Cross border payments

Digital remittance provider WorldRemit has agreed to acquire Sendwave, a mobile app-based remittance company focused on servicing the African money transfer corridors.

Remitly has added 11 new mobile wallets to its network, almost doubling its reach to 300 million consumers, to meet demands for cash alternatives amid the COVID-19 pandemic.

Brad Windbigler, treasurer at Western Union, talks to us about how the company navigated the challenges of the pandemic — particularly as the global nature of its network meant it had to contend with moving money across parts of the world that recovered at vastly different rates from one another.

The massive shift to digital has created new challenges in cross-border payment processing, says Tipalti's Manish Vrishaketu.

As the global economy continues to unlock more opportunities for cross border transactions and payments, the ability for businesses to communicate with global consumers in their language (or currency) of choice is vital, says Fiserv's Brian Frey.

Western Union confirmed yet again that for a payments company to survive the coronavirus pandemic, it needed to enter the crisis with a strong footing in digital payments.

MoneyGram International's digital transformation came at just the right time, considering walk-in traffic at MoneyGram locations in certain regions of the world was stymied for months by the coronavirus pandemic. But for many people, digital is still no replacement for the human touch.

Cross-border payments do not and should not exist in a vacuum, says Veem's Marwan Forzley.

One way banks can prepare for a smooth cutover to new standards is by implementing a core banking / payment solution that uses ISO 20022, says Infosys Finacle's Peter Ryan.

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.

Three years ago, Alipay began its brick-and-mortar conquest of North America, promoting acceptance of the Alibaba affiliate Ant Group's mobile wallet at shops targeting Chinese tourists, eventually reaching thousands of U.S. and Canadian stores.