Latest news with #internationalpayments
Finextra
16-07-2025
- Business
- Finextra
UniCredit taps Wise Platform for cross-border retail payments service
Italian bank UniCredit has partnered Wise to develop an international payment service for retail customers. 0 UniCredit is the first major bank in Europe to tap into the Wise Platform, which is powered by more than 70 licenses and six direct connections to payment systems globally, enabling cross-border payments to some 160 countries and over 40 currencies, with 65% of transfers settled in 20 seconds or less. From this month, Italian retail customers will be able to enables international transfers from euros into several foreign currencies, with the same speed and simplicity as domestic payments, from the bank's app. Initially, payments can be sent to recipients in selected countries, including the UK (GBP), Switzerland (CHF), Hong Kong (HKD), Singapore (SGD) and India (INR), with more currencies in development. The service will be rolled out to customers in other countries in the near future. Raphael Barisaac, global head, payments and cash management, UniCredit, says: 'Our customers expect simple, fast and transparent solutions at an affordable cost, even when it comes to complex transactions such as international wire transfers. This new service was created to meet exactly these needs and represents a fundamental step in this direction.'
Finextra
10-07-2025
- Business
- Finextra
Ant International takes aim at stablecoins; integration with USDC on the cards
Ant International, is evaluating the possibility of applying for stablecoin licenses in several countries, according to comments made during the Reuters Next Conference in Singapore. 0 Ant is reportedly eyeing stablecoin licences in Hong Kong, Singapore and Luxembourg. Kelvin Li, who leads platform technology at Ant International, explained to Reuters that the firm sees stablecoins as a way to streamline international payments and enhance the user experience. The comment is backed by news from Bloomberg that the company is expected to adopt USDC once the stablecoin clears US compliance requirements. Based in Singapore, Ant International is expanding its footprint beyond China and views improvements in global payment systems as a key part of that strategy. The company is also looking to support other digital currencies, including central bank digital currencies and tokenized bank deposits. Ant processed over $1 trillion in global transactions last year, with roughly one-third handled on its blockchain.
Reuters
08-07-2025
- Business
- Reuters
Russian firms use netting, gold and crypto in transborder payments, watchdog chief tells Putin
MOSCOW, July 8 (Reuters) - Russian companies are successfully using netting, gold, and cryptocurrency to facilitate international payments, the head of Russia's financial watchdog told President Vladimir Putin on Tuesday. Netting involves banks managing export and import payments through verified agents, with transactions centrally balanced to ensure counterparties receive their funds. International payments for Russian trade nearly stalled in the spring of 2024 as banks in Russia's key trading partners, including China, India, Turkey and the United Arab Emirates, came under the threat of secondary U.S. sanctions. The problem has eased substantially since then, with officials saying businesses in Russia and their partners have adapted to the sanctions and found ways to make cross-border payments. "As for cross-border financial flows... our focus has shifted somewhat, it is now the Middle East, Southeast Asia, and the broader Asian region," Russia's financial watchdog chief Yuri Chikhanchin told Putin. "Alternative forms of settlement are actively being used. These include gold and cryptocurrency. And now netting has appeared, clearing operations, which we are currently looking into," he added. Chikhanchin is the first high-ranking Russian official to publicly describe in detail the methods used by Russian firms for international payments. Such methods are rarely discussed in public. Reuters reported in April, citing banking sources who declined to be identified due to the sensitivity of the subject, that major Russian banks had set up a netting payments system for transactions with China. According to a transcript published on the Kremlin's website, Putin was curious to know how netting worked and whether the watchdog was tracking such payments. "Netting is when the exporter allows the importer to use the export proceeds. Instead of the exporter repatriating the funds, the importer brings in goods in advance using that money and settles the payment within the country," Chikhanchin told Putin. Chikhanchin said that gold was also being used in cross-border transactions, but called for more regulation in the gold trade, saying that the current lax regime results in arbitrage between domestic and international gold prices. Gold has recently replaced dollar and euro cash in many illegal transactions, according to the finance ministry, which has called for a $10,000 cap on the amount of gold an individual can take out of the country. Chikhanchin also highlighted a system known as "Transparent Blockchain" being developed by the watchdog with the central bank and Russia's second largest lender VTB, which will enable regulators and banks to monitor cryptocurrency transactions. The new system is due to become operational by the end of this year.
National Post
08-07-2025
- Business
- National Post
FV Bank Introduces Virtual Accounts for Enhanced Fund Attribution in International and Domestic Payments Transactions
Article content SAN JUAN, Puerto Rico — , the U.S. licensed digital bank offering a vertically integrated suite of traditional and digital asset banking and custody services, today announced the launch of its new Virtual Account feature, empowering business clients to automate and streamline the attribution of incoming international payments with unique, dedicated account numbers. Article content With this feature, FV Bank customers can now pre-generate virtual account numbers for each of their clients or counterparties, enabling seamless automation of incoming payment attribution. Businesses can assign a unique virtual account number and deposit instructions to every client, ensuring that when a client sends a SWIFT wire, ACH, Domestic Wire or USDC Stablecoin to this virtual account, FV Bank automatically tags and attributes the deposit to the underlying counterparty. Article content This solution addresses a longstanding challenge faced by businesses that receive payments from large customer bases of our clients or counterparties. Traditionally, matching incoming deposits to specific customers has been a time-consuming and error-prone process, often requiring manual reconciliation and creating operational overhead. FV Bank's Virtual Account feature eliminates these inefficiencies, helping businesses reduce reconciliation errors, minimize manual tracking, and make management of high-volume receivables processing more scalable. Article content This Virtual Account structure also significantly improves FV Bank's compliance controls through enhanced KYCC (Know Your Customer's Customer), enabling FV Bank to improve its transactional monitoring and KYC structures. Article content Key features of the Virtual Account solution include: Article content 'Our mission at FV Bank is to bring integrated accessibility and efficiency to modern banking,' said Miles Paschini, CEO of FV Bank. 'With the launch of Virtual Accounts, we are addressing a real pain point for our customers—automating the attribution of incoming funds and eliminating manual reconciliation, while materially improving our compliance capabilities. This feature empowers our clients to scale their operations with confidence, while maintaining the transparency and control they need in today's fast-moving global economy.' Article content A wide range of businesses stand to benefit from this solution, including: Article content Regulated businesses such as law firms, asset managers, and fintechs that require clear segregation and attribution of incoming client funds Marketplace and platform businesses, exchanges, and payment processors that need to efficiently reconcile high volumes of incoming payments Article content FV Bank continues to deliver forward-thinking solutions that help businesses operate more efficiently and securely in the global digital economy. Article content About FV Bank Article content FV Bank is a fully licensed and regulated U.S. digital bank offering a vertically integrated suite of digital asset and traditional banking services. With a focus on innovation, security, and compliance, FV Bank is Banking the Future by providing USD banking, digital asset custody services, money market accounts, Visa debit cards, and Stablecoin deposits and conversions, all accessible via a single, unified platform. Article content Article content Article content
Wamda
08-07-2025
- Business
- Wamda
LemFi extends its payment services to Egypt
Press release: LemFi, a leading international payment services startup based in London, with a strong presence across the United States, Canada, the United Kingdom, and Europe, has today announced the launch of its low-cost, reliable international payment services to Egypt. This strategic expansion positions it to provide its service offerings to Egypt's massive diaspora community, building on the country's growing adoption of the digital payments market. The expansion also positions LemFi as a reliable partner across the North Africa corridor, where the company offers its services to the Moroccan and Tunisian diaspora. Egypt is one of Africa's most dynamic and most significant economies. It ranks highly on the global list of significant remittance corridors. In 2024, Egypt received a record $29.6 billion in remittances globally, nearly doubling the previous year's record. In 2023, remittances accounted for 6.11% of its GDP, underscoring the vital role they play in supporting the economy. Recent economic reforms have boosted confidence in its formal financial sector, leading to consistent year-on-year growth in remittances and creating opportunities for international payment partners. This substantial and growing flow of funds underscores the importance of a reliable, efficient, and innovative international payment service provider. A burgeoning diaspora population of skilled workers and residents, many in LemFi-supported countries, can access its reliable, low-cost, and efficient global payment service offerings to support their families and friends back home. 'Egypt's significance as a remittance destination cannot be understated. In recent years, the corridor has experienced consistent growth. Whether in LemFi's existing markets, specifically the United States, or in other markets that align with our global expansion ambitions, the Egyptian diaspora is significant, and they deserve quality service, such as the one we offer.' Philip Daniel, Head of Global Expansion and Growth, LemFi. LemFi's entry, which supports the Egyptian diaspora, aligns with global economic trends of a growing market, bringing innovative international payments solutions to a market increasingly adoptive of technological innovations. With recent strategic acquisitions and expansions into diverse markets, LemFi has demonstrated the team, resources, and strategies necessary to deliver on the promise of reliability, cost-effectiveness, and value, helping a global diaspora become more financially connected to their home. Since its founding, LemFi has supported over 2 million customers in the United States, the United Kingdom, Canada, and Europe. In January 2025, LemFi secured $53 million in Series B funding, bringing its total funding to over $86 million, which involved some leading investors, including Highland Europe, LeftLane Capital, Endeavour Capital, and Y Combinator.
