CFO News

NOVEMBER 15, 2024

India's foreign exchange reserves experienced a decrease of $6.4 The decline was primarily attributed to a drop in Foreign Currency Assets, while gold reserves saw an increase. Despite this dip, India maintains its position as the fourth largest holder of foreign exchange reserves globally.

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PYMNTS

JULY 6, 2020

London-based global payments and foreign exchange company moneycorp has announced its expansion into Canada. On the corporate side, moneycorp said it will be working with clients seeking “risk management hedging solutions” to help buffer the impact from “volatile currency markets,” the company said in its press release.

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PYMNTS

OCTOBER 20, 2017

More bad news for Wells Fargo : The financial institution has fired four foreign exchange (Forex) bankers following an investigation into that business by both the bank and regulators. According to The Wall Street Journal , the reason for their terminations has not been released.

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Global Finance

SEPTEMBER 3, 2024

Ghana’s decision to exclude international banks from funding cocoa production may have opened opportunities for its domestic financiers and traders to invest in the sector, but analysts fear that the move leaves the country’s currency, the Cedi, vulnerable to weakening.

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PYMNTS

FEBRUARY 8, 2017

China’s foreign exchange reserves have slipped below the $3 trillion mark, as measured in January. The foreign exchange regulator, the State Administration of Foreign Exchange, has said that currency reserves are adequate and will continue to provide a level of support to the yuan.

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PYMNTS

SEPTEMBER 17, 2020

Cloud-based clearing bank ClearBank has begun offering multi-currency bank accounts using an API, according to a press release. Beginning in the fourth quarter this year, the bank will allow users to access over 30 multi-currency accounts. ClearBank will remain in charge of the clients' funds.

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PYMNTS

SEPTEMBER 6, 2016

s share of the foreign exchange market has dropped, while the Bank for International Settlements (BIS) reported that Asia, particularly Hong Kong, Tokyo and Singapore, are picking up the pieces. s share of the global currencies trading market, according to FT — down from 41 percent in 2013. 37.1% | The U.K.’s

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Global Finance

OCTOBER 10, 2024

GF: Mongolia’s foreign exchange reserves increased last year and external debt was reduced. Lkhagvasuren: As of July 2024, Mongolia’s foreign exchange reserves reached $4.7 Despite repaying 6 billion Chinese yuan [$843 million] of the swap usage, foreign exchange reserves remained robust.

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PYMNTS

APRIL 13, 2020

Traffic on Russia’s digital currency exchanges jumped more than 5.5 Qrator Labs, for its part, connected the rising figures with heightened interest in the currency markets. The organization also noted large growth in denial-of-service attacks (DDoS) events on digital currency exchanges.

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CFO News

SEPTEMBER 20, 2024

The RBI's foreign-exchange reserves have increased significantly, drawing in foreign investment and reducing the current account deficit. This strategy has made the rupee one of Asia's least volatile currencies, preparing India for external economic shocks.

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Global Finance

OCTOBER 7, 2024

The Maldives Monetary Authority is arranging a $400 million foreign currency swap with the Reserve Bank of India to bolster its financial position and ease concerns of an immediate default. Despite a recovery in tourism, the Maldives faces a foreign exchange crisis due to high external borrowings to finance tourism projects.

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PYMNTS

NOVEMBER 3, 2020

This new financing will help us to accelerate the development of the company both in terms of products, with the addition of local currency accounts, payment card, integration with accounting software, and geographically, as we will target new markets in South-East Asia,” Statrys Founder and CEO Bertrand Theaud said in the announcement.

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Foreign Exchange Currencies Finance Accounting 105

Future CFO

FEBRUARY 24, 2021

China, Hong Kong, Thailand, and the UAE will test central bank digital currencies in cross-border payments, according to a recent statement by the Hong Kong Monetary Authority (HKMA). The post China, HK, Thailand and UAE to test digital currency transactions appeared first on FutureCFO.

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PYMNTS

JUNE 27, 2018

Exposure to the risks of endless shifts of foreign exchange (FX) rates keeps executives on their toes: Deloitte recently found FX volatility to be the most common concern among surveyed corporate treasurers. However, foreign exchange risk mitigation goes beyond hedging, said Mark Frey, COO at Cambridge Global Payments.

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CFO News

OCTOBER 20, 2023

India's foreign exchange reserves rose by $1.153 billion to reach $585.895 billion for the week ending October 13, according to the Reserve Bank of India (RBI). Foreign currency assets dropped by $178 million to $519.35 The increase comes after a decrease of $2.166 billion in the previous week. billion to $43.58

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PYMNTS

FEBRUARY 4, 2020

Visa has announced that it will sell cross-border payments company Earthport’s foreign exchange (FX) business to Pollen Street Capital’s Currency Holdings, according to a report. Visa, which acquired Earthport in May 2019, said the sale will help to speed up Earthport’s growth of its larger core payments business.

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PYMNTS

FEBRUARY 8, 2019

marketplace lending company Funding Options is teaming up with Caxton FX to introduce a prepaid multi-currency payment card for small businesses (SMBs). 7), while also helping SMBs save on foreign exchange (FX) costs. Employees who use the prepaid card can have their transactions monitored by managers in real time. .

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PYMNTS

JANUARY 9, 2020

Lenders including Barclays, HSBC, Royal Bank of Scotland and Virgin Money had to stop foreign currency services after exchange provider Travelex was hit by a ransomware gang, according to reports on Thursday (Jan. Travelex’s network of branches continue to provide foreign exchange services manually.”.

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Global Finance

OCTOBER 11, 2024

trillion in extended credit and new capital for its consumer and institutional clients while moving $10 trillion in over 120 currencies daily. Industry leadership, advancements in digitalization and corporate citizenship also factored in. Throughout 2023, JPMorgan Chase raised $2.3

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CFO Talks

AUGUST 29, 2024

Managing Risks Good treasury management also means protecting the business from risks like currency fluctuations or changes in interest rates. For example, if your company exports goods, the value of foreign currencies can impact your profits. Practical Tip: Keep a calendar of key regulatory deadlines and requirements.

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CFO News

APRIL 1, 2024

Over the years, the RBI's responsibilities have expanded to include monetary management, financial system regulation, foreign exchange management, currency issuance, payment system oversight, and developmental functions.

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Foreign Exchange Currencies Financial Systems Banking 40

PYMNTS

AUGUST 29, 2018

The currency decline continues: The Swedish krona fell Wednesday (Aug. The decline comes amid political uncertainty in that Nordic country, the prospect of a widening trade war that could hurt it and increasing attention to the benefits of currency hedging among commerce and payments businesses. Such lows were last seen in 2009.

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PYMNTS

SEPTEMBER 20, 2020

The expansion and teaming with Western Union Business Solutions will help it reach Western Union's global payments network, which spans 200 countries and territories in over 130 currencies worldwide, the release stated. We are looking forward to working together with this international player in our ecosystem.".

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CFO News

MARCH 6, 2023

Self-sufficiency in food production, a sizeable foreign-exchange war chest and a vast software exports industry helped cushion the commodity and hard-currency shortages that, in various degrees, hobbled the region’s frontier markets: Sri Lanka, Pakistan and Bangladesh.

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Simply Treasury

JUNE 3, 2021

The accounting treatment of currency hedging (timing) mismatches remains a major problem that has become more acute in the wake of the health crisis. When payments were in foreign currencies, this may have affected their results because of currency hedging. Delay in FX hedging, accounting treatment.

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PYMNTS

FEBRUARY 18, 2020

18) that it would improve its Sri Lanka operation with the launch of a new digital foreign exchange (FX) program, reports said. As the world’s supply chains move into settlements in local currency, Deutsche Bank wanted to make sure it offered that service for clients in Sri Lanka. Deutsche Bank announced on Tuesday (Feb.

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Foreign Exchange Banking Currencies B2C 60

PYMNTS

SEPTEMBER 13, 2018

Currency hedging has long been a part of global business and trade — but now it is becoming more important thanks to increasing economic and political volatility. Hedging — as in preparing for currency fluctuations and other factors — is something that eCommerce firms need to embrace, too, as another PYMNTS story demonstrates.

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Future CFO

APRIL 10, 2022

Digital money will be the future, said PwC recently when releasing its 2022 PwC Central Bank Digital Currency (CBDC) Global Index. It’s estimated that more than 80% of central banks are considering launching a central bank digital currency,” the company noted in a statement.

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CFO News

DECEMBER 12, 2022

The stability of any currency depends on the country's forex reserves and trade deficit. According to reports, India' s foreign exchange holdings were USD 532.87 billion in October this year, significantly lower than USD 642.45 billion a year earlier.

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Foreign Exchange Currencies 52

PYMNTS

JUNE 11, 2020

Singapore-based cross border-payments platform TranSwap will partner with Currencycloud , which provides B2B embedded cross-border solutions, to let businesses collect and hold numerous currencies in the U.S., EU and other countries, a press release states.

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PYMNTS

OCTOBER 23, 2018

Bank of America Merrill Lynch (BofA Merrill) is introducing a new solution for other financial institutions (FIs) in the interbank payment system to automate foreign exchange (FX) conversion. The solution is supported across 89 countries and can make conversion in 41 currencies, the bank noted.

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Foreign Exchange Banking Currencies Compliance 76

PYMNTS

SEPTEMBER 17, 2020

Flywire will work with Mastercard to provide discounted foreign exchange rates on cross-border tuition payments for students, according to a press release emailed to PYMNTS. Students will be able to use their own currencies to pay through Mastercard credit or debit cards.

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Foreign Exchange Education Reconciliations Currencies 126

PYMNTS

JUNE 15, 2020

The partnership, by making use of Goldman’s technology and security capabilities with GTreasury’s platform, will allow businesses to pay vendors in their local currencies and at lower costs than they used to be able to, the release states, and it will allow real-time tracking that reduces the need for payment-related supplier inquiries.

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Future CFO

DECEMBER 7, 2022

A strong US dollar will have credit effects on rated Asia Pacific companies, with those that have a significant portion of their debt and debt-servicing costs, or other costs, denominated in US dollars while earning revenues in depreciating currencies more vulnerable to the negative credit effects, said Moody’s recently.

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PYMNTS

OCTOBER 8, 2019

Citi has recruited foreign exchange management firm Kantox to enhance its FX services for corporate clients, the companies said in a press release on Monday (Oct. enabling those firms to access a custom platform that integrates with Citi’s existing foreign currency payments solution.

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Foreign Exchange Treasury Currencies Banking 74

PYMNTS

MAY 19, 2020

In other news, the government of Iran is aiming to limit digital currency exchanges with so-called “currency smuggling” regulations, CoinDesk reported. The country’s parliament reportedly put forward a proposal to have digital currency as a part of foreign currency and “currency smuggling” rules already in place.

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PYMNTS

NOVEMBER 20, 2020

Gulati discussed what this trend means for the way that multi-entity SMBs manage a range of financial workflows across borders, and how technology can ease the biggest friction pain points like foreign exchange volatility and domestic compliance. Cross-Border Headaches. All of this is really manual," noted Gulati. "If

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