Cross border payments

The U.K. is considering a bill that would let banks and payment service providers put suspicious-looking peer-to-peer payments on hold for up to four days to conduct security reviews; Giesecke+Devrient is working with Brazil's central bank to develop an offline payment approach to a central bank digital currency; and more in global payments news this week.

Virgin Money has cut about 150 jobs and 39 branches thus far in 2024, the Central Bank of Nepal has hired ACI Worldwide to build a payment switch to enable interoperable card payments for merchants, and more.

Visa will be the payment partner for the 2026 World Cup and other events, companies in Canada are teaming up to promote open banking for credit unions, and more.

The bank's cross-border transaction service opens a new lane for customer acquisition in an increasingly competitive niche.

As innovation in other domains accelerates, the inertia plaguing our international payment systems is a critical bottleneck, stifling U.S. businesses that choose to engage in global commerce.

CaixaBank assembled a team of more than 100 people focused on generative artificial intelligence products, Ripple changed the name of RippleNet to Ripple Payments, and more.

Canada's government is preparing legislation to promote open banking development, Mastercard has gained approval to process payments in China, and more.

Ant Group's quarterly profit fell by 65%, dented by a one-time fine that signaled the end of China's yearslong crackdown on the tech industry.

The technology, which has its roots in cryptocurrency, could make corporate transactions more flexible.

NatWest is updating its chatbot, Cora, to make engagement more conversational, and Amex is working with the Canadian fintech Nuvei to promote bank-transfer payments to U.K. merchants.

There are three concrete steps policymakers and industry can pursue that will limit the damage that is being done by cutting vulnerable populations off from remittance payments.

Commonwealth Bank of Australia is examining how it can use generative artificial intelligence to simulate customers testing products, and U.S. Bancorp's Elavon unit receives a financial services license from the Bank of England.

NCR has completed the spinoff of its ATM business, Revolut doubles its number of fraud-fighters in two years, China builds a zone for digital yuan users, and more.

From hidden fees to misleading marketing, small businesses face too many challenges when making and receiving cross-border payments.

The Financial Conduct Authority is developing new rules that tighten how financial firms can use social media, Swift and a group of banks have successfully piloted instant payments between different countries and currencies, and more.

Interac launches ID verification, the U.K. cracks down on bitcoin ATMs, and more.

Visa halts single-click payments in India, ING uses recycled beach plastic for payment cards and more.

U.S. consumers may earn 3.92% interest on their account balances, with the choice to add pass-through Federal Deposit Insurance Corp. coverage through JPMorgan Chase for up to $250,000 of funds.

PhonePe backs away from a buy now/pay later acquisition, Germany fines EY for Wirecard scandal, and more.

U.K. regulators warn payment companies, Goldman Sachs invests in Saudi fintech, and more.