Tagged: transfers

World Bank: Global Remittances Tank as COVID-19 Hammers Transfers

The World Bank says that global remittances have sunk a whopping 20% in 2020 due to the COVID-19 crisis. The projected fall is the sharpest decline in recent history. The cause is due to the rapid decline in wages and employment of migrant works that… Read More

WorldRemit Donates £400,000 of Vouchers for NHS workers for Money Transfers

Transfer Platform Sees Uptick in Users During Month of March WorldRemit, a global payments and money transfer platform, is donating £400,000 worth of vouchers for money transfers to NHS workers. According to WorldRemit, the move is to thank the health service workers during the COVID-19… Read More

Scam Warning: Zelle VP for Fraud Risk Prevention Shares Insight into Digital Traps Attempting to Harm Consumers

Yesterday (April 8, 2020), the US Department of Homeland Security issued an alert – warning consumers about COVID-19 related scams. The joint statement actually included the Infrastructure Security Agency (CISA) and the United Kingdom’s National Cyber Security Centre (NCSC) due to the depth of the… Read More

WorldRemit Announces Another Partnership, This Time with Paykii

International money transfer company WorldRemit has partnered with Paykii to launch na international bill payments service using WorldRemit’s app. Recently, WorldRemit has announced several material partnerships including with Varo Money in the US, a digital bank, and Alipay – part of Ant Financial in China…. Read More

Transferwise Partners with Alipay on Money Transfers

Fintech TransferWise has announced that its 7 million+ customers can now send money instantly to Alipay users. Alipay is the payments platform provided by Ant Financial (Alibaba). Ant Financial is the highest valued Fintech in the world. “Our newest partnership with Alipay has been one… Read More

UK-based Fintech Cashplus Is Updating its Mobile App with New Spend Tracking Option Offered by Google Maps

UK-based Fintech Cashplus is updating its mobile-based app with the spend tracking option offered by Google Maps, the company’s management confirmed on February 20, 2020. The Spending Insights feature uses data obtained from Google Maps to identify where and the exact time when a payment… Read More

Digital Bank Varo Money’s Users to Get Direct Access to Fintech WorldRemit’s Global Money Transfer Services via the Varo App

WorldRemit, a cross-border funds transfer company, revealed on February 19 that it has teamed up with Varo Money, an established Fintech firm focused on providing digital banking services in the US.  According to a press release, the partnership between the two companies will give Varo… Read More

MoneyGram Partners with Suez Canal Bank to Help Egyptian Expats Conduct Remittance Payments

MoneyGram International, Inc. (NASDAQ: MGI), a leading international peer-to-peer (P2P) payments and money transfer service provider, revealed on January 23 that it has teamed up with the Suez Canal Bank, an established financial institution that will allow MoneyGram clients to send funds directly to the… Read More

Western Union Partners with India’s Airtel Payments Bank to Process Remittance Services

Leading multinational payments firm Western Union (NYSE: WU) has teamed up with established India-based Airtel Payments Bank, in order to process remittance services. The partnership will allow Airtel Payments Bank clients to direct Western Union transactions into their individual bank accounts via the banking section… Read More

Fintech Unicorn Transferwise Adds Malaysia to its Growing List of Countries Where its Service is Available

Transferwise, a breakout Fintech hit, has added Malaysia to its list of countries where it offers its currency transfer services. According to a blog post, last year, Malaysia’s international money transfers grew 23.3%, to RM 41 billion (USD $9.9 billion). But most of these transfers… Read More

Malaysia to Strengthen AML and Counter Terrorism Financing Framework By Imposing $6,000 Limit on Cash Transactions

Malaysia is reportedly planning to impose a $6,000 limit on cash transactions next year, according to the deputy governor of the nation’s central bank. The restrictions on cash payments is being placed in order to reduce the number of illicit financial activities. The limit on… Read More

Boston-based Fintech Flywire Develops Cross-Border Payments Solution for Bank of America

Boston, Massachusetts-based Flywire, a Fintech firm focused on solving complex payment problems globally and locally, revealed that it has developed a new international payments solution for Bank of America (BoA).  The new payment system has been specifically designed to streamline international transactions for BoA’s corporate… Read More

Australia Report Shows How Banks Gouge, and Fintechs May Provide a Better Service, When it Comes to International Money Transfers

Australia is a smaller market by population but it is also a country that has embraced Fintech innovation. The emerging Fintech sector is assisted by a supportive government that has recognized its important role in fostering change that is beneficial to both consumers and business…. Read More

InstaReM Recognized by Australian Competition & Consumer Commission for Cost Effective Money Transfers

InstaReM is out with a note regarding a report published by the Australian Competition & Consumer Commission (ACCC) on cross border payments/money transfers. Ther ACCC report notes that while most consumers continue to use the big four banks in Australia to move their money, Instarem… Read More

Money Transfer Fintech Azimo Reports Profitability, Former PayPal Exec Selected as CEO

Money transfer Fintech Azimo says it has reached profitability, according to a release. Azimo apparently turned the corner in Q2 of this year. Azimo states that has grown 60% year over year as of the end of June. The growth was fueled in part by… Read More

Venmo Speeds Up Money Transfers. But Will It Be Able to Compete with “FedNow”?

Popular money transfer service Venmo is polishing its money movement cred today. In a blog post, Venmo claims it will transfer your money in “minutes.” Venmo states: “This may sound familiar- and it is. Last year we launched Instant Transfer via debit card, allowing users… Read More

SWIFT-FAST Trial Settles Intercontinental Payments with Singapore in Under 25 Seconds

SWIFT, the company behind the world’s largest electronic payments system, has executed cross-border payments between 7 corresponding countries -Australia, China, Canada, Luxembourg, The Netherlands, Singapore and Thailand- and Singapore, in less than 25 seconds. The trial integrated SWIFT’s gpi Instant network and Singapore’s domestic instant… Read More

African Journalist Considers Whether Facebook Libra Coin a Boon for Africa

African technology journalist Andile Masuku has written that corruption around remittances in Africa is so bad, “I have become numb to the daylight robbery that ensues whenever I receive money from abroad or send cash to my family back home.” Masuku cites figures from the World… Read More

Frente Corretora de Câmbio Wants to Become the Transferwise of Brazil by Using Ripple

Frente Corretora de Câmbio, a Brazilian money transfer and remittance platform, wants to become the “Transferwise of Brazi” by leveraging Ripple to provide low-cost transfers. According to a report in Exame, Frente is the 15th largest currency brokerage in the country. Frente wants to be in… Read More

FCA Licensed e-Money Institution Paysend Plans Stablecoin on Stellar

Paysend Group, an FCA licensed e-Money institution, is planning to issue a stablecoin in June. Paysend is using Stellar to provide the crypto that will allow its users to send instant global payments without the traditional cross-border fees. Paysend notes that Stellar was designed expressly… Read More

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