A business-to-business (B2B) payment is never just a payment. The global B2B marketplace, with an annual payments volume over $100 trillion, is supported by a myriad network of workflows and data; many of which still rely on legacy, paper-based processes. And the inherent complexity of...
Cross-border money transfer service Xoom now lets users make transactions with PayPal’s USD stablecoin. Xoom, owned by PayPal, said in a Thursday (April 4) press release that the new funding option lets users in the United States convert the stablecoins (PYUSD) in their linked PayPal Cryptocurrency Hub to U.S. dollars....
Tokenization is gaining momentum on the global stage, and with commercial applications. The Bank for International Settlements announced Wednesday (April 3) that it is working in tandem with seven central banks — including the Federal Reserve Bank of New York — to test tokenization in a bid to improve cross-border payments....
Interoperability in payments — paying anyone, anywhere, no matter the network — remains a Holy Grail in payments. And interoperability is a work in progress. But bit by bit and app by app, cross-border, cross-network and cross-wallet compatibility is being forged. This week, PayPal and Venmo...
Bloxcross and GoDirectPay have partnered to launch a mobile app for global payments. The new app enables payments in any currency from institutions to vendors and from individuals to friends, the companies said in a Thursday (March 28) press release. “We’re excited about removing traditional barriers and empowering...
Many eCommerce merchants in the United States want to expand their businesses through cross-border sales, but cross-border transactions are not without pain points. As PYMNTS Intelligence’s “Cross-Border Sales and the Challenge of Failed Payments” revealed, faulty cross-border payments took a toll last year, costing U.S....
Alan Marquard, head of transfer solutions at Mastercard, told PYMNTS that remittances are ripe for continued transformation — to digital channels, and to digital wallets, which make international fund flows cheaper, faster and more convenient. Earlier this month, Mastercard announced a new connection with China’s...
With Wednesday’s (March 20) announcement about Visa’s expanded partnership with LemFi, the focus is on cross-border payments. The cross-border payments landscape itself is a dynamic and fragmented one, full of unique local frictions that present a number of obstacles to foreign businesses looking to capture market share outside of...
Visa Cross-Border Solutions and LemFi have expanded their existing partnership globally. This partnership brings together the capabilities of Visa Cross-Border Solutions, which is a Visa division specializing in cross-border money movement, and LemFi, which is a U.K.-headquartered remittance firm, the companies said in a Wednesday (March 20) press release...
