Cross border payments

The Federal Reserve Banks put the brakes on their planned migration of the ISO 20022 messaging standard, delaying a three-phased migration established in 2017 that targeted November 2020 as the start of that process.

Two months after a successful test to connect banks using the Global Payments Innovation service to faster payments rails in Singapore, Swift is launching a new service to connect with other domestic real-time payments systems.

Intermediary banks play a vital role in the complex ecosystem of multi-currency payments, says Nvoicepay's Alyssa Callahan.

Selling to international markets is the name of the game for online merchants, which face a threat to their relevance if they can't match the distinct transaction preferences of individual markets.

Travelex is rolling out a suite of B2B payment services through a new API-based platform and sandbox.

Giants like Facebook, JPMorgan Chase and Walmart are all pushing blockchain for myriad use cases, and now Wells Fargo has joined the fray with its own spin on the distributed ledger technology.

The CFPB’s enforcement action against Maxi suggests that the CFPB may more aggressively enforce certain rules going forward, writes Jeffrey Alberts and Dustin Nofziger of Pryor Cashman.

Mastercard and blockchain software provider R3 plan to test a new blockchain-enabled cross-border payments service to connect global faster payments rails supported by a Mastercard-operated clearing and settlement network.

Seven European mobile payment firms have formed a cross-border transaction association covering an addressable market covering 25 million users and 350 banks.

PNC has gone live on RippleNet, giving the blockchain company a major win in its effort to build a real-time cross-border payments network that includes large U.S. banks.

Processors that rely on cross-border payments to reach new territories are feeling the economic squeeze of the looming Brexit deadline.

It's unclear whether the Trump administration can or will declare a national emergency as part of the trade dispute between the U.S. and China, but the discourse alone could disrupt major business relationships that involve American retailers, payment companies and Chinese firms.

E-commerce's dramatic expansion gives any merchant the opportunity to sell in any market. That leaves payment providers scrambling for an angle in a crowded market.

India has taken a hard line on cryptocurrency, but other blockchain payments innovation is thriving.

The U.K.’s Equals Group’s FairFX currency unit has purchased Hermex FX, another U.K. firm serving corporate customers with currency exchange and payment services.

Despite being compliant, market-specific deployments leave retailers facing a new set of compliance challenges when moving into new geographies, argues Arnaud Crouzet, VP of security and consulting at FIME.

As technology advances, new terms are existing with older vocabulary, causing potential confusion that challenges user experience, says NvoicePay's Alyssa Callahan.

Russia and its BRICS partners are developing cross-border alternatives to U.S.-dominated payments systems such as Swift, driven by the rise in cross-border trade and a desire to find non-dollar alternatives to international payments systems vulnerable to sanctions by the U.S. government.

Blockchain and cryptocurrency innovations threaten to upend mainstream remittance providers, but there are still market gaps that may be best served by a large bank footprint.

Swift completed a seven-country trial of its cross-border GPI Instant payment service resulting in the successful integration with Singapore’s domestic instant payment network FAST.