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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.
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October 1, 2024
On the web
Walmart Will Soon Allow Direct Pay for Customers Shopping Online
MSN
"Walmart says it will soon allow customers shopping online to pay directly from their bank accounts for an instant transaction...“We’re proud to offer our customers greater choice in how to pay – and pleased to bring the option of real-time payments forward in retail,” the spokesperson said."
PayPal Updates Its User Agreement to Collect More Personalized Information
Digital Transactions
"Beginning next summer, PayPal Holdings Inc. will begin sharing more personalized shopper information with merchants, as outlined in its recently updated PayPal Privacy Statement. Data such as products, preferences, sizes, and styles will be shared with merchants to “help improve your shopping experience and make it more personalized for you,” the updated privacy statement says."
A PayPal and Apple Pay Rival From the Big Banks Is Aiming Big
Quartz
"The platform is now available to 125 million credit and debit cardholders at Bank of America, Wells Fargo, JPMorgan Chase, Capital One, PNC, Truist, and U.S. Bank — the seven banks behind Early Warning."
J.P. Morgan and Trustpair Join Forces to Offer Global Bank Account Validation Service
Business Wire
"Trustpair, a vendor fraud prevention platform for multi-national corporates, has enhanced its capability to verify global bank account information and extended its coverage collaborating with Confirm, an application developed by Onyx by J.P. Morgan, the firm’s blockchain business unit."
Safaricom Introduces M-Pesa Ratiba, a Standing Order Feature
Capital News
"Safaricom’s Mobile Money Platform, M-PESA has introduced M-PESA Ratiba, a first of its kind on mobile money feature that will allow users to set up standing orders directly from their M-PESA wallets, enabling seamless and automatic payments of recurring transactions and bills."
American Express and Boost Payment Solutions Bring Optimized Virtual Card Payments to Suppliers
American Express
"As part of its ongoing investment in its B2B network and in enhancing buyer and supplier capabilities, American Express announced a new offering by Boost Payment Solutions, to provide commercial virtual Card processing services to U.S. merchants who accept American Express."
On the wires
TrustCommerce® Cloud Payments Product Now Certified on All Major Payment Processing Platforms
PR News Wire
"TrustCommerce, a provider of end-to-end integrated healthcare payments and security software, announced that its next-generation Cloud Payments product is now certified on all major U.S. payment processing platforms including Fiserv, Chase, Elavon, Global Payments/TSYS, and Worldpay."
September 30, 2024
On the web
Fidelity Slashes Mobile Deposit Limits Following Fraud Wave
WSJ
"Fidelity Investments put stricter guardrails on the deposits customers make through its mobile app, hitting back against a check-fraud scheme that targeted the investing giant earlier this month. [Subscription Required)"
Super ATMs: A Game-Changer Amid Branch Closures
Atlanta Fed
"As access to traditional bank branches declines, innovations like super ATMs are emerging to help meet the need for accessible financial services. Some banks in the UK are testing super ATMs that provide capabilities beyond what we typically think of as those available at the ATM."
ClearBank and TrueLayer Reveal Closed-Loop Payments Partnership Results
Open Banking Expo
"ClearBank has revealed the results of its work with TrueLayer on closed-loop payments in the UK, with payment volumes increasing by seven times since the debut of the collaboration in January 2023."
Synapse Failure Spurs FDIC to Specify Record Keeping for Bank Sponsored Fintechs
BCLP
"The Federal Deposit Insurance Corporation has proposed that insured depository institutions be required to keep records of individual accounts that are typically held in pooled custodial accounts that support prepaid card programs, wallets and other depository and payment services provided to customers through fintechs."
Reserve Bank of Australia: Payments System Board Annual Report – 2024
Reserve Bank of Australia
"The RBA undertakes regulatory and policy work on retail payment systems. Over the past year, the RBA focused on implementing policy actions aimed at enhancing competition and efficiency in the debit card market. The RBA also assisted Treasury and other regulatory bodies on reforms to the regulatory framework for payments."
JP Morgan’s JPM Coin Used to Settle Digital Commercial Paper on Swiat Blockchain
Ledger Insights
"Germany’s SWIAT blockchain has been responsible for numerous digital bond issuances in the past few months. Now it has hosted a digital commercial paper issuance by Siemens, which was settled using JP Morgan’s JPM Coin in a delivery versus payment transaction."
National Fraud Portal to Solidify Coordinated Efforts in Curbing Financial Scams
Bank Negara Malaysia
"Bank Negara Malaysia, Payments Network Malaysia Sdn. Bhd. (PayNet), and financial institutions have launched the NFP as an integrated platform to strengthen the operational capabilities of the National Scam Response Centre."
Mastercard, Amazon Payment Services to Enable Digital Payment Acceptance Across Middle East and Africa
Economy Middle East
"Mastercard and Amazon Payment Services have entered into a multi-year commercial partnership aimed at digitizing payment acceptance across the Middle East and Africa, covering countries such as Bahrain, Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, South Africa, and the UAE."
On the wires
Jack Henry and Victor Offer Embedded Payments Platform for Regional and Community Financial Institutions to Better Support Business Customers
PR News Wire
"Jack Henry™ announced the expansion of its collaboration with Victor Technologies, Inc., a subsidiary of MVB Edge Ventures, Inc. and part of MVB Bank, Inc. The companies launched an embedded-payments management platform to help Jack Henry's financial institution clients capitalize on Payments-as-a-Service (PaaS) market opportunities."
PayPal to Allow Cryptocurrency Buying, Holding and Selling for US Merchants
Reuters
"PayPal Holdings announced it is enabling U.S. merchants to buy, hold and sell cryptocurrency from their business accounts."
September 27, 2024
On the web
Why JPMorgan Chase Is Prepared to Sue the U.S. Government Over Zelle Scams
CNBC
"Buried in a roughly 200-page quarterly filing from JPMorgan Chase last month were eight words that underscore how contentious the bank’s relationship with the government has become. The lender disclosed that the Consumer Financial Protection Bureau could punish JPMorgan for its role in Zelle, the giant peer-to-peer digital payments network."
India Payments Authority Inks Deal to Develop Payments System for Trinidad and Tobago
MSN
"The overseas arm of India's National Payments Corporation of India (NPCI) will build a digital payments system for Trinidad and Tobago, modelled after India's United Payments Interface (UPI), according to a statement on Friday."
Evolving Payments Processes Using Blockchain and AI
Technology Record
"The way we handle payments is shifting fast, as banks and financial institutions adapt to keep up with customer expectations, says Orion Innovation’s Anoop Gala"
Europe’s Banks Launch Wero Payments to Dislodge Visa, Mastercard
Luxembourg Times
"The European Union’s biggest banks have spent years quietly creating a new way to pay that could finally allow customers to ditch their Visa Inc. and Mastercard Inc. cards — the latest sign that the region is looking to dislodge two of the most valuable financial firms on the planet."
September 26, 2024
Top Post
Visa Agrees to Buy Ai-Focused Enterprise Tech Firm Featurespace
Reuters
"Visa has agreed to buy AI-focused Featurespace, which develops enterprise technology preventing fraud and financial crime, for an undisclosed amount. Top tech companies are racing to build artificial intelligence into their products and services, leading to surging demand for AI chips, services and machine learning technology."
On the web
PayPal Introduces PayPal Complete Payments in China
PayPal Newsroom
PayPal unveiled PayPal Complete Payments, a safe and efficient all-in-one platform that integrates a range of customized products and solutions to support Chinese merchants in selling globally. This platform streamlines payment and receivables processes for businesses of all sizes in China, empowering them to thrive in cross-border trade and the digital economy.
Adyen Continues to Pioneer the In-Person Payment Space With Host of New Industry-Defining Products
Adyen
"Adyen announced major advancement in the in-person payments (IPP) landscape, underscoring its commitment to innovation with industry defining solutions. This comprehensive update not only enhances the payment experience for both merchants and customers but also reinforces Adyen's position as a leading force in payment technology."
Bank of Korea to Launch CBDC Payment Trial in Supermarkets
Bitcoin News
"South Korea’s central bank, the Bank of Korea, will soon allow participants to use digital tokens for payments at supermarkets and convenience stores in a central bank digital currency (CBDC) trial. Starting in December, 100,000 participants will be part of this test."
Canceling Subscriptions Will Be a ‘One-Click’ Snap in California Under New Law
Los Angeles Times
"Californians will soon be getting more protection against subscription renewal abuses, including the right to unsubscribe with one click of the mouse. On Tuesday, Gov. Gavin Newsom signed into law Assembly Bill 2863 by Assemblymember Pilar Schiavo (D-Chatsworth), which imposes a series of safeguards on subscription contracts signed or renewed after July 1, 2025."
On the wires
Paymentus to Bring Advanced Billing and Payments Capabilities to Altera Digital Health Solutions
Business Wire
"Paymentus Holdings, Inc. announced an agreement with Altera Digital Health Inc. to offer its industry-leading Electronic Bill Presentment and Payments (EBPP) platform in conjunction with Altera’s suite of healthcare IT solutions."
Marqeta and Found Bring Streamlined Expense Management Offerings to SMBs and Self-Employed Professionals
Business Wire
"Marqeta announced a new customer, Found, a business banking platform that supports small businesses and the self-employed. Found’s commercial card solution, powered by Marqeta, allows small businesses and self-employed entrepreneurs to access more sophisticated and customized business banking capabilities than are traditionally offered to them."
iWallet® First to Allow Zelle® Invoicing to SMEs
PR News Wire
"iWallet today announced that it is the first company to enable Zelle® invoicing for small and medium-sized enterprises (SMEs), marking a significant milestone in the evolution of digital payment solutions. With this innovative integration, SMEs can now leverage Zelle® for invoicing, facilitating seamless and efficient payment processes."
Galileo Launches Secured Credit with Dynamic Funding Empowering Banks and Fintechs to Simplify Credit-Building for Consumers
Business Wire
"Galileo Financial Technologies, a financial technology company owned by SoFi Technologies, Inc., announced the launch of Secured Credit with Dynamic Funding, simplifying the secured credit process, making it easier for consumers to manage their debit and credit accounts."
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