Remittance Payments

CFPB’s Remittance Rule Exception Needs a Reboot

The Consumer Financial Protection Bureau’s first major rulemaking put in place new consumer protections for consumer remittances, including many consumer wire transfers sent through the correspondent banking system by banks, credit unions and broker-dealers.

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Cryptocurrency Would Fix Money Transfer Markets if More People Were Familiar With It

Money transfer markets can be a life-or-death matter. Migrants like Ahmed Ali from Somalia have to send money to their family because Somalia doesn’t have a functioning government. The money can mean the difference between their family starving or eating.

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Western Union Makes Digital Push Amid Fierce Competition for Money Transfers

Western Union Co. is aggressively expanding its digital services as the money-transfer giant tries to keep pace with competitors vying for international transfers.

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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.

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The Future of Global Payments

In the age of the internet, we can send data and information to anybody around the world almost instantly at little cost. But when it comes to payments, the process is usually expensive and time-consuming because the architecture today is an antiquated infrastructurebuilt decades ago.

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Alipay Takes on MoneyGram With Blockchain-based Remittances

Having failed to buy MoneyGram, Ant Financial is looking to pound it into the ground with the launch of a home-grown blockchain-based cross-border remittance service. The first remittance corridor for the new service will run between Hong Kong and the Philippines through a partnership between AlipayHK and GCash.

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Global Remittances Reach $613 Billion Says World Bank

Global remittances have grown to a record level of $613-billion in 2017, a 7% increase from $573-billion in 2016, according to the World Bank. Payments to low- and middle-income countries rose at a high percentage: up 8.5 to 466-billion last year, from 429-billion the year before, according to the World Banks Migration and Development Brief.

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Remittance Payments Hit Record in 2017, but Transfer Costs Jump Too

Payments by immigrants to their home countries rebounded in 2017 to reach a new record, but the costs of transferring funds also increased, the World Bank said Monday.

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