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According to the new Simplifying Cross-Border Payments Playbook , there are five key criteria that an ideal cross-border payment solution should meet: speed, security, compliance, transparency and ubiquity. Currently, there are 57 real-timepayments rails operating in more than 72 countries, with even more under construction.
In today’s top news in digital-first banking, SWIFT has announced that its international platform will be updated to let financial institutions (FIs) provide instant transactions, and VSoft has rolled out its new Bread merchant services network. SWIFT to Create New Cross-Border Real-Time Rails.
Coverage includes The National Bank of Kuwait ’s rollout of SWIFT Global Payments Innovation (gpi) services with the help of ACI Worldwide. In addition, UCPB launched its InstaPay service in The Phillipines, and NoBroker has brought rent payments into its app in India.
Citi ’s Treasury and Trade Solutions (TTS) announced that it has expanded its Citi Payment Insights offering to more than 20 new markets, making it available in more than 70 markets. In addition to expanding to new markets, the solution is now available to all client segments across corporate, public sector and financial institutions (FIs).
Citi announced Monday (July 16) the launch of Citi Payment Insights, a new service that gives institutional clients access to real-timepayment information and the ability to action payments on demand via the CitiDirect BE electronicbanking platform.
The transfers will be done through UCPB Connect, the electronicbanking service. In a statement, UCPB Vice President and Head of Marketing Group Charina Balanquit said, “The fund transfer service is geared more for retail payments, such as domestic remittances, payments to service providers, eCommerce and peer-to-peer payments.”.
Moreover, checks retain their value in specific industries and relationships as a trusted and well-established payment method. ACH transfers Automated Clearing House (ACH) transfers have emerged as a preferred B2B payment option for electronicbank-to-bank transactions.
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