Tagged: Cross-Border Transactions

Fintech Unicorn TransferWise Acquires Restricted Banking License in Australia as it Expands Operations Globally

Fintech Unicorn TransferWise has reportedly managed to acquire a restricted banking license in Australia. The leading money transfer service provider has been approved to gain direct access to Australia’s real-time payment system. The permit has been issued by Australia’s Prudential Regulatory Authority. Under the license,… Read More

Mercurity Fintech Holding, a Blockchain focused Cross-Border Payments Firm, Reports Q3 2020 Losses, Launches DeFi Platform

Mercurity Fintech Holding Inc., which leverages blockchain or distributed ledger technology (DLT) to assist businesses with conducting “instant” cross-border transactions and remittance payments (through banks or financial institutions), has released its third-quarter 2020 financial results (for the period ending September 30, 2020). Mercurity reports (generally… Read More

TransferWise Competitor PagoFX from Santander Bank to Provide Cross-Border Payments Services in Belgium

Banco Santander S.A. (Santander Group) (BME:SAN), the world’s 16th-largest banking institution and financial services company based in Madrid, introduced PagoFX, its international payments application for UK customers, in April 2020. Santander’s TransferWise competitor PagoFX is now set to expand its coverage into Belgium. There will… Read More

Number of Virtual Asset Transactions Triggering Travel Rule Thresholds Could Increase Significantly Under FinCEN’s New Rules: Report

Blockchain security firm Ciphertrace has noted that FinCEN’s suggested rule change for the Travel Rule Threshold would “more than double” compliance events for US-based virtual asset service providers or VASPs. CipherTrace confirms that FinCEN had released a proposed rule change (in October 2020). The recommendation… Read More

Finaxct, a Core as a Service Banking Solution Provider, to Add Unqork and TransferWise to its Marketplace

Finxact, an established “Core as a Service” banking solution provider, says it’s leading the transition in the US to a model of core banking that leverages the benefits of Cloud along with supporting the ability for banks to choose the best technology providers. According to… Read More

American Fintech Ripple Might Leave US and Establish Headquarters in Other Countries due to Lack of Regulatory Clarity in the US

San Francisco-based Fintech firm Ripple might consider moving its business operations to another country if US financial regulations remain unclear. Ripple has narrowed down its choices to five high-potential markets where it may establish its new headquarters. They include the UK, Switzerland, the United Arab… Read More

Over 30% of Cross-Border Payments Made via Fintech TransferWise are Now Instant, Transaction Fees have Also been Lowered: Report

  UK-based Fintech firm and stealth bank TransferWise, which recently booked its 4th year of profitability while processing £67 billion in transfers in the past year, has published its Q3 2020 report which goes over how the company has been focusing on its goal of… Read More

UK Fintech Currensea Is Offering a New Debit Card for SMBs that Leverages Open Banking

UK-based Fintech firm Currensea has introduced a new product for small businesses. The company is offering a debit card for SMBs that aims to leverage the benefits of Open Banking, so that it’s easier to carry out digital transactions. Currensea’s debit card allows SMEs to… Read More

UK Fintech TransferWise Now Supports Transactions with Hungarian forints Directly to Customer Accounts

UK Fintech and stealth bank TransferWise notes that whether you’re in Budapest, Bangkok or Pisco, you’ll now be able to receive Hungarian forints directly into your TransferWise account — the same way that a local would receive the funds. The TransferWise team clarified that this… Read More

Blockchain Platform XinFin Integrates Chainlink (LINK) which Offers Secure Decentralized Oracles for Reliable Financial Data

The developers of the XinFin [XDC] Network, an open-source, hybrid blockchain platform, have announced that they’ll be integrating their platform with Chainlink (LINK) Oracles in order to power several new trade finance use cases. Chainlink offers a market-leading decentralized oracle network. The platform has grown… Read More

Fintech Ripple Is Focused on Making Digital Payments as Easy as Sending Emails with Pay ID, According to Company Executive

Emi Yoshikawa, Head of Global Operations at American Fintech firm Ripple, notes that when sending an email, she doesn’t really think about which country the person or recipient of the message is living in at the moment. Yoshikawa points out that she also doesn’t have… Read More

Cross-Border Payments are on the “Cusp of Transformation” According to Executive from Fintech Ripple

Marcus Treacher, the SVP of Customer Success at American Fintech Ripple, notes that the world’s cross-border payments market is highly fragmented. But he claims that international transactions are now being redefined by “the power of ISO standardization” and the innovative technology approach of RippleNet, which… Read More

Fintech BABB, an FCA Authorized Payment Service Provider, Aims to Make it Faster, Cheaper to Send Money, Now Raising Funds via Seedrs

BABB (Bank Account Based Blockchain), an FCA authorized payment institution, aims to make it easier and cheaper to send cross-border payments. The company uses the latest technology to “bypass” traditional banking networks and costly third-parties to facilitate international fundraising and peer to peer (P2P) transactions…. Read More

UK Fintech Paysend Teams Up with Alipay to Streamline Cross-Border Money Transfers and Promote Financial Inclusion

UK-based Fintech firm Paysend, which focuses on global payments, has revealed that it will be working with Alipay to offer new cross-border money transfer options that aim to bring more seamless and inclusive financial services to consumers throughout the world. Paysend claims that its agreement… Read More

UK Fintech and Stealth Bank TransferWise Partners with Accounting Software Firm FreeAgent to Offer Better Services to SMBs

Fintech unicorn and stealth bank TransferWise revealed on August 11, 2020 that it has teamed up with FreeAgent, a UK-based accounting software firm. Through the partnership, both companies aim to offer improved accuracy and more convenience for SMBs when they reconcile their TransferWise multi-currency business… Read More

UK Fintech TransferWise and Digital Bank N26 Now Helping Consumers in Brazil, Mexico, Singapore, the Philippines with Fast, Cheap Cross-Border Payments

UK-based Fintech TransferWise says its partnership with digital bank N26 continues to grow, with the money transfer service now helping the challenger’s customers to send funds to even more countries, including Brazil, Mexico, Singapore, the Philippines, among others. As mentioned on the Fintech firm’s website:… Read More

Consumers Losing Billions in Hidden Remittance Payments Costs, Nick Catino from Fintech TransferWise Reveals

Nick Catino, head of policy and campaigns (Americas) at Fintech firm TranserWise, recently discussed how the remittance rule affects the company’s pricing model. The Consumer Financial Protection Bureau, an agency of the US government responsible for consumer protection in the financial sector, has published the… Read More

New York Department of Financial Services Signs Fintech focused MoU with French Prudential Supervision and Resolution Authority

The New York Department of Financial Services (NYDFS) has reportedly become the first state regulator to commit to a Fintech Memorandum of Understanding (MOU) with the French Prudential Supervision and Resolution Authority, an independent administrative authority, which oversees the activities of banking institutions and insurance… Read More

Contactless Smart Payment Card Developer Macau Pass S.A. Introduces Alipay HK and WeChat Pay HK Integration

Macau Pass S.A., the developer of a contactless smartcard (previously called Transmac IC Card), first launched the Transmac over 20 years back (in 1999). The card may be used to conveniently pay for bus fares, everyday shopping, and dining with many more retailers expected to… Read More

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