PYMNTS

DECEMBER 11, 2019

As the open banking business model permeates into the B2B financial services market, FinTechs and traditional financial institutions continue to find new use cases for API integrations and connectivity to elevate the business-user experience. SMBs that nearly half (48 percent) said they don’t believe technology will impact their business.

Banking 52

Banking Foreign Exchange Reconciliations B2B 52

PYMNTS

APRIL 3, 2019

Large corporates across Asia are driving digital transformation of banking and treasury management in the region, according to new analysis from Greenwich Associates. Analysts said treasurers are focused on the acceleration of banking and treasury processes, as well as the ability to make these tasks more affordable and transparent.

Treasury 49

Treasury Banking Foreign Exchange Corporate Finance 49

PYMNTS

MARCH 6, 2017

An article in a publication owned by the regulator called for a more open, competitive domestic foreign exchange (FX) market that enables a flexible FX rate mechanism to mitigate against cross-border capital fluctuation, according to reports. Deputy head of the State Administration of Foreign Exchange Fang Shangpu penned the article.

Foreign Exchange 40

Foreign Exchange Marketing Compliance Currencies 40

PYMNTS

MARCH 8, 2019

Microsoft said in a press release that Transfast will “complement Mastercard’s wide range of payment solutions by increasing worldwide connectivity in the account-to-account space, enhancing compliance capabilities and offering more robust foreign exchange tools.”. Currently, Transfast supports the Mastercard Send service. “We

Foreign Exchange 76

Foreign Exchange B2B Compliance Accounting 76

PYMNTS

JANUARY 30, 2019

The New York Department of Financial Services (DFS) announced it has fined Standard Chartered $40 million for attempting to rig transactions in foreign exchange (FX) markets between 2007 and 2013. The bank also agreed to provide the DFS with ongoing progress reports to prove that it is meeting the objectives.

Foreign Exchange 51

Foreign Exchange Profit and Loss Compliance Auditing 51

PYMNTS

FEBRUARY 18, 2020

Banks are increasingly embracing new channels to offer seamless omnichannel services to their customers, but doing so often creates silos that handle large amounts of collected data. Fraud orchestration can help solve this issue as it allows banks to build holistic fraud prevention defense systems and gain 360-degree views of their customers.

Foreign Exchange 52

Foreign Exchange Reconciliations Compliance Banking 52

PYMNTS

APRIL 16, 2020

This week’s look at the latest in bank-FinTech collaborations and open banking initiatives finds a focus on small business lending: In the U.K., That firm recently secured funding from Visa, which is also in the process of acquiring Plaid as part of its own wide-ranging open banking initiatives.

Finance 67

Finance Foreign Exchange Compliance Banking 67

Future CFO

FEBRUARY 24, 2021

China, Hong Kong, Thailand, and the UAE will test central bank digital currencies in cross-border payments, according to a recent statement by the Hong Kong Monetary Authority (HKMA).

Currencies 40

Currencies Foreign Exchange Compliance Banking 40

Future CFO

DECEMBER 3, 2020

While Lloyds Banking Group is the first to go live with the service and the UK is the first market where it is available, SWIFT said it expects adoption to continue globally as demand for an instant cross-border experience rises.

Foreign Exchange 40

Foreign Exchange Compliance Securities Banking 40

PYMNTS

DECEMBER 8, 2017

The firm’s co-founder and chief product officer, Ferhan Patel, said the tool aims to fill gaps left by companies’ own banks. Businesses are simply looking for more from their banks and are not getting the additional services they need to automate their processes,” said Patel.

Foreign Exchange 78

Foreign Exchange Treasury B2B Compliance 78

PYMNTS

JANUARY 30, 2019

Then the first money laundering directives came out, which started to mandate more and more in the realm of customer due diligence, so the company added a compliance check. GDC, for instance, started out with a solution set for know your customer (KYC) in an eCommerce use case where the company was conducting high-velocity ID verification.

Foreign Exchange 74

Foreign Exchange Compliance Startups Currencies 74

PYMNTS

OCTOBER 1, 2019

’s many so-called digital challenger banks, Revolut started its evolution as a pre-paid card attached to an app that gave users an easy mechanism for paying abroad without foreign exchange fees. ” There have also been reports of compliance issues with the organization. One of the U.K.’s

Foreign Exchange 43

Foreign Exchange Valuation Compliance B2B 43

PYMNTS

FEBRUARY 25, 2020

A key feature of the tool is its ability to support connectivity with more than 1,000 banks, and a range of payment rails and protocols to support a suite of payment formats. Standardizing these integrations means boosted visibility, the company said, while reducing costs, improving compliance and addressing the growing threat of fraud.

Foreign Exchange 56

Foreign Exchange B2B Compliance Accounting 56

PYMNTS

DECEMBER 28, 2020

Published reports indicate that China’s central bank and banking, securities and foreign-exchange regulators summoned Ant Group executives this past weekend to discuss official concerns about the firm. Reuters quoted central bank Vice Gov.

Restructuring 67

Restructuring Foreign Exchange Compliance Financial Systems 67

PYMNTS

MAY 13, 2020

But in a collaborative effort with Flywire , Citi Commercial Bank is working to accelerate these transactions for Boston-area hospitals that need equipment fast. With high transaction values and sellers across borders, these purchases would traditionally take several days to complete.

Healthcare 81

Healthcare B2B Foreign Exchange Nonprofit 81

Bramasol

DECEMBER 20, 2022

The McKinsey Global Economics Intelligence report says "Global forecasting institutions, such as the International Monetary Fund, the World Bank, and the OECD, as well as central banks, are trimming growth estimates to align with high inflation and slowing economic activity.". Global Inflation and Economic Uncertainty.

SAP 75

SAP Foreign Exchange Economics Budgeting 75

PYMNTS

MARCH 17, 2020

Open APIs offer FIs a way to enable banks to build multi-channel offerings, especially in the march toward digital transformation, as they standardize access to customer data while giving developers a way to cut the time it takes to develop new customer experiences.

Foreign Exchange 91

Foreign Exchange Compliance Securities Startups 91

PYMNTS

MAY 12, 2017

And, to top that off, dealing with foreign exchange can add further complexity to a business’s workflow, Laven explained. When it comes to making cross-border B2B payments, dealing with foreign exchange rates is an issue that businesses around the world continue to struggle with on several fronts.

B2B 43

B2B Foreign Exchange Compliance Currencies 43

PYMNTS

DECEMBER 4, 2017

based RailsBank, an open banking platform that facilitates connectivity into the U.K. Through their collaboration, RailsBank customers will also gain access to Airwallex’s cross-border payments and foreign exchange (FX) services. In an announcement on Friday (Dec. 1), the Australian company said it is partnering with with U.K.-based

Foreign Exchange 49

Foreign Exchange Startups Compliance Banking 49

PYMNTS

OCTOBER 11, 2019

Still, investors placed more than $368 million into the space, often in the form of Series B rounds for a range of B2B players, including fleet management, small business (SMB) banking and global payments. challenger bank Tide secured $54.3 small business banking market, as well as invest in international expansion. .”

Foreign Exchange 67

Foreign Exchange Startups B2B Investments 67

PYMNTS

FEBRUARY 5, 2020

The partnership model means that firms seeking to streamline cash flow functions do not have to link up with in-country banks and puts into place a building block to growth — namely, moving money in other countries across currencies and foreign exchange rates. Typically, McGuire stated, a firm operating only in the U.S.

Invoicing 61

Invoicing Accounts Payable Foreign Exchange Currencies 61

PYMNTS

JUNE 13, 2016

“While the mobile technology can create lower-cost and friction-free alternatives for cross-border small-value payments, the same is subject to licensing under FEMA [Foreign Exchange Management Act, 1999],” Paytm clarified. As such, the current Paytm Wallet cannot be used for overseas payments,” the company added.

Foreign Exchange 41

Foreign Exchange Compliance Startups Banking 41

PYMNTS

NOVEMBER 27, 2018

“The trusted and tested correspondent banking approach has encountered challenges from emerging alternative solutions and new players upending some of the industry’s fundamentals,” wrote SWIFT Head of Banking Harry Newman and McKinsey Partner Olivier Denecker in the report’s introduction.

Foreign Exchange 49

Foreign Exchange B2B Banking Compliance 49

PYMNTS

JANUARY 14, 2019

There’s also a technology boom, which comes as the continent, in Nazir’s words, “leapfrogged over the landline and over the computer, and straight to the smartphone and, now, into mobile money over bank accounts. Those members of the formal economy, said Nazir, “are not comfortable going into a branch, and they do not have bank accounts.

eCommerce 85

eCommerce Foreign Exchange Accounting Banking 85

PYMNTS

OCTOBER 22, 2019

Transfers are passed between FIs until they reach intended recipients, and each bank adds extra steps and fees along the way. Overall, MTOs worldwide tended to charge lower than average fees across all remittance provider types, while banks charged fees that were higher than average. Network and Payment Method Next Steps.

B2B 41

B2B Foreign Exchange Accounts Payable Banking 41

PYMNTS

MARCH 1, 2017

With increasing globalization, cross-border, or global, payments have become a very big piece of the banking business. The space is also a hotbed for competition as a number of non-banks are offering the multicurrency payment processing capabilities that businesses need more efficiently and at a better value than the big banks.

B2B 58

B2B Foreign Exchange Compliance Banking 58

PYMNTS

JANUARY 2, 2017

Players, including Earthport, Transpay and Transfast, bolstered support for their cross-border payment offerings with a range of partnerships with international banks to enable real-time transactions. strongly preferred digital channels for payment approvals, account information and foreign exchange transactions.

Foreign Exchange 42

Foreign Exchange B2B Compliance Accounting 42

PYMNTS

JULY 13, 2018

Wells Fargo , which is working to recover from a series of regulatory scandals that have impacted trust with customers, reported lower than expected earnings and revenue during the second quarter, as mortgage banking income and other sectors showed softness. . The bank reported 5,977 retail branches in the year-ago quarter.

Foreign Exchange 40

Foreign Exchange Banking Risk Management Accounting 40

PYMNTS

SEPTEMBER 13, 2018

As FinTechs step into the cross-border payments and foreign exchange (FX) management space, there are more solutions available than ever before for corporates seeking to gain speed and security in payments – and manage risk along the way.

Foreign Exchange 40

Foreign Exchange Risk Management Currencies B2B 40

PYMNTS

OCTOBER 4, 2019

Australia’s ANZ Bank led a $1.56 million investment round in commercial card startup DiviPay, reports said this week, via the bank’s venture capital unit ANZi. Non-bank financial company Clix Capital, based in India, announced a $40 million fundraise this week led by AION Capital, Inc42 reported. Clix Capital.

B2B 51

B2B eCommerce Startups Foreign Exchange 51

PYMNTS

MARCH 2, 2016

Last week, Ripple published a report outlining some of its boldest claims about the potential of distributed ledger technology, including that it could save banks money. We break down the company’s argument as presented in “ The Cost-Cutting Case for Banks: The ROI of Using Ripple and XRP for Global Interbank Settlements.”

Currencies 46

Currencies Treasury Foreign Exchange Compliance 46

PYMNTS

FEBRUARY 8, 2018

banks before it can become interoperable with other nations’ schemes, according to Art Brieske, head of faster payments at JPMorgan Chase. The bank was among the earliest to adopt RTP, along with BNY Mellon, US Bank, SunTrust Bank, Citigroup and PNC Financial Services. There are still knots to untangle, of course.

Foreign Exchange 43

Foreign Exchange Banking Invoicing Compliance 43

PYMNTS

DECEMBER 31, 2020

In our crazy banking system, you don’t actually have to prove who somebody is to put their name on a piece of paper and stick it in the mail,” he noted. That’s because paper becomes the default method of payment when something goes awry — such as when banking credentials can’t be authenticated or identity cannot be verified.

Healthcare 115

Healthcare B2B Foreign Exchange Treasury 115

PYMNTS

SEPTEMBER 13, 2017

The company has also established the first secure and trusted compliance, vetting, KYC (Know Your Customer) and regulatory approval process for 75,000 China-based sellers (and growing) so that global marketplaces can have access to this massive eCommerce engine without operational, logistical, technological, payment or ERP fears.

Foreign Exchange 40

Foreign Exchange Compliance eCommerce Manufacturing 40

PYMNTS

APRIL 22, 2016

But technology is changing the foreign exchange trading game, and market volatility may be the only sure thing in this space. This involves treasurers collaborating with their banks and FinTech providers to forecast the direction of the FX market, while maintaining compliance with corporate policy on hedging.

Marketing 40

Marketing Foreign Exchange Treasury Currencies 40

PYMNTS

APRIL 29, 2016

The problem, he points out, may start with payment, but it soon extends into many critical risk and compliance activities, including KYC. One of the biggest gotchas, he says, is risk compliance and KYC, especially for those that try to build an in-house solution from the ground up. HAPPY PAYEE, HAPPY PROCESS.

Foreign Exchange 40

Foreign Exchange Compliance Leverage Economics 40

PYMNTS

AUGUST 10, 2017

Karen Webster: Let’s get acquainted with UAE Exchange and some of the great work you’re doing in the global remittance, foreign exchange and payments space. The business has evolved into a device agnostic, any-to-any platform offering transfers in cash, real-time bank account credits, and eWallet transactions.

Risk Management 54

Risk Management Foreign Exchange Investments Compliance 54