A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.

Search Payments News

February 7, 2023

On the web

BIS Innovation Hub Unveils New Stablecoin, DeFi, CBDC Projects

Ledger Insights

The BIS Innovation Hub has unveiled its 2023 work program. This includes previously unannounced projects on stablecoins, DeFi and CBDC. Project Pyxtrial at the London Centre will monitor stablecoins to ensure that the backing assets at least match the stablecoin issuance. Pyxtrial plans to explore a variety of tools to enable supervisors and regulators to monitor stablecoin systems.

AvidXchange Launches AvidAnalytics, A Business Intelligence Tool for the Middle Market

AvidXchange

AvidXchange, a leading provider of accounts payable (AP) automation software and payment solutions for middle market businesses and their suppliers, today announced AvidAnalytics, a premium Business Intelligence (BI) solution. AvidAnalytics offers buyer customers custom reporting methods to help improve spend management and drive stronger results and efficiency for the organization. It goes beyond standard industry methods with tools like intelligent analytics, immersive dashboards and embedded data visualizations.

WhatsApp® Payments and VoicePay Were Featured at European Association of Payment Service Providers for Merchants Meeting

EIN News

Reimagination Technologies CEO Jaime González-Gasque last week was one of three presenters at the EPSM European Payment Service for Merchants Meeting with 39 participants from 17 countries...RTI is a Los Angeles-based company specializing in new payment acceptance solutions through social media platforms such as WhatsApp. It is the inventor and developer of a Cloud Service Solution: SocialCashier® & VoicePay, and operates a wholly owned subsidiary and software development unit or software factory in Mexico City. SocialCashier® is a patented blockchain transactional engine. VoicePay is a free, user-friendly payment method using social media channels with secure biometric authentication and blockchain protection.

Bank of England and Treasury Explore Possibility of Launching a State-Backed 'Digital Pound'

Cryptonews

The central Bank of England and the UK Government will today, reportedly, formally start a consultation for the 'digital pound'. A state-backed digital pound is in the plans for the country, and it may be launched "later this decade," according to the PA Media Group, via Yahoo News. The Bank and the Treasury will create a road map to "potentially introduce a new central bank currency" (CBDC), it said, suggesting that this is still just a possibility.

Pinless Debit Processing

U.S. Payments Forum

Reducing friction in the transaction process is top of mind for many stakeholders within the payments industry. In the U.S., card-present EMV debit transactions can be processed without a PIN (PINless debit), allowing for quicker payment experiences at the time of checkout. In general, PINless debit transactions are processed through one of two methods...

On the wires

Nium Expands Payments Platform with 'Zero-Deduction' Wire Transfers for Payroll and Procurement

PR Newswire

Nium, the global platform for on-demand money movement, today announced zero-deduction wire transfers, additional currency support for global payouts, and real-time transaction tracking through SWIFT gpi. The move benefits financial institutions, payroll, and procurement firms seeking lower costs, broader reach, greater transparency, and faster settlement of cross-border wire transfers. Nium's enhanced offering includes...

Trustly, Cross River, and PointsBet Partner to Offer Instant Payouts in the US

Businesswire

Today Trustly, the global leader in Open Banking Payments, partners with PointsBet, a premier global online gaming operator, to offer its players Instant Payouts in the United States, powered by Cross River. In partnership with Cross River Bank, a financial services and technology infrastructure provider that offers embedded financial solutions, Trustly’s technology platform will allow PointsBet to provide players with instant withdrawals of winnings into their bank accounts wherever sports betting is available.

February 6, 2023

On the web

VISA Exploring Stablecoin Settlements

Tokenist

Standing still is not an option in the FinTech industry. One only has to recall Blockbuster’s missed chance to invest in Netflix to see how fast trends can change. Despite Visa’s global market dominance in payments, the company is now preparing to transition into digital payments.

Fraudsters Double Down on Returns Abuse

Charged

As ecommerce grew over the past couple of years, so did the level of fraud being committed online. As digital commerce returns to pre-pandemic levels, data from Forter shows that returns abuse is holding steady, with the shadow looming larger than it has ever been before.

Application of Biometric Face Identification Technologies in Financial Institutions

Biometric Update

The legal aspects of the use of biometric technologies for face recognition of people at the current time are given. An overview of existing solutions in the field of biometric identification of clients by face by Russian banks is presented. The current solutions of such banks as Sber, Alfa-Bank and Ak Bars Bank, as well as examples of the equipment they use, are considered.

On the wires

UK Plans to Reimburse Scam Victims 'Fundamentally Flawed,' Lawmakers Say

Reuters

Proposals to reimburse hundreds of millions of pounds to scam victims in Britain are "fundamentally flawed" and are taking too long to come into force, lawmakers said in a report published on Monday. Banks will have to refund within 48 hours customers tricked into sending money to fraudsters under plans drawn up by watchdog the Payment Systems Regulator (PSR) unveiled in September.

Swiss to Vote on Preventing Cashless Society, Pressure Group Says

Reuters

 Swiss citizens will get the chance to try to ensure their economy never becomes cashless, a pressure group said, after collecting enough signatures by Monday to trigger a popular vote on the issue. The FBS (Free Switzerland Movement) says cash is playing a shrinking role in many economies, as electronic payments become the default for transactions in increasingly digitised societies, making it easier for the state to monitor its citizens' actions.

February 3, 2023

On the web

Talking Credit Cards Help Visually Impaired People Prevent Abuse

Marketplace

Stephanie Khoeung’s white walking cane glides along a sidewalk as she navigates through a Paris suburb. She lost her sight when she was 12 after a series of failed operations. Now, as an adult, everyday situations are often challenging for Khoeung. Things like buying a sandwich. Credit cards are not easy for visually impaired people to use because they can’t always see the terminal to know where to insert their card.

On the wires

Paxos Launches Engineering Research & Development Center of Excellence in Israel

PR Newswire

Paxos, the most comprehensively regulated blockchain and tokenization infrastructure platform, announced it is launching an engineering research & development center of security and cryptography excellence in Israel. Paxos plans to expand its Israel engineering center with senior, staff and principal engineers with specialized skills in enterprise-grade security, applied cryptography and blockchain technology given the strong tech talent pool in Israel.

February 2, 2023

On the web

Commonwealth Bank Adding Anti-Scam Features to its Apps

The West Australian

Commonwealth Bank is rolling out new features for its widely used banking apps aimed at combating the plague of scammers ripping off Australians. From late March, the app will indicate whether the name and account details customers have entered are correct when they make payments using a BSB and account number.

Why Concentration Risk isn’t Good in the UPI Ecosystem

The Hindu Businessline

Unified Payment Interface (UPI) has changed the face of payments in the country, and has become the epitome of digital payments worldwide. It has influenced Fednow, an instant payments system in US, and P27, a real-time and cross-border payments system in the Nordics. While the real-time payment transfer system was an instant hit, it created an entirely different challenge of market concentration for the government in India – the interface is dominated by PhonePe and Google’s GPay. PhonePe has nearly 50 per cent market share with recent funding and valuation as one of the largest fintechs in the country, followed by Google Pay with over 34 per cent, and Paytm has 10 per cent share, and these transactions’ value could reach 10 trillion rupees by 2026

On the wires

Euronet’s Ren Payments Platform to Enhance Prepaid Card Issuing Services for Digital Wallet Provider SOLFIN as Company Expands Across the LATAM Region

GlobeNewswire News Room

Euronet, a leading global financial technology solutions and payments provider, today announced an agreement with LATAM digital wallet provider Paga Aqui Servicios SOLFIN (SOLFIN) where Euronet’s Ren Payments Platform (Ren) will provide complete issuing services for a minimum of 250,000 prepaid cards and up to 10 million cards over the next 10 years.

Citizens Announces Availability of Zelle® for its Small Business Customers

Businesswire

Citizens today announced the launch of Zelle® to eligible small business customers, a new offering that allows them to pay and get paid quickly and easily using Zelle® – all within the Citizens mobile banking app1. As small businesses demand more in their banking relationships, this feature offers customers the familiarity and ease of use of Zelle®.

February 1, 2023

On the web

Ingenico and Splitit Partner to Bring White-Label, Buy Now, Pay Later (BNPL) to Physical Checkout with Just One Touch

ingenico

Ingenico, a global leader in payments acceptance solutions and Splitit, the only white-label, card-based installment platform using existing consumer credit, today announced a global strategic partnership to bring one-touch, no-interest, buy now, pay later capability to the physical checkout experience using PPaaS, Ingenico’s innovative, cloud-based Payments-Platform-as-a-Service, and Splitit’s Installments-as-a-Service solution.

On the wires

Alipay+ Extends Foodpanda Partnership to Malaysia....

Businesswire

Alipay+ has further strengthened its partnership with Asia’s largest food delivery platform, foodpanda, to Malaysia. Through this partnership, foodpanda Malaysia’s customers can now enjoy convenient food and grocery deliveries by paying through Touch ’n Go eWallet, one of the leading mobile wallets in Malaysia.

Afterpay Elevates the Next Generation of Designers at NYFW: The Shows This February

Businesswire

The leader in “Buy Now Pay Later” (BNPL) payments, Afterpay, unveils all-access experiences for its consumers as the title sponsor of New York Fashion Week: The Shows. As in previous seasons, Afterpay continues to break down barriers by opening access to the front row of what’s next in fashion, while supporting the next generation of creators and celebrating the industry’s power to create positive change.

ACI Worldwide Increases Global Reach, Powering 25 Domestic and Pan-Regional Real-Time Schemes

Businesswire

ACI Worldwide, a global leader in mission-critical, real-time payments software, today announced the expansion of the global reach of its industry-leading, real-time payments software solutions. ACI now powers 25 domestic and pan-regional real-time schemes across six continents — including nine central infrastructures — providing solutions to central banks, participant banks, fintechs and other payment service providers.