Payments News

On The Web

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Multi-CBDC Arrangements and the Future of Cross-border Payments

“Cross-border payments are inefficient, and technology could play a role in making them better. One means could be through interoperating central bank digital currencies (CBDCs), forming multi-CBDC (mCBDC) arrangements. This paper explores dimensions of payment system interoperability, how they could feature in mCBDC arrangements and where potential benefits lie. These benefits are especially relevant for emerging market economies poorly served […]
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Powell Says Covid-19 Highlights Need to Improve Cross-Border Payments

“The coronavirus pandemic has underscored the need to improve systems for transferring money across international borders, Federal Reserve Chairman Jerome Powell said Thursday…He said that the existing system for cross-border payments is safe and reliable. But he added that it suffers from outdated technology in some areas and inefficiencies that can make it difficult to […]
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Domains

Wise Accuses Former Brazil Banking Partner of Smear Campaign After ‘unfounded’ Accusations of Fraud

“Wise , the London-headquartered company that made its name offering international money transfers and is reportedly planning an IPO, has accused its former banking partner in Brazil of a “smear campaign” after allegations of fraud — claims that Wise says are “false and unfounded.” The war of words between Brazil’s MS Bank and Wise appears […]
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Domains

Central Banks of China, UAE Join Hong Kong-Thailand CBDC Payments Project – CoinDesk

“The Hong Kong Monetary Authority and the Bank of Thailand have announced the central banks of China and the United Arab Emirates are joining a project looking to use blockchain tech for regional payments. The “Multiple Central Bank Digital Currency Bridge” (m-CBDC) project will explore the capabilities of distributed ledger technology (DLT) through the development […]
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Domains

Payment Innovation: You Can Now Track International Payments Like Parcels

“iBanFirst, a global financial services provider delivering solutions across banking borders, has launched its ‘Payment Tracker’ – a real-time payment-tracking service that sets new transparency standards for the payments industry. Rolled out to both payers and payees, this unique feature provides live updates on the status of international payments at any stage of the fund transfer […]

On The Wires

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Citi Launches Digitized Documentation for Cross-Border Payments

“Citi has announced the launch of a new service for its institutional clients that speeds up the processing of their cross-border payments through the digitization of supporting documents. The service, which is being rolled out initially in South Africa, significantly streamlines and eases the processing of overseas payments by bringing together on a single electronic […]
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Domains

TerraPay Forays Into Bank Account Payments in the USA and Canada to Facilitate Same Day International Money Transfers and Cross Border Remittances

“TerraPay, a leading global payments infrastructure company, announced its expansion into Bank Account payments in the USA and Canada markets to facilitate digital cross border remittances and speedy money transfers to senders (partners and their customers) from key corridors around the globe. TerraPay’s objective is to build global digital payment highways that interconnect financial institutions such as Banks and […]
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We Have a New Global Partnership With Mastercard! | Paysend

“We’re absolutely delighted to announce a strategic partnership with Mastercard in the UK and EEA. This will help us to boost Paysend’s global reach and enhance the customer bases of both ourselves and Mastercard. We’re proud to be acknowledged as a global partner for Mastercard as we continue to define a new horizon for money […]
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Deals

Routefusion Secures $3.6 Million Seed Round

“Routefusion , a financial technology company focused on providing the easiest and fastest way for tech companies to embed cross-border payments in their applications, announced today it has secured $3.6 million in seed funding from venture capital firms in Austin, TX, and San Francisco, CA.  The Austin-based company’s round was led by Silverton Partners with additional participation from Initialized Capital […]
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Domains

OANDA Adds New Cross-border Payment Solution for Companies in North America

“A global leader in online multi-asset trading services and currency data and analytics, OANDA has joined forces with Currencycloud , a leading provider of B2B embedded cross-border solutions, to deliver a new international money transfer service to companies in North America. Called OANDA FX Payments, the new solution has been made possible through a joint collaboration […]