Payments News

On The Web

nbsp;

Regulation

FDIC Finalizes Brokered Deposits Rule Promoting Bank-Fintech Partnerships

“The Federal Deposit Insurance Corporation (the “FDIC”) finalized its brokered deposits rule to revise and modernize its regulations relating to brokered deposits, clarifying an outdated regime as to what deposits should be considered to be brokered. The final rule is to be effective April 1, 2021, although insured depository institutions (each, an “IDI”) will be […]
nbsp; nbsp;

Regulation

UK Watchdog Bans Klarna Covid Shopping Advert

“The UK’s advertising watchdog has banned an Instagram influencer campaign by Klarna for “irresponsibly” encouraging customers to use the “buy now, pay later” service to cheer themselves up during the pandemic. The Swedish firm has taken online shopping by storm over the past couple of years and its model, which allows staggered payments for products […]
nbsp; nbsp; nbsp;

On The Wires

nbsp;

Use

ICICI Bank Canada Visa* Debit Card Launched

“ICICI Bank Canada today announced the launch of a debit card. Named, ‘ICICI Bank Canada Visa Debit Card’, it offers customers an unparalleled benefit of online shopping, purchasing at millions of retail outlets across the world and making quick contactless payments at Point of Sale (PoS) machines across Canada. This card also empowers customers to […]
nbsp;

Companies

PayPal’s Xoom Adds UPI Payments Enabling NRIs and PIOs to Remit Money to India in Real Time

“Xoom, PayPal’s international digital money transfer service announced its integration with NPIL’s/NPCI’s Unified Payments Interface (UPI), a real-time payment system facilitating inter-bank transactions in India. Non-Residential Indians (NRIs) and Persons of Indian Origin (PIOs) living in the United States (US), Canada and Europe can now remit money to their family and friends in India. Using UPI to send money to India via Xoom is easier […]
nbsp;

Use

Check Your Venmo. Burger King® Is Making It Rain

“Everyone can use an extra $1 in their wallets. And Burger King is here to help. To launch the $1 Your Way Menu, the brand is depositing $1 into select customers Venmo accounts – the premier app for fast, safe, social payments between friends – to surprise random fans and encourage them to try the […]
nbsp;

Systems

Nacha Launches DirectDeposit.org | Nacha

“Direct Deposit is one of those things that’s easy to take for granted. Yet, like clockwork, it delivers employees’ pay as well as Social Security and veterans’ benefits. To help consumers better understand how it’s used every day, Nacha recently launched directdeposit.org .  The site is designed to educate consumers about ACH payments, which are […]