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Navigating AML obligations in the age of virtual IBANs

The Payments Association

Voices from the industry Virtual IBAN regulations are evolving as regulators tighten AML compliance, data protection, and cross-border payment rules. The primary focus on monitoring master accounts leaves an oversight gap that can be exploited for illicit financial activities.

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Centtrip Launches Real-Time Payments Service For Multinational Firms

PYMNTS

Multi-currency account provider Centtrip is introducing a way for corporates to make and receive faster cross-border payments. based company, which provides global payments, foreign exchange (FX) and banking services, announced its real-time payments solution on Wednesday (April 18).

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Saxo Launches IBAN Service For Global Payments

PYMNTS

Saxo Payments is looking to ease friction in cross-border payments 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 global payment services. According to Tuesday (Feb.

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Making International Supply Chain Money Move Faster

PYMNTS

“Because of the multicurrency aspect of our account, it also [means] the artist could … receive [her] revenue in the currency of the area [she is] in.”. These clients can then make individual or batch payments from each sub-account. They can manage multiple accounts to one interface,” Jamieson said.

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Happy First Birthday FedNow: But is This a Cause For Celebration?

The Fintech Times

Both offer similar services, but FedNow participants can transfer funds from their Federal Reserve master account, which means they have an extra pool of resources for liquidity management. RTP, on the other hand, is interoperable which allows third-party apps like Zelle to access and build products on.

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The Future Of Payments Beyond The Pandemic

PYMNTS

Speed of payments changes the fraud equation, and the balance that needs striking. Edwards termed real-time payments “an ACH killer … it’s moving today’s batch process of banks exchanging files with each other to a Federal Reserve centric master account to an ‘instant’ way for banks to do it.”.

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The Fed’s crypto pivot: Unlocking banking access and its impact on payments

The Payments Association

This position could allow for greater integration of crypto businesses into the regulated financial system, potentially offering more stability and clearer risk managementfactors that may also influence related areas such as payments and settlement.