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Voices from the industry Virtual IBAN regulations are evolving as regulators tighten AML compliance, data protection, and cross-borderpayment rules. The primary focus on monitoring masteraccounts leaves an oversight gap that can be exploited for illicit financial activities.
Saxo Payments is looking to ease friction in cross-borderpayments through the launch of an IBAN service, the company said this week. ” He added that financial service providers can gain a “competitive edge” over other players that provide FX and globalpayment services.
Multi-currency account provider Centtrip is introducing a way for corporates to make and receive faster cross-borderpayments. based company, which provides globalpayments, foreign exchange (FX) and banking services, announced its real-time payments solution on Wednesday (April 18).
Among these is the London-based FinTech Centtrip , which provides globalpayments, treasury and FX services to business clients. PYMNTS recently caught up with Brian Jamieson, the company’s co-founder and CEO, to discuss its new service enabling clients to make real-time, in-network payments.
If realised, such changes could also have wider implications for the globalpayments ecosystem, particularly in areas where crypto and traditional finance intersect. One notable change is the removal of “reputational risk” as a consideration when evaluating applications for masteraccounts.
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