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April 18, 2024
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MUFG and Crédit Agricole Corporate & Investment Bank Complete First Payment in the ISO 20022 Format on CHIPS® Network
The Clearing House
"MUFG Bank, Ltd. and Crédit Agricole Corporate & Investment Bank successfully completed the first payment in the ISO 20022 message format on The Clearing House’s CHIPS® network, the largest private-sector high-value clearing and settlement system in the world."
On the web
Nubank and Mastercard Exclusive Study Reveals Path to Advancing Beyond Access Toward Financial Health
Mastercard
"Today, Nubank and Mastercard released findings from a study measuring the financial inclusion impact on individuals, including some who have historically been on the margins of the traditional banking system in Brazil."
iDEAL Refreshed: Profile Creation and Speedy Checkout
iDEAL
"Consumers can for the first time create an account with iDEAL. This account enables quicker and more secure completion of online purchases. It also offers benefits for online retailers in the form of improved conversions and increased customer satisfaction and is more secure because consumer data is stored in the stable iDEAL system and not separately with each online retailer.
Indosat Ooredoo Hutchison and Mastercard Announce Partnership for Cybersecurity Center of Excellence
Mastercard
"Indosat Ooredoo Hutchison and Mastercard signed a Memorandum of Understanding to collaborate towards safeguarding Indonesia's digital economy through the launch of the Indosat-Mastercard Cybersecurity Center of Excellence."
Socure Releases Multi-Layered AI Defense System That Defeats Deepfakes and Other Identity Fraud in Under Two Seconds
Socure
"Socure launched its next generation Document Verification (DocV) solution, purpose-built to tackle the rash of stolen identities, spoofing, and highly sophisticated deepfake attacks that are accelerating in their complexity across nearly every segment of the digital economy."
On the wires
Cognizant and FICO Partner to Help Banks Prevent Real-Time Payments Fraud
PR Newswire
"Cognizant announced a planned collaboration with FICO, to launch a cloud-based real-time payment fraud prevention solution powered by FICO® Falcon® Fraud Manager."
April 17, 2024
On the web
MIT, German Central Bank Will Research CBDC Privacy in New Project
Cointelegraph
"The Deutsche Bundesbank is the latest monetary authority to team up with the Massachusetts Institute of Technology (MIT) Digital Currency Initiative (DCI) to study central bank digital currency (CBDC)...the joint research will focus on designing security and privacy measures in a CBDC."
New and Improved Klarna Card Announced in the US, Empowering Smarter Spending and Greater Financial Control
Klarna
"Klarna, the AI powered global payments network and shopping assistant, announced it has opened its waitlist for the new Klarna Card to all US consumers."
TokenEx and IXOPAY to Merge, Enabling Merchants to Optimize the Use of Multiple Payment Processors
GlobeNewswire News Room
"TokenEx, the leading cloud tokenization provider, and IXOPAY, the leading independent payments orchestration platform, announced their definitive agreement to merge, creating a new leader in global payments optimization. The combined company will be called IXOPAY."
Codat and JPMorgan Partner to Promote Adoption of Virtual Card
IBS Intelligence
"Codat has launched its new Supplier Enablement data product enabling businesses to share their spending and supplier data from ERP systems and accounting software. Card issuers can access the right data to recruit suppliers to accept virtual card payments instead of checks."
Visa Reimagines Payment Acceptance for the ‘Click-and-Mortar' Era
Visa
"Visa is offering sellers expansive, simplified services to keep pace with demands. Visa’s latest enhancements support merchants of all sizes with new and improved commerce experiences including: Improved access to and ease of integration with partners; A reimagined small and medium-sized (SMB) business platform; Growing mobile acceptance, without additional hardware."
Emagia Launches GiaPay AI-powered B2B Customer Payments Platform For Global Enterprises
Emagia™
"Emagia announced GiaPay, an AI-powered B2B payments orchestration solution designed for the modern B2B payments needs of global enterprises."
India Scrambles to Curb PhonePe and Google’s Dominance in Mobile Payments
TechCrunch
"The National Payments Corporation of India (NPCI) is going to meet fintech startups this month to develop a strategy to address the dominance of PhonePe and Google Pay in the UPI ecosystem, sources told TechCrunch...These meetings are to address the dominance of Google Pay and PhonePe, accounting for nearly 86% of UPI transactions by volume (that’s up from 82.5% at the end of December)."
URBN Partners With Stripe to Power Online and In-Person Retail Payments
Stripe
"Stripe announced a partnership with URBN to power online and in-person retail payments for Urban Outfitters, Anthropologie Group, Free People, and FP Movement."
Mastercard and Onafriq Partner to Increase Accessibility to Financial Services Across Africa’s Payment Ecosystem
Onafriq
"Mastercard and Onafriq (previously MFS Africa), a pan-African payments company, have partnered to bring secure, cost-effective, and innovative payment options to consumers as well as small and medium enterprises (SME) across the continent."
Interac Acquires the Exclusive Canadian Rights to Use Toronto-Based Vouchr Platform
Interac
"Interac Corp. announced it has entered into a strategic transaction to acquire the exclusive Canadian rights to use Toronto-based Vouchr Ltd. engagement platform which enables users to send and receive personalized multi-media notifications along with their money transfers."
On the wires
Survey: 80% of Organizations Experienced Payments Fraud in 2023, Significant Uptick from Previous Year
PR Newswire
"Eighty percent of respondents report that their organizations were victims of attempted or actual payments fraud activity in 2023, according to the 2024 AFP Payments Fraud and Control Survey, underwritten by Truist."
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."
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