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FNB launches first instant cross-border payment solution in SADC: First National Bank (FNB) has become the first financial institution in the country to introduce an enhanced cross-border payment solution. The bank will utilise BankservAfrica’s Transactions Cleared on an Immediate Basis (TCIB) solution. This was confirmed by a media statement on Monday. “This innovative service enables quick, secure and low-cost cross-border payments across southern African countries, offering individuals and businesses alike a more efficient way to send and receive funds within the region,” the statement read. According to the statement, the service represents a significant advancement in financial inclusion and accessibility for Namibia and the Southern African Development Community (SADC) region. The service is part of FNB’s ongoing commitment to enhance its customer offerings while complying with the latest regulatory requirements for cross-border payments within the Common Monetary Area of South Africa, Namibia, Lesotho and eSwatini. Through its implementation, the bank now enables near real-time payments, reducing the barriers to cross-border financial transactions, promoting regional trade and economic growth. The statement says standout benefits of the TCIB system is the speed of transactions and the lack of restrictions on time of use giving customers a substantial advantage over the previous system. “By enabling more affordable transactions, FNB Namibia and BankservAfrica are helping to foster economic growth and trade within the region,” the statement read. RMB Namibia head of global markets Ian Erlank says the convenience and speed at which customers make cross-border transactions was of utmost importance. “Our clients will experience a seamless, automated process for cross-border payments that feels almost identical to the EFT process they are familiar with, but offers significant improvements, including immediate payment clearance, low costs and high security features,” says FNB South Africa Forex chief executive Richard Porter. “We are pleased to partner with FNB and take the lead in introducing this innovative solution to the market. This represents a significant milestone in TCIB’s journey towards ensuring equal access to cross-border payments and promoting inclusive payments throughout the region and the wider SADC community,” Africa Business Development at BankservAfrica executive head Ruhling Herbst says. The post FNB launches first instant cross-border payment solution in SADC appeared first on The Namibian.

Vietnam new decree on cashless payments! Decree No. 52 introduces several significant changes and new provisions: Stricter Requirements for Service Providers: Entities wishing to offer services must now meet more stringent criteria. Redefinition of Electronic Money Remittance Support Services: These services are no longer classified as a type of Intermediary Payment Service (IPS). Detailed Guidelines for Foreign Currency and International Payments: The decree provides comprehensive instructions on handling payments in foreign currencies and sets conditions for entities participating in the international payment system. Introduction of Electronic Money (E-Money): For the first time, e-money is officially defined. E-wallets and prepaid cards are now regulated as means to store e-money.

Although Sibos has come to a close, the conversations around cross border payments are ripe. Something that we often hear from financial institutions are the differing regulatory environments across markets and regions, and how scalability opportunities have been traditional challenges that their clients and business face. With our cross border payments, we want to bridge that gap and provide FIs with solutions to overcome them. https://bit.ly/3C2Obox #JPMorgan #Sibos #PartnerInPayments

https://lnkd.in/gf6Cf6Ni Offshore banking facilities were officially launched last week within the #PortCity of Colombo ( #PCC ), marking a significant milestone for the region. Six local banks, including Commercial Bank of Sri Lanka, Sampath Bank, HNB, DFCC, NDB, and NTB, have been approved by the Colombo Port City Economic Commission ( #CPCEC ) as authorised institutions to operate under the offshore banking regulations, which were gazetted on 26 July 2024. According to a PCC official, negotiations are ongoing with three international banks, though the names of these institutions remain undisclosed until talks are concluded. The long-anticipated offshore banking services have now gained formal approval from the #SriLankanGovernment. A senior Port City official highlighted that, with Sri Lanka being the world’s second-largest hub of CIMA professionals and boasting strong financial expertise, all financial transactions will be strictly regulated by the Central Bank of Sri Lanka (CBSL) to mitigate concerns about money laundering. He added that while this offshore banking concept is not new globally, Sri Lanka has lagged in terms of policy frameworks and ease of doing business. He emphasised that the nation must now show more confidence in its abilities. However, Dr. W.A. Wijewardena, former Deputy Governor of the Central Bank, commented that technically speaking, the Port City is “not part of Sri Lanka but outside Sri Lanka.” The economic expert stated that Port City is an offshore economic entity that is not subject to any local laws, including the authority of the Colombo Municipal Council, despite being classified as part of the city of Colombo. He further stressed that even the Central Bank has no control over its operations, essentially making it a separate economic zone.  The Colombo Port City (CPC) is expected to conduct its operations in foreign currencies, for which the necessary facilities should be in place, and this arrangement is deemed appropriate in this context.

Sterling Bank Migrates to Africa’s First Indigenous Core Banking System: SeaBaaS Sterling Bank, one of Nigeria’s top financial institutions, has made a groundbreaking move by adopting SeaBaaS (Secure, Efficient, Agile Banking as a Service)—Africa’s first indigenous core banking system. Developed by Nigerian technology firm Peerless, SeaBaaS is specifically tailored for the African market, offering a stable, reliable, and flexible platform designed to drive local economic growth and foster innovation. This migration represents Sterling Bank’s commitment to promoting African innovation and reducing reliance on foreign technologies. Read more👇 #sterlingbank #SeeBaaS #bankingsystem Abubakar Suleiman Oreoluwa Olaniyan Wole Giwa Larry Ochem Taiwo Adeshina. MBA,ACI,MCBI,ACIB Ibukun Lawal, CBAP Bolanle Tyson

I was recently quoted in an article in the Business Post discussing the impending EU regulations that will require Irish banks to facilitate real-time SEPA Instant payments by 2025. While Ireland has lagged behind other European countries in adopting instant payments since they launched in 2017, these new rules present a crucial opportunity for our retail banks to modernise their systems and enhance customer experience. As I mentioned, fully implementing instant payments is about more than just enabling the technical capability - banks must upgrade their fraud detection, anti-money laundering screening, and other compliance functions without increasing costs to consumers. This represents a major transformation challenge, but one that will pay dividends by bringing Irish banks up to speed with the seamless real-time payment experiences offered by digital challengers like Revolut, Bunq and Monzo. The Department of Finance's recent National Payments Strategy has emphasised the need to enhance open banking and provide efficient account-to-account payment rails in Ireland. Meeting the SEPA Instant mandate can thus serve as a catalyst for wider modernisation efforts that will benefit individuals and businesses alike. While scepticism remains around the banks' ability to meet all aspects of the regulation on time, I'm optimistic that this will prove to be the spark that accelerates digital transformation and payments innovation across the Irish banking sector. The age of truly real-time money movement is nigh - it's an opportunity our lenders should embrace head-on." https://lnkd.in/eRa6y_zP Banking & Payments Federation Ireland Fintech Ireland FinTech & Payments Association of Ireland Donal MacNamee

In Pakistan, most of the population hesitate to engage with the formal financial system due to the prevalence of interest-based banking. This presents a significant opportunity for Islamic finance to drive banking adoption, addressing concerns that go beyond typical barriers like poverty and low literacy. Trust is essential in financial matters, and Islamic finance is well-positioned to establish this trust by offering Sharia-compliant solutions that meet modern needs. A recent example is Indonesia’s BCA Syariah, which partnered with Vault Core—a tech platform—to launch products such as e-wallets and Hajj fee deposits. By combining technology with Islamic principles, Islamic finance can broaden financial access, fostering trust and addressing the evolving demands of diverse customers. #islamicfinance #islamicbanking #shariacompliant #halalbanking #digitaltranformation

🚀 Managing Intraday Liquidity in the Age of Faster Payments 🚀 Today's big news: Wise just announced a partnership with Standard Chartered, which is a huge leap forward for accelerating payments, reducing client costs, and improving customer experience. Now, Standard Chartered can process 21 currencies (incl. USD, CAD, EUR, GBP, SGD, HKD, and JPY) in seconds and offer mid-market rates with no markups. A great step toward meeting the demand for speed and transparency in today’s market! 🌍💸 But here’s where things get tricky for treasurers, liquidity, and risk managers. As payments get faster through platforms like Wise and Faster Payments, banks deal with higher volumes and greater speed than before. Intraday liquidity (IDL) requirements will surge, even if initially driven by retail and SME demand. Banks could face resource strain, operational headaches, or even higher capital requirements from regulators without intelligent liquidity management solutions, allowing them not only to vizuliaze data in real time but act in real time as the pace of payment. 📈💡 This is a massive opportunity for banks like Standard Chartered, but the risks must be managed with the same urgency. The key? A dynamic, intelligent, and automated solution that allows banks to see and act on IDL needs in real time. FNA’s ILO solution, for example, uses non-intrusive algorithms like resequencing to ensure payments are optimized and capital stays efficient. The true value lies in staying ahead of IDL demands while reducing operational strain. 🏦📊 💬 The future of payments is only getting faster. If you’re a treasurer or liquidity manager, is your strategy ready for it? #Realtime #Intraday #Liquidity #Payments

🌍 Thunes signs Memorandum of Cooperation with Trade and Development Bank of Mongolia - TDBM! 💼 Thunes and the Trade and Development Bank Mongolia (TDB) signed a Memorandum of Cooperation, taking the first step towards joining Thunes’ Direct Global Network. This alliance will provide TDB’s clients in Mongolia the opportunity to send funds to overseas bank accounts, mobile wallets, cards, and cash pick-up locations, marking a significant development in cross-border financial services for the country. 💳📲 Mongolia’s remittance market is rapidly growing, with inbound and outbound remittances exceeding $600 million in 2023, according to World Bank data. With this alliance, TDB can now offer an efficient and secure international payment method, meeting the rising demand for global financial services. Daphne Huang, Chief Revenue Officer of Thunes Greater China and North Asia, shared: “We are proud to welcome Trade and Development Bank Mongolia to the Thunes Direct Global Network. This alliance positions TDB to provide cutting-edge cross-border payment services to its customers, meeting growing demands with greater innovation and security.” Bayarsaikhan Otgonbayar, Head of International Banking Department at TDB, added: The transparency offered by Thunes, along with the robustness of its network, is a key differentiator in our decision to partner with them. This alliance will position TDB as a leader in cross-border payment solutions in Mongolia, while ensuring our customers benefit from cutting-edge financial services that meet their global needs.” This partnership was formalised with a Memorandum of Cooperation signed at SIBOS 2024 last month in Beijing, China, setting the foundation for future opportunities to transform cross-border payments. 🌏💡 🔗 Read the full press release here: https://lnkd.in/gu35n6Pv #Thunes #GlobalPayments #CrossBorderPayments #Fintech 

🚀 Unveiling the latest chapter in our insightful series, based on the #report "Guidelines for Effective Open Banking/Finance Adoption in Bahrain", a collaborative effort by the Council of Arab Central Banks and Monetary Authorities Governors, Arab Regional Fintech Working Group, Arab Monetary Fund, and Fintech Galaxy. 💡 Dive into #Bahrain's pioneering journey in #OpenBanking and #OpenFinance, setting a benchmark for the region's financial #innovation. Explore how Bahrain’s strategic embrace of innovation, a robust regulatory framework, and a skilled workforce contribute to its position as a leader in the Open Banking and Open Finance landscape. Don’t miss this in-depth look at Bahrain's successful strategies, challenges overcome, and future outlook on revolutionizing #finance through collaboration and digital-friendly policies. Read the full article here 👉 https://lnkd.in/dqCCwaWc Stay tuned for more enlightening articles in our series, spotlighting financial revolution across the region! #OpenBanking #OpenFinance #Bahrain #FinancialInnovation