Fintech

PayPal’s cross-border remittance unit Xoom is hoping to build a faster payments market in South Korea by enabling direct delivery into bank accounts, a channel that tends to be more expensive than other options.

Frustrated after being overlooked by mainstream financial institutions, organizers of the proposed Pagan Federal Credit Union are hoping to be chartered by the end of the year.

Transit systems want to use contactless and open payment systems to address ridership declines, an innovative strategy that nonetheless is riddled with pain points due to how transit has traditionally modernized.

Samsung Pay users can use the app to send funds across borders to recipients with a bank account through a new service powered by Travelex.

The Jacksonville-based institution is the latest to join the Hispanic-outreach initiative which now serves more than 100 credit unions.

The card networks are taking blockchain seriously as a means of streamlining cross-border B2B payments. But while they share a vision, they are taking different paths to this goal. Visa has opted for a closed network that it controls, while Mastercard envisages a wider, more open ecosystem.

Payoneer found its niche providing technology for Amazon, Google and Facebook to deliver mass payouts to independent contractors, but the company has added options for small U.S. businesses to send payments to vendors and suppliers globally.

Good customer service, layered with new technology, gives community banks an advantage over big banks.

The key is that FedNow will provide speed, equal access and an infrastructure that enables the private sector to build cross-platform solutions, says BillGo's Kelly Seidl.

The California-based institution can now serve more than 3.2 million people.