondent Bank Correspondent Global Payments Payments 62

The Paypers

MARCH 3, 2022

ThetaRay has announced that its system can identify attempts to circumvent economic and trade sanctions and help governments and financial institutions maintain uninterrupted correspondent banking activities.

Correspondent Bank 36

Correspondent Bank Correspondent Government Governance 36

Fintech Finance

JUNE 6, 2024

BS2 will also join Nium’s network of partner banks, acting as Nium´s Brazilian Real (BRL) Correspondent Bank and assisting real-time payment settlement for cross-border transfers from Brazil’s Instant Payment Network, PIX.

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Settlement Cross-Border Cross-Border Payments Correspondent Bank 52