As we slowly but surely move towards a global village into a reality, the overall value of cross-border payments is also expected to rise by 5.5 yearly, increasing from US22 trillion in 2016 to US30 trillion in 2022. Yet, according to a report published by KPMG , active correspondent bank numbers are at a slow […]
Read MoreThe reserve banks of Canada, Singapore and the United Kingdom have singled out central bank digital currencies as being one of the solutions that can be implemented in order to solve the challenges encountered when making cross-border payments. The report by the Monetary Authority of Singapore, Bank of England and Bank of Canada notes that CBDCs, which can either be retail […]
Read MoreAs shown by the proliferation of Bitcoin and the wave of innovation that followed, blockchain technology can be applied to many different industries to make processes more efficient. But, among the most important to the needs of a global population, is banking.
Read MoreThe central banks of Canada, Britain and Singapore on Thursday jointly released a report on cross-border payments and settlements, which provides a framework for assessing transactions in greater depth and discusses how alternative payment models can be implemented.
Read MoreWhen one quickly reads the title of this particular article posting in Bloomberg, you might reach a hasty conclusion that Venmo has launched a global corporate payments app, which is not the case (although everyone wants ‘in’ on the massive B2B market so keep your eye out).
Read MoreWestern Union and Amazon announced a partnership Wednesday (October 31) that will offer a new payment option for international customers of the eCommerce giant.
Read MoreFinancial messaging service SWIFT has announced the successful testing of its new instant cross-border payments proof of concept, alongside banks from Australia, China, Singapore, and Thailand.
Read MoreSWIFT has announced that it will work with five Malaysian banks to bring its global payments innovation (gpi) initiative to Malaysia in coming months. The banks are Maybank, Hong Leong Bank, CIMB Bank Berhad, Bank Islam, and Bank Rakyat, which will implement the gpi service in the months to come.
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 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 More
