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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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April 20, 2022
On the wires
Nationwide Building Society Improves Member Experiences With Pega Smart Dispute
prnewswire
“Pegasystems Inc. (NASDAQ: PEGA ), the software company that crushes business complexity, today announced Nationwide Building Society deployed Pega Smart Dispute for Issuers to transform its Visa card disputes process. This enabled Nationwide to improve agent performance and customer satisfaction by streamlining the systems required to handle a dispute from 15 down to two and reducing dispute processing time by approximately 15%.”
April 19, 2022
Top Post
Ubiquity, Same Day ACH and Other Fast Payments
Payments Views
“It’s truly remarkable how this decades-old, ANSI based, batch based payment method is slowly but surely finding renewed vigor in today’s world of “fast payments.” Clients at Glenbrook continue to inquire about how ACH can be leveraged for their needs and a key reason is that it’s a ubiquitous payment network where every financial institution is connected (okay, and it is also often a lower cost option). Same Day ACH is a perfect example of why ubiquity matters. It took 15 years for the original idea of same day ACH to become a reality and it may have taken another six for it to mature as a product but … it is now benefiting from the established ubiquity of the ACH network. Just look at the white hot increase of nearly 75% in transaction volume for Same Day ACH transfers in 2021. That amounted to just over 600 million transactions added to the overall ACH network transaction volume around 29 billion.”
On the web
Hand Implant Allows People to Pay With Chip
WGN-TV
“The future is here. Those tired of taking out their wallet or phone to pay for things could soon skip that step entirely, thanks to a new implantable payment chip. The British-Polish company Walletmor has created a microchip that can be implanted inside a person’s hand and used as one would tap a credit card for payment. The technology is only currently allowed to be sold in the European Union and the U.K. “The implant can be used to pay for a drink on the beach in Rio, a coffee in New York, a haircut in Paris – or at your local grocery store,” founder and chief executive Wojtek Paprota told the BBC . “It can be used wherever contactless payments are accepted.””
On the wires
MYPINPAD and SmartPesa Merge to Become the Global Leader in Mobile Payments Acceptance
businesswire
“MYPINPAD, a global leader in mobile-based payments acceptance and digital authentication solutions, and SmartPesa, a leading provider of payments and agency banking solutions, have agreed to merge. The combined entity will operate under the MYPINPAD brand.Customers will benefit from greater scale, a wider product offering and the certainty of continued support as the industry moves towards the PCI Security Standards Council’s forthcoming Mobile Payments on COTS (MPoC) Standard. The deal positions MYPINPAD as the leading global provider in the rapidly expanding mobile payments acceptance market. The combined entity expects to double its existing footprint in APAC, LATAM and EMEA and target North America in 2022 and beyond.”
April 18, 2022
On the web
Video Game Junkie Quietly Builds $3 Billion Payments Powerhouse
bloomberg
“Aleksandr Agapitov is little known inside video gaming circles, let alone the business world. Yet his company is one of the leading players in the $135 billion video game payments industry, in which gamers spend real money to acquire virtual items.”
On the wires
Data Mynt Crypto Payment Gateway Now Live On Bitcoin Lightning Network
prnewswire
“Data Mynt , the world’s fastest growing cryptocurrency payment gateway, has launched support for its fourth major blockchain network in as many months, the Bitcoin Lightning Network. Data Mynt now facilitates seamless payments to and from all Lightning Network enabled wallets in addition to Polygon Network, Ethereum Mainnet, and Bitcoin network wallets and assets. Data Mynt merchants and partners, which are on schedule to number in the tens of thousands by the end of Q2 2022, now receive and send payments from all Lightning Network enabled wallets such as Cash App and Strike.”
Sila Now Provides Instant Access to ACH Debits on Its Platform Through Instant Settlement
businesswire
“Sila Inc., a fintech software platform that provides payment infrastructure as a service, today announced a new product called Instant Settlement. It provides instant access to ACH debits made to the Sila platform. Customers no longer have to use their own capital to pre-fund the full amount of a transaction or wait days for an ACH debit to clear. Instead, Sila is advancing funds for a fee. The responsibility for returned transactions remains with the customer, who is required to maintain sufficient funds in a reserve wallet to cover just that return risk. Instant Settlement is a great option in scenarios where ACH is the preferred method but return risks are small such as with payroll, back-office money movements, B2B transactions, or cash transactions at brick and mortar locations (“good funds”). With transaction speed being a differentiator, offering Instant Settlement can be a valuable competitive advantage for businesses.”
April 15, 2022
On the web
Bitfinex Collaborates With OpenPayd to Enable SEPA Payments
Finextra Research
“Bitfinex, a state-of-the-art digital token trading platform, in collaboration with fiat on-ramp services provider OpenPayd, is enabling real-time Single Euro Payments Area (SEPA) payments for euro-denominated deposits and withdrawals. The introduction of SEPA payments provides additional options for Bitfinex customers to deploy euros onto the platform. Through the new collaboration, customers will have the ability to pay-in and pay-out from their accounts near-instantly.”
On the wires
The Gemini Crypto Rewards Credit Card Is Now Available in the United States
“Gemini , a cryptocurrency platform to buy, sell, earn, and store crypto, today announced the Gemini Credit Card ™ is now available in all 50 U.S. states. Cardholders can earn up to 3% crypto back on dining+, 2% crypto back on groceries, and 1% crypto back on all other purchases, with rewards automatically deposited into their Gemini account. The Gemini Credit Card is issued by WebBank and features Mastercard as the exclusive card network. Since launching the waitlist, the Gemini Credit Card has amassed more than 500,000 sign-ups. Cardholders will be able to use the Gemini Credit Card anywhere Mastercard is accepted and can choose from among 60+ types of cryptocurrencies currently supported for rewards on Gemini’s exchange platform, including bitcoin, ether, dogecoin and other tokens.”
Impervious.ai Raises Seed Round to Develop the Peer-to-Peer Internet Standard
prnewswire
“Impervious Technologies Inc. ( impervious.ai ) is excited to announce the close of their seed financing round, with participation from notable Bitcoin and privacy-focused investors including CoinShares, NYDIG, Trammell Venture Partners, Fundamental Labs, Strategic Cyber Ventures, TEN-31 and others to scale the Peer-to-Peer (“P2P”) internet standard. In late 2021, Impervious launched a series of API’s that serve as a programmatic layer for the Bitcoin Lightning Network, adding Peer-to-Peer communications and data transfer capabilities to the real-time payments protocol of the Bitcoin Lightning Network.”
April 14, 2022
On the web
Tencent Commences Test Programme for Digital Yuan Wallet
Finextra Research
“Tencent has rolled out a wallet that enables users to make transactions using China’s central bank backed digital currency. Undergoing A/B testing, the Tencent e-CNY Wallet, enables users to transact using the digital currency through QR codes on WeChat. Users will be able to transfer funds, collect payments, and access credit card functions through the programe.To qualify, consumers need to to activate the wallet function of WeBank, Tencent’s digital banking arm, in the central bank’s e-CNY app, which arrived in Android and Apple app stores in January.”
Mercuryo Taps Volt for Open Banking Payments
Finextra Research
“Mercuryo, a leading crypto payments company, has launched open banking payments within their cryptocurrency wallet, used by over two million global customers. The real-time account-to-account payments (A2A) will be facilitated by leading open payments gateway Volt and will provide Mercuryo wallet users, alongside their business partners, with single-click payment solutions via fiat.”
Sweatcoin Eyes Launch of SWEAT Tokens That Turn Movement Into Money
AltFi
“Getting into crypto just got a whole lot cheaper (and healthier), as London-based tech company Sweatcoin prepares to launch a new token, SWEAT, that allows users to mint currency using just their shoe leather. The company says its mission is to “inspire a healthier planet by incentivising people to move more” and has partnered with BVI headquartered crypto business, the Sweat Foundation Ltd, to offer the token. With over 63 million users, who have collectively walked over 20 trillion steps, the company claims that SWEAT represents the world’s largest crypto giveaway ever.”
April 13, 2022
On the web
Central Bank Digital Currencies: a New Tool in the Financial Inclusion Toolkit?
BIS
“Central banks are considering how retail central bank digital currencies (CBDCs) may help support financial inclusion. While they are not a magic bullet, central banks see CBDC as a further tool to promote financial inclusion if this goal features prominently in the design from the get-go. In particular, central banks are considering design options around promoting innovation in the two-tiered financial system (eg allowing for novel non-bank payment service providers), offering a robust and low-cost public sector technological basis (with novel interfaces and offline payments), facilitating enrolment and education (via simplified due diligence and electronic know your customer) and fostering interoperability (both domestically and across borders). Together, these features can address a range of existing barriers to financial inclusion.”
On the wires
All of the Benefits, None of the Gimmicks: Bread Financial™ Unveils New Bread Cashback™ American Express® Credit Card
“Bread Financial (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions, today announced the launch of a new consumer credit card – the Bread Cashback™ American Express® Credit Card. Bread Cashback offers unlimited 2% cash back with no reward caps and no categories to manage. Plus, there are no annual fees or foreign transaction fees. Cardholders will also have access to premium American Express offers and benefits.”
Signature Bank Adds Fedwire Feature to Its Signet™ Digital Payments Platform, Allowing Instant Transfers Through Its Application Programming Interface
“Signature Bank (Nasdaq: SBNY), a New York-based, full-service commercial bank, announced today the addition of a new feature allowing its clients to initiate real-time Fedwire transactions through its blockchain-based digital payments platform, Signet™ , directly through its Application Programming Interface (API). The addition of this Fedwire feature enables Signet clients to execute both Signet blockchain and traditional Fedwire payments through one API, providing clients with greater flexibility in automating treasury management workflows via Signature Bank’s integrated payments service.”
Nexo Launches First Card Backed by a Crypto Credit Line With Mastercard and DiPocket
“Nexo , the leading regulated institution for digital assets, today officially launched the Nexo Card , a first-of-its-kind crypto-backed Mastercard card, in select European markets. For the launch, Nexo is partnering with Mastercard and DiPocket , giving its users access to cryptocurrency-powered liquidity across 92M+ merchant sites worldwide.”
April 12, 2022
On the web
Clearing Service DTCC Pushes Ahead With CBDC Prototype ‘Project Lithium’
The Block
“The Depository Trust & Clearing Corporation (DTCC) said on Tuesday that it is set to develop a prototype of how a central bank digital currency (CBDC) might work in the US in practice. The corporation, which provides post-trade market infrastructure for the financial services industry, said in a press release that the model will use distributed ledger technology (DLT) and measure the benefits of a CBDC.”
Mastercard Files 15 Metaverse and NFT Related Trademarks
Cointelegraph
“Payments giant Mastercard has filed 15 nonfungible token (NFT) and metaverse trademark applications with the United States Patent and Trademark Office, or USPTO. Highlights of the filings include plans for a virtual community for interacting with digital assets, the processing of payment cards in the Metaverse, an online marketplace for buyers and sellers of downloadable digital goods, virtual reality events and more.”
On the wires
Circle Announces $400M Funding Round
“Circle Internet Financial, a global internet finance firm and the issuer of USD Coin (USDC), today announced it has entered into an agreement for a $400M funding round with investments from BlackRock, Inc., Fidelity Management and Research, Marshall Wace LLP and Fin Capital. The funding round is expected to close in the second quarter. In addition to its corporate strategic investment and role as a primary asset manager of USDC cash reserves, BlackRock has entered into a broader strategic partnership with Circle, which includes exploring capital market applications for USDC.”
April 11, 2022
On the web
TD Bank, U.S. Bank Putting Car Payments in the Fast Lane
American Banker
“Banks are pushing for greater adoption of real-time payments by focusing on specific activities that are in and of themselves time consuming, such as selling a car…Automotive transactions are emerging as an early use case for the Clearing House’s RTP rail. TD Bank has introduced a similar product and JPMorgan Chase has also mentioned auto-related purchases as a pain point in need of addressing.”
Crypto Use Is More Prevalent in Corrupt Countries, IMF Study Finds
Bloomberg
“Cryptocurrencies are more popular in countries perceived as corrupt or with strict capital controls, boosting the case for greater regulation of the industry, the International Monetary Fund said in a recent report. The report shows why countries might want to require intermediaries, such as digital currency exchanges, to implement know-your-customer procedures — ID verification standards that are designed to prevent fraud, money laundering and terrorism financing, the organization said. Some countries, like the U.S., have already instituted those kinds of controls.”
April 8, 2022
On the web
Does Zelle Make Sense at the Point of Sale?
American Banker
“The biggest question surrounding the concept is why banks, who earn billions in their cut of credit and debit card interchange fees, would potentially undermine that revenue stream by providing Zelle as a cheaper alternative at the point of sale. But observers say U.S. financial institutions are wise to begin contemplating how their future roles will be shaped by rapid changes in the payments technology landscape, and crafting strategic responses.”
Terra Expands Stablecoin Reserve Beyond Bitcoin With Avalanche
Bloomberg
“Public blockchain Terra, which captured the attention of the cryptocurrency world by pledging to buy $10 billion in Bitcoin to build a reserve for its UST stablecoin, is diversifying that strategy. Luna Foundation Guard, a Singapore-based nonprofit organization built to support Terra, will acquire Avalanche tokens worth $100 million from the Avalanche Foundation to boost the stablecoin reserve. The native token of the Avalanche blockchain has a total market capitalization of $22.1 billion as of Thursday, according to data aggregator CoinGecko. The over-the-counter purchase will make the token the second asset in the UST reserve after Bitcoin.”
Toomey Unveils Stablecoin Bill Granting OCC Authority for Payments Charter
American Banker
“Introduced by Sen. Pat Toomey, R-Pa., on Wednesday as a discussion draft , the Stablecoin Transparency of Reserves and Uniform Safe Transactions (TRUST) Act would allow stablecoin issuers to choose from one of three regulatory regimes, including one novel approach that would authorize the Office of the Comptroller of the Currency to charter a “national limited payment stablecoin issuer.””
South Africa Finishes Technical PoC for Wholesale CBDC Settlement System
Cointelegraph
“South Africa has taken another step closer to implementing its central bank digital currency (CBDC) as the South African Reserve Bank (SARB) concludes a technical proof-of-concept for the project. The project titled Project Khokha 2 (PK2) is the second phase of SARB’s Project Khokha (PK1), launched in 2018. It experimented with distributed ledger technology (DLT) for interbank payments‘ settlement, successfully replicating the banks’ “SAMOS” real-time gross settlement system.”
CBDC: Why a Digital Dollar Could Take Years to Develop | ZDNet
ZDNet
“The US secretary of the Treasury Janet Yellen has given a bit more insight into how regulation of digital assets like crypto and central bank digital currencies (CBDCs) could develop. Digital assets have grown explosively, reaching a market cap of $3 trillion last November from $14 billion just five years prior, she said.”
On the wires
Strike Launches Shopify Integration Bringing Bitcoin Lighting Payments to Merchants
“Strike, the world’s leading digital payments platform built on Bitcoin’s Lightning Network, today announced its integration with Shopify, unlocking the ability for eligible U.S. Shopify merchants to receive bitcoin payments from customers globally as U.S. dollars.”
April 7, 2022
On the web
The Infuriating Reality of Traveling with Bitcoin in the World’s Crypto Capital
Bloomberg
“So begins my journey—and experiment. For five days, I’m trying to pay my bills only in Bitcoin. El Salvador is the ideal laboratory. In September it became the first country to declare Bitcoin legal tender , which means all businesses should accept it as a form of payment.”
Block’s Cash App Rolls Out Service to Automate Getting Paid in Bitcoin
CoinDesk
“Cash App, the mobile payment service developed by Block (SQ) (formerly Square), the company led by Twitter (TWTR) co-founder Jack Dorsey, announced at the Bitcoin 2022 conference in Miami on Thursday that it’s rolling out three new services, including the following: Get Paid in Bitcoin allows customers to auto-invest a percentage of their paycheck into bitcoin. Fiat currency coming in through automated clearing house (ACH) rails will be automatically converted into bitcoin. Bitcoin Roundups lets users round up payments to the nearest dollar to buy bitcoin with the difference. Lightning Network (LN) Receives enables users to receive bitcoin in Cash App through the Lightning Network. The ability to send bitcoin through that network was enabled in January .”
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