Cross border payments

The Society for Worldwide Interbank Financial Telecommunication is testing a link between e-commerce and trading platforms within its Global Payments Innovation network, with the first trial taking place on the Corda blockchain platform.

Few investors will have heard of Earthport Plc. But the company has just become the target in a bidding war between Mastercard Inc. and Visa Inc.

The Society for Worldwide Interbank Financial Telecommunication reports that its Global Payments Innovation system, which it launched two years ago, now handles more than a million payments a day.

Local payment methods cater to the technology and user-experience needs of specific regions, says Steve Villegas, vice president of partner management at PPRO.

As the payment industry continues to innovate and expand across borders, it increasingly will need to be mindful of data regulations requiring data localization that multiply the complexities and cost of creating a seamless data flow and user experience, Alston & Bird’s Richard Willis and Laura K. Song write.

U.S. companies have a leg up on international competition. Yet, many retailers are opting to focus on domestic customer bases, claims Steve Villegas, vice president of partner management at PPRO.

Ant Financial’s Alipay is deploying blockchain technology to power a cross-border remittance service for Pakistan’s Telenor Microfinance Bank and Valyou of Malaysia.

A director in the foreign-exchange department of American Express has been suspended, as the card brand continues to investigate pricing practices in that division of the company.

Wire transfers have higher fees and fraud risk than other methods, according to Chen Amit, CEO of Tipalti.

The market for cross-border person-to-person (P2P) remittances is massive. It experienced double-digit growth in 2018 as consumers migrated from one country to another in search of better economic opportunities, as well as to escape political and financial upheaval in their home countries.