SWIFT Go - near real-time cross-border payments

Banking co-operative Swift is moving into the low value remittance market with the launch of Swift Go, a service that enables consumers and small businesses to send near real-time payments anywhere in the world direct from their bank accounts.

Seven global banks - BBVA; Bank of New York Mellon; DNB; MYBank; Sberbank; Société Générale, and UniCredit - which collectively handle 33 million low-value cross-border payments per year, are already live with the service.

Using tighter service level agreements between institutions and pre-validation of data, Swift Go enables banks to provide their end customers a fast and predictable payments experience with upfront visibility on processing times and costs.

Using CBDCs for enhanced cross-border payments

Cross-border payments are usually criticized for high cost, low speed, limited availability to households and businesses and insufficient transparency, but recent technological advances could help mitigate those issues, according to a Bank for International Settlement report.

The report, entitled "Central bank digital currencies for cross-border payments," was published in collaboration with the International Monetary Fund and the World Bank’s committee on payments and market infrastructures.  It was prepared for the G20 group of nations' forum.

Get more information and access the full report HERE. 

Correspondent Banking - What might replace a clunky system in a world where payments are becoming ever more global?

The Bank for International Settlements (BIS) said in a recent report that the number of correspondent banks — where banks and financial institutions (and domestic payment systems) are linked together — slipped 3% in 2019 vs. 2018 and declined a significant 22% from 2011 to 2019.

Even though more money is crossing borders digitally, there are fewer correspondent banks to move that money. And the hallmark of that money movement — a lack of transparency and speed. What might replace a clunky system in a world where payments are becoming ever more global?

Read the Payments.com article HERE.

5 ways blockchain can change the cross-border payments landscape

'Cross-border payments is a changing sector of the industry, driven by customers demanding little to no friction and encountering multiple steps, intermediaries and fees. Every step along the path of a cross-border transaction requires time and money, with the average cost of remittances sitting at 7%, according to a 2018 World Bank report. The industry has reacted through the creation of new faster payment initiatives, aimed at reducing delays in payments and standardising intermediary fees. Others have turned to distributed ledger technology (DLT) and blockchain as potential cure-alls for cross-border pain points.'

Read the rest of Alex Hamilton's insighful article HERE.

Webinar - Implementing Operational Risk Management in Foreign Exchange Activities

Tuesday December 13 - 9:00 AM PST / 12:00 PM EST

This intensive on-line webinar details how the FX trading process works, what are the risks and how these can be managed and mitigated effectively.

The foreign exchange market is the largest and most liquid sector of the global economy. According to a survey conducted by the Bank for International Settlements, foreign exchange turnover averages over $5.5 trillion per day. Put another way in three days foreign exchange turnover is sufficient to cover world trade in a year.

The increased complexity of the market plus higher trade volumes have necessitated constant changes in trading procedures, trade capture systems, operational procedures, and risk management tools.

This webinar will provide a solid foundation to all parties involved in foreign exchange activities whether at executive, marketing, audit or operational levels into how the actual trading processes work, what the risks are and how these can be mitigated by using clearly defined standards of best practice.

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This course is approved by NASBA (National Association of State Boards of Accountancy). Attendees at the Live Webinar are eligible for 1.5 CPE credit up on full completion of the course.

FURTHER DETAILS AND REGISTRATIONS>>
 

Use coupon code 335840 and get 10% off on registration

Webinar - Implementing Operational Risk Management in Foreign Exchange Activities

Join Citadel Advantage’s STANLEY EPSTEIN on Tuesday June 21, 12:00 PM PDT / 3:00 PM EDT.

This webinar examines how the FX trading process works, what are the risks and how these can be managed and mitigated effectively.

The foreign exchange market is the largest and most liquid sector of the global economy. According to a survey conducted by the Bank for International Settlements, foreign exchange turnover averages over $5.5 trillion per day. Put another way in three days foreign exchange turnover is sufficient to cover world trade in a year.

The increased complexity of the market plus higher trade volumes have necessitated constant changes in trading procedures, trade capture systems, operational procedures, and risk management tools.

This webinar provides a solid foundation to all parties involved in foreign exchange activities whether at executive, marketing, audit or operational levels into how the actual trading processes work, what the risks are and how these can be mitigated by using clearly defined standards of best practice.

DETAILS HERE>>

Why the Banking Industry Needs Reform

Five Scandals That Show Why We Need Structural Reform in the Banking Industry

From Truthout –

“Multibillion-dollar scandals have continued to occur at big banks across the world, throwing the integrity of the banking system into question. The current state of banking ethics, the enormous size of banks and the banks' inability to detect real-time fraud all contribute to the ongoing failures in preventing serious banking crimes. In addition to this, the big banks have complicated organizational structures with thousands of subsidiaries operating across multiple markets. Bank acquisitions and cross-ownerships across the globe can make it difficult to unwind trades and transactions in the case of a bank's failure during a crisis.”

Read more>>