Cross-border trade is a huge business, totaling roughly $190 trillion in 2023. Sourcing goods and services globally and establishing supply chains that transcend borders have become part of the corporate DNA. However, navigating the complexities of cross-border payments remains a challenge as businesses grapple with...
As earnings season draws to a close, we’ve seen wide-ranging discussions of the consumer, of spending trends, lending trends, tap to pay and BNPL, of cross-border payments and remittances. The digital innovations and momentum are showing up in the business-to-business (B2B) space, too, particularly as...
FinTech Ant International and Singapore bank OCBC are collaborating to enhance cross-border fund settlements. The goal of the partnership is to explore innovations in tokenized deposits for global treasury management through Ant International’s Whale platform, according to a Tuesday (Nov. 5) news release. “This collaboration...
PayPay, a QR payments operator in Japan, is expanding its partnership with Alipay+ to widen its merchant coverage network across Japan. More than 3 million merchants will be able to join the global payment ecosystem via the tie-up, allowing tourists to pay securely using their...
Money movement across borders promises to speed the flow of funds between consumers and corporations if done digitally. But commerce is marked by complexity and the specter of fraud on the global stage. The basic principle behind cross-border payments — namely that the payee information...
Russian President Vladimir Putin reportedly said Thursday (Oct. 24) that there are no plans to create a new system for cross-border payments between BRICS countries. Speaking at a summit of BRICS countries — which include Brazil, Russia, India, China and South Africa — Putin said...
Big Tech defined an era of innovation by moving fast and breaking things. However, while speed is great for money movement, breaking things can be disastrous for the payments and financial services sector. For financial institutions (FIs) and their FinTech partners aiming to innovate cross-border...
Mastercard introduced a new solution that will enable banks to facilitate commercial cross-border payments that are near real-time, predictable and transparent. The new Mastercard Move Commercial Payments is designed to simplify operations, optimize liquidity, reduce counterparty risk and provide end-to-end visibility for banks and their...
Bank of America now allows companies to lock in foreign exchange (FX) rates for up to one year. The Guaranteed FX Rates offering simplifies the management of FX risk associated with cross-border payments and receipts, mitigates exposure to currency fluctuations and simplifies treasury management processes,...
