Cross-border Payments

UnionPay Launches Cross-border Mobile Payment Service in Hong Kong, Macau

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 More

Fast & Seamless: The Race for the Cross-Border Payments Market

Competition 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 More

First Fintech Goes Live on Swift’s Cross-border Payments Scheme

UK-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 More

The Promise of Stablecoins: How Blockchain Can Transform Cross-Border Payments

For 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 More

​SWIFT to Test Instant Cross-border gpi Payments in Australia

Secure 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 More

Ripple Makes Ripples in Cross-Border Payments

Yes, 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 More

Ripple Targets China for Blockchain-Based Cross-Border Transaction

Jeremy 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 More

Cross-Border Payments: Reaching Further With Swift gpi

As 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 More

China’s Payments Giant Coming for Western Union

On 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 More

Swift Moves to Universal Adoption of Gpi

Banking 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 More

Moving Towards Faster, Transparent and Trackable Cross-border Payments

Payments 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 More

Ripple Claims Success in First Pilot Trials of XRP for Cross-border Payments

Ripple is claiming promising results from the first pilot trials by remittance platforms of its digital asset XRP as a medium of exchange.

Read More