Watch more: Need to Know with Bank of America’s Daniel Stanton Companies have upgraded their treasury systems while the payment networks, banks and data they rely on remain fragmented. The sheer number of ways to move money has increased. Wires and domestic clearing systems remain....
Cross-border payments are proving to be the strongest use case for stablecoins, Mastercard CEO Michael Miebach said Friday (Oct. 9), Bloomberg reported. During an interview with Bloomberg TV, Miebach said stablecoins provide an alternative to traditional methods of cross-border payments that take days and have unclear fees. “From a working...
Moving money across borders may be one of the last steps in an international payment. Getting the money ready to move can take considerably longer. Before a multinational company pays an overseas supplier, its finance team often needs to verify the counterparty, reconcile an invoice...
The next sanctions shock for a multinational may not arrive as the name of a supplier appearing on a government blacklist. It could arrive as a payment that suddenly stops working. In a Monday (Oct. 5) alert, the Treasury Department’s Office of Foreign Assets Control...
Conventional wisdom says large corporations should dominate cross-border payments. They have global banks, treasury teams, negotiated FX rates, sophisticated treasury management system (TMS) platforms and local accounts. But the 2026 payments infrastructure may be creating a strange inversion where a small business can get a...
Watch more: Need to Know With Spreedly’s Nick Daley Selling in another country can force a merchant to find out how much growth its payments infrastructure can actually support. New markets bring local payment preferences, new providers and different transaction economics, while every connection adds...
A payment moving from one country to another passes through banks, clearing systems and payment networks that operate under different rules. The recipient information used to check the payment and bolster security can be just as fragmented. Payee verification connects some of those far-flung systems....
Citi now enables its bank clients to access multiple cross-border instant payment markets through a single account structure, the bank said in a Tuesday (Sept. 29) press release. This solution also eliminates the need for these bank clients to have separate local banking relationships, bilateral agreements or local technical infrastructure, according...
BNY has debuted a solution that lets banks send cross-border payments to retail digital wallets. The Pay-to-Wallet capability combines the bank’s global payments capabilities to support cross-border bank-to-wallet payments across approved markets and corridors, BNY said in a Monday (Sept. 28) news release. “Digital wallets are becoming...