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 23, 2022

On the web

MUFG Shutters One Blockchain Payment Business As It Double’s Down on Another – Ledger Insights – Enterprise Blockchain

Ledger Insights - enterprise blockchain

“Yesterday Japan’s biggest bank, MUFG , announced it is shuttering GO-NET, the IoT payments solution it set up in 2019 as a joint venture with Akamai in which MUFG held an 80% stake. GO-NET targeted high-volume, low-value digital payments such as vending machines or micro-transactions involving IoT devices.  Meanwhile, in an entirely different venture, MUFG Trust’s Progmat blockchain platform will support digital payments through stablecoins issued by multiple banks .”

February 18, 2022

On the web

JPMorgan, Toshiba, Ciena Find New Way to Protect Blockchain With Quantum Network

Reuters

“A team of quantum computing engineers from JPMorgan Chase & Co (JPM.N) , Toshiba Corp (6502.T) and Ciena Corp say they have successfully shown that a powerful, newly-developed encryption network can be used to protect communications on the blockchain, according to a paper published Thursday. The group of researchers say it is the first time that a quantum key distribution (QKD) network, a super-secure two-way communication network powered by quantum physics, has been tested as a way to protect the blockchain from quantum computing attacks.”

January 21, 2022

On the web

December 21, 2021

On the web

JPMORGAN SETS UP BLOCKCHAIN PAYMENTS SYSTEM FOR SIEMENS

“Siemens expects the transactions volumes to continue to grow strong growth in the coming months as pay-per-use begins to gain popularity and hence the system needs to be able to handle thousands of transactions per day transparently and reliably. This is the first of its kind system to be deployed by a large company and it could set the tone for more such payments systems to be set up using blockchain in the future. This also opens the gates for mainstream usage of blockchain not only in the payments industry but allied financial services industries as well.”

December 15, 2021

On the web

Fnality Preps Go Live With Pledge to Slash Intraday Liquidity Costs

Finextra Research

“Backed by some of the world’s largest banks, blockchain for payments consortium Fnality says it expects to reduce banks’ intraday liquidity requirements by 70% when it goes live next year. Developed in association with technology analytics company FNA, the ‘Fnality Participant Simulator’ has estimated the daily liquidity requirements reduction for banks when consolidating multiple existing payment rails into its blockchain-based payment system.”

October 7, 2021

On the web

MoneyGram Partners With Stellar and USDC for Blockchain-Based Payments

coindesk

“Traditional cross-border payments giant MoneyGram is working with the Stellar blockchain network to create instant money transfers using Circle’s USDC stablecoin, the companies announced Wednesday. The firms will start with a pilot in the fourth quarter of this year. Early 2022 will see a gradual rollout of the ledger-based stablecoin bridge between crypto and local currencies with a view toward connecting MoneyGram’s 150 million or so consumers.”

October 6, 2021

On the web

BNY Mellon Using Blockchain for Trade Finance – Ledger Insights – Enterprise Blockchain

Ledger Insights - enterprise blockchain

“Today BNY Mellon announced it is part of the Marco Polo blockchain trade finance network. Ledger Insights first revealed the news almost two years ago . Hence we asked the bank whether it’s now in production. A spokesperson responded, “BNY Mellon is now an active member on the Marco Polo network and we look forward to delivering the efficiencies afforded by the network to trade finance clients over the coming weeks and months.””

September 13, 2021

On the web

Ex-Ripple Executives Plan PingNpay, a Blockchain Micropayment Network

Crowdfund Insider

“London-based pingNpay, a new blockchain-based payments platform, has moved out of stealth mode by announcing its plan to launch a global micropayment network at some point in 2022. pingNPay seeks to create a new category of high frequency, low-value payments, like less than $20,  as part of a web 3.0 initiative. pingNPay is expected to start in the UK with a digital currency backed by the pound. pingNPay plans to create stablecoins, backed entirely by fiat, for each country where it will provide services. The company says it will publish proof of reserves to meet any regulatory requirements.”

August 11, 2021

On the wires

ASC X9 Publishes a Blockchain Risk Assessment Framework

“The document is like a “quick-start” guide for what needs to be considered when assessing existing systems or planning a new blockchain system. It offers digestible, useful and practical information for identifying how blockchain systems differ from the traditional, widely understood tools, and it poses questions to help expose areas of risk that might have gone unnoticed without a clear understanding of these differences. The new report is available for download at no charge.”

August 10, 2021

On the wires

BBVA to Offer Payment and Financing Services on Trusple – Ant Group’s Blockchain Platform for Global Trade

“BBVA and Ant Group (Alibaba affiliate) have signed an agreement to collaborate on the integration of financial services in their platform, Trusple. Based on blockchain technology, this network is aimed to accelerate the digital transformation and facilitate the financing of international trade operations, with a special focus on small and mid-sized businesses.”

July 14, 2021

On the web

Blockchain Audit Firm CertiK Raises $37 Million in Series B Funding

The Block

“The funding comes as the demand for blockchain and smart contracts audits is increasing in the wake of hacks and attacks in the decentralized finance (DeFi) space. According to The Block Research, nearly $500 million has been stolen and lost in DeFi attacks and scams in the last year and a half. CertiK audits codes of blockchain projects and protocols to ensure they are secure. The New York-based firm, founded in 2018, claims to have over 1,000 clients, including Aave, Polygon, Yearn, and Binance.”

June 29, 2021

On the web

Fintech Using Blockchain to Cut Foreign Exchange Costs

American Banker

“While many banks remain cautious about crypto and blockchain, the most appealing use case for these systems may be the most basic: lowering costs. With that in mind, New York-based Roxe has introduced blockchain for cross-border payments settlements. The purpose is to create Decentralized Finance, or DeFi, liquidity pools to provide the best wholesale foreign exchange rates to banks, businesses, payment companies or individuals. In general, DeFi is about creating an open market with an intent to transform traditional banking services into decentralized architectures to expand the use of digital money.”

June 21, 2021

On the wires

TRM Labs Raises $14 Million Series A Funding Round

“TRM Labs, a pioneer in blockchain intelligence, announced today that it has closed a $14 Million Series A funding round. Bessemer led the Series A with additional participation from PayPal Ventures, Initialized Capital, Jump Capital, Salesforce Ventures, Operator Partners, Blockchain Capital, and executives from Google. Other existing investors include Y Combinator, Alumni Ventures Group, The MBA Fund, Tapas Capital, SGH Capital…TRM’s platform integrates with more than a dozen blockchains, and analyzes billions of virtual asset transactions to detect in real-time signs of fraud and financial crime like money laundering. The increase in adoption of cryptocurrencies and blockchain technologies worldwide is driving global, financial institutions including major banks, brokerages, and exchanges across US, Latin America, Asia, and Europe to turn to TRM for cryptocurrency compliance and risk management solutions.”

June 17, 2021

On the wires

E-Livestock Global Launch Mastercard Blockchain-Based Solution to Bring Visibility to the Cattle Industry in Zimbabwe | Middle East/Africa Hub

“E-Livestock Global today launched a first-of-its kind solution powered by Mastercard’s blockchain-based Provenance solution, empowering Zimbabwean farmers to prove the origin and health records of their cattle, while reducing risks to buyers. A first in the Middle East and Africa, the solution brings new hope to the country’s agricultural sector after an outbreak of tick-borne disease in 2018 led to the death of 50,000 cattle. The lack of a traceability system has seen Zimbabwe unable to export beef to lucrative markets in Europe and the Middle East in recent years, reducing export earnings from beef, which are important to the country’s economy.”

May 21, 2021

On the web

BofA Joins Paxos Blockchain Stock-Settlement Network

Bloomberg

Bank of America Corp. joined the network created by Paxos Trust Co. to settle stock trades in minutes rather than days by using blockchain, the latest sign of Wall Street’s growing adoption of the technology. The second-biggest U.S. bank joins Credit Suisse Group AG and Nomura Holdings Inc. ’s Instinet on the Paxos Settlement Service. In 2019, the Securities and Exchange Commission allowed Paxos to begin a pilot program for settling equity trades.”

May 17, 2021

On the wires

Samsung Makes It Easier to Use Blockchain on Galaxy Devices With Support for Hardware Wallets

“Samsung Electronics announced that blockchain users can now manage and trade virtual assets from third-party wallets on Samsung Galaxy smartphones. The update makes it easier for blockchain users to access and process transactions by importing virtual assets stored on select cold hardware wallets to the Samsung Blockchain Wallet available on most Galaxy smartphones. Support for hardware wallets provides Galaxy blockchain with a consistent user experience of managing crypto assets from one convenient location.”

April 28, 2021

On the wires

DBS, J.P. Morgan and Temasek to Establish Platform to Transform Interbank Value Movements in a New Digital Era

“Acknowledging that the future of global payments is on the cusp of a fundamental shift, DBS, J.P. Morgan (NYSE: JPM) and Temasek today announced plans to develop an open industry platform to reimagine and accelerate value movements for payments, trade and foreign exchange settlement in a new digital era, through a newly-established technology company. The company, Partior, aims to disrupt the traditional cross-border payments ‘hub and spoke’ model, that has resulted in common pain points, including multiple validations on payment details by banks, which translate to costly and onerous post transaction exception handling and reconciliation activities.”

April 21, 2021

On the web

Blockchain Company Digital Asset Holdings Raises $120 Million

Bloomberg

Digital Asset Holdings LLC , the blockchain software developer that caters to corporate applications, raised more than $120 million from investors 7Ridge and Eldridge. The company will use the funds to expand its global workforce by 50% this year and add to its mix of products, according to a statement. The latest round follows a $45 million fundraising last year that included investments from Salesforce.com Inc. and Samsung Electronics Co.”

April 16, 2021

On the web

JPMorgan Testing Blockchain Solution With Taiwanese Banks

CoinDesk

“JPMorgan launched a blockchain solution that aims to reduce the number of rejected or returned payments. The U.S. banking giant said Monday it is testing the solution “Confirm” with 12 banks in Taiwan including CTBC Bank, Taiwan Cooperative Bank and First Commercial Bank for money transfers to Indonesia using JPMorgan’s clearing solution “PayDirect.”The banks will be able to request and receive confirmation of beneficiaries’ account information in near-real time, according to JPMorgan’s announcement.”

April 13, 2021

On the wires

Partnership With ConsenSys Supports the Future of Multi Blockchain Commerce

“Mastercard and ConsenSys have announced a partnership to power the future of commerce. ConsenSys, a software engineering firm in the blockchain space, provides tools and services to support the Ethereum ecosystem and helps developers build next-generation networks to enable companies to launch more powerful financial infrastructures and technology. ConsenSys Quorum is an open-source protocol layer that enables enterprises to leverage Ethereum for their private or public production blockchain applications. Quorum includes customizable features required for enterprises to operate a secure, scalable permissioned network. As part of Mastercard’s multi-blockchain strategy, it will work with ConsenSys on a variety of initiatives.”

April 9, 2021

On the web

IDB-backed LACChain Tokenizes Citi Payments, Partners With Overledger – Ledger Insights – Enterprise Blockchain

Ledger Insights

“Today the Inter-American Development Bank (IDB) announced it had executed a cross-border payment using blockchain as part of a proof of concept involving Citi Innovation Labs . The solution used the LACChain blockchain network, a public permissioned consortium blockchain for Latin America and the Caribbean backed by IDB. Separately, LACChain also announced a partnership with Quant, the creator of Overledger. In terms of the Citi payment trial, IDB deposited money in its U.S. Citi bank account. Using Citi’s WorldLink payment APIs, the blockchain accessed the money, tokenized it and made transfers with a digital wallet.”

March 25, 2021

On the web

Germany’s Central Bank Tests Blockchain Solution to Counter CBDCs – CoinDesk

CoinDesk

“Germany’s Bundesbank has tested a blockchain-based settlement interface for electronic securities. The test demonstrates that new technologies and conventional payment systems can be interoperate to settle securities in central bank money without relying on a central bank digital currency (CBDC). In conjunction with Deutsche Börse and the German Finance Energy, the Bundesbank announced Wednesday that, for demonstration purposes, the test had created a ten-year government bond issued using distributed ledger technology (DLT) with subsequent trading in primary and secondary markets settled in the same system.”

March 15, 2021

On the wires

Interstellar and Velo Labs Join Forces

“Today, Velo Labs and Interstellar announced that the Interstellar team, based in San Francisco, CA, is integrating with Southeast Asia-based Velo Labs, under the leadership of Mike Kennedy and with the ongoing support of its partner organizations, Stellar Development Foundation and Lightnet Group.  The strategic partnership between Interstellar and Velo Labs, which began in January 2020, set out to revolutionize international payments. This latest move pushes the relationship closer, bringing the combined strengths and ecosystems of the two organizations — Interstellar team’s knowledge and expertise of the Stellar blockchain and Velo’s established partnerships across the Southeast Asia region — to help build a global settlement network that enables faster, cheaper and more transparent cross-border payments.”

February 25, 2021

On the web

JPMorgan’s Blockchain Payments Test Is Literally Out of This World

Reuters

“JPMorgan Chase & Co has recently tested blockchain payments between satellites orbiting the earth, executives at the bank told Reuters, showing that digital devices could use the technology behind virtual currencies for transactions. The so-called Internet of Things (IoT), where devices connect to one another, is most associated with consumer electronics, including smart speakers like Amazon Echo and Google Home, and banks want to be ready to process payments when these smart devices start doing transactions autonomously. Umar Farooq, the CEO of JPMorgan’s blockchain business Onyx, thought space was a cool place to try it out.”

February 24, 2021

On the web

State Bank of India Joins JPMorgan’s Blockchain-based Payment Network – ET BFSI

ETBFSI.com

State Bank of India has tied up with JPMorgan to use the US bank’s blockchain technology to speed up overseas transactions. The tie up is expected to reduce SBI customers’ transaction costs and time taken for payments, sources said. Time taken to resolve cross-border payments-related inquiries can be reduced to a few hours from up to a fortnight, they said. This will help cross-border payments reach beneficiaries faster and using limited steps.”

February 16, 2021

On the web

Worldline to Lead EU Blockchain Project

Finextra Research

“The European Commission has appointed Worldline to lead the ‘TruBlo’ project, aimed at using blockchain technology to ensure the exchange of reliable content on social networks and in the media. Introduced as part of the European Commission’s Next Generation Internet initiative, TruBlo is set to last three years and each of the projects that it will support will run for a maximum of 15 months.”

February 12, 2021

On the wires

January 27, 2021

On the web

December 17, 2020

On the wires

BlockApps and Schweitzer Laboratories partner to build campaign finance compliance system, 4US, restoring trust and confidence in the political financing process

“Campaign finance is central to the functioning of America’s democratic system, yet it is wrought with public mistrust. A 2019 Gallup study found that only 20% of Americans are satisfied with the nation’s campaign finance system. While much focus has been put on proposed adjustments to the regulatory regime through policy initiatives, little attention has been paid toward improving the existing processes of compliance and law enforcement.”