Cross-border payments continue to be notorious for being slow and costly, with each FI involved in processing the transaction attaching additional fees. In this month’s The FI’s Guide To Modernizing Digital Payments, Nicholas Lembo, head of Americas growth for TransferWise, discusses how leveraging inter-bank networks...
Cross-border payments are a necessary, yet often frustrating part of the world economy, with international transactions prone to overlapping government regulations, excessive fees and slow processing times. These difficulties are due to a process called correspondent banking, in which transactions must also be funneled through...
Remittances are a lifeline for many individuals around the world, with workers overseas in developed countries frequently sending money back home to support families in emerging economies. These types of payment flows made up 5 percent or more of the gross domestic product (GDP) for...
In today’s top news, Walmart debuts its membership program, Walmart+, and the U.S. Securities and Exchange Commission (SEC) is eying a probe of Robinhood over alleged poor management of the app. Plus, TikTok could announce a sale as soon as today. Walmart Debuts $12.95 Membership...
October 15, 2020
Cross-border payments are a necessary, yet often frustrating part of the world economy, with international transactions prone to overlapping government regulations, excessive fees and slow processing times. These difficulties are due to a process called correspondent banking, in which transactions must also be funneled through multiple financial institutions (FIs) before they reach their final destinations. […]
June 08, 2020
Cross-border payments are expected to hit $39 trillion by 2022, with $572 million worth of payments consisting of remittances sent from migrant workers to their families abroad. These payments can...
January 09, 2019
Ripple has seen more than 200 banks sign on to its blockchain powered cross border payment efforts. Progress? Sure, but perhaps a sea change is not in the offing for...
August 09, 2022
Planning to deliver “correspondent-banking-in-a-box,” Israeli startup TenureX has partnered with U.K. consultancy Martin Fiddaman Associates to help overseas banks in the U.K., challengers and FinTechs engage with correspondent banking services. Because of the banking industry’s continued use of legacy technology, cross-border payments can be poorly executed, with parties unable to access the data they need […]
February 04, 2019
In the wake of an investigation of over 200 billion euros ($229 billion) in suspected money laundering at Danske Bank’s Estonia branch, Deutsche Bank has said it has sharply cut...
September 11, 2017
A new report from the International Finance Corporation, a part of the World Bank Group, finds correspondent banking relationships are down, an unintended consequence of regulatory reform. Reports in The Financial...
