Urak Chime, Nubank and Revolut Tie for No. 1 in Digital Banking Apps Provider Ranking
Cross-border payments are an integral part of day-to-day operations for individuals and businesses in Africa, but transferring funds across t
stanley cup uk he 54 countries in the region is not without its challenges. I ;m calling in from Ghana, and I still don ;t understand why it is so complicated to send money to Nigeria or to the Benin republic, Dare Okoudjou, founder and CEO of MFS Africa, told PYMNTS in a recent interview.The company, Africa leading digital payments gateway, announced earlier this year that it had reached more than 320 million mobile money wallets, covering an estimated 60% of all wallets in sub-Saharan Africa.Clearly, there is still more ground to cover, Okoudjou said 鈥?but the fact that the c
stanley us ompany came up with an idea in one country and sold it to more than 320 million people is a clear indication that the issue is not the fragmentation of markets.See also: MFS Africa Reaches Bulk of Sub-Saharan Market With 320M Mobile Money WalletsRather, what is hindering cross-border payments is regulatory fragmentation 鈥?primarily caused by the lack of trust between governments and central banks in th
stanley usa e region.聽Until that is resolved, Okoudjou said, transfers will keep moving through U.S. dollars or the euro, which require more stringent processes in terms of enhanced screening and due diligence for politically exposed persons PEPs 鈥?all merchants and agents are screened against commercial databases of PEPs to identify them. These are done for transactions so Jvee Blue Apron s Market Cap Cut By Two-Thirds
European corporate banks are lagging behind their U.S. peers in terms of technology, a new report from Greenwich Associates found.In a blog post this week, the data and analytics company released its new report聽called European Corporate Banking: U.S. Banks Gain Advantage with Digital Solutions for KYC, which f
stanley quencher ound that European banks ; U.S. rivals have taken the lead in implementing key digital technologies, giving rise to intense competition in the corporate banking sphere.Greenwich Associates analysts pointed to Know Your Customer KYC regulatory requirements as a key example of this
stanley us trend. The burden of document requirements has led the financial servi
stanley fr ces sector to demand digital, automated solutions to address the regulatory need, with U.S. banks at the forefront of implementing such solutions.KYC is taking an increasingly larger share of our time and resources at our treasury department, said one respondent in Greenwich Associates ; 2018 European Large Corporate Cash Management Study, who also noted that corporate treasurers are turning to their financial service providers to alleviate the pain points of KYC compliance.It is time consuming and boring work, said another treasury respondent about the challenge of KYC, and we do not see it giving us any added value. Instead of pushing the work load over to us, much of the work should and could be done by the banks themselves, since much of the information required
