Cross border payments

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.

Swift is building out its Global Payments Innovation (GPI) service to allow corporations to initiate and track payments across all of their banking partners from a single source.

While senders prefer mobile devices, recipients remain stubbornly attached to receiving cash.

Corporate payments provider WEX has added Visa commercial virtual cards to its platform for B2B payments.

Seattle-based digital remittance provider Remitly has raised $220 million in new investments and financing to accelerate its growth in more global markets.

Mastercard has closed its acquisition of cross-border payments provider Transfast, closing out a deal the card network announced in early March after dropping out of a bidding war with Visa for global payments company Earthport.

Merchant acquirer Credorax has engaged money transfer company Small World Financial and other partners to cover a broader mix of banking and payment acceptance available to the companies' European clients.

Payoneer, which developed a platform to facilitate cross-border payments, hired FT Partners to explore options for expansion, including a private funding round, according to a person familiar with the matter.

Naval Group, an international technology company specializing in naval defense systems, is among the first to complete a cross-border payment through Swift's global payments innovation early adopter program.

As the global gig economy expands, more workers moving between the U.S. and other countries for jobs or school need ways to handle funds in different currencies.