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Why payment transparency is critical to the future of correspondent banking

The Payments Association

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.

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Addressing the Silent Crisis of Failed Payments

Fintech News

Surprisingly, one of the most common reasons behind payment failures is incomplete or inaccurate data. To address this issue effectively, having a reliable source of truth for payment data is indispensable. This proactive approach eliminates the costly consequences of failed payments.

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Deep Dive: How High Costs And Slow Processing Times Impede Remittances

PYMNTS

The following Deep Dive examines how cross-border remittances are typically conducted via a correspondent banking model and details how these payments’ slow processing times and high fees are exacerbated by complex and overlapping government regulations. How Correspondent Banking Works.

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RT2: A strategic transformation for UK payment providers

The Payments Association

Pegeman Khorsan Chief legal and regulatory officer, RTGS.global "With new, ecosystem role-specific software, the structured data approach in RT2/ISO 20022 represents a competitive advantage in risk decisions and compliance, materially reducing costs, time, and errors. Moving beyond minimum compliance unlocks real business value.

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SWIFT: The Road To ISO 20022 Adoption

PYMNTS

Financial institutions have relied on their own IT systems, operations teams, the SWIFT messaging service and domestic payment schemes to acquire, construct, screen, relay and report customer payments. These infrastructures and processes form the backbone of the global correspondent banking model.

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Collaboration Is Key For Consensus On Cross-Border Payments

PYMNTS

In an interview with PYMNTS , Citi’s Global Head of Payments and Receivables Manish Kohli explained how APIs that pre-validate payments data can reduce errors and costs while improving speed.

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StoneX Announces Adoption of Swift’s Payment Pre-validation Service

Fintech Finance

StoneX Payments facilitates foreign exchange payment transactions in more than 140 currencies and spanning over 180 countries. A distinctive feature of StoneX Payments is its extensive network of over 350 correspondent banking relationships worldwide, each maintained independently.