Collaborators Boost Payment Rails’ Cross-Border Capabilities

To accelerate and streamline cross-border payments, creating new global infrastructure from scratch isn’t always the most feasible option. This week’s Payment Rail Innovators look to strengthen the rails that do exist, including ACH and Swift, through enhanced onboarding, security, and industry collaboration.

Railsbank Lands Funding For Payment Rails Platform

Railsbank, which loops directly into existing payment rails to bypass the traditional infrastructure that moves money, has announced $70 million in funding led by Anthos Capital. Central Capital, Cohen and Company and Outrun Ventures, as well as existing investors, also participated, according to an announcement by the company. The funding will go towards Railsbank’s embedded finance solutions including its Banking-, Cards-, and Credit-as-a-Service solutions, which help small businesses and consumers use and manage money. The company takes an approach of using existing payment rails and innovating upon them to ease key pain points for end-users.

SWIFT Enables Cross-Border Payment Pre-Checks

A new feature offered by SWIFT will enable financial institutions to pre-verify payment beneficiary account details before a cross-border payment is sent in an effort to mitigate risk and friction for global transactions. SWIFT announced its Payment Pre-validation service as it presses for more seamless, real-time global payments. Pointing to pain points of failed cross-border payments linked to incorrect beneficiary information, SWIFT said its pre-verification tool will avoid mishaps caused by incorrect name spellings or inaccurate account numbers that can be complicated and expensive to resolve when a payment has already been initiated.

Alloya Corporate Federal Credit Union Embraces Faster ACH

Alloya Corporate Federal Credit Union wants to bridge its business members to faster payment services and is using FinTech Aptys to make it happen. The companies announced a partnership that sees Aptys providing the credit union with its PayLOGICS payments platform, facilitating ACH origination and positioning the credit union to benefit from Aptys’ faster digital payments initiative. “The conversion to PayLOGICS served as a major milestone to achieving faster payments while offering solutions that allow our member credit unions to differentiate their services,” said Todd Adams, CEO of Alloya Corporate Federal Credit Union.

KyckGlobal, moneycorp Boost Cross-Border ACH Services

KyckGlobal is expanding its cross-border payment offers for businesses through a partnership with moneycorp that will enhance KyckGlobal’s ACH and wire payment capabilities. An announcement said KyckGlobal will target U.S. firms with streamlined onboarding and global ACH and wire services. Ashish Bahl, founder and CEO of KyckGlobal, said, “Businesses of all sizes are ready to leap across all borders, and our partnership will make it possible.” moneycorp, meanwhile, will wield KyckGlobal to offer Venmo and prepaid card as new payout options for recipients.

Banking Circle Expands Paymaster24’s Global Payments Capabilities

Paymaster24 is expanding its functionality for business clients to collect and distribute local payments on a global scale. A new partnership with Banking Circle will enable Paymaster24 to expand its banking network by adopting Banking Circle’s cross-border payment platform, which facilitates SEPA and international transfers with enhanced security. Paymaster24 already mixes payment rails to support the domestic payment needs of its clients’ customers, including bank transfers and card rails.