Citi and DBS made the first successful Singapore-to-U.S. dollar payment conducted on a weekend, according to a Sunday (Sept. 6) press release. The Saturday (Sept. 5) transaction was executed using tokenized deposits via the Swift Digital Ledger, the release said. Companies that transact in U.S....
The payments industry has largely converted its cross-border messaging infrastructure to ISO 20022. Its next challenge is getting structured address data to match the new messaging standard. Swift postponed the next major milestone in that effort Thursday (Aug. 27), extending the timetable for eliminating fully...
Watch more: Need to Know With Bank of America’s Narendra Kumar Parhi Cross-border payments in Asia-Pacific are being pulled toward the speed of the region’s domestic commerce, leaving companies in the United States to contend with payment systems that can move money around the clock...
Corporate treasurers looking out across global commerce would be forgiven for thinking they see the signs of a new cross-border financial stack taking shape. After all, they might be. Visa, for example, joined the Monetary Authority of Singapore’s BLOOM initiative Tuesday (Aug. 25), adding another...
OpenPayd has integrated its universal financial infrastructure with Circle Payments Network (CPN), enabling businesses to make near-instant cross-border fiat payments, OpenPayd said in a Tuesday (Aug. 25) press release. OpenPayd’s universal financial infrastructure enables businesses to use a single integration to access domestic payment rails,...
A global business shouldn’t have to choose between local checkout for its customers and manageable treasury for its chief financial officer. For years, the cross-border payments industry has worked toward the goal of making money move like information. FinTechs and banks have attacked that friction,...
Blockchain-powered bank N3XT has secured approval from Wyoming regulators to let customers use its digital token to transact with foreign counterparties, Bloomberg reported Monday (Aug. 17), citing its interview with N3XT Founder Scott Shay. This approval will enable N3XT to offer its customers instant overseas transfers to not only the...
Real-value testing (RVT) of tokenization of wholesale cross-border payments demonstrated an average time from payment initiation to settlement of about 80 seconds, according to a report by the Bank for International Settlements (BIS). Project Agorá, a public-private collaboration exploring tokenization of wholesale cross-border payments, conducted...
U.K.-based remittance provider ACE Money Transfer has launched a cross-border payments partnership with Visa. The collaboration will see the companies promote account funding transactions to support faster and more seamless money transfers, ACE said in a Monday (July 13) news release. The combination of ACE...