A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.

Search Payments News

December 10, 2021

On the web

Wise Enables B2B Transfers to China From Eight Currencies

Finextra Research

“Wise (LON:WISE), the global technology company building the best way to move money around the world, has today enabled B2B transfers to China in Chinese yuan (CNY) from 8 currencies, with plans to later expand this to other currencies supported by Wise. Wise Business customers in all supported markets have already been able to pay local businesses in China in USD, however, the additional capability of making payments in CNY at the mid-market rate to their Chinese suppliers, improves price transparency for businesses on the mainland who prefer to settle in local currency.”

December 1, 2021

On the wires

Bexs Banco and Thunes Partner to Enable Real-time Payments to Brazil

Thunes , a Singapore-headquartered global payments company, today announced a partnership with Brazil’s Bexs Banco (“Bexs”), a pioneer in international digital payments, to help global businesses and customers make real-time payments to Brazil, including payments to Pix, the instant payment system developed by Brazil’s Central Bank. With this partnership, Brazilian recipients will be able to enjoy increased speed and transparency of inbound transactions processed by Thunes. Those using Pix will receive payments instantly.”

Wise Announces North American Expansion Plan

Wise , the global technology company building the best way to move money around the world, today announced a 2022 North American expansion plan that will see the company hire more than 150 people; expand its U.S.-based operations to Austin, Texas; and, move its New York City headquarters office to a new, larger location.”

November 30, 2021

On the wires

Shinhan Bank to Conduct Stablecoin International Remittance PoC on Hedera Network, in Partnership With Major Multinational Bank

Shinhan Bank , the leading bank in South Korea, today announced that it has completed the development of a proof-of-concept, with a global megabank outside of Korea, built on the Hedera network, leveraging stablecoins and focused on international remittances. Utilizing the Hedera Token Service (HTS) and Hedera Consensus Service (HCS), the project aims to test the issuance and distribution of stablecoins, applied to a financial use case that typically suffers from high fees, longer waits, and the absence of tracking features.”

November 29, 2021

On the web

Deutsche Bank Rolls Out SWIFT Beneficiary Account Service


“Deutsche Bank is launching SWIFT’s new beneficiary account validation service for cross-border payments.The bank, which is the first to roll out SWIFT’S new account pre-validation service worldwide, says that BAV will enable clients to verify payee account details before an international payment instruction is sent.The technology is aimed at minimising the risk of payment failure due to incorrect data, removing a key point of friction in cross-border transactions.”

November 24, 2021

On the web

BIS Calls for Feedback on Proposals to Extend RTGS Operating Hours

Finextra Research

“The Bank for International Settlements is opening a consultation on the propsect of extending and aligning payment system operating hours to improve cross-border payments. The consultative report from the Committee on Payments and Market Infrastructures (CPMI) focuses on the operating hours of real-time gross settlement (RTGS) systems.The CPMI says an extension of RTGS operating hours across jurisdictions could help address current obstacles, thereby increasing the speed of cross-border payments and reducing liquidity costs and settlement risks.”

November 16, 2021

November 15, 2021

On the web

Bank of Negara Malaysia and Payments Network Malaysia or PayNet to Enhance Cross-Border Transactions

Crowdfund Insider

“Bank Negara Malaysia (BNM) and Payments Network Malaysia (PayNet) will reportedly be taking part in Project Nexus by working cooperatively with various partners on a proof-of-concept (PoC) to enhance the cost and speed of performing international payments. Project Nexus will aim to look into the overall feasibility of connecting the real-time payment systems in Malaysia, Singapore and the Euro area, the announcement noted.”

November 10, 2021

On the wires

Rapyd Unveils “B2B Payments Infrastructure of the Future” to Support Global B2B Commerce and Trade Platforms

Rapyd , a global Fintech as a Service company, today announced new enhancements to its industry-leading Disburse and Collect Platforms, delivering new end-to-end infrastructure for B2B firms to pay suppliers and sellers while getting paid by customers around the world more efficiently…To further its B2B payment acceptance offering, Rapyd clients can now also use Virtual Accounts to accept payments in Singapore and Europe to pay in their locally preferred currency.”

November 8, 2021

On the wires

Airwallex Bolsters ASEAN Presence With Regulatory Approval in Singapore | Airwallex

Airwallex , a global fintech platform, today announced at Singapore FinTech Festival that its Singapore entity, Airwallex (Singapore) Pte Ltd, has been granted a Major Payment Institution License by the Monetary Authority of Singapore (MAS) under the Payment Services Act. Airwallex is permitted to provide a suite of payment services including account issuance, domestic money transfer, cross-border money transfer, merchant acquisition and e-money issuance.”

October 25, 2021

On the wires

Payfare, Wise to Bring First International Money Transfer Capabilities to the North American Gig Workforce

“Payfare (TSX: PAY) and Wise (LSE: WISE), the global technology company building the best way to move money around the world, today announced plans to bring fast, low-fee and secure international money transfer capabilities to Payfare’s digital banking app in 2022. The partnership will bring together the leading instant payout and digital banking solution for contract workers, Payfare, with the low-cost leader for international money transfers in a digital payments experience tailored to the gig economy.”

October 18, 2021

On the wires

Mastercard and Previse Speed Business Payments Globally

Mastercard and Previse today announced the integration of Mastercard Cross-Border Services – a global push payments platform that enables funds to be sent seamlessly, securely and with certainty to any account – into Previse’s InstantPay platform. The collaboration will enable instant payments to suppliers in over 100 markets globally. In today’s environment, cash flow is critical – particularly for small and medium-sized businesses (SMBs). Over one third of SMBs in North America report facing cash flow issues due to late payments and slow processing times for cash and checks.”

October 14, 2021

On the wires

Veem Partners With Visa to Enhance Domestic and Cross Border Money Movement

Veem, the global payment network for small-to-midsize businesses, today announced a collaboration with Visa, the world’s leader in digital payments. Now, over 400,000 of Veem’s customers will have access to a new SMB Visa card program1 and digital money movement capabilities through Visa Direct, Visa’s real-time2 push payments platform. Veem clients will have the ability to immediately generate and issue virtual Visa payment cards that can be used for business payments to third parties like suppliers, or for general business expenses.”

SWIFT Go Builds Momentum As 100+ Banks Sign Up for Service That Powers SME and Consumer Payments

“SWIFT today announces that 100 banks around the world have signed up for SWIFT Go since it went live in July, underscoring strong demand for the service that enables small businesses and consumers to send fast, predictable, highly secure and competitively priced low-value cross-border payments from their bank accounts. Ten banks are already live with SWIFT Go, most recently Deutsche Bank, JPMorgan Chase, and China Minsheng Bank, representing 41 million low-value cross-border payments a year.”

October 11, 2021

Top Post

EBA CLEARING, SWIFT and The Clearing House Join Forces to Speed up and Enhance Cross-border Payments

“With the support of banks from both sides of the Atlantic, EBA CLEARING, SWIFT and The Clearing House (TCH) have joined forces to make cross-border payments as seamless as the fastest domestic payment options. The three private-sector, member-owned companies have completed a proof of concept as part of a new initiative, Immediate Cross-Border Payments (IXB), that demonstrates the ability to synchronize settlement in one instant payment system with settlement in the other and convert real-time messages between both systems. The concept could be expanded to additional currencies and is also replicable for more liquidity-efficient high-value payments.”

October 8, 2021

On the web

UniCredit and JP Morgan Employ Swift Go for Payments Between Europe and US

Finextra Research

“Utilising the banking cooperative’s low value remittance solution, UniCredit and JP Morgan have partnered to allow small businesses and consumers send fast and secure near real-time cross border payments at a competitive price with Swift Go. Swift Go enables banks to provide their end customers with transparent payments services with upfront visibility on processing times and costs, tighter service level agreements between institutions and pre-validation of data.”

October 4, 2021

On the web

Santander Unplugs Payments Challenger PagoFX After 15 Months – AltFi


“Santander has pulled the plug on its Wise- rival PagoFX just 15 months after it launched. Santander described the move as being designed to refocus efforts on business-to-business payments within its PagoNxt division. “We have ambitious plans to grow PagoNxt and expect to more than double revenues in the media term, with an immediate focus on high growth segments such as merchant and trade services,” a PagoNxt spokesperson said. “To help support this growth, we have decided to integrate the PagoFX technology into our trade services business to leverage the fast and secure payment capabilities offered by the service.””

On the wires

Singapore’s PayNow and Malaysia’s DuitNow to Link in 2022

“The Monetary Authority of Singapore (MAS) and Bank Negara Malaysia (BNM) today announced plans to commence a phased linkage of Singapore’s PayNow and Malaysia’s DuitNow real-time payment systems. The first phase of the PayNow-DuitNow linkage will be launched in the fourth quarter of 2022. This will allow customers of participating financial institutions to make real-time fund transfers between Singapore and Malaysia using just a mobile number. Customers will also be able to make retail payments by scanning NETS or DuitNow QR codes displayed at merchants’ storefronts.”

October 1, 2021

On the web

Banks Lean on Western Union to Counter Fintech Rivals

American Banker

“The recent jump in digital commerce has made international payment processing a hot target for fintechs, but Western Union contends its established network provides a way for banks to boost their own cross-border reach. “For a long time we were kind of alone in the world. Now everyone wants a piece of our business. The startups and the banks,” Jacqueline Molnar, chief transformation officer at Western Union, said during American Banker’s Card Forum event, which took place Sept. 28-30.”

September 14, 2021

On the web

India, Singapore to Link Their Fast Payment Systems UPI & PayNow

The Hindu

“The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) on Tuesday announced a project to link their respective fast payment systems — Unified Payments Interface (UPI) and PayNow which will facilitate instant low cost cross border fund transfer. The linkage is targeted to be operationalised by July 2022. “The UPI-PayNow linkage will enable users of each of the two fast payment systems to make instant, low-cost fund transfers on a reciprocal basis without a need to get onboarded onto the other payment system,” the RBI said in a statement.”

On the wires

DBS Introduces Real-time Digital Cross-border Incoming Payment Tracking for All Corporate and SME Clients

“DBS has launched real-time online tracking for cross-border collections for businesses in India in partnership with SWIFT Global Payments Innovation (gpi). DBS is the first bank in India and Asia-Pacific to offer this service to clients, which is expected to benefit close to 4000 corporate and SME clients in India, with numbers expected to grow further. The new DBS SWIFT gpi incoming tracking will arm corporate treasures with better cash forecasting by receiving the end-to-end tracking information, which was not possible a few years ago.”

September 1, 2021

On the wires

Juniper Research: B2B Cross-border Payment Transaction Values to Exceed $42 Trillion in 2026, As ECommerce Marketplace Growth Stimulates Trade

“A new study from Juniper Research has found the transaction value of B2B cross-border payments of all payment types will exceed $42.7 trillion in 2026, from $34 trillion in 2021. The research identified that growth of over 25% is being driven by increased popularity of eCommerce marketplaces, which are generally cross-border in nature. The research identified that the B2B cross-border payments market is highly fragmented, with payments being slow, expensive and difficult to track.”

August 27, 2021

On the wires

The AMF Announces a MoU With Visa to Support the Growth and Efficiency of Cross-border Payments Between the Arab Region and Global Markets

“The Arab Monetary Fund (AMF) and Visa, announced today the signing of a Memorandum of Understanding (MoU). Under the terms of this MoU, Visa and Buna (The Regional Payment Platform owned by the AMF), will set the foundation for mutual beneficial interoperability and a solid partnership that aims to enable additional rails of money transfer across the two systems, supporting the growth and efficiency of cross-border payments between the Arab region and the rest of the world. Buna and Visa will collaborate to offer their network of participants and member banks respectively, a quick, efficient, cost effective and secure channels to execute cross-border payments in Arab and International currencies, enabling diversified pay out options.”

August 26, 2021

On the wires

Airwallex Furthers Global Expansion With Launch Into North America

“Airwallex, a global fintech platform, today announced its launch in the US. This launch represents Airwallex’s expansion into North America as Airwallex continues its international growth momentum. U.S.-based businesses can now enjoy a full suite of products to support their cross-border payment needs in a fast, transparent and secure way. Airwallex’s entry into the U.S. supports its global growth strategy aimed at achieving its vision to become the global financial infrastructure for businesses to operate anywhere, anytime. Today, the company offers a business account which include cards, international collection & transfer and other value-add solutions for Small and Medium-sized businesses, and an API for larger enterprise businesses that require embedded payments and financial services”

August 18, 2021

On the web

Mexican Fintech Expanding Into U.S. to Finance Cross-border Trade

American Banker

“Credijusto made a splash in June when it became the first fintech to buy a regulated bank in Mexico, following in the footsteps of companies such as LendingClub and Social Finance that have bought banks in the United States. But the lender to small and midsize businesses, which compiles troves of electronic data to help in credit underwriting, is doing more than continuing a global trend of fintech-bank acquisitions. It is catering to a niche where demand is high and a specialized lender could flourish: small and midsize businesses that conduct trade between the U.S. and Mexico.”

August 17, 2021

On the web

Indonesia and Thailand Launch Instant Cross-Border QR Payment Linkage – Fintech Singapore

Fintech Singapore

“Bank Indonesia (BI) and the Bank of Thailand (BOT) launched a cross-border QR payment linkage between Indonesia and Thailand today. Under this linkage, consumers and merchants in both countries will be able to make and accept instant cross-border QR payments for goods and services. This connection is the first that links the retail payment system operators in both countries. It also marks a key milestone in the ASEAN Payment Connectivity initiative, aiming to promote financial integration in the region.”

August 12, 2021

On the web

August 6, 2021

On the web

State Bank Eases Cross-border Commercial Payments


“The State Bank of Pakistan (SBP) has facilitated the making of commercial payments abroad through a number of ways on account of services availed by the local as well as foreign companies operating in the country. The central bank on Thursday said it had changed foreign exchange instructions pertaining to commercial remittances aimed at ease of doing business and facilitating cross-border commercial payments on account of services.”

August 5, 2021

On the wires

Reserve Trust Secures $30.5M Series A, Reunites Serial Entrepreneurs to Drive Next Stage of Growth

“Reserve Trust, the first fintech trust company with a Federal Reserve master account, today announced a $30.5 million Series A investment, led by QED Investors with participation from FinTech Collective and Ardent Venture Partners. The round, including $17.9M in secondary shares, comes in addition to a prior $5M seed round raised in October 2019…Unconstrained by legacy banking systems, Reserve Trust provides B2B payments services that financial institutions and fintech’s have previously only been able to obtain from correspondent and sponsor banks. Reserve Trust partners with businesses that seek to embed domestic and cross-border B2B payments, bypassing traditional banks and offering direct access to key high-value payment rails.”

August 2, 2021

On the wires

Nexus: a Blueprint for Instant Cross-border Payments

“Nexus is a model for connecting multiple national payment systems into a cross-border platform that could enable international payments to happen as quickly as sending a text message. More than 60 countries already have instant (or “fast”) payments systems that allow people to send money to each other within seconds. Meanwhile, sending money abroad is often still slow and expensive. Connecting these national systems internationally could improve the speed, cost and transparency of cross-border payments.”

Payments News

Give us your email address or link to our RSS feed and we’ll push the daily Payments News headlines to you.

Glenbrook Payments Boot camp®

Register for the next Glenbrook Payments Boot Camp®

An intensive and comprehensive overview of the payments industry.

Train your Team

Customized, private Payments Boot Camps tailored to meet your team’s unique needs.

OnDemand Modules

Recorded, one-hour videos covering a broad array of payments concepts.

Glenbrook Press

Comprehensive books that detail the systems and innovations shaping the payments industry.