Payments Source

AUGUST 8, 2018

The fact remains that the vast majority of international payments are still done via banks and through the correspondent (SWIFT) network, writes Rosie Faulkner, vice president and money laundering reporting officer at Earthport.

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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.

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PYMNTS

SEPTEMBER 5, 2019

A new API standard for the pre-authorization of funds is being rolled out by SWIFT, clearing a path for a revolution in financial services enabled by open banking, the company said in a press release on Thursday (Sept. Earlier this year, SWIFT rolled out its Pay Later API standard. “In

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PYMNTS

FEBRUARY 3, 2017

SWIFT is putting the pressure on its members to enhance their cybersecurity capabilities, according to reports by SC Magazine. According to the publication, SWIFT is encouraging and, in some cases, threatening its member banks to deploy more sophisticated cybersecurity measures.

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Fintech Review

NOVEMBER 20, 2024

Once a transfer request is received, the SOE identifies the best route and shares the corresponding rate with the institution and consumer. This is done through the institution’s existing mobile or web app, or physical branch. The consumer then elects to proceed with the transfer at the quoted rate.

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The Fintech Times

MARCH 6, 2025

Some notable schemes users will have access to include: Swift ACH Fedwire SEPA FPS Solana Tron Polygon Ethereum BNB Smartchain Bitcoin Cardano Integrating the wallet Fintechs, crypto apps, PSPs , marketplaces and payroll platforms can embed the multicurrency wallet into their platform via API. Why stablecoins?

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Stablecoins Payment APIs and Integration FedWire Multi-Currency 59

Fintech Finance

MARCH 10, 2025

Known for its fiat and crypto correspondent account services for financial institutions, Clear Junction’s continued presence in the FT 1000 is a testament to the trust it has built across the banking, fintech, payments, and digital asset ecosystems.

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Cross-Border Payments Cross-Border Correspondent Multi-Currency 59

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. Upon success with the phishing, the hackers “moved through the bank’s network” to access computers that victimized banks used to send and receive messages over SWIFT systems.

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Currencycloud

MAY 22, 2024

Swift (Society for Worldwide Interbank Financial Telecommunications) is the global messaging system used by the correspondent banking network and financial institutions to manage cross-border transactions. Swift is an all-in-one provider, offering secure payments in global currencies that can be received by everyone, everywhere.

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Payment Savvy

JUNE 18, 2020

According to analysts, in 2012, it was observed that SWIFT facilitated up to $6 trillion per day. However, contrary to what most people think, SWIFT does not do any of the fund transfers. So, what is SWIFT? What is SWIFT? A Brief History of SWIFT. SWIFT was founded in 1973 in Brussels. How Does SWIFT Works?

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Fintech Finance

FEBRUARY 22, 2024

Numeral, the payment technology provider, today announces the support of Swift payments , enabling companies and financial institutions to automate cross-border payments with their partner banks to more than 200 countries, in addition to local European SEPA as well as UK Bacs, FPS, and CHAPS payments, from a single platform. “At

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SWIFT Technology Cross-Border Payments Correspondent Bank 52

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.

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Fintech Finance

OCTOBER 21, 2024

Leverages banks’ existing investments in Swift messaging infrastructure, with a single technical connection that allows corridors and currencies to be added with minimal cost and resources. Fully compatible with existing correspondent banking arrangements between respondents and correspondents.

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Fintech Finance

MARCH 6, 2025

Known for its fiat and crypto correspondent account services for financial institutions, Clear Junctions continued presence in the FT 1000 is a testament to the trust it has built across the banking, fintech, payments, and digital asset ecosystems.

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Cross-Border Payments Cross-Border Correspondent Multi-Currency 52

PYMNTS

DECEMBER 16, 2019

SWIFT is launching its global Know Your Customer (KYC) registry to more corporate groups, SWIFT announced in a press release on Monday (Dec. Bart Claeys, Head of KYC and Reference Data at SWIFT, said its global KYC registry offers “huge benefits to the 5,000 banks and financial institutions which are currently using it.” .

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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.

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PYMNTS

AUGUST 31, 2020

The first is improved speed, shown by the adoption of cloud technology from global payments network SWIFT. This network is quickly becoming more popular as a replacement for correspondence banking models, partnering with BNY Mellon and Microsoft to enable payments at 11,000 FIs in more than 200 countries around the world.

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The Fintech Times

DECEMBER 1, 2024

Following its collaboration with Dandelion, HSBC now offers fee-free transfers to over 100 destinations in more than 60 currencies, providing a seamless, real-time payment experience that bypasses the traditional correspondent banking model. billion bank accounts and 116 million digital wallets around the world.

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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. As has been reported, more than 50 percent of SWIFT gpi payments are made within 30 minutes, and roughly 100 percent are made within 24 hours.

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PYMNTS

JULY 18, 2017

SWIFT is opening up its KYC registry to more banks around the globe. 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. The Registry enables banks and FIs to share and access KYC data and documents.

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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. SWIFT gpi targets companies with a global presence conducting cross-border transactions.

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PYMNTS

OCTOBER 7, 2019

First Investment Bank ( Fibank ) is the first Bulgarian bank to offer the SWIFT Global Payment Initiative (gpi), according to a press release. SWIFT data shows that about 36 percent of gpi transfers reach their destination within 5 minutes. Fibank has correspondent accounts in not only major currencies, like the U.S.

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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.

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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.

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PYMNTS

APRIL 10, 2019

The amount of money stolen in 2018 averaged between $250,000 and $2 million, which is down from amounts in the tens of millions, according to a report by interbank messaging service SWIFT. The higher the value of the instruction, the higher the risk of triggering fraud-detection systems,” SWIFT said in the study.

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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.

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The Paypers

OCTOBER 12, 2016

(The Paypers) Wells Fargo , ANZ and Swift have deployed a prototype that envisions the role blockchain plays in correspondent banking.

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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.

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

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.

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PYMNTS

DECEMBER 15, 2020

Bank Of America Wields SWIFT gpi. Bank of America has built a new solution using SWIFT's gpi rail, which integrates with domestic rails, to enable cross-border payment tracking for its corporate customers.

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PYMNTS

SEPTEMBER 27, 2019

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

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PYMNTS

APRIL 3, 2019

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. That comes as SWIFT is working with R3’s blockchain platform, Corda.

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

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).

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PYMNTS

AUGUST 17, 2016

It looks like after all the Sturm und Drang, Bangladesh’s central bank will not take action against the Federal Reserve Bank of New York and SWIFT network over the $81 million theft it suffered earlier this year. “We look forward to cooperation both from the Fed and SWIFT.”

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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).

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The Paypers

MARCH 20, 2018

(The Paypers) The Financial Stability Board (FSB) has published updated data on correspondent banking relationships using data provided by SWIFT.

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Correspondent Bank Correspondent SWIFT 28

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.

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