PYMNTS

APRIL 15, 2020

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.

Correspondent Bank 76

Correspondent Bank Correspondent Cross-Border B2B 76

Fintech Finance

MARCH 6, 2025

KCB and Bank of Kigali customers will now be able to send and receive cross-border payments using PAPSS. The service is fully operational and accessible via the banks mobile applications and branch networks, enabling seamless transactions across African borders. This service is fast, affordable, and reliable.

Cross-Border Payments 52

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 52

Fintech News

APRIL 21, 2025

Thunes said the service, powered by its API, enables faster cross-border payments, offers greater transparency in transaction costs and details, and reduces the complexity of using legacy systems.

Business Payments 95

Business Payments Cross-Border Payment APIs and Integration Wire Transfer 95

Fintech News

JUNE 4, 2024

The Bank for International Settlements (BIS) has launched Project Rialto to test the potential for improving instant cross-border payments through a combination of a modular foreign exchange (FX) component and wholesale central bank digital currencies (wCBDC).

Cross-Border Payments 107

Cross-Border Payments Cross-Border CBDC Settlement 107

Fintech Finance

OCTOBER 21, 2024

Mastercard introduced a new product innovation, Mastercard Move Commercial Payments, that will enable banks to facilitate near real-time, predictable and transparent commercial cross-border payments. Fully compatible with existing correspondent banking arrangements between respondents and correspondents.

Cross-Border Payments 104

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

The Fintech Times

MARCH 7, 2025

KCB and Bank of Kigali customers can now send and receive cross-border payments using PAPSS. The service is fully operational and accessible via the banks mobile applications and branch networks, enabling seamless transactions across African borders.

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Settlement Correspondent Bank Cross-Border Correspondent 59

Fintech Finance

NOVEMBER 4, 2024

Wise has spent the last 14 years building an alternative to traditional correspondent banking. With over 65 licenses globally and now six direct connections to domestic payment systems, this infrastructure enables over 63% of all Wise transactions to be completed instantly (under 20 seconds), with an average fee of 0.62%.

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Instant Payments Settlement Accounts Cross-Border Payments 98

PYMNTS

OCTOBER 16, 2020

Consumers send funds by tapping or swiping payment cards, clicking a few buttons on banking websites or payment apps, or keying details into online checkout pages, which payees receive via bank accounts or digital wallets. Kicking Free Of Correspondent Banking. The money never actually crosses borders,” Lembo explained.

Cross-Border Payments 85

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 85

Payments Source

AUGUST 8, 2018

The fact remains that the vast majority of international payments are still done via banks and through the correspondent (SWIFT) network, writes Rosie Faulkner, vice president and money laundering reporting officer at Earthport.

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Correspondent Cross-Border Payments Correspondent Bank Cross-Border 64

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.

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Cross-Border Payments Cross-Border Correspondent Bank Technology 77

Fintech Finance

JUNE 5, 2024

Today, Ripple , the leader in enterprise blockchain and crypto solutions, announced a new partnership with Clear Junction , the global leader in cross-border payments solutions for regulated institutions. The post Ripple Partners With Clear Junction to Enhance UK and EU Cross-Border Payments appeared first on Fintech Finance.

Cross-Border Payments 98

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

PYMNTS

JULY 11, 2019

There has been, seemingly, a parade of announcements geared toward bringing B2B payments into the digital age, bringing about the end of paper, speeding the time for settlement of transactions and making payments across borders cheaper and more transparent.

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Correspondent Bank Correspondent Blockchain Bitcoin 67

Payments Source

JANUARY 8, 2019

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

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Correspondent Bank Correspondent Cross-Border Payments Cross-Border 86

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.

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Correspondent Bank Correspondent Due Diligence Wire Transfer 51

Fintech Finance

JANUARY 11, 2024

Faster Payments Council (FPC) , a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, today published its latest research report, titled The Practicalities of Cross-Border Payments in a Faster Payments World.

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

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. We see a very bright future for blockchain-based frictionless, cross-border transactions.

Cross-Border 109

Cross-Border Correspondent Bank Multi-Currency Settlement 109

Fintech Finance

MAY 29, 2025

Conduit , a leading cross-border payments platform powered by stablecoins, announced today it closed a $36 million Series A funding round. “Traditional cross-border payment systems do not meet the demands of modern businesses.

Cross-Border Payments 81

Cross-Border Payments Cross-Border Stablecoins SWIFT 81

PYMNTS

APRIL 3, 2019

It may seem that cross-border payments were in the … well … crosshairs this past week, with a number of country-by-country and company-by-company initiatives using blockchain and other methods to speed payments and lower fees. These shortcomings make the cross-border payment industry ripe for disruption and innovation.

Cross-Border Payments 92

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

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

PYMNTS

SEPTEMBER 24, 2020

This month’s Deep Dive explores the challenges that remittance service providers face when seeking to stay compliant, the impact this has on the availability of cross-border money transfer services and regulatory technology strategies to help reduce this friction. . Correspondent Banking .

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Regulatory Compliance Compliance Correspondent Bank Correspondent 89

The Payments Association

MARCH 15, 2024

Exploring innovative solutions to address the challenges and opportunities in global financial connectivity as traditional correspondent banking relationships diminish. Read more

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Correspondent Correspondent Bank Addressing Innovation 88

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.

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Cross-Border Payments Cross-Border Agreements Correspondent Bank 64

PYMNTS

AUGUST 16, 2019

Cross-border payments are expected to surge over the next few years as the economy becomes increasingly global and interconnected. The latest Smarter Payments Tracker looks at the infrastructure developments that are making cross-border payment systems faster, more seamless and interoperable. A Call for Transparency.

Cross-Border Payments 81

Cross-Border Payments Cross-Border ISO 20022 ISOs 81

The Fintech Times

APRIL 30, 2025

Onafriq , the African payments gateway, is joining forces with Circle , a stablecoin-focused company and USDC issuer, to transform cross-border payments and digital financial services across Africa. This results in $5billion in transaction fees annually, undermining economic integration efforts.

Cross-Border Payments 45

Cross-Border Payments Cross-Border Stablecoins Financial Inclusion 45

PYMNTS

SEPTEMBER 11, 2019

According to the new Simplifying Cross-Border Payments Playbook , there are five key criteria that an ideal cross-border payment solution should meet: speed, security, compliance, transparency and ubiquity. How Cross-Border Payments Are Made. So, what’s the problem? What’s Changing?

Cross-Border Payments 76

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

PYMNTS

JULY 31, 2019

So, why do cross-border payments present so many challenges? Despite rapid market growth, international payments have been hampered by country-specific regulations, while transactions being channeled through intermediary banks can take days to complete and often come with fees. Currently, there are 0.7

Cross-Border Payments 72

Cross-Border Payments Cross-Border Distributed Ledger Technology (DLT) Payments 72

PYMNTS

JULY 15, 2020

Although cross-border expansion can be a major business growth opportunity for U.S. corporates fit in the global landscape has led to businesses large and small becoming eager embracers of cross-border trade. An alternative to this payment strategy is to open up a bank account in each market in which a business operates.

Cross-Border 67

Cross-Border Cross-Border Payments Multi-Currency Correspondent Bank 67

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. In collaboration with Ebury, another fintech company, Nium has launched a global remittance service in Brazil, facilitating fast and reliable cross-border payments for businesses.

Cross-Border 109

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

PYMNTS

AUGUST 1, 2019

Payments messaging firm SWIFT has released its first set of guidelines for financial institutions using the ISO 20022 payments messaging standard to complete 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

PYMNTS

JULY 26, 2019

The modern-day financial services landscape has a need for speed, and one of the slowest areas of the market can be seen in cross-border payments. Remittance and peer-to-peer payment technologies have accelerated transaction speeds for consumers tired of waiting days for money to move across borders.

Cross-Border Payments 64

Cross-Border Payments Cross-Border Innovation Correspondent Bank 64

PYMNTS

JULY 8, 2020

Cross-border payments, once the exclusive domain of large businesses that had the resources to expand their operations overseas and afford the often-exorbitant costs of payment processing fees and international shipping, are growing ever more popular among small- to medium-sized businesses ( SMBs ).

Cross-Border 57

Cross-Border Cross-Border Payments API Correspondent Bank 57

PYMNTS

OCTOBER 21, 2020

Rather than relying on the global SWIFT system, which can often incorporate numerous correspondent banks and take longer to resolve, the Emburse Global Reimbursements technology will use TransferWise's own accounts to exchange foreign currency using the mid-market exchange rate.

Cross-Border 78

Cross-Border Automation Correspondent Bank Correspondent 78

Fintech Finance

OCTOBER 15, 2024

RTGS.global , the next generation settlement company revolutionising cross-border payments, has today announced the launch of a unique solution for Payment Service Providers (PSPs) that will enable them to offer cheaper and faster international payments to their retail and corporate customers.

Cross-Border 98

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

The Fintech Times

OCTOBER 21, 2024

Payments giant Mastercard has launched a new cross-border payments solution in a move to simplify operations, optimise liquidity, reduce counterparty risk and provide end-to-end visibility for banks and their customers.

Cross-Border 52

Cross-Border Addressing Cross-Border Payments Visa 52

The Fintech Times

FEBRUARY 28, 2024

Having explored the evolution of cross-border payments to date, we now turn our attention to the biggest barriers that may be limiting and slowing the growth of the space. Aleks Stefanovski, VP for strategy and business operations at Visa “Another barrier is de-risking by correspondent banks.

Cross-Border Payments 59

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 59

Finance Magnates

FEBRUARY 15, 2023

How MSBs are leveraging the power of USDC and Circle for cross-border payments to their counterparties. As cross-border payments continue to gain popularity, businesses are constantly looking for faster, more secure, and cost-effective methods to conduct transactions.

Cross-Border Payments 52

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 52

PYMNTS

JANUARY 23, 2020

MoneyGram has partnered with Suez Canal Bank to let customers send money right into Egyptian bank accounts, according to a press release. The deal will expand MoneyGram’s presence in Egypt and give it access to Suez Canal’s large network of correspondent banks around the globe. Remittances made up 11.6

Correspondent Bank 119

Correspondent Bank Cross-Border Correspondent Debit Card 119