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

The Payments Association

NOVEMBER 11, 2024

The sharing of data, without a direct corresponding increase in revenue streams, has made it a largely unprofitable venture for many financial institutions. By enriching open banking data, facilitating the development of more personalized products and services, and consequently generating more revenue.

Payment APIs and Integration 88

Payment APIs and Integration API Privacy Regulations 88

The Fintech Times

NOVEMBER 8, 2024

UBS Digital Cash looks to facilitate timely payment processing to combat this. In addition to their role in correspondent banking, they also have the potential to streamline and simplify the settlement of tokenised assets in the capital market.”

Cross-Border 59

Cross-Border Cross-Border Payments Payment Solutions Blockchain 59

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. Global payments company Nium is enhancing its presence in Latin America, with a focus on expanding its operations in Brazil.

Cross-Border 109

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

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 Compliance Correspondent Bank Correspondent 89

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

Fintech Finance

OCTOBER 21, 2024

Rising Demand for Correspondent Services Wise Platform’s Correspondent Services, launched at Sibos last year in collaboration with Swift , allows partners to send and receive international payments instantly.

Cross-Border 98

Cross-Border Global Payments Cross-Border Payments Multi-Currency 98

Fintech Finance

JULY 12, 2024

In partnership with Mastercard, Alchemy Pay can identify users based on their risk levels and guide them through corresponding workflows. This positions Alchemy Pay as an expert in delivering solutions that facilitate mainstream accessibility to fiat payments for crypto and Web3 services.

Visa 104

Visa Accounts Payment APIs and Integration Payment Gateways 104

Fintech Finance

OCTOBER 29, 2024

The network of over 5,600 women banking correspondents (BCs) in Maharashtra have played a crucial role in reaching out to women, providing them with the support needed to open and maintain their bank accounts. By facilitating access to banking services, Airtel Payments Bank aims to empower women economically and socially.

Accounts 95

Accounts Financial Literacy Correspondent Enrollments 95

Fintech Finance

OCTOBER 18, 2024

As one of the pioneering payment processors in Latin America, Payválida has the largest network of partners for cash payments at physical branches and banking correspondents, in addition to offering customized alternative payment solutions for businesses and their customers, to facilitate smooth transactions that promote successful sales.

Alternative Payment Methods 97

Alternative Payment Methods B2C Correspondent Payments 97

PYMNTS

DECEMBER 30, 2020

Payactiv recovers corresponding EWA amounts via employer-facilitated payroll deductions” and doesn't “seek repayment from an employee directly or through a payment authorization from the employee’s account,” the order stated.

CFPB 106

CFPB Payroll Correspondent Rules 106

Fintech Finance

JUNE 3, 2025

By providing detailed line-item data crucial for accurate claims payment reconciliation and matching the 835-remittance data directly with the corresponding payment, the solution significantly enhances payment accuracy, accelerates reconciliation, and reduces administrative workloads.

Remittance Data 94

Remittance Data Reconciliation Payment Reconciliation Correspondent 94

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

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

Fintech News

JANUARY 30, 2024

These digital currencies, divided into retail and wholesale variants , aim to facilitate transactions across various sectors of the economy. PvP ensures that the final transfer of a payment in one currency only occurs once the corresponding transfer in another currency is completed.

Payments Trends 120

Payments Trends Digital Currency Cross-Border Payments Distributed Ledger Technology (DLT) 120

Fintech Finance

NOVEMBER 27, 2024

billion corresponds to the B2B segment. Moving money between countries has become an everyday task for businesses that want to expand and are constantly looking for solutions that allow them to connect with other markets and send funds in an easy, quick and cost-effective way. billion dollars, of which 39.3

Cross-Border 96

Cross-Border Cross-Border Payments Technology B2B 96

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

Fi911

SEPTEMBER 25, 2024

While a single business may possess one MID, it can have multiple TIDs, each corresponding to a different terminal. This association not only aids in maintaining the integrity and accuracy of transaction records but also enhances security measures by facilitating the detection and prevention of fraudulent activities.

Processors 100

Processors Origination Fraud Prevention Correspondent 100

PYMNTS

APRIL 3, 2019

As reported by Ledger Insights, the effort will initially facilitate transfers between Thailand and Myanmar, allowing Myanmar migrants working in Thailand to send money back to their home country, while saving money amid favorable exchange rates. Canada and Asia. By way of concrete examples, the authors cited xRapid.

Cross-Border Payments 92

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

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

Fintech Finance

JULY 10, 2024

The Medical Tourism Association will utilize Mastercard’s commercial virtual card technology to go beyond arranging treatments to also facilitating fast and secure payments with healthcare providers.

Cross-Border 97

Cross-Border Visa Wire Transfer Accreditation 97

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

Fintech News

MARCH 26, 2024

By facilitating exchanges of ideas and best practices, Programme Sirius intends to help MSMEs adopt environmentally friendly operations, gain access to sustainability financing, and explore new growth avenues in a low-carbon economy.

APACS 104

APACS FinTech SARS Authorization 104

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. Internal assessments categorised Nordeas overall AML risk as critical, yet systemic upgrades were not prioritised.

Financial Crimes 88

Financial Crimes Crime Due Diligence Money Laundering 88

VISTA InfoSec

DECEMBER 2, 2024

Calculate Overall Risk Level With both the likelihood of each threat and the corresponding vulnerabilities in hand, you can now determine the overall risk level. Youll need to define clear roles, recovery time objectives (RTOs), and recovery point objectives (RPOs) to facilitate swift action in the event of a crisis.

Disaster Recovery 130

Disaster Recovery Risk Assessment Assessments Risk 130

VISTA InfoSec

DECEMBER 2, 2024

Calculate Overall Risk Level With both the likelihood of each threat and the corresponding vulnerabilities in hand, you can now determine the overall risk level. Youll need to define clear roles, recovery time objectives (RTOs), and recovery point objectives (RPOs) to facilitate swift action in the event of a crisis.

Disaster Recovery 130

Disaster Recovery Risk Assessment Assessments Risk 130

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

The Fintech Times

OCTOBER 21, 2024

Unveiled in Beijing at the annual Sibos conference, Mastercard Move Commercial Payments will enable banks to facilitate near real-time, predictable and transparent commercial cross-border payments. Large clearing banks can extend the service to their institutional customers with minimal changes to their current processes.

Cross-Border 52

Cross-Border Addressing Cross-Border Payments Visa 52

Fi911

JUNE 18, 2024

Documents Transmitted via Visa Resolve Online Several types of documents are transmitted through Visa Resolve Online to facilitate the resolution of disputes. Case Reports : Summarized details of the dispute, encompassing all relevant data, correspondence, and decisions made throughout the process.

Disputes 99

Disputes Issuers Acquirers Compliance 99

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

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 Compliance AML 113

Fintech Finance

JANUARY 2, 2024

Swift has consistently played a pivotal role in facilitating such transactions, connecting a vast network of financial institutions as well as banks worldwide. StoneX Payments facilitates foreign exchange payment transactions in more than 140 currencies and spanning over 180 countries.

Cross-Border Payments 59

Cross-Border Payments Cross-Border SWIFT Verification 59

The Fintech Times

MAY 21, 2024

The report reveals that over the past five years, scheme and processing fees have surged by more than 30 per cent in real terms, without corresponding improvements in service quality.

Visa 90

Visa Regulations Payments Consulting 90

Fintech News

APRIL 11, 2024

This, combined with the flexibility to operate across multiple currencies, facilitates seamless global transactions by allowing purchases to be made internationally while settling payments locally, thus avoiding the complexities of foreign exchange.

Cross-Border Payments 123

Cross-Border Payments Cross-Border APACS Payments 123

Nanonets

JUNE 27, 2024

Fuzzy matching (également appelée correspondance approximative de chaînes) est une technique qui permet d'identifier deux éléments de texte, chaînes ou entrées qui sont à peu près similaires mais ne sont pas exactement identiques. Qu’est-ce que fuzzy matching?

Correspondent 52

Correspondent AI Non-Bank Duplicate 52

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

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. This year, the U.S.

SWIFT 40

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