Cross border payments

The blockchain company's new lead on the Continent, Sendi Young, discusses its plans to foster real-time and cross-border transactions between banks and fintechs in ways that aren't possible on legacy networks.

Cheri McGuire, who previously held roles at Standard Chartered, Microsoft and Symantec, will oversee Swift’s core infrastructure as it speeds up its cross-border transactions.

Swift Go is designed for businesses and consumers to send cross-border transactions under $10,000 at more competitive rates.

MoneyGram International, one of the largest money-transfer services in the U.S., has received preliminary takeover interest from Stellar Development Foundation and the private equity firm Advent International, according to people familiar with the matter.

In a move it says will cut friction in cross-border payments, Swift is launching a real-time validation service for banks to check and confirm payee details related to the payment beneficiary prior to moving the transaction.

Six major international banks have committed to preparations for and testing of Swift's new transaction management platform, a process designed to enable new services, improve efficiency and reduce costs for international payments.

Roxe says the distributed ledger technology that removes costly middlemen from international transactions can also lower expenses for currency conversions.

Six Clovers, a digital payments company founded by two former PayPal developers, designed its Rapid platform to enable fast cross-border transactions using cryptocurrencies backed by government-issued money.