Western Union, one of the major cross-border payments
Cross-Border Payments
Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, banks, or financial institutions operating in multiple countries. We simply call these International Payments. “Cross-border payments” are recognized as using newer technologies such as digital assets or blockchain technology. Today’s e-commerce world operates around the world. Payments, remittances, transactions, and purchases all often require money exchanged and multiple currencies across borders. Many different scenarios need to be accounted for when a merchant needs to deal with international payments because each country is governed by its own set of rules and laws. The demand for cross-border payments is so high that steps are being made to improve cross-border payments as a whole.Blockchain Disrupting Cross-Border PaymentsThere are currently issues associated with the cross-border payments however, leading to a greater reliance on new technologies. For example, in the correspondent banking system, both the originating bank and the foreign bank retain their own ledgers, from which they make reconciliations and settlements.This leads to a lack of transparency leading to blockchain entering the conversation. As a universal ledger in a distributed network, blockchain allows the sender and the receiver, as nodes in the network, to have a complete copy of the ledger. Moreover, other nodes in the network must verify any modifications through a consensus mechanism.
Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, banks, or financial institutions operating in multiple countries. We simply call these International Payments. “Cross-border payments” are recognized as using newer technologies such as digital assets or blockchain technology. Today’s e-commerce world operates around the world. Payments, remittances, transactions, and purchases all often require money exchanged and multiple currencies across borders. Many different scenarios need to be accounted for when a merchant needs to deal with international payments because each country is governed by its own set of rules and laws. The demand for cross-border payments is so high that steps are being made to improve cross-border payments as a whole.Blockchain Disrupting Cross-Border PaymentsThere are currently issues associated with the cross-border payments however, leading to a greater reliance on new technologies. For example, in the correspondent banking system, both the originating bank and the foreign bank retain their own ledgers, from which they make reconciliations and settlements.This leads to a lack of transparency leading to blockchain entering the conversation. As a universal ledger in a distributed network, blockchain allows the sender and the receiver, as nodes in the network, to have a complete copy of the ledger. Moreover, other nodes in the network must verify any modifications through a consensus mechanism.
Read this Term service providers, has expanded its presence in South Korea with its latest partnership with local fintech
Fintech
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices.
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices.
Read this Term firm, ICB.
Announced on Monday, the partnership between the two will allow South Korean customers to access Western Union’s money transfer services from DEBUNK Remit, the mobile application of ICB.
“By expanding our money transfer services in Korea, we are offering customers more access points to send and receive money,” K. Premmananth, Western Union’s Head of Singapore, Indonesia and North Asia, said.
“Our alliance with ICB reinforces Western Union’s commitment to power digital-driven convenience, enhancing the customer experience.”
Initially, the services for sending money from South Korea will be available only to a few countries, but then they have plans to scale this up by adding the entire Western Union’s global financial payout network.
Remittance receivers in South Korea can also get the money directly into their registered bank account.
South Korea Is in Focus
Earlier this year, Western Union partnered with another South Korean company, Travel Wallet, allowing similar cross-border money transfer services with that platform.
ICB’s CEO, Hanyong Lee said: “We are proud of this collaboration, enabling access for customers to more than 200 countries and territories and opening up a world of possibilities with the choice to send and receive money through an iconic brand like Western Union’s.”
“With Western Union, we will be able to unlock new markets and facilitate smooth customer experiences bringing ease of use and accessibility to customers, which are among the most important conditions that drive money transfer decisions.”
Meanwhile, Western Union suspended its operations in Russia and Belarus over the ongoing invasion of Russia into Ukraine. It also stepped up to help Ukrainians receive donations to support humanitarian relief efforts with fee-free money transfer services.
Western Union, one of the major cross-border payments
Cross-Border Payments
Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, banks, or financial institutions operating in multiple countries. We simply call these International Payments. “Cross-border payments” are recognized as using newer technologies such as digital assets or blockchain technology. Today’s e-commerce world operates around the world. Payments, remittances, transactions, and purchases all often require money exchanged and multiple currencies across borders. Many different scenarios need to be accounted for when a merchant needs to deal with international payments because each country is governed by its own set of rules and laws. The demand for cross-border payments is so high that steps are being made to improve cross-border payments as a whole.Blockchain Disrupting Cross-Border PaymentsThere are currently issues associated with the cross-border payments however, leading to a greater reliance on new technologies. For example, in the correspondent banking system, both the originating bank and the foreign bank retain their own ledgers, from which they make reconciliations and settlements.This leads to a lack of transparency leading to blockchain entering the conversation. As a universal ledger in a distributed network, blockchain allows the sender and the receiver, as nodes in the network, to have a complete copy of the ledger. Moreover, other nodes in the network must verify any modifications through a consensus mechanism.
Cross-border payments refer to transactions involving individuals, companies, banks or settlement institutions operating in at least two different countries.The concept of cross-border payment is not new however, despite its rise in importance in the 21st century.New technology and the growth of blockchain has brought the term cross-border payment into our daily conversations.Cross-border payments are an essential term that refers to any transaction involving private individuals’ companies, banks, or financial institutions operating in multiple countries. We simply call these International Payments. “Cross-border payments” are recognized as using newer technologies such as digital assets or blockchain technology. Today’s e-commerce world operates around the world. Payments, remittances, transactions, and purchases all often require money exchanged and multiple currencies across borders. Many different scenarios need to be accounted for when a merchant needs to deal with international payments because each country is governed by its own set of rules and laws. The demand for cross-border payments is so high that steps are being made to improve cross-border payments as a whole.Blockchain Disrupting Cross-Border PaymentsThere are currently issues associated with the cross-border payments however, leading to a greater reliance on new technologies. For example, in the correspondent banking system, both the originating bank and the foreign bank retain their own ledgers, from which they make reconciliations and settlements.This leads to a lack of transparency leading to blockchain entering the conversation. As a universal ledger in a distributed network, blockchain allows the sender and the receiver, as nodes in the network, to have a complete copy of the ledger. Moreover, other nodes in the network must verify any modifications through a consensus mechanism.
Read this Term service providers, has expanded its presence in South Korea with its latest partnership with local fintech
Fintech
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices.
Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to supply a technological service that not only simplifies but also aids consumers, business operators, and networks.This is done by optimizing business processes and financial operations through the implementation of specialized software, algorithms, and automated computing processes. Transitioning from the roots of the financial sector, fintech providers can be found through a multitude of industries such as retail banking, education, cryptocurrencies, insurance, nonprofit, and more. While fintechs cover a vast array of business sectors, it can be broken down into four classifications which are as followed: Business-to-business for banks, Business-to-business for banking business clients, business-to-consumers for small businesses, and consumers. More recently, fintechs presence has become increasingly apparent within the trading sector, primarily for cryptocurrencies and blockchain technology.The creation and use of Bitcoin can also be contributed to innovations brought upon by fintechs while smart contracts through blockchain technology have simplified and automated contracts between buyers and sellers. As a whole, fintechs applications are growing more diverse with a consumer-centric focus while its applications continue to innovate the trading and cryptocurrency sectors through automated technologies and business practices.
Read this Term firm, ICB.
Announced on Monday, the partnership between the two will allow South Korean customers to access Western Union’s money transfer services from DEBUNK Remit, the mobile application of ICB.
“By expanding our money transfer services in Korea, we are offering customers more access points to send and receive money,” K. Premmananth, Western Union’s Head of Singapore, Indonesia and North Asia, said.
“Our alliance with ICB reinforces Western Union’s commitment to power digital-driven convenience, enhancing the customer experience.”
Initially, the services for sending money from South Korea will be available only to a few countries, but then they have plans to scale this up by adding the entire Western Union’s global financial payout network.
Remittance receivers in South Korea can also get the money directly into their registered bank account.
South Korea Is in Focus
Earlier this year, Western Union partnered with another South Korean company, Travel Wallet, allowing similar cross-border money transfer services with that platform.
ICB’s CEO, Hanyong Lee said: “We are proud of this collaboration, enabling access for customers to more than 200 countries and territories and opening up a world of possibilities with the choice to send and receive money through an iconic brand like Western Union’s.”
“With Western Union, we will be able to unlock new markets and facilitate smooth customer experiences bringing ease of use and accessibility to customers, which are among the most important conditions that drive money transfer decisions.”
Meanwhile, Western Union suspended its operations in Russia and Belarus over the ongoing invasion of Russia into Ukraine. It also stepped up to help Ukrainians receive donations to support humanitarian relief efforts with fee-free money transfer services.
Source: https://www.financemagnates.com/fintech/news/western-union-expands-south-korea-presence-partners-with-icb/