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Navigating AML obligations in the age of virtual IBANs February 10 2025 by Payments Intelligence LinkedIn Email X WhatsApp What is this article about? The compliance challenges of virtual IBANs, focusing on AML obligations and regulatory gaps. Why is it important? Previous slide Next slide What are vIBANs?
LSEG Risk Intelligence has launched its Global Account Verification (GAV) service in Asia-Pacific and Europe, the Middle East, and Africa, expanding efforts to enhance security in cross-borderpayments. By October 2025, Eurozone providers must conduct mandatory account name-IBAN checks for transactions.
Financial technology specialist Sokin has today announced it has become the Official GlobalPayments Partner of Excel London. Sokin will enhance globalpayments at Excel, soon to be Europe’s largest fully integrated events venue, by streamlining cross-border transactions, increasing efficiencies and reducing costs.
Payset is transforming the way businesses handle international finance with its globalpayments platform. In advance of the launch, media and prospective users are invited to explore the site here: [link] payset.io/ to experience firsthand how Payset is evolving to greet the future of globalpayments.
Emirates NBD , a leading banking group in the Middle East, North Africa, and Türkiye (MENAT) region, has announced its partnership with iPiD , a global Know Your Payee (KYP) validation provider. The collaboration will enable Emirates NBD to provide real-time beneficiary validation for cross-borderpayments.
The integration will allow InSoil users to access features such as personal IBAN accounts, multi-currency settlements, and digital wallets. The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about latest developments in the industry.
More information on the IFX Payments x Form3 collaboration According to the official press release, the VoP scheme was developed to reduce fraud and payment errors by verifying that the payees name matches their PSPs records for the given IBAN.
With Bivials Swiss IBAN Accounts, businesses can transact through SEPA and SWIFT across more than 160 countries and in 90+ currencies via the Bivial Dashboard and APIs. These new international accounts are ideal for companies looking to grow their global reach through cross-border transactions.
These can be converted into shared spaces or linked to separate cards or IBANs, providing additional tools for managing travel budgets individually or as a group. The subscription also includes access to ‘Spaces’, a feature that allows users to create and manage up to ten sub-accounts to organise spending.
Following this announcement, Aani Instant Payments introduced a new solution designed to enable SME businesses to collect payments from their clients instantly and securely, without the need for an IBAN.
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. .”
MultiPass , a globalpayment solution that provides modern financial products for businesses trading globally, has obtained a financial services licence in the UAE, regulated by the Dubai Financial Services Authority (DFSA). We look forward to contributing to the dynamic economic landscape of the UAE and the Middle East.”
Multi-currency IBAN account provider ONPEX is collaborating with Canada’s Wirexend to provide multi-currency payment solutions for joint business customers. The companies noted that connecting IBANs to Wirexend accounts supports faster and easier reconciliation and security.
It seems that’s the journey for cross-borderpayments, which are in the midst of a digital disruption as innovators focus on addressing a range of friction points, from sluggish speeds to high costs. Only a few years ago, small businesses lagged in globalpayments technology uptake.
Cross-borderpayments company Currencycloud is rolling out an accounts receivable solution aimed at reducing the friction of collecting payments from abroad. The company announced news on Tuesday (March 20) that its Global Collections tool is now live to support the acceptance of payments in multiple currencies.
Lithuania payments company SatchelPay is adding multi-currency cross-borderpayments functionality through a new partnership with multi-currency IBAN account provider ONPEX (the Online Payment Exchange).
It is aimed at enhancing the security and convenience of globalpayments. In 2022, cross-borderpayment flows reached about USD 150 trillion, a 13% increase from 2021, and are expected to continue to expand.
This week, the firm announced a collaboration with Ebury to integrate foreign exchange (FX) and cross-borderpayment services into its product suite. At first glance, SMB lending and cross-border FX services may not appear to go hand-in-hand. Recent reports from The Guardian found that more than £1 million ($1.3
IFX Payments’ performance comes against a backdrop of a large growth in international payments and a surge in demand for solutions to manage them, such as its flagship ibanq platform.
(The Paypers) ONPEX , a provider of multi-currency IBAN accounts, has partnered with SWIFT to offer its clients instant access to SWIFT’s globalpayments innovation (gpi).
Linking financial institutions and corporates with its Banking-as-a-Service platform, ONPEX enables FIs to deploy cloud-based account and payment technology to digitize operations and enhance their cross-border corporate payment offerings. Cloud Elements.
FinMont , the globalpayment orchestration platform, has published a new survey about European consumers’ online travel booking habits, expectations and frustrations. Users can also look up transactions by merchants or categories and get reminders for bill payments and subscriptions.
“With their help, we look forward to achieving and capitalizing on our post-Brexit dominance of the B2B cross-borderpayments market and to scaling the business to achieve its full global potential, offering our customers the smartest, most efficient solutions for their businesses,” Fitzmaurice added.
The document is said to set the stage for Axiata Digital’s Boost Malaysia mobile wallet to become part of the cross-border mobile payment alliance of the Singtel Group, which is called VIA. They also enter a recipient’s International Bank Account Number (IBAN).
As part of its continued ambition to become a leading global clearing provider, Banking Circle has today significantly strengthened its embedded financial infrastructure with direct access to the Swiss Interbank Clearing (SIC) system. ” The CHF solution is live now, with full commercial rollout underway.
Banking Circle , the global clearing provider, has made major progress in its effort to build a globalpayments platform with interoperability at its core, as it strengthens its embedded financial infrastructure with direct access to the Swiss National Bank ‘s Swiss Interbank Clearing (SIC) system.
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