In today’s top news in digital-first banking, Unifimoney is joining forces with Nium for real-time money transfers, while Volante Technologies has landed Grupo Financiero Banorte as a new client to modernize cross-border payments. Plus, DBS Bank has launched a new live online tracking function for international collections that will utilize SWIFT Global Payments Innovation (gpi) technology.
Unifimoney, the neobank upstart, is teaming with Singapore FinTech Nium for real-time money transfers throughout the world. The relationship will provide Unifimoney clients with a bolstered and extended money transfer experience that occurs live. Money can be delivered to hubs in Asia and Europe through an app, and the foreign exchange (FX) rate is said to be below that of banks.
Cloud payment processing and messaging firm Volante Technologies has landed Grupo Financiero Banorte as a new customer. Volante says it will work with the bank to bring its international payments infrastructure more up to date. Banorte will link all related systems to Volante’s VolPay, which will assist with orchestrating and handling international transactions while speeding up its digital strategy.
DBS Bank has rolled out a live digital monitoring function for international collections. The function will harness SWIFT gpi infrastructure to assist more than 240,000 corporate and small and medium-sized business (SMB) customers in Hong Kong and Singapore with monitoring international payments and collectives.
A leading Fed official is cautioning that additional stimulus spending will be required to turn a “K-shaped recovery” in the U.S. into one that is “broad-based and inclusive.” Federal Reserve Governor Lael Brainard informed members of the Society of Professional Economists that the largest threat to the recovery of the American economy would be the failure of additional financial support to come to fruition.