Cross border payments

The Swedish financial technology firm issued its first stablecoin and signed a gift card distribution deal with BlackRock. Also, EMVCo is examining AI's impact on processing and more in the American Banker global payments and fintech roundup.

The migration to the standard and its more robust data is underway, but experts say the desired reduction in payment errors will come slowly.

The U.K.-based banking giant will add a fintech that enables it to compete with Apple Pay, while Global Payments has added Uber Eats as part of its Genius-branded point of sale rollout. Plus: Visa has advanced account-to-account payments in the U.K. and more in the global payments and fintech roundup.

Zelle's parent Early Warning Services said Friday it was planning to take its peer-to-peer payments network international through a new stablecoin initiative. It says the details will come later.

There are regulatory and technology efforts to reform international payments, but it's a multifaceted, long process. Swift, The Federal Reserve, and fintechs like Wise and Revolut are pushing potential solutions. Here's what banks need to know.

Revolut receives a banking license, while SumUp introduces its payments hardware. That and more in the American Banker global payments and fintech roundup.

The payments company is opening its real-time payments network, Visa Direct, to stablecoins through a prefunding pilot that will allow businesses to move money across borders when banks are closed.

Real-time cross-border payments are in demand, but lack interoperability — creating demand for Swift and Ripple to add new tech. Plus, PayPal pledges to add payment technology in the Middle East and Africa, and more international payments and fintech news.

The bank teamed up with Euronet Worldwide subsidiary Dandelion for cross-border payments to digital wallets in the Philippines, Indonesia, Bangladesh and Colombia in an optionality play.

The cross-border transfer platform is broadening its business model with a subscription-based membership and products like a digital wallet and cash advances.

Finastra is the latest bank tech provider to bring stablecoins to cross-border payments, which experts say is a way banks can use blockchain post-GENIUS Act.

Brex's second license in the European Union is a key step in cementing turning payment relationships in the EU into broader financial relationships, including card issuing and cross-selling.

Western Union's North American money transfer business logged a decline in cross-border remittance revenue, led by drops in the U.S. to Mexico corridor, its largest remittance stream by far. The company is also bracing for the 1% remittance tax codified in the "Big Beautiful Bill," a levy that does not directly apply to banks.

The fintech has made its core payment app interoperable with Venmo and will connect 2 billion users through partnerships in India, China, Brazil and other major digital commerce markets.

The U.K. fintech's shares fell about 5% in London, partly due to international currency volatility. It hopes a U.S. listing will improve the company's ability to raise capital.

Governments must reconsider policies that treat migrants sending money home as risks rather than contributors. Regulators should remove barriers to affordable transfers and enable innovation that puts people first.

Citigroup is on a quest to modernize its global payments stack and be the go-to financial institution for cross-border payments and international corporations. Debopama Sen, head of payments at Citi's Services business, spoke with American Banker about the divisions' progress since its Services Investor Day in June 2024.

The president's rush to weaponize trade policy is going to accelerate efforts by other countries to decrease their reliance on U.S.-based payments processors. That's not in the country's interest.

Pro-crypto regulations could draw U.S. banks into the market, providing fresh competition. CEO Paolo Ardoino spoke with American Banker about the digital asset firm's strategy.