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May 17, 2024
On the web
A Bill That Would Cut the Number of Banks Covered by Durbin Advances Out of Committee
Digital Transactions
"A bill containing a provision that would raise the asset threshold for debit card issuers covered by the Durbin Amendment narrowly passed in a vote late Thursday by the House Financial Services Committee. The committee voted 24-22 in favor of advancing the bill, called the Bank Resilience and Regulatory Improvement Act."
Q2 Makes Consumer Banking More Personal with Q2 Engage
Q2
"Q2 Holdings, Inc. , announced the launch of Q2 Engage, a suite of consumer banking solutions designed to help financial institutions acquire and build life-long relationships with account holders."
PhonePe Collaborates With LankaPay to Promote UPI Payment Acceptance in Sri Lanka
PhonePe
"PhonePe announced that it has enabled UPI payment acceptance in collaboration with LankaPay across LankaQR merchant points at a grand event held in Colombo."
Mastercard and Salesforce Announce New Integration to Transform Transaction Disputes
Mastercard
Mastercard and Salesforce announced a new integration to enhance trust across the ecosystem, helping customers speed up the resolution of transaction disputes, and reduce costs associated with resolving them.
Top US Bank, Commerce Bank, Goes Live on the Fednow® Service With Temenos
Temenos
"Temenos announced that Commerce Bank, a top US bank, has gone live with FedNow on Temenos Payments Hub delivered as Temenos SaaS, enabling real-time payments on a secure, scalable and continuously updated platform."
Statement on Supreme Court Decision in CFPB v. CFSA
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau issued a statement regarding the Supreme Court’s decision in CFPB v. Community Financial Services Association of America."
Evervault Enters the Payments Space With New Security Platform
IBS Intelligence
"Data security company Evervault has launched into the payments space with an independent payments security platform. The modular platform gives FinTechs, banks, and merchants total control over their payment stack without compromising compliance or security."
Worldline Partners With Visa to Launch Virtual Card Issuing Solution for Online Travel Agencies
Worldline
Worldline announced a strategic partnership with Visa to launch a new virtual card issuing solution. The project will focus on the Online Travel Agency market due to a high demand for this solution and Worldline’s strong heritage and portfolio in travel.
Expanding the Cross-Boundary E-CNY Pilot in Hong Kong
Hong Kong Monetary Authority
"The Hong Kong Monetary Authority (HKMA) and the People’s Bank of China (PBoC) have made further progress in the e-CNY pilot for cross-boundary payments, to expand the scope of e-CNY pilot in Hong Kong to facilitate the set up and the use of e-CNY wallets by Hong Kong residents, as well as the top-up of e-CNY wallets through the Faster Payment System (FPS)."
On the wires
Dwolla and Visa Enhance Pay by Bank Experience for Enterprise Businesses
PR Newswire
"Dwolla announced its strategic collaboration with Visa, a world leader in digital payments, to bring advanced account verification capabilities to Dwolla's A2A solution."
May 16, 2024
Top Post
Supreme Court Rules Consumer Financial Protection Bureau Funding Structure Is Legal
CNBC
"The Supreme Court ruled Thursday that the funding structure of the Consumer Financial Protection Bureau is legal. The court in a 7-2 decision rejected an argument that the CFPB’s funding method violated the U.S. Constitution’s Appropriations Clause because Congress had not annually authorized money for the agency."
Visa Reinvents the Card, Unveils New Products for Digital Age
Visa
"At the annual Visa Payments Forum, Visa unveiled new products and services that address the needs of businesses, merchants and consumers and the financial institutions that serve them: Visa Flexible Credential, Tap to Everything, Visa Payment Passkey Service, Pay by Bank, Visa Protect for A2A Payments, and Data Tokens."
On the web
Digitalisation of Finance
BIS
"The Basel Committee on Banking Supervision has published a report which considers the implications of the ongoing digitalisation of finance on banks and supervision."
dLocal and Deel Strengthen Partnership With Expansion to 12 New Countries
dLocal
"dLocal announced the expansion of its partnership with Deel, a leading global HR and payroll platform with a partnership expansion that includes Indonesia, Malaysia, Thailand, and Vietnam in Asia, as well as Ghana, Jordan, Kenya, Morocco, Saudi Arabia, South Africa, Turkey, and United Arab Emirates in the EMEA region."
Chime Introduces MyPay™: Get Paid When You Say™
Chime
"Chime® announced MyPay™ that lets eligible members access up to $500 of their pay, including government benefits, before payday with no interest, no credit check, and no mandatory fees."
May 15, 2024
On the web
Faster/Instant Payments Use Is on the Rise Among Businesses and Consumers
Federal Reserve
"According to new Federal Reserve Financial Services surveys, U.S. businesses and consumers are rapidly adopting digital, faster and instant payments. Overall, 86% of businesses and 74% of consumers said they used faster or instant payments in 2023."
How the U.S. Chamber Halted the CFPB's Credit Card Late Fees Rule
US Chamber
"On May 10, the U.S. Chamber scored a major win for the business community against federal agencies’ micromanagement of business decisions. The Northern District of Texas granted the Chamber's motion for a preliminary injunction and stayed the Consumer Financial Protection Bureau's (CFPB) credit card late fees rule."
BIS, Central Banks and the IIF Invite Private Financial Institutions to Join Project Agorá
BIS
"Project Agorá, launched by the Bank for International Settlements (BIS) is inviting the private sector to join its exploration of how tokenisation can enhance the functioning of wholesale cross-border payments."
Mastercard, Standard Chartered, Mox and Libeara Successfully Complete a Proof-Of-Concept Pilot on Tokenized Deposits and Tokenized Carbon Credits Through Regulatory Sandbox
Mastercard
"Standard Chartered Bank (Hong Kong) Limited has partnered with Mox Bank Limited , Mastercard and Libeara on a proof-of-concept pilot exploring the operational and risk management benefits of tokenized deposits to support the settlement of tokenized assets."
On the wires
Transnetwork Acquires Inswitch to Drive the Future of Banking and Cross-Border Digital Payments in Latin America
PR Newswire
"TransNetwork, a B2B payments infrastructure platform for instant money movement in the Americas, announced the acquisition of Inswitch, a provider of embedded finance technology."
Modern Treasury Launches Enhanced Reconciliation Product at Transfer Conference
Business Wire
"Modern Treasury introduced new innovations to its Reconciliation product and AI tools to help companies automate complex reconciliation challenges."
Socure Unveils "The State of Digital Identity in 2024" Report for State Government Agency and Technology Leaders
PR Newswire
"Socure released a new report titled, "The State of Digital Identity in 2024", in partnership with The Center for Digital Government."
May 14, 2024
Top Post
2024 Findings From the Diary of Consumer Payment Choice Highlight Increased Payments and Stable Demand for Cash Since the Pandemic
FRB Services
"A new study from Federal Reserve Financial Services revealed consumers made more payments in 2023 than in previous years, continuing the trend of rising payment transactions since 2020. The 2024 Diary of Consumer Payment Choice (Diary) is a survey conducted to understand the evolving role of cash in the U.S. economy."
On the web
Agencies Announce Public Meeting on Proposed Acquisition by Capital One of Discover; Public Comment Period Extended
Board of Governors of the Federal Reserve System
"The Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) today announced a joint public meeting on the proposal by Capital One Financial Corporation, of McLean, Virginia, to acquire Discover Financial Services, of Riverwoods, Illinois...The purpose of the public meeting is to collect information from a wide range of stakeholders as the agencies evaluate the applications."
The Next Generation of Blockchain – And Banking: Fusing the Flexibility of Crypto With the Convenience of Fiat
Mastercard
"To be safe and effective at scale, a network of any kind needs rules, standards and safeguards. It was true 50 years ago when we built a payments ecosystem where all participants benefit."
BBVA Runs Successful Trial of Distributed Quantum Simulation in the Cloud
BBVA
"BBVA completed a successful pilot test of distributed execution of quantum algorithms across multiple conventional servers in the AWS cloud. BBVA's pilot, one of the first of its kind in the financial sector, provides the bank with a proprietary architecture to further explore the use of quantum computing in complex financial tasks."
Agencies Announce Inflation-Adjusted Dollar Thresholds for Regulation CC Funds Availability
Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau and the Federal Reserve Board jointly adjusted for inflation dollar amounts relating to the availability of customer funds. These changes in Regulation CC include the minimum amount of deposited funds that banks must make available for withdrawal by opening of business on the next day for certain check deposits as well as the amount of funds deposited by certain checks in a new account that are subject to next-day availability.
Worldline & Visa Team up to Launch Virtual Card Issuing Solution
IBS Intelligence
"Worldline has signed a strategic partnership with Visa to launch a new virtual card-issuing solution. This collaboration propels Worldline beyond payment processing and into direct card issuance."
On the wires
Pagos Introduces Copilot, an AI-powered Payments Tool to Benefit Commerce Businesses of All Sizes
Business Wire
"Pagos, a leading provider of payments optimization solutions, today announced the launch of Pagos Copilot, an AI-powered tool for instant payment intelligence. Commerce businesses of all sizes can benefit from the industry knowledge and streamlined payments analysis available via a simple conversation with Pagos Copilot."
Wirex Chooses Openpayd to Launch Embedded Accounts Across UK and EEA
PR Newswire
"Leading embedded finance and Banking-as-a-Service platform, OpenPayd announced its partnership with Wirex to provide named virtual IBANs to its customers across the UK and European Economic Area strengthening Wirex's core mission to provide easy, fast and secure payment methods to its customers."
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