#cross-border-payments

#cross-border-payments

Sending money abroad still means handing it off through a chain of banks, each one adding time and taking a cut. A transfer that should take seconds can take days, and the fees often aren't clear to the sender or receiver until it's done.

As gig platforms continue to expand globally, one of the biggest operational challenges they face is managing cross-border disbursements to an ever-growing network of freelancers, creators, and partners across multiple regions. While the gig economy thrives on flexibility and rapid growth, traditional banking systems, particularly wire transfers, struggle to keep up. These payment methods are not only slow and often take days to process but also come with high fees that reduce profitability.

Wise began trading on Nasdaq on Monday under the ticker WSE. Shares opened at 15.96 dollars. The London-founded fintech, which went public on the London Stock Exchange in July 2021 via a direct listing that valued it at 11 billion dollars, has moved its primary listing to New York while keeping a secondary listing in London. Nearly 91 per cent of class A shareholders voted in favour of the move. The company will now report in US dollars under US GAAP.

Paga partnered with Sui blockchain, marking the company's most significant push into crypto infrastructure to date. The collaboration was unveiled on May 7 at Sui Live in Miami, weeks after founder Tayo Oviosu transitioned into the role of Group CEO in April. The deal reportedly positions Paga to expand beyond traditional mobile money and payments into stablecoin products, tokenised assets, and blockchainpowered crossborder transfers.

Now you're really opening up not only access-especially in places where they need it most- but also cross-border transfers and volume, where the pain is felt so high. Proponents of stablecoins have long touted the tokens' capacity to reduce fees for sending money cross-border, and PayPal's expansion aims to realize that potential by enabling users to keep funds in dollar equivalents.

We power the experience economy. We enable businesses to deliver the moments that matter and can be found anywhere you shop, dine, stay, or play. In a world where AI is evolving rapidly and investors are struggling to pick the future winners, we offer a physical payment experience in environments that demand a face-to-face interaction.

The problem was not growth or demand or even competition. It was settlement. Payments took days to clear. Reconciliation took weeks. Cash piled up in the wrong places. Finance teams spent their time explaining why the numbers did not match instead of planning what came next.

Consider this snapshot of the near future: You're in a taxi on the other side of the world. You pay your driver with the same digital wallet you use at home, and he receives the money in his wallet linked to the local instant payments network. He's set a rule in his bank app-"send 30% of every payout to my family back home"-and funds are converted immediately to a third currency and delivered to relatives in a country thousands of miles away.

Expanding your startup into Africa is one of the most ambitious and potentially rewarding moves you can make as a founder. With a rapidly digitalising economy and a booming young population, the continent offers a growth trajectory that is hard to find elsewhere. However, as you begin to scale, you will quickly realise that the financial landscape is not a monolith. Navigating 54 different countries means managing dozens of volatile currencies and banking systems.

The system powering global payments often feels like the last relic of the pre-internet age. Businesses today operate across borders as a matter of routine, yet the friction of moving money internationally continues to stifle growth, delay operations, and erode profit margins that are crucial for scaling. For many UK SMEs looking to expand their footprint, the promise of global trade often clashes directly with the archaic reality of legacy banking infrastructure.

Zelle, the bank-owned service that facilitates consumer money movement, said it plans to expand its services internationally. Zelle will rely on stablecoins to enable cross-border money movement, according to a statement Friday from Early Warning Services LLC, Zelle's parent company. All Zelle network banks will have the option to provide the service, according to the statement. Financial-technology firms such as Wise Plc have long operated in the cross-border money-movement space, but the banks' scale gives them an advantage in the crowded market.

Founded in 2024 by Anthony Jacob (pictured), a former Taptap Send executive, Nila was born from Jacob's personal struggle to coordinate vaccines and care for his elderly parents in Sri Lanka during the pandemic. "We face an ageing population of huge proportion," Jacob said. "Younger professionals working abroad often shoulder the responsibility of caring for ageing parents remotely. At Nila, we bridge that gap - providing smarter, more efficient, cross-border eldercare that keeps families connected and informed every step of the way."

Traditional banks rely on legacy systems that were never designed for the speed and scale of global business today. This is why Electronic Money Institutions (EMIs) are currently changing the market. An EMI is a licensed financial entity that can issue electronic money, provide IBAN accounts, process payments, and hold client funds in safeguarded accounts. Unlike banks, EMIs cannot offer traditional loans or credit, but they can do almost everything else when it comes to facilitating digital payments.