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November 27, 2023
On the web
Australian Banks Forge Unprecedented Alliance in $100m Scam-Safe Accord
Fintech Global
"This unified effort, involving community-owned banks, building societies, credit unions, and commercial banks, represents a comprehensive approach to implement anti-scam measures across the industry."
Users of Venmo, Cash App and Other Digital Wallets Get a Tax Reprieve
The New York Times
"For the second time in a year, the Internal Revenue Service is delaying enforcement of a contentious tax policy that would require users of digital wallets and e-commerce platforms to start reporting small transactions to the tax collection agency."
Australia to Amend Law to Regulate Digital Payments Like Apple, Google Pay
Reuters
"Australia's government said on Monday it would bring Apple Pay, Google Pay and other digital payment services under the same regulatory umbrella as credit cards and other payments as part of legislation set to be introduced to parliament this week."
November 22, 2023
On the web
Eurosystem Updates Its Retail Payments Strategy
European Central Bank
"With the strategy, the Eurosystem aims to improve retail payments within the euro area and to strengthen the European payments market. The main goals of the strategy remain the same: to develop pan-European solutions for payments at the point of interaction (POI), governed at the European level, and to further strengthen the Single Euro Payments Area (SEPA), primarily through the full deployment of instant payments."
UK Payments Report Calls for Alternatives to Mastercard and Visa
Reuters
"Britain needs a 'digital alternative' to relying on Visa and Mastercard for card payments regardless of steps being taken by regulators, a report commissioned by the government said on Wednesday."
Volt Launches in Australia
Electronic Payments International
"Having already established itself across the UK and Europe, Volt entered the South American market via Brazil in 2021. Volt says that the Australian launch represents a significant milestone for the company and the account-to-account (A2A) payments sector."
Crezco Aims to Make Integrating Bill Payments Easier
TechCrunch
"Crezco builds workflows for collecting bill payments — specifically account-to-account bill collection workflows. With these, payments, including overseas payments, are made directly from one account to another without transaction intermediaries like card networks involved."
On the wires
Marqeta and Credi2 Team Up to Provide New Instalment Capabilities for Banks in Europe
Business Wire
"Marqeta, the global modern card issuing platform enabling some of the world’s most innovative embedded finance solutions, today announced a new partnership with Credi2 to provide an end-to-end instalments platform designed for banks, helping them deliver instalment payments on cards to meet growing consumer demand for more flexible and seamless digital payments experiences."
November 21, 2023
On the web
Hunt to Review Payment Rules in Post-Brexit Fraud Push
"Chancellor Jeremy Hunt will this week pledge to review the rules governing payment authentication in what he will describe as a post-Brexit crackdown on fraud."
Form3 to Support Klarna’s European Payments
Fintech Finance News
"Form3, the cloud-native account-to-account platform, announced it will be providing Klarna, the AI-powered payments network and shopping assistant, with SEPA connectivity to bolster its customer offering in Europe as part of its wider international growth strategy."
Shaping the Future of Cross-Border Fast Payment Systems: Revolutionizing Transactions in South-East Asia
World Economic Forum
"This paper, a joint effort by the World Economic Forum’s Centre for Financial and Monetary Systems and the Bank of Thailand, examines the rise of fast payment systems in South-East Asia and the momentum towards expanded cross-border connectivity."
On the wires
Taulia and Mastercard Partner to Launch Virtual Card B2B Payments Solution
Business Wire
"Taulia, a leading provider of working capital management solutions, has partnered with Mastercard to launch Taulia Virtual Cards. The new solution provides businesses with additional working capital management advantages, including the ability to maximize cash flow and minimize payment uncertainty."
November 20, 2023
On the web
Payments Company Cellulant Adds Egypt to Its African Coverage
Developing Telecoms
"Payments fintech company Cellulant has obtained initial approval as a Payment Service Provider and Payment Facilitator in Egypt."
Venmo, Cash App Users Sue Apple over Peer-to-Peer Payment Fees
Reuters
"Apple Inc has been sued by Venmo and Cash App customers in a proposed class action claiming the iPhone maker abused its market power to curb competition for mobile peer-to-peer payments, causing consumers to pay 'rapidly inflating prices.'"
DuitNow and PayNow Partner to Revolutionise Cross-Border Payments
Fintech Global
"The DuitNow-PayNow linkage offers instant, secure, and cost-effective person-to-person (P2P) fund transfers and remittances between Malaysia and Singapore."
Nexi and Microsoft Partner to Digitize European Payments
Investing.com
"Nexi’s payment services will be integrated within Microsoft’s Commercial Marketplace, enabling Independent Software Vendors (ISVs) to incorporate omni-channel payment options into their business applications."
On the wires
Paysafe Offers Network Tokenisation Service for Merchants with Visa
Business Wire
"Paysafe, a leading payments platform, announces the extension of its collaboration with Visa, a world leader in digital payments, to integrate Visa Network Tokens, as an alternative to primary credit and debit card account numbers."
Mastercard JV Approved to Begin Domestic Payments Processing in China
Business Wire
"Mastercard today announced that its joint venture entity, Mastercard NUCC Information Technology (Beijing) Co., Ltd., has received formal approval from the People’s Bank of China and the National Administration of Financial Regulation to commence domestic bankcard clearing activity in China."
November 17, 2023
On the web
Federal Reserve Board Announces Pricing for Payment Services
Board of Governors of the Federal Reserve System
"The Federal Reserve Board on Friday announced pricing, effective January 2, 2024, for payment services the Federal Reserve Banks provide to banks and credit unions...The Reserve Banks will maintain the previous year's fee schedule for the FedNow® Service, inclusive of discounts."
Ghipss CEO: Real-Time Payments Is Now 65% Of Transactions on Our Platform
TechFocus24
"CEO of the Ghana Interbank Payments and Settlements Systems (GhIPSS), Archie Hesse has said that real-time payments now constitute over 65% of transactions on the GhIPSS platform, highlighting the importance of FinTechs in Ghana."
Mastercard: Consumers Too Comfortable with Cash for CBDCs to Take Off
Blockonomi
"Mastercard believes central bank digital currencies face adoption difficulties currently, citing consumers' familiarity with existing money and the challenges in implementing infrastructure."
Stripe and Vesta Partner to Increase Authorizations and Stop Fraud
Vesta
"Vesta, a leading transaction guarantee platform, today announced a partnership with Stripe, a financial infrastructure platform for businesses, to enable a comprehensive fraud prevention and risk protection solution that indemnifies merchants from losses from fraudulent transactions."
Launch of Cross-Border Qr Payments Linkage Between Indonesia and Singapore
MAS
"Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) launched the cross-border quick response (QR) payment linkage between Indonesia and Singapore."
On the wires
US Consumer Watchdog Hands Wall Street Rare Win With Big Tech Crackdown
Reuters
"The Consumer Financial Protection Bureau (CFPB) last week proposed regulating payments and smartphone wallets provided by tech leaders like Apple and Google, arguing they now rival traditional bank services in scale and scope and should be subject to the same consumer safeguards."
November 16, 2023
Top Post
Visa Australia Proposes Preferential Interchange Rate for SMEs
Electronic Payments International
"Visa is proposing to reduce the interchange fee paid by small merchants to a flat rate of only 2.2 cents for in-store transactions."
Apple Highlights Apple Pay Card Balance Feature in UK, as It Begins Slow US Rollout
9to5Mac
"Apple is today highlighting an Apple Pay card balance feature in the UK after it was expanded to 10 banks and finance companies there...Once activated, the feature displays bank account and card available balances directly beneath the card in the Wallet app."
On the web
Adyen Launches Capital for Australia Platform Customers
Adyen
"Adyen has launched Capital, a product that enables businesses on Adyen for Platforms offer timely access to funding for their small and medium-sized business (SMB) users in Australia. Capital enables platforms to proactively offer business financing to their SMB users based on historic payments data."
Inclusivity in Payment and Commerce Is Core to Ant International’s Expansion Strategy
KrASIA
"Fostering global commerce inclusivity is central to Ant International’s “4T” strategy, underpinned by its four key business pillars: Alipay+, Antom, WorldFirst, and Anext Bank."
On the wires
One Inc and J.P. Morgan Payments Team Up to Elevate Property and Casualty Insurance Claims Payments
Business Wire
One Inc. and J.P. Morgan Payments announced they are working together – enabling insurance carriers to leverage J.P. Morgan’s comprehensive liquidity and payments capabilities as part of One Inc’s digital claim payouts platform, further digitizing and deepening the claims experience.
Visa and Tencent Financial Technology Extend Global Partnership to Facilitate Remittances to Digital Wallets Utilising Visa Direct
PR Newswire
"Visa and Tencent Financial Technology announced at the Singapore Fintech Festival 2023 that they are partnering to enable Weixin users to receive inbound remittance in their digital wallets."
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