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How China Fuels Alternatives To Correspondent Banking

PYMNTS

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.

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SMBs Seek New Avenues To Cross-Border Payments

PYMNTS

.” That means being able to send and receive payment regardless of location, yet traditional offerings often fall short, he said. An alternative to this payment strategy is to open up a bank account in each market in which a business operates. .”

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International Payments Group Champions Faster Cross-Border Payments

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Individual jurisdictions around the globe are pressing for both faster and more efficient cross-border payments. 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. In the U.S.,

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Deep Dive: Emerging Response To B2B, P2P Cross-Border Payments Pain

PYMNTS

They frequently face delays and rack up fees as they pass through multiple FIs, and parties making these payments often wrestle with currency conversions and value fluctuations. International B2B Payments Pains. Transfers are passed between FIs until they reach intended recipients, and each bank adds extra steps and fees along the way.

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SWIFT Stands Behind Its Global Payments Innovation Initiative

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All of this has occurred as the company has continued to expand the pilot phase of its global payments innovation (gpi) initiative, thus far signing on dozens of major financial institutions to an effort aimed at streamlining cross-border payments. “That’s something I think is very important to know.”

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Financial Authorities Press Collaboration To Improve Global Corporate Payments

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With FinTech driving innovation and competition in the cross-border payments space, governments can no longer afford to ignore changing and heightening demands for greater speed, transparency and efficiency in global transactions. times global GDP in 2016.

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FinTechs Help Global Banks Tackle Their Own SMB Shortcomings

PYMNTS

Criticism of the world’s correspondent banking network continues to mount — and at the same time, the number of correspondent banking relationships is on the decline. The Financial Stability Board released analysis last year that found SWIFT interbank payment messages reflected a 4.1