Cross border payments

Cross-border payments firm Payoneer is seeing growth in Asia from local marketplaces, digital platforms, and merchants selling internationally. It is also benefiting from a rise in payments from India to foreign marketplaces and contractors.

The Patriot Act, for example, requires all U.S. businesses to comply with regulations issued by the Office of Foreign Assets Control. Those that fail to comply, knowingly or inadvertently, are susceptible to significant fines and even legal action, writes Peter Shore, general manager of Transpay.

Students and their families are often not aware of how complicated the cross-border tuition process can be until they’re in the process, writes Steve Villegas, vice president of partner management for PPRO's U.S. headquarters.

Geoswift has launched an inbound P2P money transfer service in China — offering the flip side of its core services supporting tuition and other corporate payments for Chinese students, workers and tourists who are outside of their home country.

The service aims to offer consumers in Ghana more digital transfer options while also expanding the company's digital growth.

Mobile technology can infer a user’s identity and make device-based decisions on the validity of a transaction, writes Kayne McGladrey, an IEEE member and director of information security services for Integral Partners.

Banks are at the forefront of blockchain innovation, disrupting cross-border payments, trade finance and product development worldwide.

At least two cryptocurrency companies, Coinbase and ivyKoin, have talked to federal regulators about obtaining a bank license, but there is skepticism that it will happen. Here's why.

With the use of global standards, merchants can also strengthen and consolidate their relationships with vendors and minimize expenditure on hardware and software solutions and maintenance, writes Normand Provost, liaison chair of Nexo.

Blockchain's potential for revolutionizing the world’s payment systems has captured the imagination in recent years, and last month Santander became the U.K.'s first bank to use the technology to create a new international payments service.

Retail and hospitality payments software provider Veea Inc. is partnering with cross-border mobile payments provider Citcon to allow businesses using Veea services in the U.S. to accept Alipay and WeChat Pay mobile payments.

Robotics and automatically triggered transactions will pressure how data is collected and made trustworthy enough to be actionable, according to Raphael Davison, worldwide director of blockchain for Hewlett Packard Enterprises.

It's an important pivot point for the industry — consumer trust is threatened by a steady flow of data breaches, and consumers are divided on whether they want to stick with plastic or move on to mobile and wearable payments.

The banks contend distributed ledger technology (DLT) makes it easier to coordinate trade finance deals. And the use of smart contracts can help parties comply with contractual obligations such as staged payments.

Both executives assume their new roles as the Citi unit faces competition from both large banks and fintechs in the cross-border payments market.

Flywire has partnered with Billtrust, which specializes in B2B payments, to improve processing of cross-border payments.

Given the scant use of cryptocurrencies for payments relative to their use for investment, some companies are rooting for the kind of government oversight and monetary policy that used to be considered an assault on the alternative currency movement.

The Society for Worldwide Interbank Financial Telecommunication has its sights set on expanding real-time payments in the Asia-Pacific region as part of its plan to further its first value-add service created from the Global Payments Innovation initiative.

TransferWise is the first nonbank to become a member of the U.K.’s Faster Payments service (FPS), but with Brexit on the horizon, it has to make sure it is similarly invested in other markets.

Ant Financial, the Alibaba affiliate that operates Alipay, is planning an IPO that could be worth hundreds of billions of dollars — but the funds it could raise are secondary to the consumer population it already controls.