Cross border payments

MoneyGram International's digital transformation came at just the right time, considering walk-in traffic at MoneyGram locations in certain regions of the world was stymied for months by the coronavirus pandemic. But for many people, digital is still no replacement for the human touch.

Cross-border payments do not and should not exist in a vacuum, says Veem's Marwan Forzley.

One way banks can prepare for a smooth cutover to new standards is by implementing a core banking / payment solution that uses ISO 20022, says Infosys Finacle's Peter Ryan.

Remitly has raised $85 million in its latest fundraising round, valuing the company at $1.5 billion as the COVID-19 pandemic drives consumers to increasingly send remittances digitally.

E-commerce payments provider dLocal has added a merchant dashboard to provide a simpler display of transactional data and multi-currency management for cross-border payments.

In this uncertain environment, companies that are nimble and adaptive are rising to the challenge, finding new ways to navigate the crisis and embracing innovative electronic solutions, says Bank of America's Daniel Stanton.

Universities are facing the same uncertainties as any other business during the coronavirus pandemic. This is especially true for universities that cater to international students.

The growth in remittance providers' digital customer sign-ups accelerated as the U.S. went into a nationwide lockdown in the middle of March, and has continued through the summer despite store reopenings that could pull customers back to their old habits of paying in person.

Traditionally, consumers take summer vacations to recharge from the hustle and bustle of daily life, as well as to reconnect with families and friends, before moving on to the next phase of their lives such as the restart of schools or going back to work – but not this year.

Vodacom's Tanzania M-Pesa wallet is expanding its money transfer services throughout Africa, enabling more than 200 countries globally to now send money to and receive it from Tanzania.