“The Central Bank of the UAE (CBUAE) announced that it has been working with SWIFT on an initiative to further enhance the speed and transparency of cross-border payments. The CBUAE will be the first central bank globally to implement such an initiative.The integration between the CBUAE’s domestic UAE Funds Transfer System (UAEFTS) and SWIFT’s ‘gpi Tracker’, will allow financial institutions sending cross-border payments to the UAE to benefit from increased transparency, certainty, and seamless transmission between the SWIFT network and the UAEFTS, by relying on the Tracker that is a tool offered by SWIFT, to enable banks to track their payment flows end-to-end in real-time.”

“Banking Circle’s cross border payments platform has been built in-house and is based on microservices, meaning each part of the solution is independently deployable and highly maintainable. It delivers best-in-class payment processing times, achieved through a move away from batch-driven to event-based payments processing, while providing clients with real-time insight on the status of their payments. To boost compatibility and the user experience, it offers open APIs which enable easy integration between the platform’s functions and clients’ workflows. Beyond the core cross border payment service, these functionalities include reporting, user creation, reconciliation and account balance acquisition.”

“MoneyGram International, Inc., a global leader in cross-border P2P payments and money transfers, today announced the launch of ‘MoneyGram as a Service,’ a new business line that enables other companies to access its leading global money transfer network through its powerful API-driven infrastructure and best-in-class technology. With this launch, enterprise customers can now leverage the Company’s core capabilities as productized service offerings to meet their various business needs and quickly add services and scale. The new business line represents a significant growth opportunity for MoneyGram as it enters a market estimated to be $17 billion in 2024 with a CAGR of about 24% over the forecast period.”

“The coronavirus pandemic has underscored the need to improve systems for transferring money across international borders, Federal Reserve Chairman Jerome Powell said Thursday…He said that the existing system for cross-border payments is safe and reliable. But he added that it suffers from outdated technology in some areas and inefficiencies that can make it difficult to comply with requirements to fight money laundering and terrorist financing.”

“Wise , the London-headquartered company that made its name offering international money transfers and is reportedly planning an IPO, has accused its former banking partner in Brazil of a “smear campaign” after allegations of fraud — claims that Wise says are “false and unfounded.” The war of words between Brazil’s MS Bank and Wise appears to have followed Wise securing its own FX broker license from Brazil’s Central Bank in January, meaning that its partnership with MS Bank would soon come to an end. The following month, without prior notice, MS Bank terminated its contract with Wise and informed customers that it was launching its own transfer service called CloudBreak.”

“Citi has announced the launch of a new service for its institutional clients that speeds up the processing of their cross-border payments through the digitization of supporting documents. The service, which is being rolled out initially in South Africa, significantly streamlines and eases the processing of overseas payments by bringing together on a single electronic platform the once-separate submission of cross-border payment instructions and documents associated with them.”

“We’re absolutely delighted to announce a strategic partnership with Mastercard in the UK and EEA. This will help us to boost Paysend’s global reach and enhance the customer bases of both ourselves and Mastercard. We’re proud to be acknowledged as a global partner for Mastercard as we continue to define a new horizon for money transactions worldwide.”

“A global leader in online multi-asset trading services and currency data and analytics, OANDA has joined forces with Currencycloud , a leading provider of B2B embedded cross-border solutions, to deliver a new international money transfer service to companies in North America. Called OANDA FX Payments, the new solution has been made possible through a joint collaboration with Shift Connect.”

“iBanFirst, a global financial services provider delivering solutions across banking borders, has launched its ‘Payment Tracker’ – a real-time payment-tracking service that sets new transparency standards for the payments industry. Rolled out to both payers and payees, this unique feature provides live updates on the status of international payments at any stage of the fund transfer process. The ‘Payment Tracker’ also highlights potential roadblocks or delays along the payment’s journey.”

“International transport companies face payment challenges in an increasingly globalized world. Both workshops and haulers have a common interest in smooth and secure payment flows to quickly ensure service and repair. As an important partner in one of Volvo Financial Services’ new payment solutions, Payer was commissioned to integrate its platform and secure the payment chain between the workshop, dealers and customers. The solution is now live in Norway and Spain.”

“PagoFX, Banco Santander’s low-cost international money transfer service, is now available in Belgium. Santander, one of the largest banks in the world, has made a bold investment into helping people transfer money internationally with confidence and now Belgium can, too. The service, launched only in April in the UK, allows Belgian residents with a debit card issued by any Belgian bank or financial entity to seamlessly and quickly send money abroad via their smartphone with low-costs, bank-level security and customer service support via in-app chat, web and e-mail.”

“PagoFX, the international money transfer app from Santander, is adding the Indian rupee to its list of supported currencies, just in time for the annual festival of Diwali. Launched in the UK in April as a direct rival to fintech unicorn TransferWise, PagoFX allows UK residents with a debit card issued by any UK bank or financial institution to send money abroad using just their smartphone.”