Cross border payments

Kenya’s biggest source of foreign currency slumped last month, with the central bank indicating that shocks caused by the coronavirus will have a greater impact on the economy for the rest of this year.

The challenge posed by digital-only remittance services has prompted a rapid change at MoneyGram.

To get a better handle on the coronavirus-driven boom in Latin American e-commerce, cross-border processors are ramping up digital alternatives for shoppers who pay cash for online purchases.

Cross River Bank, a banking-as-a-service provider to fintechs, has signed Remitly to leverage its new push-to-card international payment service for near-real-time remittances.

Cross-border payment fintech dLocal is partnering with Canadian e-commerce company Shopify to enable small businesses to offer local payment methods in more than 19 currencies in emerging markets.

Consumer remittance behaviors are being forced to change, with senders and recipients moving to mobile wallets, bank accounts, and cards. But many still want cash.

The shortage of personal protective equipment (PPE) for medical workers is one of the most troublesome elements of the coronavirus outbreak, though prior work to declutter cross-border supply chain payments provides some hope.

Veem specializes in cross-border payments, but when small-business customers clamored for help this month with emergency SBA loans, the fintech responded.

Banco Santander has launched a new standalone international money transfer service called PagoFX in the U.K. to compete with fintechs.

Airwallex has raised $160 million in a Series D fundraising round to expand global payment offerings for small businesses and enterprises.