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May 8, 2024
On the web
PSR Consults on Directing App Scams Reimbursement for CHAPS Payments
PSR
"The Payment Systems Regulator (PSR) is proposing to direct banks and other payment firms participating in CHAPS to reimburse their customers who have been victims of authorised push payment (APP) scams."
Checkout.com Launches Flow to Boost Conversion Online
IBS Intelligence
"Checkout.com launched ‘Flow,’ providing customizable building blocks to help businesses present the right payment methods to the customer at the right time, enter new markets by easily integrating new payment methods, and improve security by staying up to date with PCI compliance, GDPR rules, and card scheme requirements."
Mastercard Joins Forces With US Banking Titans for Tokenized Settlement Trials
Cointelegraph
"Payment processing and settlement firm Mastercard has joined hands with major banking institutions in the United States, such as Citigroup, Visa and JPMorgan, to test the use of distributed ledger technology for banking settlements using tokenization."
Banked and NAB Partner to Accelerate Pay by Bank Adoption in Australia
Banked
"Leading global fintech Banked and National Australia Bank have launched a new partnership to accelerate the number of Australian merchants adopting and integrating account-to-account (A2A) payments solutions."
On the wires
Volante Technologies Secures Fedwire® Funds Service ISO® 20022 Certification
PR Newswire
"Volante Technologies announced its achievement of Fedwire® Funds Service certification for the ISO 20022 messaging capabilities of its wire payment processing solutions."
Federal Reserve Surveys: U.S. Businesses, Consumers Increasingly Adopt Faster and Instant Payment Services
Business Wire
"U.S. businesses and consumers are rapidly adopting digital, faster and instant payment services, according to studies released today by Federal Reserve Financial Services. Digital wallet use saw especially strong growth in 2023 — efficiency-focused businesses increased their use by 31% over the prior year, and convenience-minded consumers experienced a 32% increase."
Phixius by Nacha Partners with ValidiFI to Enhance Account Validation Coverage
Business Wire
"Phixius by Nacha—a trusted, secure, peer-to-peer payment information network—announced its partnership with ValidiFI, a leading provider of predictive bank account and payment intelligence."
Square Kiosk Arrives to Make Ordering Faster and More Intuitive for Restaurants and Diners
Business Wire
"Square unveiled Square Kiosk, a fully integrated software, hardware, and payments solution that enables self-serve ordering for quick-service restaurants."
Rome Becomes the First European City to Offer Open Loop Transit Payments to UnionPay Cardholders
PR Newswire
"Rome is the first city in Europe to offer contactless payment service to cardmembers boarding public transport by simply tapping with a contactless payment card or mobile phone on turnstiles or authorized readers from UnionPay available through Nexi."
May 7, 2024
Top Post
Visa Announces Generative AI-Powered Fraud Solution to Combat Account Attacks
Business Wire
"Visa announced updates to its Visa Account Attack Intelligence (VAAI) offering with the addition of the VAAI Score, a new tool that uses generative AI components to identify and score enumeration attacks."
Payments Post #13: At the Intersection of Tech, Regs, and Business Partnership
Glenbrook Partners, LLC
"This month, Cici Northup joins regular contributor Justin Pituch to recap positive news in the form of fast payments growth, new fraud mitigation strategies, and evolution in cross-border transfers. All reflect, to varying degrees, the unique dynamic in the payments industry created by the intersection of technology, regulation, and new business partnerships."
On the web
CFPB Takes Action Against Chime Financial for Illegally Delaying Consumer Refunds
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) took action against Chime Financial for failing to give consumers timely refunds when their accounts were closed."
Brazilian Payment Company Ebanx Set to Start India Operations With Yes Bank
The Economic Times
"Ebanx helps nearly 300 brands process payments in multiple countries across Latin America and Africa. It now wants to enter India, which will be its first market in Asia."
Pan-European Proof of Concept Showcases Value of Request to Pay
EBA CLEARING
"EBA CLEARING announced that, together with eight multinational payment service providers (PSPs), the Company has completed a pan-European proof of concept leveraging its R2P Service."
NPCI Bharat BillPay Onboards Disney+ Hotstar as a New Biller Under Subscription Category
NPCI
"NPCI Bharat BillPay Ltd., a subsidiary of National Payments Corporation of India, has onboarded Disney+ Hotstar as a biller on its Bharat Bill Payment System platform under the ‘subscription’ category."
Smart Transfer and Recurring Scheduling Are Integrated With Open Finance [Brazil]
Celcoin
"The expectations of the Brazilian financial ecosystem are at an all-time high with the announcement of the arrival of two new features under the Open Finance umbrella: Intelligent Transfer and Recurring Scheduling, integrated with advanced security technologies."
On the wires
FIS Launches Innovative New Fintech Platform – Atelio™ by FIS
Business Wire
"FIS® has introduced Atelio by FIS™, a fintech platform that provides the building blocks for financial institutions, businesses and software developers to embed financial services into their offerings."
Nacha Celebrates 50 Years of Payments Innovation
Business Wire
"In 1974 payday usually meant being handed a paper check—which was the same way most bills were paid. But in that year, a significant step was taken toward changing all of that when the National Automated Clearing House Association, or NACHA was formed."
Keybank Launches Virtual Account Management Services Powered by Qolo’s Technology Platform
PR Newswire
"KeyBank announced the launch of KeyVAM, a virtual account management solution for treasury management clients powered by Qolo, providing clients with the ability to manage multiple clients or cost centers with custom virtual account structures, automated reporting and reconciliation, an intuitive user interface, and fast, easy API integration."
Stronghold Enhances Payment Network with Strategic Acquisition of 20022 Labs
Business Wire
"Stronghold announced its acquisition of 20022 Labs, a pioneer in advancing the ISO 20022 financial messaging standard."
Ant Digital Technologies Joins HKMA’s Project Ensemble, Included in Sandbox and Architecture Community
Business Wire
"Ant Digital Technologies announced its participation in the Project Ensemble Sandbox (the Sandbox) and the Project Ensemble Architecture Community (the Community) of the Hong Kong Monetary Authority (HKMA) which is the HKMA’s new wholesale central bank digital currency (wCBDC) project."
Emirates NBD and NIUM Join Forces to Transform Global Cross-Border Payments in the Middle East
PR Newswire
"Nium announced a partnership with Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region, to empower customers with a cutting-edge global payments solution that will redefine the financial services landscape in the Middle East and beyond."
InComm Payments Launches Roblox Gift Cards in Hong Kong
PR Newswire
"InComm Payments announced it is launching gift cards for Roblox, the online immersive platform where millions of people connect and communicate daily, at online and physical retailers in Hong Kong."
May 6, 2024
Top Post
Visa Inc. and J.P. Morgan Payments Forge Strategic Collaboration to Revolutionize Faster Money Movement in the US through Visa Direct
Visa
"Visa Inc. and J.P. Morgan Payments announced a strategic collaboration that aims to enhance merchant experiences, empower cardholders, and drive innovation for J.P. Morgan Payments’ customers, with the introduction of faster domestic payments in the US, through the Visa Direct network."
On the web
ICICI Bank Enables NRI Customers to Use International Mobile Number to Make UPI Payments in India
Icici Bank
"ICICI Bank announced that it has enabled NRI customers to use their international mobile number to make UPI payments instantly in India, thereby significantly enhancing their convenience of making everyday payments."
Agencies Issue Guide to Assist Community Banks to Develop and Implement Third-Party Risk Management Practices
Board of Governors of the Federal Reserve System
"Federal bank regulatory agencies today released a guide to support community banks in managing risks presented by third-party relationships."
China’s Ant Group Doubles Down on Global Expansion With Cross-Border Payments Offering Alipay+
CNBC
"Ant Group is looking to expand into the payments markets of Europe, Middle East and Latin America with its Alipay+ offering."
Ghana and India Working To Link UPI and GHIPSS Payment Systems For Fund Transfers
Tech Labari
"India and Ghana have been in talks to link their payment systems – Unified Payments Interface (UPI) and Ghana Interbank Payment and Settlement Systems (GHIPSS) respectively to permit users to make instant, low-cost fund transfers."
May 3, 2024
Top Post
Federal Reserve Board Requests Comment on Proposal to Expand the Operating Days of the Federal Reserve Banks’ Two Large-Value Payments Services, Fedwire Funds Service and the National Settlement Service, to Include Weekends and Holidays
Board of Governors of the Federal Reserve System
"The Federal Reserve Board on Friday requested comment on a proposal to expand the operating days of the Federal Reserve Banks' two large-value payments services to include weekends and holidays, so that they would operate every day of the year."
On the web
Project Mandala: Shaping the Future of Cross-Border Payments Compliance
BIS
"Project Mandala explores the feasibility of encoding jurisdiction-specific policy and regulatory requirements into a common protocol for cross-border transactions such as borrowing, foreign direct investment, or payments."
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