China UnionPay has become the first card payment processor to offer a cross-border QR code payment service to holders of cards issued by Hong Kong and Macau banks without an onshore bank account as it faces intensifying competition from the likes of Alipay and WeChat Pay.
Read MoreCompetition in the business of facilitating cross-border payments has just gotten tighter. Until recently, the primary fintech challenger to the reigning SWIFT international payment system has been Ripple Labs and its various products designed for the institutional banking sector.
Read MoreUK-based Ebury has become the first fintech to be a full and active participant on gpi, Swift’s cross-border payments scheme. The move has been hailed as an important milestone by Swift which is looking to encourage new non-bank entrants to join the traditional banks already on the service.
Read MoreFor years, cross-border payment processes have been a functional, yet flawed, aspect of global commerce. In fact, while globalization has strengthened interconnectivity worldwide, actions as simple as currency exchanges or wire transfers are still considered to be a costly and time-intensive undertaking.
Read MoreSecure financial messaging service SWIFT will soon commence testing a new cross-border payments service, alongside banks from Australia, China, Singapore, and Thailand. According to SWIFT, the new instant gpi payments service will scale and integrate with real-time systems around the region through gpi members in each system.
Read MoreYes, digital currencies have had a hard time of it. Yes, they are down as a group by as much as 70 percent from their peaks.
Read MoreJeremy Light, the European Union strategic accounts’ Vice President at Ripple has expressed the company’s interest in the Chinese market. In an interview with CNBC, Light has stated that China interests Ripple since it can provide assistance to the nation for speed enhancement of cross border payment based on blockchain technology.
Read MoreAs globalization and digitalization gather pace across the payments landscape, the need for fast and transparent cross-border transactions is particularly pressing, says Monika Aminiova, Cash Management Business Development Manager, Treasury Services EMEA, BNY Mellon.
Read MoreOn Monday (June 25) Ant Financial, the payments and financial services arm of Chinese e-commerce giant Alibaba, unveiled a cross-border remittance service powered by blockchain technology.
Read MoreBanking co-operative Swift is to extend its global payments innovation (gpi) scheme to all 10,000 member banks on the network as it faces up to competition from the likes of Ripple and a growing disenchantment with old-school correspondent banking models.
Read MorePayments are the lifeblood of an economy. They form a critical part of the financial value chain for companies. But the basic correspondent banking mechanism for cross-border payments has remained unchanged for decades.
Read MoreRipple is claiming promising results from the first pilot trials by remittance platforms of its digital asset XRP as a medium of exchange.
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