Cross border payments

TransferGo will use Mastercard's push payment service to support near real-time money transfers for European customers.

After tests with several banks that established Swift's ability to connect its Global Payments Initiative faster payments rail to domestic networks, the financial and messaging standards organization is activating the service in the U.K.

HSBC for the first time is offering customers a way to send funds instantly across borders to other HSBC customers via a mobile device.

Payoneer has integrated its payment orchestration platform into its core services, a year after obtaining the cloud-based technology through the acquisition of German payments provider Optile.

When the pandemic hit full-force and lockdowns closed many agent locations, the industry’s shift to digital accelerated quickly. Even as job losses rose among those sending money overseas, the demand from recipients kept money moving, including among legacy companies like Western Union and MoneyGram.

MoneyGram's digital offerings are attracting different types of consumers into the company fold, CEO Alex Holmes said during the third-quarter earnings call.

Though the COVID-19 pandemic continues to stifle economic growth globally, Western Union again pointed to its fast-growing digital services as key to keeping the company on a positive trend.

After selling the rights to its Ethereum-based technology, the bank is rebranding a venture related to cross-border payments and creating a new umbrella group to oversee all blockchain-related efforts.

After selling the rights to its Ethereum-based technology, the bank is rebranding a venture related to cross-border payments and creating a new umbrella group to oversee all blockchain-related efforts.

Cross-border payments provider dLocal has expanded its network services in Africa and developed new partnerships in Nigeria and Egypt.

The two agencies proposed amending the Bank Secrecy Act to lower the threshold for transfers occurring outside the U.S. that trigger recordkeeping requirements.

Other central banks have considered phasing out cash as they explore digital currencies. Should the idea take hold in the U.S., Federal Reserve Chairman Jerome Powell said it would not replace the physical dollar.

Other central banks have considered phasing out cash as they explore digital currencies. Should the idea take hold in the U.S., Federal Reserve Chairman Jerome Powell said it would not replace the physical dollar.

The European Payments Initiative sets up a unified and harmonized pan-European payment solution, providing major benefits to both consumers and merchants, says FIME's Arnaud Crouzet.

The companies looking to bolster their presence and offer more services are hoping it will lead to greater sustainability and longevity of their platform, says Ding's Rupert Shaw.

Tipalti, whose platform supports cross-border B2B supplier payments, has raised $150 million in its latest funding round, bringing the total it’s raised from outside investors to $280 million.

Emerging market payments and foreign exchange provider Crown Agents Bank Ltd. is partnering with MTFX Group, a similar company based in Canada, to expand digital payments access across Africa.

Retailers that provide customers with their preferred way to pay — visible or invisible — will be the ones who prosper in today’s competitive marketplace, says PPRO's Matt Jackson.

Swift is working with more than 20 banks in its network to test a service designed to help consumers and small and medium-size companies send low-value cross-border payments with the same speed and transparency benefits larger banks enjoy on Swift rails.

Following compliance policies and respecting the requirements of the regulator is a good foundation for effective marketing communication, says Aximetria's Dmitry Ryzhkov.