Cross-border payments have been critical in keeping the global economy afloat during a period of extraordinary instability. As a result, a report predicted that the transaction value of global remittance and cross-border payments will rise from $37.2 trillion last year to $39.9 trillion by 2026....
Amid the great digital shift, subsets of financial services remain challenged because of decades-old, friction-filled and fragmented processes. Ruben Salazar, global head of Visa Direct, told Karen Webster an interview that cross-border remittances are one such payments service that has traditionally been frustrating. These payments...
With more than 200 payment types available worldwide, deciding which ones to add and how much revenue they will generate can be overwhelming for global merchants. In the Cross-Border Retail Payments Tracker, Voda Swimwear CEO Yulia Drummond walks PYMNTS through her approach to localizing payments...
SurePay, SEPAMail.eu and StreamMind on Thursday (Dec. 16) launched a cross-border solution for IBAN check/confirmation of payees, allowing companies and banks to confirm account information matches the intended beneficiary on cross-border payments between France and the Netherlands. The IBAN Check, known in the U.K....
The cross-border payments space underwent a digital shift during the pandemic. Consumers turned to online channels out of necessity, sparking a surge in digital profiles and eCommerce transactions. As a result, 81% of merchants who enabled cross-border payment methods on their sales platforms saw a...
Western Union will be working with major Ukraine financial institutions and across the Commonwealth of Independent States (CIS) to boost cross-border payments, according to a Wednesday (Dec. 15) press release. Western Union has launched international money transfers through Ukraine postal network Nova Poshta. The latter’s...
Global banking network SWIFT is closing 2021 by highlighting its progress toward enabling cross-border frictionless transactions and looking ahead to 2022 as it sets the stage for accelerated adoption, according to a press release. “This past year, SWIFT helped lay the groundwork for the transformation...
More than a decade ago, when cosmetics company 100% Pure was starting to sell internationally, it ran a separate website for each country, which “was a lot of overhead,” according to founder and CEO Ric Kostick. “It was a big deal when we finally combined...
The payments and card issuance company Nium has joined forces with Oman’s Modern Exchange Co. for a partnership that will see Modern Exchange leverage Nium’s payments infrastructure around the globe. “As the country moves rapidly towards a more digitised, seamless and transparent system of processing...
