Cross border payments

Powell says central bank digital currency must coexist with cash


Potential central bank digital currencies would need to be integrated into existing payment systems alongside cash and other forms of money, Federal Reserve Chair Jerome Powell said.



Ripple fights back against SEC securities complaint


The software company in a court filing reiterated its argument that XRP is a virtual currency that doesn't need to be registered.


Western Union stores join MoneyGram under Walmart's roof


The pandemic has made for strange bedfellows. Case in point: Western Union and MoneyGram will soon share Walmart as a landlord.


Bank of America upgrades improve international payment transparency


Bank of America has launched a cross-border payment tracker though its Swift GPI module that allows clients real-time visibility into their international payments.


JPMorgan Chase reorganizes blockchain units


After selling the rights to its Ethereum-based technology, the bank is rebranding a venture related to cross-border payments and creating a new umbrella group to oversee all blockchain-related efforts.


Fed, Fincen look to require banks to hold more data on transfers


The two agencies proposed amending the Bank Secrecy Act to lower the threshold for transfers occurring outside the U.S. that trigger recordkeeping requirements.


Powell says Fed's digital currency should complement payments system


Other central banks have considered phasing out cash as they explore digital currencies. Should the idea take hold in the U.S., Federal Reserve Chairman Jerome Powell said it would not replace the physical dollar.


Swift to focus on transaction management to fuel faster payments


After two years of helping banks connect globally to domestic faster payments rails, Swift is planning to expand on that concept.


Truist launches a venture capital unit


The new unit plans to connect the startups it backs, such as the global payments network Veem, with experts at the company who can provide business advice.