Remove Cross-Border Remove Cross-Border Payments Remove Master Account
article thumbnail

Navigating AML obligations in the age of virtual IBANs

The Payments Association

Payment Service Providers must strengthen due diligence, monitoring, and collaboration with regulators to address these risks. Virtual IBANs (vIBANs) have become a key component of modern payment systems, enhancing payment reconciliation and facilitating cross-border transactions.

IBAN 88
article thumbnail

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).

article thumbnail

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.

IBAN 40
article thumbnail

The Future Of Payments Beyond The Pandemic

PYMNTS

The technological stage has been set for that embrace of digital transactions with a slew of new payment products and services on offer. That’s not to say that all stakeholders — merchants, yes, but the financial institutions (FIs) serving them, too — have crossed the digital Rubicon.

article thumbnail

Making International Supply Chain Money Move Faster

PYMNTS

As the world continues to shrink and companies do more business beyond their borders, quick and efficient fund transfers and reconciliations have become crucial to keeping everything organized and everyone happy. Those operating in multiple counties must also manage cross-border money transfers between their far-flung offices’ accounts.

article thumbnail

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.

FedNow 59
article thumbnail

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

The Payments Association

CBDCs remain of interest, but uncertainties persistinteroperability with USDC, blockchain choice, supply limits, and cross-border use. One notable change is the removal of “reputational risk” as a consideration when evaluating applications for master accounts. How are banks likely to respond?