News 

Will Ripple’s Cross-Border Ambitions Sink Or Swim?

“But beyond XRP, Ripple wants to grab global payments and grapples with SWIFT, short for Society of Worldwide InterBank Financial Telecommunications” reports pymnts.com. For now, those hoping for a sea change in global trade finance may have to settle for … ripple effects?. The firm stated Tuesday (Jan. 8) that there are now more than 200 customers signed on to RippleNet. Source: pymnts.com

Read More
Crypto News 

Pakistan Telenor Subsidiary Launches Remittance Service Using Alipay’s Blockchain Tech

“The Pakistan-based subsidiary of global telecommunications giant Telenor has launched a blockchain-powered cross-border remittance service, according to a press release published Jan. 8” writes Ana Alexandre for cointelegraph.com. Per the announcement, the Pakistan-based Telenor Microfinance Bank (TMB), Valyou — a Malaysian fintech subsidiary of Telenor — and Telenor’s Easypaisa have jointly launched a blockchain-based international remittance service in Pakistan.Recently, the National Bank of Kuwait became the first financial institution in Kuwait that launched a cross-border remittance product based on Ripple’s blockchain technology. Source: cointelegraph.com

Read More
News 

Visa to Purchase Ripple Cross-Border Payments Partner Earthport

“Founded in 1997, London-based Earthport is a financial services firm that offers cross-border payments service to banks and financial institutions” writes Ana Alexandre for cointelegraph.com. American payment services giant Visa Inc. is acquiring Ripple partner Earthport Plc, a payment network for cross-border transactions, Reuters U.K. reported Dec. 27.In October, Cointelegraph reported that Visa was readying its blockchain-based digital identity system “Visa B2B Connect” for cross-border payments for launch in the first quarter of 2019.Earthport is a partner of tech company Ripple, where the partnership is aimed at integrating the Ripple…

Read More
News 

Cross-Border Payments Need More Than Bank-FinTech Collaboration

“According to SWIFT and McKinsey & Company research, B2B cross-border payments accounted for $125 trillion in revenues last year alone, significantly higher than the $54 billion initiated by consumer-to-business (C2B) cross-border payments” reports pymnts.com. Even more challenges are ahead for the world’s cross-border payments market, as regulatory pressures continue to cause a decline in the number of correspondent banking relationships.Earlier this year, SWIFT emphasized the success of its ongoing gpi effort, which aims to enable real-time cross-border payments between institutions that have signed on to the initiative.It’s perhaps unsurprising that…

Read More
News 

UAE, Saudi Arabia start work on fintech for cross-border settlements

“DUBAI (Reuters) – The United Arab Emirates and Saudi Arabia have started developing fintech for cross-border settlements, including a digital currency project, the UAE’s central bank governor said on Wednesday” writes Midwest Communications Inc for 95kqds.com. For the joint digital currency, the UAE and Saudi central banks have launched a distributed ledger “proof of concept” system to facilitate cross-border settlements, he said.Meanwhile, the UAE central bank has issued regulations for stored value facilities (SVFs), setting out requirements for consumer-focused digital payment services, Mansouri said.The digital currency would be backed by…

Read More
News 

iBanFirst On The Future Of Cross-Border Payments

“In Europe, where iBanFirst is based, cross-border payments friction is only part of widespread efforts by the public and private sectors to improve payments” reports pymnts.com. There remain many question marks, from blockchain or cryptocurrencies’ role in global payments, to the future of correspondent banking.Cross-border payments are rarely quick and transparent, and moving money across borders through the traditional channels is becoming more difficult.Companies like iBanFirst can address may of the points of friction of cross-border payments, including heightened transparency into fees and FX rates, and visibility into the status…

Read More
News 

Distributed Ledger Technology is an Option for Cross-border Payments According to Canada, UK and Singapore

“Three international financial institutions are looking into the benefits of using distributed ledger technology (DLT) to improve cross-border payment processes” writes Nikita Blows for livebitcoinnews.com. Do you believe that more banks will be using DLT for cross-border payments come 2019?. The aim of this model, of course, would be to improve “access, speed, and transparency of cross-border payments”.Their views are expressed in a promisingly titled report, ‘Cross-border interbank payments and settlements: Emerging opportunities for digital transformation’.Traditional cross-border payments can be expensive. Source: livebitcoinnews.com

Read More
Crypto News 

Ripple Partners with Leading Malaysian Bank on Cross-Border Payments

“Leading Malaysian bank has partnered up with technology company Ripple to use its xCurrent technology in settling cross-border transactions” writes Joshua Morris for livebitcoinnews.com. What do you think of the increasing number of financial institutions using Ripple’s technology?. CIMB Group Holdings, a leading Malaysian bank with over 1,000 branches across the region of Southeast Asia, has partnered up with technology firm Ripple.In October, multinational commercial bank and financial services company Banco Santander said that it will be using RippleNet to settle the payments carried out through its OnePay FX platform.According…

Read More
Crypto News 

Ripple Technology to Power International Payment Corridor Between Japan and Brazil

“What do you think about MUFG tapping Ripple technology to facilitate a payment corridor between Japan and Brazil?” writes Nick Omo for livebitcoinnews.com. MUFG via its wholly owned subsidiary – Banco MUFG Brasil, recently signed a Memorandum of Understanding (MOU) with Banco Bradesco S.A. to use Ripple technology in a new international payment corridor between Japan and Brazil.As a company, Ripple continues to push its blockchain-based payment technology, leading to more adoption cases especially in the banking sector.Banks in Japan, Saudi Arabia, the United States, and several other nations already…

Read More