PYMNTS

NOVEMBER 10, 2020

In this case, he told Webster, the coin is being separated from its pure function as a monetary asset and being used as a token that can be passed in real time between known entities as a way to resolve the inefficiencies tied to cross-border correspondent banking. It’s a space, he said, that’s ripe for disruption.

Cryptocurrency 129

Cryptocurrency Blockchain Bitcoin Online and Mobile Banking 129

PYMNTS

OCTOBER 7, 2018

In addition, he said that the bank can access dollars through a “solid network of correspondent banks.”. law enforcement agencies were examining Danske Bank over what has been termed “massive money laundering flows” from Russia and several former Soviet states. regulators are a possibility.”

Money Laundering 59

Money Laundering Law Enforcement Financial Crimes Correspondent Bank 59

PYMNTS

NOVEMBER 8, 2017

In an interview with PYMNTS, Stanley Wachs, global head of bank engagement at SWIFT, said SWIFT’s gpi represents a “completely new service for the banking industry,” one that is focused on corporate customers. Data transferred along with payments will include invoices or compliance documents.

SWIFT 43

SWIFT B2B Correspondent Bank Overlay Service 43

PYMNTS

DECEMBER 20, 2018

The results come across hundreds of billions of dollars’ worth of payments each day, and across hundreds of financial institutions (FIs), with the roster including 60 of the largest banks in the world. CNBC also reported that Square has supplied additional documentation on its products and services, and proposed banking offerings.

Cross-Border 53

Cross-Border SWIFT Federal Reserve Fed 53

Nanonets

APRIL 3, 2024

From tracking expenses and invoicing clients to preparing tax documents, virtual bookkeepers provide peace of mind and ensure financial compliance for self-employed professionals. With advanced OCR and machine learning capabilities, Flow can extract relevant information from various expense documents such as receipts and invoices.

Automation 74

Automation Payment APIs and Integration Reconciliation Financial Analysis 74

PYMNTS

DECEMBER 3, 2019

Banks and CUs processed a respective 4.2 percent of remittances, according to the proposed rulemaking document. However, the average amount that banks and credit unions transferred was much greater than the average amount transferred by MSBs,” stated the CFPB.

CFPB 52

CFPB Consumer Financial Protection Bureau (CFPB) Credit Union Cross-Border 52

PYMNTS

SEPTEMBER 17, 2018

Then came the fraudulent SWIFT messages, done through remote access, where the hackers gained access to the Bangladesh Bank’s computer terminals that interfaced with the SWIFT system. Each of those SWIFT messages directed the Federal Reserve Bank of New York to transfer funds from Bangladesh Bank’s account, held in U.S.

SWIFT 75

SWIFT Phishing Ransomware Central Bank 75

The Payments Association

MAY 16, 2025

Implement and document internal controls tailored to your specific fraud exposure. Request updated compliance documentation from BNPL partners. Update documentation and training for reconciliation and finance personnel. Liability can arise even if fraudulent actions are undertaken by third parties or junior staff.

Regulations 88

Regulations ISO 20022 Cross-Border Legal 88

Nanonets

MARCH 30, 2023

Real-time collaboration on shared documents streamlines processes and eliminates unnecessary delays, making work easier for remote workers. Positive Pay Files transmit a file of issued checks to corresponding banks daily, enabling verification of authorized payments. Categorizing and coding transactions based on business rules.

Automation 52

Automation Transactions Wire Transfer ACH 52

PYMNTS

DECEMBER 30, 2019

In an interview with PYMNTS , Ripple Senior Vice President of Business and Corporate Development Kahina Van Dyke explained why building new infrastructure from the ground up can be an effective way to combat friction in the legacy correspondent banking system that lacks transparency and is plagued by slow transaction speeds and high FX costs.

Innovation 42

Innovation Cross-Border Commercial Card B2B 42

Nanonets

SEPTEMBER 8, 2023

While wire payments may not be directly initiated through these platforms, they provide functionality for recording wire transfers, ensuring comprehensive accounting documentation. A well-established network of correspondent banks facilitates cross-border and cross-currency transfers with typically only one or two intermediaries involved.

Wire Transfer 52

Wire Transfer Wire Wires ACH 52

CB Insights

FEBRUARY 8, 2018

A excerpt from a leaked internal Santander document shows revenues from international money transfers, and the risk of disruption. Moving money around the world is a logistical nightmare for the banks themselves. That would help alleviate the high costs of maintaining a global network of correspondent banks.

Blockchain 78

Blockchain Bitcoin Correspondent Bank Cryptocurrency 78

PYMNTS

SEPTEMBER 14, 2018

The WSJ said its information came from an unnamed source “familiar with the matter” in tandem with documents related to the probe that had been seen by the financial publication. 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

OCTOBER 31, 2019

Deutsche handed over numerous transaction records, emails and other documents. The investigation, which is also looking into whether the lender acted as a correspondent bank to facilitate the movement of illegal funds into the United States, is in the early stages.

Money Laundering 41

Money Laundering Correspondent Bank Correspondent Financial Crimes 41

PYMNTS

OCTOBER 7, 2019

The bank handed over numerous transaction records, emails and other documents, and investigators discovered instances in which staff noted concerns about new and existing Russian clients — only to be ignored by managers. In addition to this investigation, the House has also started looking into possible money laundering in U.S.

Money Laundering 46

Money Laundering Correspondent Bank Correspondent Procedures 46

PYMNTS

SEPTEMBER 8, 2019

Sources familiar with the matter told Reuters that Deutsche Bank handed over numerous transaction records, emails and other documents, and investigators discovered instances in which staff noted concerns about new and existing Russian clients — only to be ignored by managers.

Money Laundering 63

Money Laundering Request for Comment Correspondent Bank Correspondent 63

The Payments Association

MAY 14, 2025

Rewiring the cross-border payments paradigm: Risk and security in correspondent banking confirmation May 12 2025 by Payments Intelligence LinkedIn Email X WhatsApp Whats the article about? Yet much of the system still hinges on a half-century-old correspondent banking model and a fragmented regulatory landscape.

Cross-Border Payments 88

Cross-Border Payments Correspondent Bank Cross-Border Correspondent 88

The Payments Association

MAY 19, 2025

Conduct a Part 4A authorisation gap analysis to understand required controls, documentation, and capital requirements. Strategic recommendations for payments compliance leads To prepare effectively, compliance leaders should: Map current and future crypto activities against the seven regulated categories.

Compliance 88

Compliance Stablecoins Regulations Payments 88