PYMNTS

OCTOBER 7, 2018

investigation into money laundering at Danske Bank ’s Estonia branch, shares of the bank have reached the lowest level in four years on Friday (October 5). and the bank is trying to comfort investors, Reuters reported. Danske Bank’s interim chief financial officer Morten Mosegaard noted that the U.S. Amid a U.S.

Money Laundering 59

Money Laundering Law Enforcement Financial Crimes Correspondent Bank 59

The Fintech Times

NOVEMBER 5, 2024

Wise is now also able to directly settle with the central bank of the Philippines, Bangko Sentral ng Pilipinas ’ (BSP) real-time gross payment system , PhilPaSS Plus. Wise customers located in the Philippines moving funds from their Wise account to their local banks or e-wallets will also see the money arriving in under 20 seconds.

Real Time Payments 59

Real Time Payments Cross-Border Payments Cross-Border Correspondent Bank 59

PYMNTS

APRIL 8, 2020

That, according to the release, will encompass speeding up the payment process, cleaning up any possible potholes where fraud or non-compliance might occur, and making sure that “legitimate businesses obtain the loans they need.”

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Correspondent Bank Authentication Correspondent Interoperability 56

FICO

FEBRUARY 14, 2017

“There is clear evidence that economic and financial crimes are some of the fastest growing offences globally,” said Dr. Chiranjivi Nepal, governor, Nepal Rastra Bank. “In In Nepal, we can ill afford for these activities to drain our economy or to destroy business and banking confidence.

Financial Crimes 61

Financial Crimes Crime Compliance Correspondent Bank 61

PYMNTS

SEPTEMBER 24, 2020

Australian banking giant Westpac has agreed to a massive fine of $920 million ($1.3 The bank also failed to pass on information about the source of some of international funds transfers to other bank, or to keep records on where some of these transfers came from. million transactions totaling more than $7.7

Regulations 46

Regulations Money Laundering Due Diligence Law Enforcement 46

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. Upon universal adoption, the thousands of banks joining the service will be able to offer same-day payments with full tracking.

Cross-Border 53

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PYMNTS

MARCH 1, 2017

With increasing globalization, cross-border, or global, payments have become a very big piece of the banking business. The space is also a hotbed for competition as a number of non-banks are offering the multicurrency payment processing capabilities that businesses need more efficiently and at a better value than the big banks.

B2B 58

B2B Cross-Border Non-Bank Payments 58

PYMNTS

SEPTEMBER 17, 2018

The fraudsters who hacked their way into the Bangladesh central bank two years ago got there by getting into software tied to the SWIFT financial platform. The Bangladesh Bank Hack. Phishers caught a big one — any way it’s sliced, $81 million is a big haul. The way they got there? The Methods.

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SWIFT Phishing Ransomware Central Bank 75

PYMNTS

FEBRUARY 20, 2018

China’s central bank, for instance, took steps last month to boost the efficiency of cross-border transactions involving Chinese parties by lengthening its clearing window time span. Individual jurisdictions around the globe are pressing for both faster and more efficient cross-border payments. In the U.S.,

Cross-Border Payments 43

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

Payment Savvy

JUNE 18, 2020

Fully known as the Society for Worldwide Interbank Financial Telecommunication , it is a bank to bank payment instruction system. The SWIFT system can be used by money brokers, clearing systems, security broker-dealers, and even non-bank financial institutions, amongst others. It was a superior alternative to Telex.

SWIFT 52

SWIFT Funds Transfer Facilitators Correspondent Bank 52

The Fintech Times

MARCH 14, 2024

Banks have dramatically reduced their hiring over the past 12 months following well-publicised restructuring across the sector last year. The app leverages open banking and Personetics’ AI-powered personalised engagement platform to increase the financial health and viability of small and medium-sized businesses. MillTechFX.

FinTech 59

FinTech Non-Bank AML Correspondent Bank 59

The Payments Association

MAY 16, 2025

Non-compliance could lead to regulatory enforcement by national authorities, as well as reputational harm and potential exclusion from EU markets. Legal issue/risk Next steps/action required Legal issue/risk: Merchants may be caught by evolving data privacy obligations or inadvertently rely on non-compliant partners.

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Regulations ISO 20022 Cross-Border Legal 88

PYMNTS

JULY 7, 2017

The company intends to bolster its small business banking service and boost banking services done over mobile, with the new wrinkle that those services will be provided across multiple currencies. Even while the bigger banks are encamping on the Continent, the smaller upstarts may be smelling opportunity. Time will tell.

Bitcoin 40

Bitcoin Correspondent Bank Online and Mobile Banking ACH 40

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. M10 Eyes Central Banks’ Rail Demands. MUFG’s Unconfirmed Digital Currency. It’s moving slowly.”.

B2B 52

B2B Credit Union Electronic Funds Transfer (EFT) RTP 52

Segpay

JUNE 13, 2024

Since its launch in July last year, about 700 banks and credit unions have joined the FedNow network, and this list is expected to grow as the Fed seeks 8,000 financial institutions. Accessibility: Available to all banks and credit unions. Interoperability: Designed to work alongside existing payment systems.

FedNow 52

FedNow Federal Reserve Real Time Payments Instant Payments 52

Evolve Payment

SEPTEMBER 29, 2023

In some situations, the nefarious hacker will replace the pay now button with a direct link to their bank account, all without a single notification to the customer or merchant. These new entrants and innovative solutions are challenging the dominance of traditional bank and card-based payment systems on a significant scale.

Industry Trends 52

Industry Trends Contactless Payments ISO 20022 Cross-Border 52

Nanonets

SEPTEMBER 8, 2023

ACH (Automated Clearing House) payments are electronic fund transfers that use the ACH network to move funds between bank accounts in the United States. A wire transfer is an electronic transfer of funds from one bank or credit union to another. This is why wire transfers are sometimes called "bank wires." What is ACH?

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Wire Transfer Wire Wires ACH 52

PYMNTS

AUGUST 2, 2018

Which means 15 minutes till the bank closes in New York, which means … gotta get it done now. But in the world of contextual banking , we’re likely a lot closer than we’ve been, even in a world where corporate payments still cross borders and move from bank to bank through what is largely a black box process. in England.

B2B 40

B2B Payment APIs and Integration Payments Cross-Border 40

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

PYMNTS

SEPTEMBER 14, 2018

law enforcement agencies are examining Danske Bank over what has been termed “massive money laundering flows” from Russia and several former Soviet states. Of those two banks, Deutsche had been handling wire transfers, acting as a correspondent bank. dollars that are directed to those banks. 14) that U.S.

Money Laundering 66

Money Laundering Wire Transfer Law Enforcement Treasury 66

PYMNTS

MAY 1, 2017

The Bank/Blockchain Break-Ups. It’s been a rough week for the relationship between banks, bitcoin and the blockchain. Three major blockchain exchanges — Bitfinex, OKCoin and BTC-e — have all separately reported that they’ve been unable to process transactions in dollars as global banks are pulling out of high risk areas.

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Bitcoin Blockchain Non-Bank Wire 46