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Syria Marks First SWIFT Transfer Since Its Civil War Began
- Syria has reportedly made its first international bank transfer via the SWIFT system since 2011, signaling efforts to rejoin the world financial system post its civil war.
- SWIFT (Society for Worldwide Interbank Financial Telecommunication) facilitates global financial transactions among institutions worldwide.
- Abdulkader Husrieh, governor of Syria’s central bank, confirmed a direct transaction from Syria to an Italian bank, opening doors for more such transactions.
- PYMNTS highlighted the importance of smooth fund flows in supply chains amid the current trade war, with banks and FinTechs enabling cross-border commercial payments.
- PYMNTS Intelligence report emphasized the value of banking products integrating with operations to ease cross-border trade challenges, enhancing buyer-supplier relationships.
- Digital-first, cross-border payment providers are on the rise, with digital wallets offering faster processing times and improved trust in international transactions.
- Consumers widely use digital wallets, but less than half of U.S. SMBs have adopted them, citing industry standardization and partner acceptance as challenges.
- Digital wallets can accelerate payment processing from days to minutes, benefiting SMBs in establishing trust with international partners.
- The news was reported by Reuters, indicating Syria's progress in financial reintegration after its civil war began in 2011.
- Efforts like this SWIFT transfer are crucial for countries seeking to rebuild their connections to the global financial system.
- The PYMNTS report underlines the role of banks and FinTechs in smoothing fund flows and enhancing cross-border trade amidst current geopolitical challenges.
- The use of digital wallets is seen as a promising avenue for SMBs to expedite international transactions and enhance operational efficiency.
- The PYMNTS Intelligence report shows the positive impact of integrated banking solutions on streamlining trade-related processes.
- Digital-first payment providers are increasingly becoming pivotal players in driving efficient cross-border transactions and bolstering trust in global commerce.
- The ability to process payments almost instantly via digital wallets can significantly benefit businesses seeking to enhance international relationships.
- The growing adoption of digital wallets reflects a shift towards faster, more secure cross-border payment mechanisms in the global business landscape.
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