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April 16, 2024
On the web
Canada’s Real-Time Rail Program Resumes With Renewed Momentum
Payments Canada
"Payments Canada announced a path forward for the Real-Time Rail (RTR), Canada's fastest payment system...The path forward for the RTR includes new partners IBM Canada and CGI, along with Interac, to support the delivery and operation of the RTR."
Mastercard and Fintech Vopay Enter Strategic Partnership to Empower Canadians to Move Money Quickly and Securely With Mastercard Move
Mastercard
"Mastercard and VoPay announced a strategic partnership that will offer choice, simplicity and efficiency for near-real-time money movement in Canada and internationally for businesses and consumers."
On the wires
TNS Launches Complete Commerce - an End-to-End Payments Solutions Stack
Business Wire
"Transaction Network Services (TNS) has launched Complete Commerce – a full-stack, modern and secure payment and network capability. The solution leverages TNS’ Accept, Connect and Orchestrate payment portfolios to deliver a unique, single partner enterprise capability for running mission critical payments infrastructure."
Worldline Announces Partnership With Risk Expert Riskquest BV to Provide Best-In-Class Credit Checking
Business Wire
"Worldline has signed a partnership agreement with the leading risk consultancy firm in the Netherlands RiskQuest BV, part of the Zanders Group, to provide best-in-class credit check processes specific to the Dutch market."
April 15, 2024
Top Post
Has Your Board Discussed Your Wire-Transfer Strategy?
Atlanta Fed
"On June 27, 2022, the Board of Governors of the Federal Reserve System announced that the Federal Reserve Banks will adopt the ISO 20022 message format for the Fedwire Funds Service in a single-day implementation strategy on March 10, 2025...Preparing a financial institution's wire systems for ISO 20022 calls for an inventory and upgrade of the systems that support wire operations. These systems include..."
On the web
Mastercard and Leading Canadian Fintech VoPay Enter Strategic Partnership to Aid Money Movement for Canadians with Mastercard Move
Fintech Finance
"Responding to the ever-growing need to move money seamlessly, Mastercard and VoPay announced a strategic partnership that will offer choice, simplicity and efficiency for near-real-time money movement in Canada and internationally for businesses and consumers."
Valid Systems’ Innovation Lab Is Thrilled to Announce a Recent Patent Awarded for Our Groundbreaking Accelerated Instant Check Payment and Real-Time Loss Alerts Technology
prnewswire
"Valid Systems' Innovation Lab announced a recent patent awarded for their groundbreaking Accelerated Instant Check Payment and Real-time Loss Alerts technology..this innovative machine learning technology revolutionizes the way consumers access funds by offering retroactive access and retrieval of immediate funds."
BOE to Consider Changes in Payments in CBDC Decision
Breaking The News
"Bank of England (BoE) Deputy Governor for Financial Stability Sarah Breeden repeated on Monday that the BoE has not yet decided on issuing a central bank digital currency (CBDC). She added the bank will take into account the evolution of the use of cash in retail, stating that the use of cash in retail transactions in the United Kingdom in 2022 was only 14%."
How Can Banks Stop Fraud in a World of Instant Payments?
Economy Middle East
"Instant payments are processed in real-time, 24 hours a day, 365 days a year, with funds made available within seconds...Moreover, they will require re-engineering of their entire processes, including fraud detection, sanctions screening and anti-money laundering checks to comply with strict SLA terms."
April 12, 2024
Top Post
Financial Stability Implications of CBDC
Federal Reserve
"A Central Bank Digital Currency (CBDC) is a form of digital money that is denominated in the national unit of account and constitutes a direct liability of the central bank. We examine the financial stability risks and benefits of issuing a CBDC under different design options."
On the web
The Danish Cross-Border Payments Provider Has Increased Annual Revenues by 23% to €60M
Fintech Intel
"Inpay, the Danish cross-border payments provider announced strong annual results for 2023...In 2023, Inpay integrated 18 new local markets into its cross-border payments offering."
Nubank Ultravioleta Enters the Travel Segment With the Launch of Global Account for Customers
Nu International
"Nubank Ultravioleta, the exclusive experience for high-income Nubank customers, announces its entry into the travel segment with the pre-launch of its Global Account, in partnership with Wise Platform, Wise’s market-leading global infrastructure solution for banks and large companies."
Japan to Collaborate on Chinese Payment Services With Joint QR Code
Nikkei Asia
"Efforts are underway between Japan and other Asian countries to allow mutual access and use of QR code payment services that are popular in their own countries."
RBI’s Decision on 3rd-Party UPI Apps to Democratise Wallet Market
The News Minute
"Industry experts welcomed the move by the Reserve Bank of India (RBI) to permit the use of third-party UPI apps for making digital payments from prepaid payment instruments (PPI) wallets."
Verituity Joins Forces With Mastercard to Accelerate Secure Domestic and Cross-Border Payouts
Verituity
"Verituity announced the integration of Mastercard Move, Mastercard’s portfolio of domestic and international money transfer solutions, into its payments platform, enabling near real-time payouts for commercial banks and payers."
Mastercard, Bank Team up to Ease Cross-Border Money Transfer [Kenya]
IPP Media
"Mastercard and Equity Bank have announced a strategic collaboration that will enable the bank’s customers to send money safely and securely to 30 countries marking a significant milestone for cross-border financial transactions in Kenya."
On the wires
HighRadius Launches B2B Payments To Reduce Payment Processing Fees By Up to 90%
Business Wire
"HighRadius, a provider of Autonomous Finance software for Order-to-Cash, Treasury, and Record-to-Report, announced the launch of their B2B payments platform to improve payment processes across 100+ payment methods globally encompassing a trio of essential products: Payment Gateway, Surcharge Management, and Interchange Fee Optimizer, all seamlessly integrated to elevate financial efficiency."
April 11, 2024
On the web
Bank of China Lets Taxi Drivers Accept Central Bank Digital Currency Payments on NFC Mobile Phones
NFCW
"The Bank of China is conducting a pilot in the city of Shenzhen of a new service that makes it possible for merchants to accept contactless digital currency payments on standard NFC mobile phones."
On the wires
BankShift Unveils Patent-Pending Innovation to Revolutionize Embedded Banking: Brand On Banking
PR Newswire
"ShiftCents, Inc. aka BankShift announced in the realm of embedded banking the attainment of a patent-pending status for its Brand On Banking technology."
Toast Expands Commitment to Enterprise Brands with Launch of Restaurant Management Suite
Business Wire
"Toast announced the launch of its new Restaurant Management Suite providing enterprise brands with the data and insights, control and support, and integrations they need to better manage their businesses."
April 10, 2024
Top Post
CHIPS® Network Successfully Migrates to ISO 20022 Message Format
The Clearing House
"The CHIPS® network, the largest private-sector high-value clearing and settlement system in the world, which is operated by The Clearing House, successfully migrated to the ISO 20022 message format on the April 8 banking day."
App Fraud: The UK’s Mandatory Reimbursement Requirement
Thomson Reuters Institute
"In the United Kingdom, the mandatory reimbursement requirement for authorized push payment (APP) fraud comes into force on Oct. 7. Announced by the Payment Services Regulator (PSR) on June 7, 2023, the new rules will require UK payment service providers to reimburse all in-scope customers who fall victim to APP fraud, save for limited exceptions."
On the web
Brazil’s BV Bank Testing Car Sales as Part of DREX CBDC Pilot
Ledger Insights
Brazil’s BV Bank is involved in one of 16 pilots for Brazil’s wholesale central bank digital currency (CBDC), DREX. It recently shared details about its use case to enable delivery versus payment settlement when buying a car.
Airwallex Rolls Out Borderless Visa Cards in Canada, Giving Canadian Businesses a Streamlined Approach to Global Expense Management
Airwallex
"Airwallex introduced the Airwallex Borderless Visa® Card in Canada. The virtual card is issued by Peoples Trust Company and enables Canadian businesses to easily make payments around the world, everywhere Visa is accepted."
On the wires
Wirex Reveals Plan for Decentralised Governance in Upcoming Web3 Payment Network WPay
PR Newswire
"Wirex, a leading Web3 money app, is taking a big step towards decentralisation by announcing its plans to create a Decentralised Autonomous Organisation (DAO) for its innovative payment platform, WPay."
April 9, 2024
Top Post
MAS and Mastercard Sign MoU to Enhance Cooperation in Cybersecurity
Mastercard
"The Monetary Authority of Singapore and Mastercard signed a Memorandum of Understanding to enhance cooperation in cybersecurity, with the aim to strengthen cyber resilience in the financial services sector in Singapore."
On the web
Adyen Finds the Global Retail Sector Lost $429 Billion to Payments Fraud Last Year
Adyen
"Adyen has published new research revealing the billions the global retail sector loses to fraudulent activity annually...Of those consumers who fell victim to payments fraud in 2023, $808.42 was the average amount lost per person globally – an increase of 234% when Adyen last conducted the survey in 2023."
On the wires
UPI: New Payment Method for India from Centrobill
PR Newswire
"Centrobill announces the integration of the Unified Payments Interface (UPI) for the Indian market...Centrobill's adoption of UPI signifies its commitment to providing state-of-the-art payment technologies that streamline transactions for businesses and their customers alike."
Ant Group Launches Partnership on International Consumer Friendly Zones Program in China, Partnering With Global E-wallets, Card Organizations
Business Wire
"Ant Group, along with 11 overseas payment partners of Alipay+ and major international card organizations, launched in Beijing a nationwide Program to build International Consumer Friendly Zones across major Chinese tourist and commercial cities, with the support of relevant authorities and local governments."
Everyware Launches Comprehensive Suite of Identity Verification Solutions to Transform Customer Security
Business Wire
"Everyware unveiled its advanced Identity Verification Solutions suite designed to combat rising payments fraud and bolster customer confidence."
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