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November 21, 2024
On the web
Russia’s Digital Assets Challenge Western Sanctions
GIS Reports
"The Kremlin has introduced new laws establishing a regulatory framework for cryptocurrency mining (crypto mining), allowing it to validate blockchain transactions and thus to make and receive international payments in digital assets. The experimental legislation effectively reverses a 2020 Russian law which legalized cryptocurrencies yet prevented their use for payment of goods and services, including for international trade."
Is Rupay Set to Break the Duopoly of Visa & Mastercard?
Trade Brains
"Third-party transaction facilitators like VISA and Mastercard play a crucial role in the global payment ecosystem, enabling secure and seamless transactions between consumers, merchants, and financial institutions...RuPay, India’s domestic payment network, is gaining significant momentum as an alternative transaction facilitator to global giants like Visa and Mastercard."
November 20, 2024
On the web
New Bill Seeks to Give Central Bank of Kenya Control Over ‘Buy-Now-Pay-Later’ Firms to Curb Exploitation
The Eastleigh Voice News
"A new Bill has been introduced in Parliament to give the Central Bank of Kenya (CBK) the power to control prices charged by buy-now-pay-later (BNPL) companies. If passed, the Business Laws (Amendment) Bill, 2024, will place BNPL firms under CBK regulation to protect consumers from unfair practices."
Papa Johns UK Rolls Out Network Tokens for Payments
Retail Systems
"Papa Johns UK has seen a six per hike in card transaction acceptance rates after rolling out a new payment system that uses network tokens. The company, which has teamed up with Checkout.com, has turned card credentials into encrypted tokens that are used for payment processing with the aim of making each individual transaction more secure."
Beacon Launches Digital Wallet for Immigrants Starting New Lives in Canada
Fintech
"Toronto’s Beacon has unveiled Beacon Money, a digital wallet designed to empower immigrants as they transition to life in Canada. This addition to the MyBeacon Super App aims to simplify financial integration for newcomers, enabling them to confidently prepare for their journey and thrive upon arrival."
Gulf-To-Egypt Money Transfers to Be Enabled via Instapay Within Two Months
Zawya
"Egypt - Money transfers from Saudi Arabia and the Gulf to Egypt will be available in two months through the country’s instant payment network, Instapay. Customers outside Egypt will be able to transfer money instantly from their bank accounts or electronic wallets to Egyptian bank accounts through Instapay, with fees determined by the banks."
Central Banking of Egypt to Launch Card Tokenization System in Q1 2025
Ahram
"The Central Bank of Egypt (CBE) plans to roll out its card tokenization system in the first quarter of 2025, according to Ehab Nasr, assistant sub-governor for payment systems and services. Nasr confirmed that all banks and companies have finalized the licensing procedures for implementing the card tokenization system."
‘Big Four’ Banks Test New AI-Based Fraud Tech [Australia]
Information Age
"Executives from some of Australia’s largest banks say social media and telecommunications companies are not doing enough to fight scams and fraud on their platforms, as the country’s financial giants reveal they are testing a new layer of security billed as a world-first. ANZ, Commonwealth Bank, NAB, Westpac, and Suncorp Bank announced they had begun piloting new tech from Israeli cyber security company BioCatch as part of their intelligence-sharing network."
Why Bank Cards Are Changing in France
Connexion France
"Bank cards in France are set to change with the card number, expiry date and security code no longer set to be visible, in new measures designed to fight fraud and scams. With the new style of card, you will not have to enter any numbers to confirm purchases. Instead you will enter the email address or telephone number linked to your card. You will then receive a notification from your bank's phone app. You will then have to validate your transaction using your fingerprints or facial recognition. "
UnionPay Payments Now Accepted on Auckland Public Transport, Enhancing Travel for UnionPay Cardholders in Auckland
UnionPay Intl
"UnionPay International announced, marking a milestone in New Zealand’s public transport sector, all Auckland Transport buses, trains, and most ferries now accept UnionPay contactless card payments, offering residents and visitors a faster and more flexible way to travel."
November 19, 2024
Top Post
Cheques Transition Plan: Winding Down Australia’s Cheques System
Treasury
"Although they were once a cornerstone of Australia’s payment system, cheques now account for less than 0.1% of total volume of retail payments in Australia. Winding them down in a staged, responsible manner will help reduce transaction costs across the economy, drive down the costs of the associated goods and services and improve productivity."
On the web
Brazil’s Central Bank Unveils Phase 2 of Its CBDC Pilot
Crypto News
"The Central Bank of Brazil has initiated the second phase of its central bank digital currency project, DREX, aiming to demonstrate trade finance as a new use case."
The Role of Retail in UK’s Payments Strategy
Retail Insight Network
"The National Payments Vision stresses that retail businesses must keep pace with new technologies and consumer behaviours, ensuring trust and operational efficiency in transactions."
Vietnam Digital Bank Cake Debuts Cloud Connect CMS With Visa
Asian Banking & Finance
"Vietnamese digital bank, Cake by VPBank (Cake), launched its first fully cloud-based Card Management System (CMS) in collaboration with Visa . The new CMS utilises Visa Cloud Connect on Google Cloud, allowing Cake to access the Visa network via cloud-based infrastructure, a first in Vietnam."
November 18, 2024
On the web
RBI to Take On Google, Microsoft With Its First-Ever Cloud Platform
Mint
"RBI plans to launch a pilot program in 2025 for local cloud data storage aimed at financial firms in competition with major global providers...The move is being viewed as a “push for localization of payments and financial data,” as per the report. "
On the wires
Hang Seng Bank Unveils Newly Renovated Hong Kong Main Branch with the Debut of the Market-New 'Come to You' Service Concept
PR Newswire
Hang Seng Bank unveiled the newly renovated Hong Kong Main Branch in Central with the launch of Future Banking 2.0 – a bold transformation that seamlessly integrates cutting-edge technology with personalised customer service.
November 14, 2024
On the web
Sling Money Launches in the U.S., Unlocking Instant Global Transfers for Millions
Business Wire
"Sling Money, the app designed to simplify international payments, announced its official launch in the United States. The app makes instant stablecoin-based peer-to-peer payments accessible to customers of all major banks in the United States."
November 13, 2024
On the web
Russia’s MIR Payment System Connected to Iran’s Shetab [Video]
PressTV
"Iran has officially connected its SHETAB banking system to Russia's MIR payment network. The move marks a pivotal step towards increased trade and financial collaboration between the two nations amid ongoing Western sanctions."
Reserve Bank’s Big Move to Go Cashless in South Africa
Business Tech
"BankservAfrica has announced that the South African Reserve Bank (SARB) intends to acquire 50% of the clearing house as part of its move to boost cashless payments in the country...The SARB and other stakeholders, including the Consumer Goods Council of South Africa, have made a concerted effort to eliminate cash in South Africa and move to safer digital payment methods."
Southern European Payment Systems Group in Talks to Add Partners
BNN Bloomberg
"A partnership formed by Portuguese, Spanish and Italian payment services companies is in talks to add more firms to the group and expand in Europe. Bancomat, Spain’s Bizum and Portugal’s Sibs SA in December announced a partnership for “interoperability,” so that users can make simple instant payments using their mobile phones across the three countries. They call the initiative the European Payments Alliance, or EuroPA."
Thunes and Papara Establish a Bilateral Partnership to Enable Cross-Border Transfers to and From Türkiye
PR Newswire
"Thunes welcomed Papara, Türkiye's leading fintech company, as a new Member of its Direct Global Network, and allies to facilitate cross-border payments to and from Türkiye. This collaboration empowers Papara users in Türkiye, enabling them to send money into 3 billion mobile wallet accounts, 4 billion bank accounts, and 15 billion cards in over 80 currencies to more than 130 countries."
November 12, 2024
Top Post
FNB Launches First Instant Cross-Border Payment Solution in SADC
The Namibian
"First National Bank (FNB) has become the first financial institution in the country to introduce an enhanced cross-border payment solution. The bank will utilise BankservAfrica’s Transactions Cleared on an Immediate Basis (TCIB) solution. Through its implementation, the bank now enables near real-time payments, reducing the barriers to cross-border financial transactions, promoting regional trade and economic growth."
On the web
Uruguay Passes Law Regulating Crypto, Could Set Precedent for Rest of Latin America
Latin America Reports
"Uruguay’s President Luis Lacalle Pou signed a bill in October to regulate cryptocurrency in the country. The new law, which was initially proposed over two years ago, recognizes cryptocurrency as virtual assets and gives the Uruguayan Central Bank the power to regulate the currency."
November 11, 2024
Top Post
Mastercard and Emirates NBD Partner to Empower a Virtual Future for B2B Travel Payments
Mastercard
"Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region and Mastercard have partnered to introduce the Emirates NBD Wholesale Travel Solution, an innovative virtual card based B2B payment product now available to travel agencies."
On the web
Ant International Drives AI in Cross-Border Payments to Boost Global Expansion
South China Morning Post
Ant International is deploying artificial intelligence to improve cross-border payments for small-and medium-sized enterprises (SMEs) worldwide. The AI model predicts currency exchange rates on an hourly basis for both inbound and outbound transactions, helping businesses reduce transaction costs and better allocate resources.
BankservAfrica Announces the SARB’s Intention to Acquire 50% of the Company
BankservAfrica
"BankservAfrica is pleased to announce a significant industry collaboration with the South African Reserve Bank (SARB), intended to transition the company into a national Payments Utility through a collaboration with commercial bank shareholders."
Over 30 Financial Institution in Southern Africa To Adopt BankservAfrica’s Cross – Border P2P Clearing System
BitKE
"Over 30 financial institutions from countries within the Common Monetary Area – such as South Africa, Eswatini, Lesotho, and Namibia – are set to adopt BankservAfrica’s instant cross-border payment system, according to Ruhling Herbst, the organization’s strategy and transformation officer. [Video]"
November 8, 2024
On the web
Tencent Joins Visa to Facilitate Palm Payments in Singapore
IBS Intelligence
"Tencent has announced a partnership with Visa to introduce its palm recognition technology for digital payments in international markets. The service will first be rolled out in Singapore, where Visa cardholders from participating banks, including DBS, OCBC, and UOB, will participate in the pilot program."
On the wires
Ecobank Partners With Nium to Unlock Real-Time Cross-Border Payments Across 35 African Markets
PR Newswire
"Nium, a global infrastructure provider for real-time cross-border payments, today announced a partnership with Ecobank Transnational Incorporated, an independent pan-African financial services group, to enable seamless cross-border payments across 35 African markets for more than 32 million customers."
November 6, 2024
On the web
FNB and BankservAfrica Join Forces for Cross-Border Payments Solution
BankservAfrica
"To meet the evolving needs of its customers, FNB has partnered with BankservAfrica for its Transactions Cleared on an Immediate Basis system. This solution will process low value payments within the Common Monetary Area of South Africa, Namibia, Lesotho and eSwatini immediately."
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