Cross border payments

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.

More than a dozen large European banks plan to launch a payment system that would rival U.S. payment companies and technology firms, an idea that hasn’t worked in the past but may have a better chance given the current global health, economic and political crises.

Visa Inc. and Mastercard Inc. are considering revoking Wirecard AG’s ability to process payments on their networks in a move that would cause further pain for the firm after it started insolvency proceedings.

Wirecard AG filed for insolvency, the culmination of a stunning accounting scandal that led to the arrest of its CEO and left the German payment-processing firm unable to find over $2 billion missing from its balance sheet.