Ant Financial buys MoneyGram for $880 million
Alibaba’s affiliate Ant Financial is splashing out $880 million for money transfer operator MoneyGram International. This is Ant Financial’s first acquisition of a US-listed company.
Remittances
WorldRemit and Xpress Money launch instant money transfers to Pakistan
Money transfer firms WorldRemit and Xpress Money have partnered to unveil a remittance service to Pakistan. Through Xpress Money’s agent partner network, WorldRemit customers will be able to make instant money transfers to be collected at over 9,500 cash pick-up locations all over the country – including major banks, Al Habib Bank, Bank Alfalah, Bank […]
Shinhan Bank and Streami to launch Bitcoin remittance service
South Korea’s Shinhan Bank is launching a Bitcoin remittance service between Korea and China, with Hong Kong as an intermediary. The service will be available in December.
Earthport gains foothold in Sri Lanka via Commercial Bank of Ceylon
Earthport, a cross-border payments service provider, has inked a deal with Commercial Bank of Ceylon to provide local payment capability into Sri Lanka. The deal is part of Earthport’s Asian expansion strategy, with similar money transfer partnerships already secured in Pakistan and India. Sajeev Viswanathan, president, global strategy at Earthport, says the tie-up with Commercial […]
Earthport and Ria Money Transfer join forces for remittances
Earthport, a UK-based cross-border payment network, and Ria Money Transfer, the world’s third largest money transfer company, have teamed up. Earthport will provide Ria with access to a global payment network. “Through a single, managed relationship with Earthport, Ria will gain access to over 60 domestic clearing schemes,” Earthport states. The solution “enables complete transparency”, […]
Skrill goes global with mobile
Mobile payments company Skrill has launched a mobile app that it says can send money to anyone, anywhere in the world at any time. The app has several uses, including cross-border remittance payments to various countries in eastern Europe and around the world.
Barclays loses High Court battle on remittance closures
The UK High Court has ruled against Barclays in a case brought by remittance provider Dahabshiil, granting an injunction preventing the bank from closing Dahabshiil’s account.
Western Union debuts Nigerian mobile money transfer
Western Union has launched a mobile money service in Nigeria, which it says will help boost financial inclusion and provide new methods of money transfer for people sending and receiving money to Africa.
Barclays under fire for “outrageous” remittance closures
At a passionate debate in Westminster this week MPs, led by Rushanara Ali, member for Bethnal Green & Bow, called for government action in the wake of Barclay’s recent decision to close accounts for a large number of small payments businesses in the remittances sector.
Making cross-border payments work
As the value of global cross-border payments such as workers’ remittances increases, billions of dollars are being lost to inefficient legacy systems – but that could be about to change, according to Hank Uberoi, executive director at Earthport.
Remittances: a window to the future?
The $400 billion global remittances market is moving from cash to account-based transfer, but costs, regulations and new competitors are still the key issues.
Dodd-Frank 1073 amendments ease bank fears
Banks can breathe a sigh of relief following the publication of amendments to US Dodd-Frank Rule 1073 today, which should allay fears that draconian regulation was about to stifle cross-border payments.
Leading with remittances – a new retail banking segment
The remit of the World Bank and the Gates Foundation is to focus on flows of money to developing economies, so much of the publicity is about those and as a result, much of what we understand about remittances is about those markets. And they are not to be underestimated.
