The bank is expanding its payment services in the country to help clients process and move money globally, as well as pursuing partnerships with Indian FinTechs that focus on cross-border flows, Bloomberg reported Thursday (Oct. 9), citing its interview with Guhaprasath Rajagopal, head of payments for India at JPMorgan Chase.
These moves are driven by multinationals’ growing use of global capability centers located in India as well as Indian companies’ push into overseas markets, according to the report.
“With our global network and full range of treasury services and trade solutions, we help Indian businesses seize global opportunities and navigate complex markets,” Rajagopal said, per the report.
The PYMNTS Intelligence and Citi collaboration “The Treasury Management Playbook: Spotlight on Cross-Border Payments” found that cross-border payments are more important than ever and that companies are looking to minimize the frictions associated with international transactions.
The report found that the three most commonly cited pain points are slow speeds, lack of transparency and high costs, and that the more a business looks abroad for new markets and customers, the more important seamless and efficient cross-border payments become.
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In another recent development in this space, non-custodial stablecoin wallet MiniPay said Wednesday (Oct. 8) that it integrated Noah’s financial infrastructure to enable freelancers, creators and sellers to receive global payouts.
The companies’ collaboration aims to meet the needs of the growing number of freelancers in Africa, Latin America, Southeast Asia and South Asia.
“People want to get paid like a local — without the maze of cross-border fees and delays,” MiniPay Head of Commercial Murray Spark said in a press release.
Payment service provider Coinflow said Wednesday that it raised $25 million in new funding to help boost adoption of what it called the world’s first unified global pay-in and payout infrastructure with instant settlement using stablecoins.
Coinflow works with merchants in industries that include marketplaces, FinTechs, gaming, payroll, eCommerce and remittances.
“Payments systems are still stuck in a patchwork of local networks, riddled with delays, fraud, and unnecessary costs,” Coinflow Co-founder and CEO Daniel Lev said in a press release. “Coinflow solves this by unifying global rails into one instant, secure settlement layer.”
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