CFO News

APRIL 1, 2024

The RBI, established in 1935, operates as the country's central bank as per the recommendations of the Hilton Young Commission and governed by the Reserve Bank of India Act, 1934.

Foreign Exchange 40

Foreign Exchange Currencies Financial Systems Banking 40

PYMNTS

FEBRUARY 18, 2020

Deutsche Bank announced on Tuesday (Feb. 18) that it would improve its Sri Lanka operation with the launch of a new digital foreign exchange (FX) program, reports said. In a press release, Deutsche Bank Sri Lanka Chief Country Officer Vikas Arora said that the bank wants to change with the times.

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Foreign Exchange Banking Currencies B2C 60

PYMNTS

SEPTEMBER 6, 2016

s share of the foreign exchange market has dropped, while the Bank for International Settlements (BIS) reported that Asia, particularly Hong Kong, Tokyo and Singapore, are picking up the pieces. s share of the global currencies trading market, according to FT — down from 41 percent in 2013. While the value of the U.K.

Foreign Exchange 40

Foreign Exchange Marketing Currencies Banking 40

PYMNTS

JANUARY 9, 2020

Lenders including Barclays, HSBC, Royal Bank of Scotland and Virgin Money had to stop foreign currency services after exchange provider Travelex was hit by a ransomware gang, according to reports on Thursday (Jan. Travelex’s network of branches continue to provide foreign exchange services manually.”.

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Currencies Foreign Exchange Banking Securities 52

PYMNTS

OCTOBER 23, 2018

Bank of America Merrill Lynch (BofA Merrill) is introducing a new solution for other financial institutions (FIs) in the interbank payment system to automate foreign exchange (FX) conversion. The solution is supported across 89 countries and can make conversion in 41 currencies, the bank noted.

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Foreign Exchange Banking Currencies Compliance 76

CFO News

OCTOBER 20, 2023

India's foreign exchange reserves rose by $1.153 billion to reach $585.895 billion for the week ending October 13, according to the Reserve Bank of India (RBI). Foreign currency assets dropped by $178 million to $519.35 The increase comes after a decrease of $2.166 billion in the previous week. billion to $43.58

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Foreign Exchange Currencies Banking 52

PYMNTS

NOVEMBER 3, 2020

This new financing will help us to accelerate the development of the company both in terms of products, with the addition of local currency accounts, payment card, integration with accounting software, and geographically, as we will target new markets in South-East Asia,” Statrys Founder and CEO Bertrand Theaud said in the announcement.

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Foreign Exchange Currencies Finance Accounting 105

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). The post China, HK, Thailand and UAE to test digital currency transactions appeared first on FutureCFO.

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Currencies Foreign Exchange Compliance Banking 40

PYMNTS

DECEMBER 10, 2020

Bank of America (BofA) is introducing a cross-border payment tracker and expanding SWIFT gpi to support more than 140 currencies, accessible through the integrated CashPro platform. Customers can make payments via Bank of America’s SWIFT gpi solution. 10) press release. “Our 10) press release. and Ireland at SWIFT. .

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Foreign Exchange Banking Treasury Compliance 104

PYMNTS

SEPTEMBER 20, 2020

The business division of Western Union will work with Isabel Group , a Belgian company providing multi-bank services through its B2B network Isabel 6, to grow connectivity in Belgium, according to a press release. Now, clients will be able to connect with more resources globally, the release stated.

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Foreign Exchange B2B Currencies Economics 120

PYMNTS

APRIL 10, 2020

While this strategy can yield results, it can also create silos, hampering a bank’s ability to achieve one of the most vital goals of DX: seamless integration of operations that boost efficiency and improve the end-user experience. “Banks are technology companies,” Rio Tinto recently told PYMNTS.

Technology 144

Technology Banking Foreign Exchange Currencies 144

Future CFO

APRIL 10, 2022

Digital money will be the future, said PwC recently when releasing its 2022 PwC Central Bank Digital Currency (CBDC) Global Index. It’s estimated that more than 80% of central banks are considering launching a central bank digital currency,” the company noted in a statement.

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Foreign Exchange Currencies Banking Retail 98

PYMNTS

NOVEMBER 21, 2018

businesses are over-exposed to risks related to interest rate and foreign exchange volatility, according to new Citizens Bank research. corporates have raised concerns over the negative impact that foreign exchange volatility might have on profits, particularly as ongoing global trade disputes impact the FX markets.

Foreign Exchange 67

Foreign Exchange Banking Valuation Currencies 67

PYMNTS

APRIL 7, 2020

Open banking efforts are live in countries ranging from the United Kingdom to Singapore. Financial institutions (FIs) following these initiatives make their application programming interfaces (APIs) publicly available, which third-party developers can use to create solutions that draw on banking data from consenting users.

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eCommerce Banking Foreign Exchange B2B 63

PYMNTS

AUGUST 29, 2018

The currency decline continues: The Swedish krona fell Wednesday (Aug. The decline comes amid political uncertainty in that Nordic country, the prospect of a widening trade war that could hurt it and increasing attention to the benefits of currency hedging among commerce and payments businesses. Such lows were last seen in 2009.

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Currencies Foreign Exchange Profit and Loss Banking 46

PYMNTS

NOVEMBER 2, 2016

A Japanese bank consortium gearing up to create a new real-time payments platform using blockchain technology from SBI Ripple Asia has expanded to 42 members. According to a report , the group launched in August with 15 members, and SBI Ripple Asia had expected to increase the size to 30 banks.

Foreign Exchange 77

Foreign Exchange Banking Currencies Technology 77

PYMNTS

NOVEMBER 13, 2020

But it was a Banking-as-a-Service company that led the roundup this time, with one startup looking to expand into Credit Cards-as-a-Service with its latest investment. With nearly $90 million in new funding landing at B2B FinTechs this week, investors showed off a diverse range of focuses, from procure-to-pay to small business payments.

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B2B Banking Foreign Exchange Startups 91

PYMNTS

OCTOBER 8, 2019

Citi has recruited foreign exchange management firm Kantox to enhance its FX services for corporate clients, the companies said in a press release on Monday (Oct. According to Kantox, the company will provide its FX management and business payment solutions to Citi Commercial Bank’s international businesses based in the U.S.,

Foreign Exchange 74

Foreign Exchange Treasury Currencies Banking 74

PYMNTS

MAY 19, 2020

BlockFi said it was “able to confirm that no funds, passwords, social security numbers, tax identification numbers, passports, licenses, bank account information, nor similar non-public identification information was exposed as a result of this incident.”. dollars and Ukrainian hryvnias.

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Foreign Exchange Currencies Securities Numbers 84

PYMNTS

DECEMBER 1, 2019

French startup Pixpay is the first challenger bank to cater to teens, offering a debit Mastercard for cashless payments, news outlets reported on Friday (Nov. Challenger banks are typically marketed to adults. Foreign currency transactions cost 2 percent in foreign exchange. Pixpay costs €2.99 million (€3.1

Banking 60

Banking Foreign Exchange Startups Education 60

Future CFO

SEPTEMBER 11, 2023

Some central banks have been able to accumulate reserves on current account improvements or investment inflows, while others still see their currencies under pressure from US Fed tightening prospects, the credit rating agency noted. Asia Pacific sovereigns are seeing diverging reserve dynamics, said Fitch Ratings recently.

Foreign Exchange 52

Foreign Exchange Currencies Finance Investments 52

PYMNTS

MARCH 16, 2020

Buyers will be able to pay suppliers in their own countries’ currencies with ease, according to the release. Risk will be less of an issue because of the increase in transparency and tighter control on foreign exchange payments, along with the currency exposures for those with stake in procurement and treasury.

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SAP Foreign Exchange Reconciliations Currencies 99

PYMNTS

NOVEMBER 3, 2020

In this week's roundup of payment rail innovation, PYMNTS finds B2B payments use cases serve as an important driver of adoption, with FinTechs and financial service providers embracing payment rails old and new to enable real-time B2B payments and foreign exchange. Plus, blockchain projects move closer to launch in the U.S. and abroad.

B2B 56

B2B Foreign Exchange Currencies Accounts Payable 56

PYMNTS

APRIL 16, 2020

Customers at Deutsche Bank ‘s Bangkok branch will soon have access to electronic payments via the bank’s PromptPay service, according to reports. Deutsche Bank achieves PromptPay by combining instant payments with API technology in order to create “interactive” experiences.

Foreign Exchange 91

Foreign Exchange Currencies Banking Technology 91

PYMNTS

NOVEMBER 16, 2020

Currency Conversion Headache. One of the biggest challenges in cross-border trade for any kind of business relates to foreign exchange. A B2B invoice may be issued and paid in one currency, but the recipient of those funds has to convert that money into their local currency. Today, that's not always possible.

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Foreign Exchange Currencies Manufacturing B2B 56

PYMNTS

MARCH 26, 2020

Cross-currency money transfer firm Western Union has announced the launch of Digital Location, a new tool that enables people to send money from home. A card is used for payouts into any bank account, digital wallet or agent locations supported by Western Union. Over 40 countries have the ability to use the Western Union Mobile app.

Foreign Exchange 114

Foreign Exchange Currencies Risk Management Technology 114

PYMNTS

DECEMBER 2, 2019

London specialty business lender Just Cashflow (JCF) is partnering with London FinTech Ebury to roll out foreign exchange (FX) services, Just Cashflow announced in a company blog. . The services put an end to uncertain currency exchange due to Brexit and locks-in rates for future transactions. JCF is a subsidiary of JLG.

Foreign Exchange 52

Foreign Exchange Currencies B2B Invoicing 52

PYMNTS

JUNE 16, 2020

Foreign exchange giant Travelex is pulling its offer of sale to prospective buyers after none of the buyers could offer an acceptable deal to the company’s banks and lenders, Financial Times (FT) reports.

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Sales Foreign Exchange Banking Restructuring 52

PYMNTS

SEPTEMBER 20, 2020

FLEETCOR , which works in global business payments, announced that it had reached an agreement to acquire cross-border payment firm Associated Foreign Exchange (AFEX) to help boost its own payments network, a press release says. The company normally focuses on providing international accounts to businesses underserved by banks.

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Foreign Exchange Currencies Accounting Investments 121

PYMNTS

SEPTEMBER 30, 2019

Zimbabwe , in an attempt to control the spiraling inflation problem with its currency, is restricting mobile money and tightening controls for foreign exchange outfits. It is also disallowing the quoting of any prices other than its own currency, according to a report by Bloomberg. On Monday (Sept. to the U.S.

Foreign Exchange 43

Foreign Exchange Banking Currencies Finance 43

PYMNTS

SEPTEMBER 1, 2020

Working in conjunction with stablecoin payment and foreign exchange platform Stablehouse , the idea was started last year but expedited due to its newfound importance after the pandemic hit. Users could then make smaller transactions online with the bank's mobile app, CoinDesk reported.

Foreign Exchange 82

Foreign Exchange Construction Currencies Startups 82

PYMNTS

JULY 15, 2020

businesses has broadened growth opportunities and opened up new revenue streams, the banking and financial services space hasn’t quite caught up to the modern needs of U.S. An alternative to this payment strategy is to open up a bank account in each market in which a business operates. New Goals, Old Tech.

Foreign Exchange 67

Foreign Exchange Currencies Accounting Banking 67

PYMNTS

DECEMBER 4, 2020

The acquiring solution will eliminate the need for businesses to alternate and reconcile between acquiring and banking platforms. Businesses should also be able to save money on currency conversions, as the product will be able to accept payments in 14 currencies. banking license in California.

Foreign Exchange 73

Foreign Exchange Currencies Banking Economics 73

PYMNTS

SEPTEMBER 17, 2018

Turkey’s central bank announced effective in October it is raising the maximum interest rate credit card lenders can charge. According to a report in Reuters citing Turkey’s central bank, the rate is going to 2.5 percent for foreign exchange transactions. percent for foreign currency ones.

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Foreign Exchange Banking Budgeting Currencies 51

PYMNTS

MAY 19, 2020

And, beyond emails and passcodes, the SSU said per the report that the database had “eWallets of cryptocurrencies” and “PIN codes for bank cards,” among other information. In other news, the government of Iran is aiming to limit digital currency exchanges with so-called “currency smuggling” regulations, CoinDesk reported.

Foreign Exchange 59

Foreign Exchange Currencies Securities Numbers 59

PYMNTS

MARCH 20, 2020

payments platform Ebury and Portuguese bank Crédito Agrícola (CA) have forged a partnership to allow the bank to work with more customers online and in a wider range of currencies, Ebury announced Thursday (March 19). Duarte Líbano Monteiro, country manager for Ebury Portugal, said the company was happy to be working with CA.

Foreign Exchange 52

Foreign Exchange Currencies Banking Sales 52

CFO News Room

NOVEMBER 11, 2022

This week’s investor run on the FTX crypto-currency exchange marks round two of the great crypto crackup, and so far the victims are consenting adults. Barring an unexpected spread to the banking system, this is another in the long line of easy-money manias turned to panic.

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