The Financial Action Task Force (FATF) has updated its list of countries with financial-crime-prevention deficiencies. The international body announced after its meeting this week that it had added the British Virgin Islands and Bolivia to its list of “Jurisdictions Under Increased Monitoring.” According to an...
Cross-border payments FinTech Tensec raised $12 million in new funding. The financing will help the company provide payments and financial services for companies in the $190 trillion cross-border payments market, according to a Wednesday (June 18) press release. These companies will be able to access...
Syria has reportedly made its first international bank transfer via the SWIFT system since 2011. As Reuters noted in its report Thursday (June 19), that was the year the country’s civil war broke out. The transfer, the report said, marks a milestone in Syria’s effort...
Beyond the headlines on tariffs, trade and their macroeconomic implications, the back and forth about exports and imports highlights the importance of smooth fund flows across supply chains. Banks and FinTechs are in the middle of it all, enabling commercial payments that cross borders. Foreign...
Cross-border payments don’t have a small bank problem; small banks have a cross-border problem. With layers of intermediaries, opaque fee structures and legacy infrastructure, the cost and complexity of sending money internationally remain disproportionately high for regional and community banks. As large banks use economies...
Despite the widespread adoption of digital technologies, merchants are finding that cross-border payment complexities continue to pose hurdles to capturing international sales opportunities. It’s one of the key findings from “How Payments Optimization Can Power an International Commerce Strategy,” from PYMNTS. As global eCommerce is...
Qatar Islamic Bank (QIB) has partnered with Visa to enhance cross-border business-to-business (B2B) payments through Visa B2B Connect. The platform supports direct, account-to-account international transfers and will allow QIB’s corporate clients to send payments to 120 countries. QIB is the first Islamic bank in Qatar...
The “One Beautiful Bill” that’s made its way through the House and now is up for debate (and possible changes) in the Senate will have a significant impact on the remittance industry — and perhaps some unintended consequences. As it stands now, the Act includes...
Money movement company TerraPay launched a partnership with Wave Mobile Money. The collaboration is designed to enhance cross-border remittance services in West Africa by allowing Malians to receive money from family and friends abroad directly into their Wave mobile wallets, according to a Thursday (May...