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Navigating AML obligations in the age of virtual IBANs

The Payments Association

Virtual IBANs (vIBANs) have become a key component of modern payment systems, enhancing payment reconciliation and facilitating cross-border transactions. Voices from the industry Virtual IBAN regulations are evolving as regulators tighten AML compliance, data protection, and cross-border payment rules.

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Hecto Financial launches MAMS

The Paypers

Korea-based financial services provider Hecto Financial has announced the launch of its Master Account Management Solution (MAMS) for cross-border transactions.

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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. Saxo’s clients set up a master account linked to the Banking Circle platform, then issue a master IBAN. According to Tuesday (Feb.

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The Future Of Payments Beyond The Pandemic

PYMNTS

That’s not to say that all stakeholders — merchants, yes, but the financial institutions (FIs) serving them, too — have crossed the digital Rubicon. Cross-Border Friction — And Bitcoins And Blockchain. Friction is readily apparent in cross-border commerce, and especially in P2P and B2B payments done across currencies.

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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. According to the company’s announcement, corporate customers of the company are provided with a master account, with the ability to open sub-accounts in different currencies and regions.

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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.

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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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