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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."
Apple Pay Finally Has an Alternative on the iPhone, and It’s a Big Deal
Digital Trends
"The General Data Protection Regulation (GDPR) has forced a lot of companies to change their practices in order to comply with these guidelines. While the GDPR is a European-focused set of rules, consumers all over the world have seen beneficial side effects."
El Salvador Plans Bitcoin Policy Changes to Secure $1.3b IMF Loan
Cointelegraph
"El Salvador, the first country in the world to accept Bitcoin as legal tender, is reportedly scaling back its BTC ambitions under pressure from the International Monetary Fund (IMF)."
LexisNexis Risk Solutions Announces Definitive Agreement to Acquire IDVerse
LexisNexis Risk Solutions
"LexisNexis® Risk Solutions has entered into an agreement to acquire IDVerse™, a provider of AI-powered automated document authentication and fraud detection solutions. IDVerse will become part of LexisNexis Risk Solutions Business Services."
Intuit and Amazon Expand Strategic Partnership
Intuit Inc.
"Intuit Inc. and Amazon announced a multi-year strategic partnership to empower millions of Amazon sellers to manage their finances, stay compliant, access capital, and grow their business."
Higher $10 Million RTP® Network Transaction Limit Empowers New Uses
The Clearing House
"The Clearing House, the operator of the RTP® network, the largest instant payments system in the United States, will raise the individual transaction limit to $10 million. The increased limit supports growth on the network in areas including real estate, supply chain payments, and business-to-business transactions that require larger transaction amounts."
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."
Why J.P. Morgan Payments Took a Strategic Approach to ISO 20022 Adoption
Swift
"With the November 2025 deadline for payment instructions drawing closer, J.P. Morgan Payments share insights from their ISO 20022 adoption journey, and lessons that may help the community."
Vipps Mobilepay Launches the World’s First Alternative to Apple Pay on iPhone [Norway]
Vipps Mobilepay
"Starting today, Vipps users in Norway can tap their phones with Vipps to pay in stores. With this launch, Vipps MobilePay becomes the first company in the world to offer a competing solution to Apple Pay on iPhone."
Ant International Joins Swift Program to Enhance Cross-Border Payment Solutions
Tech Edition
"Ant International has partnered with Swift’s Network Interoperability Reference Implementation program, marking a significant step towards enhancing cross-border treasury management solutions."
Payments Are Going Digital, but Many Seniors Still Rely on Cash
The New York Times
"Some things you can no longer do with cash: Buy a well-loaded hot dog at any of the five Devil Dawgs eateries in and around Chicago. Order a Vermont Pale Lager from Hill Farmstead Brewery’s taproom in Greensboro Bend, Vt. [Subscription Required]"
December 6, 2024
Top Post
CFPB Orders Federal Supervision of Google Following Contested Designation
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) today published an order establishing supervisory authority over Google Payment Corp."
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."
Blackhawk Network Launches Roblox Digital Gift Cards in Mexico
Business Wire
"Blackhawk Network announced the launch of Roblox digital gift cards available in Mexican Peso (MXN). Roblox is a virtual platform with millions of immersive experiences for people to enjoy together."
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."
New FinTech Hypercard Launches Consumer Credit Card on the American Express Network
American Express
"Hypercard, a fintech dedicated to innovating in the payments market, will be launching its first consumer credit card on the American Express network that companies can offer to their employees. The card will also make it easier for employees to submit expense reimbursements."
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."
One-Year Countdown to ISO 20022 for Cross-Border Payments and Reporting Plus+ Begins
Swift
"Early adopters highlight key benefits of richer data as community enters final year of the MT/ISO 20022 cross-border coexistence period for payments instructions."
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."
Space Trump Nominates Jared Isaacman, Private Astronaut and SHIFT4 CEO, for NASA Chief
CNBC
"President-elect Donald Trump on Wednesday nominated Jared Isaacman, the billionaire CEO of Shift4 who has led two private spaceflights , to be the next head of NASA...Isaacman said he plans to leave Shift4 once he’s confirmed as NASA administrator."
Walmart Shoppers May Not Need Credit Cards Anymore — Are Bank Account Transfers Better?
MSN
"In 2023, Walmart notched a whopping $611 billion in revenue — a 6.7% increase from an already impressive 2022. So when Walmart recently indicated its desire to cut out payment companies, the news garnered headlines."
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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