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November 19, 2024
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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."
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.
We Can’t Give Up Paper Checks, and That’s a Gold Mine for Scammers
WSJ
"Americans can’t quit paper checks. Fraudsters are cashing in. The scammers have found a particularly American security hole: our reliance on paper checks. On average, there were some 30 checks per person written in the U.S. in 2021, nearly twice as many as the French, the world’s second-biggest check users, according to the Federal Reserve. [Subscription Required]"
Games Marketplace Integrates Volt’s Pay by Bank Solution
Open Banking Expo
"Global marketplace for video games Kinguin has partnered with global real-time payments platform Volt to integrate Pay by Bank, thereby enabling its users to purchase games directly from their bank account. Through the new Open Banking payments partnership, Kinguin’s 18 million users will be able to purchase games and in-game goods using Volt’s Pay by Bank."
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."
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
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
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. "
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."
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 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?"
FDIC Survey Finds 96 Percent of U.S. Households Were Banked in 2023
FDIC
"Nearly 96 percent of all U.S. households were banked in 2023, according to just-released national survey by the Federal Deposit Insurance Corporation (FDIC). The 2023 FDIC National Survey of Unbanked and Underbanked Households found that 4.2 percent of U.S. households (representing 5.6 million households) lacked a bank or credit union account."
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.
American Express Backs Construction Merchants with a Suite of New B2B Partners
American Express
American Express is enhancing merchant value for construction businesses by partnering with a suite of business-to-business (B2B) companies Levelset (a Procore Company), Billd, and BILT – that help address pain points in the industry, including complex document management, payment delays, and skilled labor shortages. Each of these partners are providing services and solutions at a discount for eligible merchants who accept American Express or their eligible customers.
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
Statement of CFPB Director Rohit Chopra on the FTC’s Click‑to‑Cancel Rule
Consumer Financial Protection Bureau
"Like with many other products and services across the economy, consumers are finding that financial products and services are now being marketed through “subscriptions” and “membership” arrangements. The Consumer Financial Protection Bureau (CFPB) has observed that these revenue models create incentives for firms to make it difficult to cancel recurring payments and charges."
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."
Volante Technologies Launches Real-Time Payments Intelligence Solution for Financial Institutions
Volante Technologies
"Volante Technologies launched Volante Payments Intelligence, a new solution that offers financial institutions visibility and operational control over their payments business. The offering harnesses historical and real-time payments data, delivering actionable intelligence that helps banks strategically plan, optimize operational efficiency, and track performance."
Viamericas Enhances Money Transfer Options with Real-Time Domestic Cash-to-Account
Business Wire
Viamericas, a licensed money transmitter announced the launch of its rapid cash-to-account transfer service in the United States. Using the FedNow service and the Real Time Payment (RTP) network, recipients can receive cash deposits in minutes, initiated at thousands of locations across the United States, and received into accounts at over 820 banks that are enrolled in FedNow or RTP.
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."
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