Finextra

JUNE 30, 2025

By removing the need for correspondent banks and facilitating direct transfers, digital currencies can improve transfer times and enhance the efficiency of cross-border payments. A typical use case is the clearing and settlement of international payments. Trade finance is another area.

Digital Currency 52

Digital Currency Real Time Gross Settlement (RTGS) Distributed Ledger Technology (DLT) Settlement 52

PYMNTS

SEPTEMBER 1, 2020

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 earlier this year, Harbour & Hills CEO Rahul Tripathi took note of the vagaries of correspondent banking. “I

Correspondent Bank 123

Correspondent Bank Correspondent Cross-Border Cross-Border Payments 123

The Payments Association

MAY 9, 2025

As financial crime evolves, correspondent banks must prioritise wire transfer transparency to meet global regulations and safeguard the financial system. Correspondent banking is vital in facilitating global trade, enabling cross-border remittances, and connecting emerging markets to the international financial system.

Correspondent Bank 88

Correspondent Bank Correspondent ISO 20022 Wire Transfer 88

PYMNTS

APRIL 15, 2020

While China continues to slowly open up its financial services market to foreign participants to drive competition in areas like mobile payments and banking, when it comes to B2B payments, the market remains dominated by Chinese traditional banks. Correspondent Banking Disruption. “We can clear it locally.”

Correspondent Bank 76

Correspondent Bank Correspondent Cross-Border B2B 76

Finextra

OCTOBER 1, 2024

Correspondent banking relationships are vital for facilitating international transactions.

Correspondent Bank 52

Correspondent Bank Correspondent Checks Accounts 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 Correspondent Bank Compliance Correspondent 89

Fintech News

JULY 14, 2024

Morgan, and Standard Chartered to facilitate payments for their customers. 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

Fintech News

AUGUST 12, 2024

The company has recently applied for a Payment Institution License in Brazil, which will allow it to offer payment services, including managing funds in BRL and facilitating real-time payments through the Pix system. Nium’s recent partnership with BS2, a Brazilian digital bank, underscores its growing footprint in Latin America.

Cross-Border 109

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

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

PYMNTS

OCTOBER 19, 2020

Digital payments form a critical facet of the world’s economy, facilitating the flow of tens of trillions of dollars among individuals and businesses each year. These challenges are only exacerbated when payments move across international borders, usually accomplished via correspondence banking.

Cross-Border Payments 77

Cross-Border Payments Cross-Border Correspondent Bank Technology 77

PYMNTS

APRIL 21, 2020

Exploring Correspondent Banking Alternatives. Getting correspondent bank accounts is the biggest challenge every payment service provider is facing.” Still, NACHA noted that ACH transaction capabilities remain an important part of helping the economy continue. ”

NACHA 82

NACHA Correspondent Bank Real Time Payments Push-to-Card 82

The Payments Association

JANUARY 29, 2025

Inadequate risk management and due diligence : Institutions faced challenges in ensuring effective customer risk profiling and due diligence, particularly for high-risk clients and correspondent banking relationships. October 2024: TD Bank$3 BillionAML TD Bank was fined $3 billion, including a $1.3

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

Fintech Finance

JUNE 5, 2024

The partnership will see Clear Junction facilitating instant and secure GBP and EUR-denominated payout coverage for Ripple’s payments customers. 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.

Cross-Border Payments 98

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

PYMNTS

FEBRUARY 26, 2020

These infrastructures and processes form the backbone of the global correspondent banking model. To advance these benefits to the global financial community, SWIFT is facilitating the adoption of ISO 20022 in cross-border and domestic FI to FI payments and reporting messages. Richer Data With A Little Help From Our Friends .

ISO 20022 104

ISO 20022 ISOs SWIFT Cross-Border Payments 104

PYMNTS

DECEMBER 15, 2020

In B2B payments, added Visa Direct Vice President of Global Segments and Market Development Tim Summers , businesses don't care exactly how funds get from Point A to Point B, but the rails that facilitate the movement of funds must do so seamlessly. They want a user-friendly solution, but most importantly, they want those funds," he said.

Innovation 94

Innovation Cross-Border Payments Cross-Border Real Time Payments 94

PYMNTS

APRIL 3, 2019

In Myanmar, Shwe Rural & Urban Development Bank has partnered with Krung Thai Bank, which is state-owned, to debut a cross-border transfer money offering that is in turn tied to the Ethereum blockchain. The company said it facilitates international payments, with funds reaching recipients in less than five minutes.

Cross-Border Payments 92

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

PYMNTS

AUGUST 1, 2019

Payments messaging firm SWIFT has taken recent steps to promote interoperability of its payments network, recently announcing that it would allow blockchain platforms to loop into SWIFT’s global payments innovations (GPI) service to facilitate real-time transactions. Across the pond, meanwhile, the U.S.’s

Interoperability 61

Interoperability ISO 20022 Cross-Border Correspondent Bank 61

PYMNTS

APRIL 29, 2020

And as cross-border transactions grow more difficult as traditional correspondent banking relationships dissipate, the demand for alternative methods of moving funds will grow. “Crypto is just another payment channel, like SEPA, SWIFT or payment cards,” noted Karalevi?

Cryptocurrency 113

Cryptocurrency Cross-Border AML Compliance 113

PYMNTS

JULY 18, 2017

Expanding access to the registry means its members will benefit from more information and collaboration in their correspondent banking and funds distribution networks, SWIFT said. SWIFT also offers SWIFT Profile , which launchd in 2015 as a report to help banks identify red flags and potential problem customers.

SWIFT 40

SWIFT Office of the Comptroller of the Currency Due Diligence Correspondent Bank 40

Finance Magnates

FEBRUARY 15, 2023

With Circle acting as a correspondent bank, using USDC has proven to be a promising solution for reducing counter-party risk and facilitating multi-MSB payouts. By leveraging Circle and USDC, MSBs can facilitate faster and more secure payments while ensuring that all compliance and regulatory checks remain in place.

Cross-Border Payments 52

Cross-Border Payments Cross-Border Correspondent Bank Correspondent 52

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

Fintech Finance

JANUARY 2, 2024

Cross-border payments have long been a complex area marked by ongoing regulatory and compliance changes, bank offline hours, and increasing competition. Swift has consistently played a pivotal role in facilitating such transactions, connecting a vast network of financial institutions as well as banks worldwide.

Cross-Border Payments 59

Cross-Border Payments Cross-Border SWIFT Verification 59

Finovate

OCTOBER 21, 2024

The payments giant introduced Mastercard Move Commercial Payments today, which facilitates payments 24 hours a day, 365 days a year. Mastercard Move Commercial Payments leverages a multi-rail approach that includes SWIFT, Visa Direct, and Mastercard’s proprietary networks to facilitate the cross-border payments.

Cross-Border Payments 59

Cross-Border Payments Cross-Border Visa FedNow 59

PYMNTS

SEPTEMBER 11, 2019

Some of the most commonly used cross-border digital payment solutions employ application programming interface (API) technology, which can facilitate the exchange of information between otherwise disconnected systems. APIs serve as bridges connecting national or regional real-time payment rails.

Cross-Border Payments 76

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

PYMNTS

APRIL 1, 2019

Consider the fact that current processes involving funds making their way across borders must navigate the vagaries of time zones (and hours of operation) and also navigate across several banks. As a result, DLT can lower costs, and boost transparency, in part by eliminating the need for a correspondent banking relationship.

Cross-Border 61

Cross-Border Distributed Ledger Technology (DLT) Cross-Border Payments Transactions 61

PYMNTS

OCTOBER 11, 2017

In fact, in a recent check-in with PYMNTS, Cooke listed four ways that working through a middleman like nanopay can reduce risks and costs for banks facilitating cross-border transactions. Again, in the traditional process, funds sit in a foreign bank in a foreign currency. If the exchange rate fluctuates, banks can lose U.S.

Cross-Border 40

Cross-Border Correspondent Bank Cross-Border Payments Correspondent 40

Payment Savvy

JUNE 18, 2020

According to analysts, in 2012, it was observed that SWIFT facilitated up to $6 trillion per day. The SWIFT system can be used by money brokers, clearing systems, security broker-dealers, and even non-bank financial institutions, amongst others. The corresponding bank will also have to use a SWIFT system to carry out the transfer.

SWIFT 52

SWIFT Funds Transfer Facilitators Correspondent Bank 52

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. dollar transactions.

Bitcoin 42

Bitcoin Wire Transfer Correspondent Bank Correspondent 42

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. For more on these and other smarter payments news items, download this month’s Tracker.

Cross-Border Payments 62

Cross-Border Payments Cross-Border Payments API 62

PYMNTS

AUGUST 21, 2020

For the financial services world to address businesses’ global payments needs, Conibear said they must take a holistic approach that goes beyond facilitating cross-border payments or improving upon legacy payment rails. Beyond Payments Initiation. “But payments is just one side of the equation,” noted Conibear.

Multi-Currency 69

Multi-Currency Cross-Border Payments Cross-Border Finance 69

PYMNTS

JULY 14, 2020

In addition to working with IFC, Citi is also collaborating with several correspondent banking partners to facilitate financing. Investment in that infrastructure enabled the capacity and monitoring processes that are key to facilitating trade finance, noted Pakcan.

Finance 61

Finance Correspondent Bank Risk Correspondent 61

PYMNTS

SEPTEMBER 6, 2018

According to a statement on the launch: “Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital assets as the bridge asset between any two fiat currencies. The digital asset facilitates the trade and supplies important settlement instructions.”

Cross-Border 40

Cross-Border SWIFT Cross-Border Payments Payment APIs and Integration 40

Finovate

APRIL 9, 2024

Perhaps most notably, there is a strong focus on innovation in the payments space, with multiple startups offering solutions to help businesses go international more easily, providing instant international payments, and facilitating the launch of card programs and financial products in emerging markets.

FinTech 52

FinTech Cross-Border Due Diligence Gateways 52

Faster Payments Council

MARCH 15, 2023

Speakers: Justin Jackson, Fiserv; Dan Gonzalez, The Federal Reserve; Ryan Riveland, Early Warning; Keith Gray, The Clearing House 9:50am-10:30amCT: Panel Session – Taking Directories to the Next Level (City Beautiful Ballroom AB) Alias directories are an important infrastructure needed to facilitate instant payments.

FPC 88

FPC ISO 20022 Cross-Border Payments Federal Reserve 88

PYMNTS

APRIL 22, 2019

The massive global trade finance gap is the topic of conversation for many banks and FinTech firms looking to strengthen their position in the market. However, both sides struggle with making trade finance profitable, and maintaining compliance.

Finance 53

Finance Financial Inclusion Compliance Correspondent Bank 53

PYMNTS

FEBRUARY 20, 2018

“Although competition and innovations such as mobile or eBanking have made these payments more convenient, the bulk of clearing and settlement for cross-border payments still goes through traditional correspondent banks, which struggle to handle the higher-volume, lower-value retail payments,” the CPMI noted in its report.

Cross-Border Payments 43

Cross-Border Payments Cross-Border International Payments Electronic Funds Transfer (EFT) 43

PYMNTS

DECEMBER 18, 2019

Another show of support for blockchain-powered payments comes from Japan’s MUFG, though the bank declined to confirm the exact nature of its joint venture with human resources company Recruit Holdings. The solution will first facilitate electronic funds transfers (EFTs), which move over ACH rails. Credit Unions Embrace RTP.

B2B 52

B2B Credit Union Electronic Funds Transfer (EFT) RTP 52