Payments News
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Tech

Blockchain: The Networked Ecosystem Is the Business

“The next step in the evolution of blockchains is the formation of industry networks. These create value by developing and operating shared industry infrastructures as well as shared processes and applications to be used by all its industry members. Governance is the biggest challenge in creating such industry networks, which requires collaborating with other industry […]

On The Web

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Tech

Korea’s Biggest Credit Card Firm Wins Patent for Blockchain Credit System

“The patent, according to the report, could usher in cardless credit transactions that would see users of the system make payments using apps on mobile devices. In such a development, the invention would disrupt the traditional card system based on three intermediaries: the credit card company, a value-added network (VAN) service provider and a payment gateway.”
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Tech

Wall Street Finds Blockchain Hard to Tame After Early Euphoria

“But a review of 33 projects involving large companies announced over the past four years and interviews with more than a dozen executives involved with them show the technology has yet to deliver on its promise. At least a dozen of these projects, which involve major banks, exchanges and technology firms, have not gone beyond […]
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Tech

Mastercard Is Building a Team to Develop Crypto, Wallet Projects

“Payments giant Mastercard is seeking to hire a number of blockchain professionals, including several senior roles, in an apparent effort to develop cryptocurrency and wallet products. According to the company’s career website , Mastercard is looking for a senior blockchain engineer and engineering lead , director for product development and innovation , vice president for […]
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Tech

CULedger Partners With R3 on Blockchain-Powered Cross-Border Payments

“A credit union consortium is working on a blockchain-based cross-border payments tool aimed at serving 89,000 credit unions globally. CULedger, a group of credit unions working on distributed ledger technology, today launched a partnership with enterprise software firm R3 on a cross-border payments tool built on its Corda blockchain platform, called CUPay.”
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Tech

Mastercard to Tackle Fashion Fakes With Blockchain Tracking Solution

“Mastercard is to demo a new blockchain-based product tracking solution during an upcoming showcase of women fashion designers. The payments giant announced on Friday that it will support “limited-edition collaborations” highlighting female designers and artists in partnership with Fred Segal Sunset and MADE.”
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Tech

Chinese Banking Giant CCB Expands Blockchain Platform As Volume Breaks $53 Billion

“China Construction Bank, one of the largest Chinese commercial banks, has expanded its trade finance blockchain platform with new abilities, including cross-chain and inter-bank transactions, as trading volume surpasses $53 billion. Speaking in Beijing at the official launch of the upgraded platform BCTrade2.0, CCB vice president Ji Zhihong said the new platform will leverage blockchain […]

On The Wires

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Global

OneConnect Partners With UnionBank’s Fintech Subsidiary UBX to Co-create Philippines’ First Blockchain-enabled Platform for MSMEs

“OneConnect Financial Technology Co. Ltd. (OneConnect), an associate company of China’s insurance giant and Fortune Top 29 Company Ping An Group, has partnered with UBX Philippines Corporation, the wholly-owned fintech subsidiary of Union Bank of the Philippines (UnionBank), to build the country’s first blockchain-enabled platform to meet the banking needs of micro, small and medium enterprises (MSMEs). The partnership underpins both […]
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Tech

Commerzbank tests blockchain-based machine-to-machine payment solution for the first time

“Working together with its research and development unit main incubator, Commerzbank is the first German bank to develop a blockchain-based payment solution for machine-to-machine (M2M) payments. A fully automated payment process between an electric charging point and a Daimler truck system has taken place. For this transaction, Commerzbank issued Euros on a blockchain and provided […]