A correspondent bank provides services, such as facilitating wire transfers or accepting deposits, on behalf of another bank.
The mobile banking service helped the bank acquire 300,000 new clients and 24,000 new banking agents.
By putting the transaction on a distributed ledger, the importer and its bank, together with the exporter and its own bank, can see the data in real time.
The three banks, with Bendigo and Adelaide Bank, applied in July to collectively negotiate with Apple
ATMs, credit cards, debit cards, agent banking, mobile banking, branchless banking, among others, are becoming popular these days to enhance people’s access to financial services.
To be successful, a payment system would have to match the print against a database that may contain thousands or millions of other prints, and to keep impatient customers happy do it within seconds.
Alipay is in talks with other technical, retail and payment partners in France and Germany, as well as the UK and Italy, Ms Liu said.