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January 18, 2023

On the web

5 Companies at the Forefront of Real-time Payments in the US

IBS Intelligence

Real-time Payments (RTPs) are payments that settle and clear quickly with the use of an underlying platform or network called a ‘payment rail.’ RTPs are made between bank accounts. RTP solutions are built on the connection between payee and payer and can be used by merchants of any size, consumers, and financial institutions to carry out payments to settle bills or transfer money with peers or customers. Here are 5 companies at the forefront of Real-time Payments in the US...

PayJunction Partners With Plaid to Extend Seamless A2A Money Transfers

EIN News

PayJunction, a leading developer of payment processing technology, announced an integration with Plaid, a consumer-permissioned network powering the digital financial ecosystem to simplify bank payments, enabling PayJunction customers and partners to deliver a better pay-by-bank experience. Integrating Plaid's secure account-to-account (A2A) bank connectivity technology with PayJunction's payment gateway will allow B2B and B2C businesses to easily extend to their customers a simple way to pay for goods and services via direct bank transfer, whether online or via invoicing.

Digital Gift Card and Payment Provider Tango Card Launches Dramatically Expanded Global Catalog and Capabilities

EIN News

Tango Card, a global leader in rewards, incentives, and payment fulfillment has dramatically increased the number of countries and currencies able to benefit from the global reach of its streamlined and secure digital gift card delivery system. During the last two years, Tango Card has been building the systems and processes enabling it to be the true global provider of rewards and incentives to B2B buyers. With today’s launch and announcement, Tango Card offers more than 1,000 popular e-gift card brands, prepaid cards and charitable donation options across more than 80 countries and 20 currencies.

Bottomline Introduces Confirmation of Payee Solution for Businesses

EIN News

Bottomline, has announced a new line of fraud defence for companies. Now available to companies directly, Bottomline’s Confirmation of Payee (CoP) for Business helps better protect companies against potential fraud by verifying the owner of the bank account receiving funds. Authorised push payment (APP) fraud losses reported by UK Finance stood at £583 million for 2021 (up 22% from 2020) and £249 million for the first half of 2022.

Intuit QuickBooks Business Network to Accelerate and Automate B2B Payments for Millions of U.S. Businesses

Intuit

Intuit, the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, and Mailchimp, expanded availability of the Intuit QuickBooks Business Network to millions of small and mid-market businesses in the U.S., creating one of the largest business-to-business (B2B) networks aimed at accelerating and automating B2B payments and improving overall cash flow.

On the wires

Prime Time for Palm Vein Identification: Ingenico and Fujitsu Frontech North America Unveil Queue-Busting Solution for Secure In-Store Commerce

PR Newswire

Ingenico, the global leader in payments acceptance solutions, and Fujitsu Frontech North America, through its subsidiary Fulcrum Biometrics, Inc., today unveiled the world's most secure, accurate and seamless biometric payment solution based on palm vein identification. This innovation enables merchants to speed up check-out, minimize the risks of fraud, and streamline the customer experience.

BNY Mellon | Pershing Adds Real-Time Payments to Its NetXInvestor® Platform

PR Newswire

BNY Mellon | Pershing announced today that it is integrating Real-Time Payments (RTP) technology into its NetXInvestor® platform, an investor portal used by broker-dealer and registered investment advisor firms to help clients manage their portfolios...BNY Mellon has been at the forefront of innovating in the digital payments space, including launching the first-of-its-kind real-time electronic billing and payment solution. The pioneering capability enables U.S. businesses to present digital bills to consumer clients in real-time and receive instant payment via their preferred online and mobile banking channels.

Discover® Global Network Launches Transit Solution Internationally

Businesswire

Discover® Global Network, the payments brand of Discover®, has launched Tap and Pay solutions with transit agencies and local acquiring partners such as EMT Madrid, Metro de Seville and GetNet in Spain, Mennica in Poland and New Taipei Metro in Taiwan. Riders may now use their Discover, Diners Club International® and network alliance partner cards to make contactless payments at these transit agencies in top international destinations.

January 17, 2023

On the web

Money and Payments: The U.S. Dollar in the Age of Digital Transformation

Federal Reserve

The Federal Reserve, as the nation’s central bank, works to maintain the public’s confidence by fostering monetary stability, financial stability, and a safe and efficient payment system. This paper is the first step in a public discussion between the Federal Reserve and stakeholders about central bank digital currencies (CBDCs). For the purpose of this paper, a CBDC is defined as a digital liability of a central bank that is widely available to the general public.

PayPal’s Evolving Strategy in a Crowded BNPL Market

Tearsheet

Buy Now, Pay Later (BNPL) gained ground in recent years as an alternative form of credit for online retail purchases. As more and more big players continue to enter the BNPL industry, competition in the space is intensifying. PayPal entered the sector by launching its first BNPL offering – ‘Pay in 4’ – in 2020, and expanded its suite of products by rolling out another BNPL product, ‘Pay Monthly’, in 2022.

The US is Now Klarna’s Biggest Market

AltFi

Klarna seems to be kicking off the year on a high note as the US overtakes Germany as its largest market by revenue. The Swedish ‘buy now, pay later’ (BNPL) had a bit of a rocky 2022, to say the least, with losses tripling in the first half of the year, valuation cuts and layoffs. It ended the year on more of an uptick though, forecasting that in the second half of 2023, it would see itself back into the monthly profits it saw in 2019.

ACI Worldwide Launches ACI Instant Pay for Merchants - In-Store, Online, and Mobile Real-Time Payments

ACI Worldwide

ACI Worldwide, a global leader in mission-critical, real-time payments software, today announced the launch of ACI Instant Pay, a new real-time payments solution that enables merchants in the U.S. to accept online, mobile and in-store payments instantly. The expansion of ACI's real-time payments software solutions to merchants reinforces ACI’s global leadership in powering domestic and pan-regional real-time schemes reaching billions worldwide. Merchants can enable ACI Instant Pay via simple API integration with ACI's payments orchestration platform.

From Credit Cards, Savings Accounts To Lending: How Apple Is Quietly Becoming More And More Like A Bank

India Times

We all know that iPhone maker Apple Inc. has been a tech giant for several decades. It’s also the world’s first company to hit the mammoth $3 trillion market capitalization. Every year, the tech giant gives the world new products and technology. But that’s nothing new, right? What if we told you that Apple has quietly been becoming more and more like a bank as well? Yes, you read that right. Scratching your head to know how?

Zilch Could Now Impact Your Credit Score, as Lending Data is Shared with Bureaus

AltFi

Direct-to-consumer buy now, pay later lender Zilch has started reporting its 3 million customers’ borrowing data to UK credit bureaus, in a way that could impact credit scores. Until now Zilch has had partnerships with individual credit bureaus like Experian, but has only used this data as part of its affordability assessments to perform “soft” credit checks on borrowers and to add data to credit files in a way that didn't impact credit scores. In a statement yesterday, the lender explained that it will now be integrating with all the credit bureaus in a way that could influence credit scores.

Google is Piloting its Own ‘Soundbox’ in India for Merchants to Get Audio-Based Payment Alerts

TechCrunch

Soundboxes — hardware used by merchants that emits sounds every time a mobile payment is made — have taken off in India, where point of sale activity can get busy and voice alerts from the soundbox help alert multitasking shopkeepers and assistants to a transaction going through. Now, to keep pushing ahead to build out its own payments business in the world’s second-largest internet market, Google is getting in on the act. The internet giant, which is currently one of the mobile transaction leaders in India with Google Pay, is piloting a soundbox of its own in the country to alert sellers of confirmations for UPI payments — a mobile payment standard developed and now ubiquitous in India for instant payments and transfers between banks, or two mobile users, or a customer and a merchant.

Ingenico partners Klarna to Offer In-Store Payment Solutions

Electronic Payments International

Payments acceptance solutions provider Ingenico has teamed up with Swedish buy-now-pay-later (BNPL) outfit Klarna to provide various payments tools at retail outlets. Under the strategic partnership, Klarna will use Ingenico’s cloud payments platform as a service tool, PPaaS, to introduce its alternative payment solutions at different point of sale (POS) terminals.

On the wires

Lynk Adds Pay by Bank to its Branded Payment Platform

PR Newswire

Lynk, the branded payment solution providing merchants a secure alternative to costly credit card processing fees while powering customer loyalty programs, today announced it has added Pay by Bank, the No. 1 customer-requested feature, to its platform. Pay by Bank allows businesses to reduce their credit card processing fees, while safeguarding against transaction failure and fraud, and providing businesses immediate access to their revenue. Lynk's newest feature is currently being offered to existing users and on a waitlist basis to new customers.

upSWOT and Mastercard are Partnering on Open Banking Data Analytics to Deliver Embedded Finance and Underwriting Tools

AP NEWS

When small business owners permission secure access to their financial data via open banking, it opens the door to an expanding set of financial experiences designed to help them better understand and manage their money. One prime example is expanding access to specialized lending products. Another is better financial insights across their business.

January 16, 2023

On the web

New Oracle Payment Cloud Service Gives Retailers Greater Transparency and Pricing Flexibility

Oracle

The welcome return to in-store shopping has also brought retailers a host of unexpected payment processing fees and complexity. To help combat this challenge, Oracle today extended its comprehensive retail cloud platform to include the Oracle Retail Payments Cloud Service. With the solution, US retailers can now accept the latest in contactless payment options, including debit/credit cards and Apple, Google, and Samsung Pay, without the hidden fees and unpredictable costs that erode the bottom line. This is all with transparent, fixed-fee rate pricing with no long-term contract lock-in or monthly minimum requirements.

On the wires

Elo Partners with FreedomPay to Transform the Digital In-Store Experience

GlobeNewswire News Room

FreedomPay, the global leader in Next Level Commerce™, and Elo, a leading global provider of interactive solutions and interactive display solutions, announce the integration of Elo’s M60 Pay handheld computer with FreedomPay’s secure commerce technology. Built to accept today’s popular payment and loyalty cards, the M60 Pay has a built-in EMV, magnetic stripe reader and NFC for cards with either chips or strips and digital contactless payments.

January 13, 2023

On the web

Citcon Partners With Klarna to Offer Klarna’s Flexible Payment Solutions Worldwide

Citcon, the leading one-stop service global payment platform in providing in-store, online, and mobile payment solutions, and Klarna, the global leader in the generational shift away from credit cards, announced today an integration and business partnership which will add Klarna as a featured mobile wallet available through Citcon’s omni-channel payment platform. Merchants currently using the Citcon payment gateway can now provide Klarna as a payment option for online purchases and in-store payments using Citcon’s payment capability.

On the wires

Alipay+ Collaborates With Macao SAR Government to Boost Local Consumption and Attract Inbound Tourists

Businesswire

Alipay+, a provider of global cross-border digital payment and marketing solutions announced today that, through Alipay+, Macao merchants are offering lucrative incentives inside AlipayHK – one of the most popular e-wallets in Hong Kong – to attract travelers and boost local consumption as inter-city travels are expected to soon recovered to pre-pandemic levels.

January 12, 2023

On the web

Rite Aid Enables In-Store Cash Bill Payment

Quartz

"Rite Aid Corp. is launching a new financial service for customers at its stores. The drugstore retailer is enabling consumers with access to the Kubra EZ-Pay Retail Cash Payments Network through their biller to pay their bills in cash at over 2,000 of its brick-and-mortar locations. Rite Aid is the 19th retailer to join Kubra's Retail Cash Payments (RCP) Network, adding 2,257 new retail locations in 17 states across the country. Kubra offers its RCP Network in partnership with payments technology company InComm Payments...Walgreens, one of Rite Aid’s chief rivals in the drugstore space, partnered with the PayNearMe retail network in March 2022 to enable customers to facilitate cash payments at nearly 9,000 Walgreens stores across the country."

Zelle Fraud: More People Tricked Into Sending Money Over Popular E-Pay Option (Video)

NBC Chicago

"Whether you’re splitting a tab, or paying a babysitter, Zelle is the most popular way to transfer money electronically in the U.S., processing more money than Venmo and CashApp combined, lawmakers have found. But Zelle is also popular among thieves. Each year, millions of dollars are stolen from consumers through Zelle in fraudulent transfers, data shows, and victims say getting help or refunds from their banks has been difficult. That could soon be changing, as the Wall Street Journal reports the big banks that own Zelle’s parent company, Early Warning Services, have been meeting and negotiating the standardization of refund procedures, as well as the sharing of liability within the Zelle network."

On the wires

Twitter Launches Coins Feature with Stripe Payments

Coinspeaker

"Jane Manchun Wong, a prominent reverse engineering expert, has disclosed that the social media platform Twitter is moving closer to inaugurating a new feature which is known as Coins. The feature is all set to reward users for posting some specific tweets by entering Twitter’s internal token with fiat money. The feature will also engage in conducting transactions via Stripe, an internet technology platform that allows payments and other kinds of transactions in several nations around the world. Stripe dived into backing crypto payments last year, and Twitter examined USDC payouts via Stripe for creators monetizing their content through social media platforms."

American Express to Acquire B2B Payments Automation Company Nipendo

Businesswire

"American Express today announced that it has entered into an agreement to acquire Nipendo, a company used by global businesses to automate and streamline business-to-business (B2B) payments processes. The transaction is American Express’ latest strategic step toward its goal of creating a leading end-to-end B2B platform, making business payments simpler and more efficient. American Express is building a broader suite of B2B capabilities for both buyers and suppliers through new product development, M&A and partnerships."

MagTek DynaFlex Kiosk Delivers Secure Payment for GrabScanGo’s Managed Hotel Lobby Markets

PR Web

"MagTek, a leading world supplier of secure payment technology, and GrabScanGo, a leading provider of managed lobby markets for hotels, announce the collaboration between MagTek’s DynaFlex Kiosk, a secure card reader authenticator (SCRA) that accepts EMV/NFC contactless, EMV Chip, and magstripe transactions, and GrabScanGo’s self-checkout solution. Built to meet the critical needs of understaffed hotels, a GrabScanGo managed lobby market provides the best in lobby market experience for hotels and their guests."

January 11, 2023

On the web

Alipay+ Promotes QR Code Connectivity, Paving Ways For a Cash-Free, Mobile Friendly Travel Experience in Chinese Mainland for Asian Consumers

Businesswire

"Alipay+, a provider of global cross-border digital payment and marketing solutions, is striving to provide cash-free and mobile-friendly travel experiences for Asian tourists in the Chinese mainland, as it seeks to partner with more merchants and enable greater QR code connectivity. Starting from January 8, AlipayHK users can pay for metro rides in Shenzhen using their local app to enhance a seamless travel experience for Hong Kong visitors in the mainland. The service is enabled through joint efforts between Alipay+ and the city’s subway operator, following a similar payment system integration with bus operators in major cities across Guangdong province."

On the wires

Tulip Point of Sale Supports Tap to Pay on iPhone with Adyen. No Terminal Needed

PR Newswire

"Tulip is pleased to announce that their omnichannel and enterprise-grade Point of Sale now supports Tap to Pay on iPhone*. The addition of Tap to Pay on iPhone was made possible due to the company's partnership with Adyen, the global financial technology platform of choice for leading businesses. With Tap to Pay on iPhone and Tulip, you can accept all types of in-person, contactless payments, right on your iPhone — from physical debit and credit cards, to Apple Pay and other digital wallets — no extra terminals, readers, or hardware needed. It's easy, secure, and private."

January 10, 2023

On the web

European Central Bank Proposes Digital Euro Design Options

US Gold Bureau

"The European Central Bank (ECB) proposed a series of design and distribution options for a digital Euro. The proposal lays out how  the Eurosystem and banks would issue, distribute, and settle transactions using the proposed central bank digital currency (CBDC). The latest proposals are in the recent progress report the ECB filed on a two-year digital Euro investigation project commenced in July of 2021. The investigative phase consists of many components including five separate tests with major banks and retailers like Amazon."