Finextra

JUNE 29, 2025

Senate passed the “Guiding and Establishing National Innovation for U.S. Up to now US stablecoins are regulated by individual states, for example New York applies its existing virtual currency regulations to stablecoins rather than treating them as a separate asset class. On June 17, 2025, the U.S. Stablecoins Act” or “GENIUS Act.”

Cross-Border Payments

PYMNTS

OCTOBER 6, 2016

SWIFT’s year has been filled with controversy, the apex of which occurred when reports surfaced that cyberthieves infiltrated Bangladesh Bank via the SWIFT messaging system in February, resulting in $81 million stolen from the bank’s account at the New York Federal Reserve. Among its criticisms was a lack of speed.

SWIFT

PYMNTS

FEBRUARY 26, 2020

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. A Gradual Move With Big Benefits.

ISO 20022

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

PYMNTS

OCTOBER 15, 2020

These difficulties are due to a process called correspondent banking, in which transactions must also be funneled through multiple financial institutions (FIs) before they reach their final destinations. How New Payments Networks Improve On Correspondent Banking. About The Tracker.

Correspondent Bank

PYMNTS

DECEMBER 15, 2020

Visa Talks Payment Rail Innovation. In a PYMNTS interview this month, Visa Global Head of New Payment Flows at Visa Business Solutions Alan Koenigsberg discussed the need for existing payment rails to innovate and adapt to new use cases. Bank Of America Wields SWIFT gpi.

Innovation

PYMNTS

AUGUST 31, 2020

It also means that high-impact changes can be made more frequently and predictably with limited effort, so that banks can quickly make adjustments and ultimately drive innovation. The first is improved speed, shown by the adoption of cloud technology from global payments network SWIFT.

Real Time Payments

PYMNTS

DECEMBER 18, 2018

SWIFT said Tuesday (December 18) that its SWIFT gpi payment service is being used for more than half of SWIFT’s cross-border traffic. According to SWIFT, the SWIFT gpi service has improved the customer experience in cross-border payments by boosting speed, transparency and the traceability of payments.

Cross-Border

PYMNTS

DECEMBER 20, 2018

SWIFT , the messaging service, said earlier this week that its SWIFT global payments innovation (gpi) service is being used for a majority — as in 55 percent — of its cross-border traffic. When it comes to corporate transactions (and, well, payments in general), two inexorable trends include speed and distance.

Cross-Border

PYMNTS

OCTOBER 19, 2020

These challenges are only exacerbated when payments move across international borders, usually accomplished via correspondence banking. The biggest hurdle the cross-border payments industry faces is navigating the networks that govern payment flows in every correspondent bank through which funds pass.

Cross-Border Payments

The Fintech Times

FEBRUARY 21, 2024

Practical improvements await Rachel Levi, global head of innovation engineering, SWIFT Rachel Levi , global head of innovation engineering, Swift , the cross-border payments provider, notes how the company and ecosystem are working to make practical improvements to international payment speed.

Cross-Border Payments

PYMNTS

MAY 24, 2017

With lack of visibility into the correspondent banking system a top challenge for B2B payments, SWIFT is rolling out a way for payers to track their cross-border payments in real time. The solution is part of the firm’s broader gpi initiative, a payments innovation focus.

SWIFT

PYMNTS

APRIL 3, 2019

These shortcomings make the cross-border payment industry ripe for disruption and innovation. Blockchain (or DLT), said the authors, can lower costs and improve transparency, in part by eliminating the need for a correspondent banking relationship. SWIFT also has an ongoing distributed ledger proof of concept.

Cross-Border Payments

PYMNTS

NOVEMBER 8, 2017

To that end, SWIFT debuted its global payments innovation initiative (gpi) earlier this year, a solution which looks to boost the infrastructure underpinning the movement of money on a global scale. Banks also will be able to immediately stop or recall payments no matter where those payments are in the correspondent banking chain.

SWIFT

PYMNTS

JULY 26, 2019

With correspondent banking relationships on the decline, financial institutions are looking for new — and faster — ways of moving money around the world, too. Some solution providers like Ripple are introducing new ways to bypass the correspondent banking system entirely. This, of course, means faster global payments.

Cross-Border Payments

PYMNTS

OCTOBER 16, 2020

The traditional correspondent banking network is one major speedbump that stops financial institutions (FIs) from providing speedy, inexpensive, cross-currency and cross-border transfers, Lembo explained, but financial services providers can adopt new technology and approaches to safely streamline these transactions.

Cross-Border Payments

PYMNTS

APRIL 29, 2020

Indeed, many of the most pertinent drivers of payments innovation today were quick to evolve in the world of cryptocurrency. ” Those providers are increasingly able to do so as faster payment innovations proliferate. “Crypto is just another payment channel, like SEPA, SWIFT or payment cards,” noted Karalevi?

Cryptocurrency

Payment Savvy

MARCH 22, 2023

Most international money wires have been possible with the infamous SWIFT code. SWIFT is widely used in almost every country, with just a few exceptions, as it’s one of the most secure methods of sending international payments all over the world. This article discusses the definition and purposes of the SWIFT network system.

SWIFT

PYMNTS

SEPTEMBER 6, 2018

It further adds: “It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”. But SWIFT also made headlines when it said late last week that Ebury has become the first of the FinTechs to go live across the SWIFT gpi (global payments innovation).

Cross-Border

PYMNTS

AUGUST 16, 2019

SWIFT , a global member-owned cooperative and provider of secure financial messaging services, got involved in January 2016 when it launched its global payments innovation (gpi) initiative to increase the speed, transparency and tracking of cross-border payments. innovations. and Australia’s NPP. Challenges Aren’t Universal.

Cross-Border Payments

PYMNTS

SEPTEMBER 4, 2020

Earlier this year, Spain-based CaixaBank was one of six financial institutions in the country to sign up for the Swift global payments innovation (Swift gpi), the new standard for cross-border payments that promise to improve the customer experience by increasing speed, transparency and end-to-end tracking.

Cross-Border Payments

Fintech Finance

JULY 12, 2024

In addition to speed, the search engine delivers full visibility into a company’s transactions, providing details such as a payment status, incoming and outgoing messages, Swift GPI tracking details and images. CashPro: Innovation and momentum highlights A platform of innovation Numerous CashPro related patents have been granted to date.

Transactions

Fintech Finance

JANUARY 11, 2024

It explores the challenges faced by financial institutions in correspondent banking relationships, shedding light on regulatory compliance, security concerns, foreign exchange rate risks, and the impact of fintech players entering the field. “The evolving nature of cross-border payments demands a proactive approach.

Cross-Border Payments

Fintech News

DECEMBER 10, 2023

” For FIs, the consequences are equally daunting, as they face expenses associated with the correspondent banking network. This approach is not limited to domestic payments but is especially relevant to international transactions, which often involve a complex web of correspondent banks.

Addressing

Fintech Finance

APRIL 8, 2025

Over the years, the bank greatly enhanced its ability to deliver digital innovations. BPC boosted its issuing and acquiring capabilities with SmartVista through modern card management and switching solutions, allowing ACLEDA to offer debit, credit and innovative virtual cards of international and local schemes quickly.

PCI DSS

PYMNTS

APRIL 1, 2019

The jockeying for cross border-payments continues, and SWIFT and Ripple continue to dominate the headlines. As noted, SWIFT has rolled out its gpi (short for global payments initiative). These shortcomings make the cross-border payment industry ripe for disruption and innovation.

Cross-Border

PYMNTS

SEPTEMBER 6, 2018

… It all means funds can now be transferred at a fraction of the cost and time of traditional correspondent banking.”. SWIFT, Too. However, SWIFT also made headlines when it said late last week that Ebury has become the first FinTech firm to go live across the SWIFT global payments innovation (gpi).

SWIFT

Fintech Finance

MAY 29, 2025

Conduit’s cross-border payment network seamlessly integrates stablecoins, USD and local currencies, providing businesses with a faster, cheaper, and more reliable alternative to the legacy SWIFT system. “What impressed us most was not just their innovative technology, but their remarkable traction and clear product-market fit.

Cross-Border Payments

PYMNTS

FEBRUARY 8, 2018

China’s renminbi (RMB) is one global currency that is pushing its international standing, but new data from SWIFT released earlier this month found 2017 was a mixed year for the currency. Earlier data from SWIFT released last year found the RMB slipped from fifth place to sixth in a ranking of global currencies. “In

B2B

Fintech Finance

JANUARY 2, 2024

StoneX has announced that it is one of the first financial organizations to enable Swift ’s new leading-edge solution for cross-border payments. 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

PYMNTS

SEPTEMBER 11, 2019

According to the Real-Time Payments Innovation Playbook , 26 percent of cross-border businesses rely on international wire transfers, while the next most common method is by paper check (20 percent). One-third of companies surveyed in the Real-Time Payments Innovation Playbook planned to implement them within the next three years.

Cross-Border Payments

PYMNTS

MARCH 7, 2019

The challenges of global payments are well known, particularly as analysts warn of the impact of a decline in correspondent banking relationships around the world. Analysts pointed to a rise in regulatory pressure as one of the factors pushing banks to reduce exposure to and participation in the correspondent banking space.

B2B

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.

Interoperability

Finovate

OCTOBER 21, 2024

The new commercial payments tool leverages a multi-rail system that includes SWIFT, Visa Direct, and Mastercard’s proprietary networks. Move Commercial Payments offers features like liquidity management, integration with existing SWIFT systems, and helps to reduce counterparty risk. with Lloyds Banking Group and UBS.

Cross-Border Payments

The Fintech Times

OCTOBER 21, 2024

Mastercard says Move Commercial Payments aims to address existing challenges and capitalise on opportunities in commercial cross-border payments in an innovative way. Tackling serious pain points Mastercard Move Commercial Payments is fully compatible with existing correspondent banking arrangements between respondents and correspondents.

Cross-Border

PYMNTS

APRIL 6, 2016

Payments messaging firm SWIFT is looking to gain support for its global payments initiative and, most recently, announced the latest backers of the pilot program. The company said it will hope to improve the transparency and speed of global payments with the program. “The

Cross-Border Payments

Finovate

JANUARY 31, 2025

Cedar Money leverages stablecoins instead of SWIFT to offer faster, more reliable, and cost-effective international money transfers, particularly in regions where traditional systems are inefficient or inaccessible. Cedar Money has raised $9.9 million in Seed funding. million in Seed funding.

Cross-Border