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December 10, 2024

On the web

Interac Plans Move to Flat E-transfer Fees Amid Antitrust Scrutiny

The Logic

"Interac is preparing to start charging all financial institutions a flat fee for Interac e-transfers, amid scrutiny of its pricing model from the Competition Bureau and the House of Commons, The Logic has learned. The planned move would be a reversal of its current practices. Interac charges banks and credit unions between six and 43 cents for every e-transfer based on the volume they send, one source with direct knowledge of the matter confirmed."

December 9, 2024

On the web

Google Sues CFPB

Reuters

"Internet giant Google said Friday it was suing the US Consumer Financial Protection Bureau over the agency's decision to order federal supervision of Google Pay, the company's payment arm."

Frictionless Payment Channels for Commercial Real Estate

J.P.Morgan

"Between making high-value property acquisitions, managing vendor payments and collecting incoming rent payments, commercial real estate organizations have complex payments needs.  The right channels can help owners and operators maximize liquidity, build strong vendor relationships and gain valuable visibility into operations—without getting in the way of workflow."

Contactless Pay: Still Not the Norm

Atlanta Fed

"Do you find yourself mostly tapping to pay, whether by card, phone, or watch? This is a far cry from mid-2020, when a friend of mine was thwarted three times in one day from using contactless pay, as she encountered obstacles at one of the largest retailers in the US and at two of the largest grocery stores."

Citi, JP Morgan, Others Complete Tokenization Settlement Trials

Ledger Insights

"Ten institutions completed simulated trials of the Regulated Settlement Network (RSN), exploring the use of a shared DLT network to settle tokenized transactions. It was an extension of previous trials of the Regulated Liability Network conducted last year, which included tokenized commercial bank money and tokenized central bank money on the same network."

December 6, 2024

Top Post

On the web

Ant International Deepens Payment and Digitalisation Ecosystem with AI-Driven Embedded Finance Solutions in Year of Transformation

Business Wire

"Alipay+ leads the industry in collaboration with 35 leading mobile payment partners, including e-wallets, banking apps and BNPL apps, etc., connecting over 90 million merchants in 66 markets to 1.6 billion user accounts. It has also formed strategic partnerships with national standardised QR schemes, such as Singapore’s SGQR, Malaysia’s PayNet, South Korea’s ZeroPay, Cambodia's KHQR, Nepal’s NepalPay QR and Sri Lanka's LankaPay."

Socure's First-Party Fraud Consortium Achieves Unprecedented Scale, Uniting Industry Leaders Across Industries to Combat $100B Problem

Socure

"Socure announced milestone achievements for its First-Party Fraud Consortium. The consortium seeks to unify companies to tackle the complicated, multi-industry issue of First-Party Fraud by pooling data and insights which allow them to detect and stop fraud before it takes hold. The groundbreaking initiative has amassed data intelligence encompassing 190 million contributed identities, 121 million of which are unique identities, 325 million accounts, and 20 billion transactions, marking an unprecedented collaboration in financial services history."

Circle is the First Stablecoin Issuer to Meet New Canadian Listing Rules

Business Wire

"Circle Internet Group, Inc. announced that its regulated subsidiary is the first stablecoin issuer to commit to comply with the Ontario Securities Commission (OSC) and Canadian Securities Administrators’ (CSA) Value-Referenced Crypto Asset (VRCAs) requirements. This facilitates Circle’s U.S. dollar-denominated stablecoin, USDC, being offered on registered crypto asset trading platforms in the Canadian market."

Consumer Credit Cards Show Few Signs of Financial Stress

Kansas City Fed

"The Federal Reserve began tightening monetary policy in March 2022 to combat higher inflation. This tightening, in turn, increased borrowing costs for a wide range of consumer financial products such as auto loans, mortgages, and credit cards. Higher borrowing costs can dampen demand as households use more disposable income to service interest expenses, which, in turn, can cool inflation."

Retailers Push for a Delay in Rollout of Russia’s CBDC

Ledger Insights

In October the Bank of Russia revealed a time frame for the roll out of the digital ruble, which forms part of a Bill that has been submitted to the State Duma. The mass rollout date is 1 July 2025. By that time the largest banks and retailers must support the central bank digital currency (CBDC). Now the Ministry of Industry and Trade has asked for a longer timescale of up to two years, similar to that provided to smaller retailers, the Izvestia newspaper reported.

Spreedly and dLocal Partner

Asset Servicing Times

"Spreedly and dLocal have partnered to expand the companies' collaboration beyond Latin America into Africa and APAC. The expanded partnership will allow customers to access dLocal's alternative payment methods (APMs) and the Spreedly's payment ecosystem in these high-growth regions."

Open Banking in the US – A New Era of Consumer-Centric Innovations?

Open Banking Expo

"The Consumer Financial Protection Bureau (CFPB) published the final version of its Personal Financial Data Rights rule on October 22, which in its own words, moves the US closer to “having a competitive, safe, secure, and reliable ‘open banking’ system”. Up until now, the US has been one of very few countries to put Open Banking in the hands of market forces."

RBI Rolls Out Measures to Check Digital Frauds, Drive Ethical AI Adoption

Your Story

"RBI Governor Shaktikanta Das has announced the formation of the FREE AI commiee for ethical AI adoption in nance and has launched MuleHunter.AI tool to combat digital fraud through advanced AI/ML technologies. The committee, named FREE AI, will address critical challenges such as algorithmic bias, transparency, and data privacy, and create a roadmap for sustainable AI integration in the financial sector."

December 5, 2024

On the web

CBDCs: Where Do We Stand in Europe?

Deutsche Bank

"Central bank digital currencies (CBDCs) have gained traction globally. In 2023, 94% of central banks have been engaged in some form of research, experimentation, pilot programme or deployment, a survey by the Bank of International Settlement (BIS) published in June 2024 found."

How Zip Co Is Rewriting Its Playbook for the BNPL 2.0 Era

Tearsheet

"Once seen as a convenience for splurging on big-ticket items, BNPL is now becoming a go-to solution for necessities like groceries and utilities. Rory Herriman, Chief Product Officer and CTO of Zip Co, shares insights on how BNPL is expanding to meet broader consumer needs and cash flow management, and how Zip's approach is evolving with the sector."

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