New Economy Forum

Banks Struggle With Global Payments That Look Easy for Venmo

Corporations demand app-like service for cross-border payments
China’s Alipay, WeChat have shown how quickly money can move

Payment apps -- such as Chinese juggernauts Alipay and WeChat Pay -- are making the movement of money look so easy that banks’ biggest customers are losing patience with the global patchwork that’s handled their funds for decades. — Payment apps -- such as Chinese juggernauts Alipay and WeChat Pay -- are making the movement of money look so easy that banks’ biggest customers are losing patience with the global patchwork that’s handled their funds for decades.
Photographer: Anthony Kwan/Bloomberg

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Before it’s here, it’s on the Bloomberg Terminal

By Jennifer Surane

October 31, 2018 at 5:00 AM EDT

This article is for subscribers only.

General Electric Co.’s Kristen Michaud is a top client in a business that generates $1 trillion a year for banks -- and she’s deeply frustrated.

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Before it’s here, it’s on the Bloomberg Terminal