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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."
Afterpay Announces Huge Change to How Customers Make Payments [Australia]
Yahoo Finance
Afterpay has announced a huge change to the way customers can pay for their purchases...Aussies will be allowed to choose the day of the week that they hand over their money from June 18.
On the wires
NetXD Supports the FedNow® Service, Advancing US Payment System
Business Wire
"NetXD is now supporting live transactions on the Federal Reserve’s instant payments rail, the FedNow Service. NetXD is certified to enable Send and Receive credit transfers as well as Receive RFP for financial institutions."
May 2, 2024
Top Post
Apple, Google and Venmo Fight New U.S. Plan to Monitor Payment Apps
Washington Post
"The U.S. government is weighing whether to treat Apple, Google and PayPal-owned Venmo more like banks — and regularly inspect some of their operations — in a move meant to protect millions of Americans who now use their smartphones to pay at the register and send money to family and friends."
On the web
India Introducing More Stringent KYC Rules for Financial Industry
Biometric Update
"India’s financial sector is beefing up its Know Your Customer (KYC) protocols under pressure from regulators. Financial institutions aim to add more verification layers for identifying accounts and account holders."
Chase Adds a Pay-Per-Use Real-Time Payments Option for SMBs
Digital Transactions
"Chase introduced a suite of digital products it says will help small businesses improve their cash flow and payment processing. Among the services are the ability to choose a payment speed, such as standard automated clearing house, same-day ACH, or real-time payments, for sending a payment; the ability to accept contactless payments via an iPhone; and the ability to create and send invoices electronically."
NPCI International Partners with Bank of Namibia for Deploying India’s UPI Stack in Namibia
NPCI
"NPCI International Payments Limited, the international arm of the National Payments Corporation of India (NPCI), has signed an agreement with the Bank of Namibia to support them in developing an instant payment system like UnifiedPayment Interface for Namibia."
Tide Set to Launch Business Accounts in Germany With Adyen
Adyen
"Adyen has partnered with Tide, the UK’s leading business financial platform, to offer small and medium-sized businesses Tide business accounts, first in Germany before potentially expanding further into Europe."
Airwallex to Provide Faster International Payments for BILL
Airwallex
"Airwallex announced a partnership with BILL to provide Airwallex’s local transfer capabilities as part of BILL’s payments offerings."
On the wires
Orum Launches No Code Verify Solution, Expands Access to Instant Bank Account Verification
Business Wire
"Orum announced the launch of No Code Verify, which helps businesses and institutions determine whether a bank account is open and valid before initiating payments — all without integrating an API."
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