Reference: A vision for the future for cross-border payments. The cross border flow implies the cross-border payments that are made between two countries. The B2B (Business-to-Business) cross-border payments market is huge! No one has an exact estimate, but it is believed to be more than US$ 50 Trillion and probably closer to the US$ 100-125 […]
Can I open a bank account in some country I have never been to? Are there any such countries or banking services that allow someone to open an account to non-residents?
In some country? Yes. Be informed that in countries like US, Canada, UK, Ireland, European Union, Japan, SOuth Korea, Australia, New Zealand, etc. you simply cannot open a remote bank account. You can open pseudo bank accounts with reserve trust companies or e-money payment institutions, but these would not be a proper bank account, but […]
Predominantly two roles: US Dollar Clearing (Correspondent Banking Relationship or CBR as it is known) International Money Transfer to/from the United States. In the first instance, the US Bank that are authorized to provide US Dollar Clearing, act as Correspondent Banks for other financial institutions worldwide for US Dollar Clearing. As the US Dollar is […]
Is is smart for a fintech startup to develop a blockChain application while the main target audience is banks? Wouldn’t installing nodes on banks’ devises be a major security concern for these banks?
There isn’t a lot to go on from the question you have posed, but consider this. If the fintech startup plans to do anything with fiat money, chances are it would need to be licensed and under this licensing umbrella, there will be a complete framework of how to handle risk, security, compliance, etc. Whether […]
How do I get Forex account replenished while the central bank of our country makes a huge restriction on foreign currency transfers?
When a country places outgoing or foreign exchange limits, a new market mushrooms literally overnight, one that expects you to pay a premium and can do exactly what the government does not want you to do. There are plenty of people in every economy who would be willing to provide such a netting off service for a […]
Many banks are willing to work in this arena, except they will not just do business with any exchange that just comes along. You have to bring a strong compliance program, once that is pragmatic and not theoretical, a great introducer and a solid business plan for the money the bank will take on the risk they take on […]
Typically no. RTGS is usually used by banks in a country to go large settlements amongst themselves. It is pretty much a localized system. In many countries the RTGS is run by the central bank or by a semi-autonomous body. The clearing of funds with the RTGS are all based on local currency.
What would prevent a major social network from becoming a platform for a banking and payment system to replace traditional brick and mortar banks?
Nothing would prevent it. Some might argue it might be inevitable. In order for any network or group to start offering banking and payments, they would need to get licensed. Licensing in itself might not be a very difficult thing to do, but what would be required is tightening of the loose ends. KYC (Know […]
What’s the safest and securest way to transfer money from the Philippines to the US, by wire transfer, online, or through bank, etc.?
Bank transfers are usually the safest. In your reference you cited, wire-transfer, online or through bank. All these are essentially the same. The only difference is, if the service is being provided by the bank itself (like BDO, etc.) or by an non-banking financial institution (like Xoom or TransferMate, etc.).
When a new currency is created, how does that money get from the central banks to circulate among the people?
When a central bank creates new paper currency, it is sold off to the commercial (high-street) banks, a process known as seigniorage. The commercial banks then distribute this money via their cash management division through all the channels they have, predominantly, ATMs and Over-the-Counter. If the new currency in replacing old currency, then customers usually […]