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June 12, 2024

On the web

XTransfer and Banking Circle Announce Strategic Partnership

Banking Circle

"XTransfer, the leading B2B cross-border payment platform from China, and Banking Circle have entered into a strategic partnership. This collaboration aims to reduce the cost and processing time of cross-border payments for XTransfer’s clients, particularly benefiting Chinese suppliers with significant markets in Europe and the Middle East."

June 4, 2024

On the wires

May 28, 2024

On the web

May 20, 2024

On the web

Move Over, Armani: Italy’s It Wallet Is the Digital ID Accessory of the Season

Biometric Update

"Bravo to Italy for the forthcoming launch of its digital wallet scheme, clearing the path for a national digital identity program. Reports say the so-called It Wallet will roll out in January 2025, aligned with the framework of the European digital identity wallet (EUDI) and activated through Italy’s electronic identity card (CIE) or SPID digital identity system."

May 8, 2024

On the wires

May 6, 2024

On the web

March 28, 2024

On the web

February 8, 2024

On the web

Ensuring Euro Money Transfers Arrive Within Ten Seconds

Europa

The new regulation aims to make sure that retail clients and businesses, especially SMEs, will not have to wait for their money, as well as to enhance the safety of transfers. Banks and other payment service providers (PSPs) will have to ensure credit transfers are affordable and immediately processed.

February 5, 2024

On the web

February 1, 2024

On the web

January 4, 2024

On the web

Europe’s Payment System’s Big Bang: Inside the ISO 20022 Migration

International Banker

"Rolling out a new common language for global payment data is no small feat. However, the transition is gathering momentum, with one domestic payment system after another converting to ISO 20022 (a standard for financial-information interchange between financial institutions developed by ISO, the International Organization for Standardization) over the past two years, including in countries such as Singapore"

December 18, 2023

On the web

November 16, 2023

On the wires

August 25, 2023

On the web

August 14, 2023

On the web

Amazon Changes Payout Period

Ecommerce News

"Ecommerce giant Amazon has announced that it will make changes to its payout period. Sellers in the United Kingdom and Europe will have to wait until a week after the delivery of an item to receive their proceeds. The change will come into effect in phases in the upcoming month, until September 6th."

July 5, 2023

On the web

June 30, 2023

On the web

European Parliament Votes to Boost Instant Payments in the EU and EEA, Urging Banks to Comply

Fintech Finance

"Following a significant vote by Members of the European Parliament (MEPs) yesterday evening, measures are being put in place to enhance accessibility to instant payments across the European Union (EU) and the European Economic Area (EEA). This development has prompted a six-month compliance deadline for banks and financial institutions to offer customers instant payments at a cost equal to or lower than standard credit transfers."

June 29, 2023

On the web

June 28, 2023

On the web

Modernising Payment Services and Opening Financial Services Data: New Opportunities for Consumers and Businesses [European Commission]

European Commission

"The European Commission has today put forward proposals to bring payments and the wider financial sector into the digital age. Today's new rules will further improve consumer protection and competition in electronic payments, and will empower consumers to share their data in a secure way so that they can get a wider range of better and cheaper financial products and services."

June 22, 2023

On the web

June 1, 2023

On the wires

Mesh Payments Expands Across Europe, UK, and Asia to Support Global Enterprises with Unified Spend Management in Local Currencies

PR Newswire

"Today Mesh Payments announced expansion of its unified spend management platform to support global multinational businesses operating in Europe, UK, and Asia in local currencies. Mesh now enables companies to operate globally across international entities, issue local cards and settle in local currencies all from one unified platform."

April 28, 2023

On the web

European Payments Initiative to Pilot Digital Wallet for Instant P2P Payments in Germany and France

NFCW

"The European Payments Initiative (EPI) is to begin piloting a digital wallet that will enable users to make instant person-to-person (P2P) payments in Germany and France as a first step towards rolling out a unified payment system that will support “a comprehensive range of transaction types” across Europe. The news comes as the initiative — which was originally set up with investment from more than 30 banks and acquirers — has also confirmed its planned acquisitions of Belgium-based payment solution iDeal and Luxembourg-based payment solutions provider Payconiq will go ahead subject to confirmation by national and European authorities."

April 25, 2023

On the web

April 3, 2023

On the web

Tranglo Launches Instant SEPA Payout to Europe

Tranglo

"Tranglo today announced the launch of instant SEPA payments to Europe.. It marks the company’s first large-scale expansion in that region and comes amid an influx of cross-border funds in recent years. SEPA facilitates over 43 billion transactions annually, with cross-border payments growing rapidly in the last 10 years. However, cross-border SEPA credit transfers and direct debits accounted only for 3.5% and 4.5% of such transactions in the region, respectively."

March 30, 2023

On the wires

Viva Wallet Launches Pan-European Payment Solution for e-Commerce and Shop-in-Shop Marketplaces

PR Newswire

"The Viva Wallet Marketplace Solution is unique in providing a pan-European payments platform for all marketplaces, active either online or in the physical world, including shop-in-shop business models. Viva Wallet, as a licensed bank and e-money institution, delivers the payment tools necessary to smoothly operate a European marketplace, while totally complying with PSD2 and the new EU DSA and DMA Acts."

March 29, 2023

On the web

European Banking Industry Sets Out a Vision for Digital Euro

European Banking Federation

"In this paper, the European Banking Federation (EBF) – representing the vast majority of the European banking sector – sets forth its initial vision for the digital money ecosystem of the future, where a retail digital euro, a wholesale CBDC and bank issued money tokens would all play a role in enabling innovation, supporting customer needs and ensuring that Europe stays at the forefront of digital finance and the digital economy."

March 22, 2023

On the wires

January 4, 2023

On the web

European Central Bank Calls For Input to Create Digital Euro Scheme Rulebook

Ledger Insights

"The European Central Bank is forming a working group that will consult in the creation of a central bank digital currency (CBDC) rule book for the Digital Euro Scheme. All potential digital euro payments will have to comply with the set of rules created with work on the rulebook commencing in February. In December, the ECB appointed Christian Schäfer to manage the digital euro scheme rulebook. Now it’s looking for individuals to join the Rulebook Development Group that Schäfer chairs, but they must represent a stakeholder association. The relevant stakeholders include banks, payment providers, as well as the users of a potential digital euro such as consumers, retailers, corporates or SME users."

December 20, 2022

On the web

Cash Remains the Most Frequently Used Means of Payment in Stores but Electronic Payments Grow Further, ECB Study Shows

European Central Bank

“Cash is still the most frequently used means of payment at the point of sale, but its share is declining according to the latest study on the payment attitudes of consumers in the euro area, published today by the European Central Bank (ECB). Cash was used for 59% of point-of-sale transactions in 2022, down from 72% in 2019. It is the means of payment most often used for small-value payments in stores and for person-to-person transactions.”

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