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November 21, 2024
On the web
Intuit Launches AI-Powered Intuit Assist for QuickBooks, Giving Millions of Businesses a Competitive Edge
Intuit
"Intuit Inc. announced the launch of Intuit Assist for QuickBooks, a generative AI (GenAI)-powered financial assistant that transforms how businesses run and grow their business."
Retailers Tell Senate Credit Card ‘Swipe’ Fees are ‘Adding Inflationary Pressure to the U.S. Economy’
NRF
"Growing credit card swipe fees are driving up costs for retailers and prices for consumers but could be reined in by passage of the Credit Card Competition Act, the National Retail Federation told the Senate Judiciary Committee."
Worldline Enables GarantiBBVA International N.V. To Comply With EU Instant Payments Regulation With Cloud-Based Solution
Worldline
"Worldline has signed a contract with GarantiBBVA International N.V. to implement its cloud-based instant payments solution. This multi-year agreement will empower GarantiBBVA International to seamlessly comply with the latest regulatory requirements for instant payments, and it marks a significant step in the bank’s digital transformation."
On the wires
Biocatch Unveils World’s First Behavior-Based Financial Crime Intelligence-Sharing Network
PR Newswire
"BioCatch announced the launch of the BioCatch Trust™ Network, the world's first inter-bank, behavior-based, financial crime intelligence-sharing network. The BioCatch Trust™ Network initiative protects member bank customers against financial crime, scams, and fraud by assessing in real time the trustworthiness of the accounts to which they direct their transfers and payments."
November 20, 2024
On the web
Amazon Launches Cash EBT Payment Option in 17 States, Washington, D.C.
Chain Store Age
"Customers in select U.S. states and Washington, D.C. can now purchase a wide range of products and services beyond food with federal benefits payment. An Amazon spokesperson said the e-tail giant is now accepting federal Cash EBT benefits as a payment option on its website in 17 states and Washington, D.C."
ValidiFI Selected by PDI Technologies to Streamline Pay-by-Bank Enrollments with Consumer Choice
ValidiFI
"ValidiFI, Inc.announced a strategic technology integration with PDI Technologies, a leader in the convenience retail and petroleum wholesale ecosystem, to offer real-time bank account validation within its consumer enrollment process for the PDI Payments solutions. The integration will also include GasBuddy, a PDI company."
Unwrapping 2024 Canadian Holiday Shopping Trends
Mastercard
"This holiday season, from November 1 to December 24, Canadian total retail sales are expected to increase 2.2% year-over-year (YoY), according to Mastercard SpendingPulse, which measures in-store and online retail sales across all forms of payment. In-store shopping is expected to continue to outperform online sales this year, as consumers look to maximize budgets browsing through brick-and-mortar storefronts for sales."
Project Spectrum: Using Generative AI to Enhance Inflation Nowcasting
BIS
"The Bank for International Settlements (BIS) is launching Project Spectrum to explore how generative artificial intelligence (AI) can be used to automatically categorise billions of individual product descriptions and price observations to improve inflation nowcasting. Project Spectrum is an initiative of the BIS Innovation Hub Eurosystem Centre with the European Central Bank and the Deutsche Bundesbank."
Small Business Owners Are Optimistic About the Holiday Shopping Season and Say Community Support Keeps Them Thriving According to New American Express Survey
American Express
"American Express today released results from the 2024 American Express Shop Small Impact Study*, which highlights the power of supporting local businesses this Small Business Saturday (November 30) and how these business owners rely on their local communities to succeed."
On the wires
ACI Worldwide Scamscope Projects APP Scam Losses to Hit $7.6 Billion by 2028
Business Wire
"Authorized push payment (APP) scam losses are on the rise, expected to climb to $7.6 billion by 2028 across six leading real-time payment markets (U.S., U.K., India, Brazil, Australia and UAE), according to the latest Scamscope report from ACI Worldwide in partnership with GlobalData."
November 19, 2024
On the web
PayPal PYUSD To Bring Speed and Reduced Costs to Cross-Border Payments with Xoom
PayPal Newsroom
"PayPal announced it will be enabling disbursement partners to use PayPal USD (PYUSD) to settle cross-border money transfers made with Xoom. Cebuana Lhuillier and Yellow Card will be the first Xoom disbursement partners to use PYUSD to settle cross-border money transfers, allowing them to leverage the cost and speed advantages of blockchain technology."
When Synthetic Identities and Artificial Intelligence Collide
FedPayments Improvement
"Depending on what you read and who you speak with, generative artificial intelligence (Gen AI) is either a big problem or the solution to a multitude of challenges. It can be both in the case of synthetic identity fraud, as explained in a new downloadable resource of the Federal Reserve’s online Synthetic Identity Fraud Mitigation Toolkit."
1PASSWORD Chooses Stripe Billing to Power Subscriptions
Stripe
"Stripe announced that it will power over a million subscriptions for 1Password. 1Password will use Stripe Billing to manage subscriptions across its consumer and business segments and Stripe Radar, Stripe’s fraud prevention solution."
Fiserv and ADP Team Up to Empower Small Business Success
Fiserv, Inc.
"Fiserv, Inc. and ADP® announced a strategic partnership that brings together Fiserv’s small business solutions, including Clover® and CashFlow CentralSM, with the small business payroll and HR solution, RUN Powered by ADP®."
Afterpay’s BNPL Now Available on Google Pay, Offering Shoppers Even More Choice and Flexibility
Afterpay
Afterpay, a leading Buy Now, Pay Later (BNPL), announced its flexible payment functionality will be available for consumers checking out online through Google Pay at select merchants.
Research Reveals Two in Five UK SMBs Have Lost Money to Fraudster
Visa
"New research from Visa reveals that more than two fifths (41%) of small-medium businesses in the UK have been a victim of fraud, with the average amount lost due to fraudsters in the last year being £3,808. With small-medium businesses (SMBs) making up 99.9% of the business population (5.6 million businesses), Visa’s research highlights the potentially devastating financial impact of fraud on businesses and the UK economy."
On the wires
Klarna to Launch on Google Pay
Cision
"Klarna will soon be available on Google Pay. Starting next year, Google Pay users in the U.S. can choose Klarna’s interest-free payment options at checkout."
TNS Partners with the Australian Payments Industry for New PCI-DSS Certified, Managed COIN Payment Network
Business Wire
"Transaction Network Services (TNS) is partnering with the Australian payments industry to deliver a new fully managed infrastructure for the Australian Payment Network’s (AusPayNet) Community of Interest Network (the COIN). Currently, the COIN provides network services and connectivity for cheques, direct entry, domestic cards and BPAY bill payments."
November 18, 2024
On the web
Revolut to Launch UK, EU Stock Trading With New License
BNN Bloomberg
"Revolut Ltd., Europe’s most valuable fintech, will offer trading of UK and EU-listed stocks from next year. The London-headquartered company — which recently secured a UK banking authorization — has received approval from the Financial Conduct Authority as an investment firm which permits it to expand its services, it said in a statement Monday."
November 15, 2024
On the web
Combating Authorized Push Payment Scams in Fast Payment Systems
Kansas City Fed
"Fast payments can help consumers improve their cash flow, but the speed and irrevocability of these payments also make them a target for fraudsters seeking to commit authorized push payment (APP) scams. Combating APP scams is critical to ensuring the safety of fast payments and building and maintaining consumer confidence in fast payment systems."
Instant Payments Seen as a ‘Necessary Revolution’ for Real Estate Transactions
Federal Reserve
"As the FedNow® Service network grows, the Innovation Spotlight series explores use cases that are changing the way businesses and consumers make payments. This article covers the benefits of instant real estate transactions, with insights from paymints.io (Off-site), a fintech that provides a digital payments platform for title companies and real estate brokers."
What Payment Firms Want From Real-Time’s Next Chapter
American Banker
"The Clearing House's real-time payments network and the Federal Reserve's FedNow have gained hundreds of banks, but overall acceptance of instant settlement is still low, leading bankers at this week's Clearing House annual conference to question that path for future growth."
A Deep Dive into Pay by Bank and Open Banking
Nacha
"On the surface it sounds really familiar: Pay your bills online, directly from your bank account. But what makes pay by bank different and how does open banking facilitate this process?"
Nuvei Receives All Regulatory Approvals for Going Private Transaction
Nuvei
Nuvei Corporation announced that it has received all regulatory approvals required in connection with the closing of the previously-announced plan involving the Company and Neon Maple Purchaser Inc. The Company expects that, subject to the satisfaction at closing of the remaining closing conditions, the Arrangement will be completed on or about November 15, 2024.
Deutsche Bank Highlights Crypto’s Growing Role in BRICS Cross-Border Payments
ICO Desk
"According to reports by Deutsche Bank, there has been a clear change in the conduct of international finance. This is because BRICS nations are now relying on cryptocurrencies like Bitcoin to conduct cross-border businesses due to geopolitical tensions."
Telered and Discover® Global Network Sign Strategic Alliance, Increasing Acceptance for Cardholders
Discover
Telered hosted representatives from Discover Global Network to mark the beginning of their work together. Telered, through the Sistema Clave system, is integrating with the Discover Global Network.
Why Is BIS Having Second Thoughts About mBridge?
Kapronasia
"Ever since the China-led central bank digital currency project mBridge was launched several years ago, there have been whispers that its ultimate goal was to develop an alternative payments rail that could circumvent the U.S.-dominated international financial system. That is because mBridge aims to establish direct links between the central banks of its participants, allowing money to be sent outside of the existing correspondent banking system."
Mastercard Extends Live Music Footprint With New U.S. Benefits for Cardholders
Mastercard
"Beginning early 2025, Mastercard cardholders will gain exciting access to tickets and Priceless Experiences at major music venues and festivals in the U.S."
On the wires
FINBOA Honored as 'Banking Tech of the Year' for Game-Changing Payment Disputes Solution
PR Newswire
"FINBOA Inc., a leading innovator in compliance process automation for financial institutions, announces the selection of FINBOA Payment Disputes, as the Banking Tech of the Year winner at the US FinTech Awards 2024. This award recognizes the impact of FINBOA's innovative software to digitize and transform back-office operations, regulatory compliance processing, and the customer experience for banks and credit unions across the country."
November 14, 2024
On the web
Project Mbridge Reached Minimum Viable Product Stage
BIS
"Project mBridge reached the minimum viable product (MVP) stage in mid-2024. The project aimed to explore a multi-central bank digital currency (CBDC) platform shared among participating central banks and commercial banks, built on distributed ledger technology (DLT) to enable instant cross-border payments and settlement."
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