Cross border payments

The payments industry is getting pulled in two directions, as technology and e-commerce promise a borderless future for transactions while political forces apply the brakes.

The two payments companies failed to win U.S. government approval for their merger; the head of the Senate Finance Committee says he will leave when his term ends.

After a year of trying to appease U.S. regulators, Ant Financial and MoneyGram have terminated their merger agreement, challenging the Chinese company's strategy for global expansion.

Blockchain technology has uses beyond bitcoin, and many companies see merit in using it to handle cross-border payments. But blockchain isn't the only solution to the inefficiencies of international money movement.

TransferTo and Cellum, a leading international mobile wallet provider, have formed a strategic partnership enabling Cellum to expand its services by leveraging TransferTo’s cross-border payments network.

If we are going to make these global transactions easier for payers and receivers, these incumbents have to accelerate their progress and level of innovation, writes Mike Massaro, CEO of Flywire.

Banks and fintechs are competing heavily to modernize cross-border payments, and Citi is using its upgraded treasury unit to add speed to its own international cross-border digital payments capabilities in more than 60 countries.

Installment payments for e-commerce purchases are starting to take hold in North America as an alternative to standard credit cards, and PayBright is seeking a niche in Canada.

Along with crowdfunding and peer-to-peer lending, cryptocurrency can improve access to payments, credit and other financial services for SMEs, writes Eugene Green, CEO and founder of WishFinance.

The main spark for Azimo’s transaction growth in far-flung geographic regions came from its commitment to social media beginning four years ago.

Hoping to streamline the payment options across Europe, the European Payments Council has launched the SEPA Instant Credit Transfer scheme.

TransferWise Ltd., the London-based international payments firm and one of Europe’s largest financial technology startups, said revenue in the fiscal year through March 2017 has more than doubled, allowing the company to post its first annual profit.

National Payment Corp. of Vietnam (NAPAS) and Ant Financial Services have signed a memorandum of understanding for a strategic partnership extending acceptance of Ant’s Alipay wallet to Vietnam.

Citigroup is extending a technology program that's designed to cut excess out of international supply procurement.

Financial institutions process hundreds of thousands of interbank payments per day on behalf of their clients, which can be revolutionized by blockchain, writes Angel Diaz, vice president of technology and advocacy for IBM Digital Business Group.

TransferWise, one of the fintechs that have challenged old-school banking models for international transactions, is entering a new phase that adds geographies and different markets for its account alternative.

Finance organizations serious about protecting their customers need two-factor authentication, which involves the mobile phone when logging in to transfer money, writes Michael Patterson, CEO of Plixer.

Many standard procedures are possible as there are significant similarities in the information requirements across the globe, writes Zac Cohen, general manager for Trulioo.

TransferWise Ltd., the London-based international money transfer service that is considered one of Europe’s more promising financial technology startups, is lowering the fees it charges to send money from the U.K., the company said Monday.

The Society for Worldwide Interbank Financial Telecommunication says its Global Payments Innovation service surpassed two million cross-border payments during September.