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November 14, 2024
Top Post
Consumer Financial Protection Bureau Targets Google for Supervision: Big Tech’s New Regulatory Challenge
CEO Today
"The Consumer Financial Protection Bureau (CFPB) recently announced its intent to bring Google under its regulatory supervision, a move that could establish a new era of oversight for tech companies delving into financial services. This unprecedented development signifies a potential shift in how the U.S. government approaches Big Tech’s increasing influence in finance and consumer markets."
On the web
10 Takeaways From Swift at Sibos 2024
Swift
"Sibos 2024 saw four days of inspiring talks and expert insights as the global financial community gathered in Beijing to unpack the latest trends shaping our industry. A common theme was 'Connecting the future of finance' – and in an era defined by change, working together to maintain a strong integrated financial ecosystem is more important than ever."
Mastercard Reinvents Checkout With Password and Number Free Payments
Mastercard
"By 2030, Mastercard aims to eliminate the need for manual card entry and one-time or static passwords by combining tokenization, introduced ten years ago to protect sensitive personal and payment data, with biometric authentication for secure, seamless checkout."
ConnexPay Receives Patent for Unified Payments Platform
ConnexPay
"ConnexPay, an all-in-one B2B payments platform, has received a U.S. patent for a payments technology invention that unifies incoming payments and outgoing payments inside a single system."
PayPal Once Again Lets You Pool Money From Others to Pay for Things Together
TechCrunch
"PayPal is launching a few features that let users in groups pool money with friends or family, to collectively pay for trips, travels, gifts, and anything else. The company is launching this feature in the U.S., Germany, the U.K., Italy, and Spain ahead of the holiday season."
November 13, 2024
On the web
Russia’s MIR Payment System Connected to Iran’s Shetab [Video]
PressTV
"Iran has officially connected its SHETAB banking system to Russia's MIR payment network. The move marks a pivotal step towards increased trade and financial collaboration between the two nations amid ongoing Western sanctions."
CEO Alex Chriss Wants PayPal to Be More Than Just a Payments Company
Observer
"At the heart of his turnaround vision for PayPal is a desire to reinvigorate the 25-year-old company into one that goes beyond online payments. Despite serving some 400 million consumers and 35 million merchants, PayPal has “lost its way a little bit from an innovation standpoint,” Chriss said at the Fortune Global Forum...The CEO spent the last year pushing a mindset transitioning PayPal from “just a payments company” to one focused on commerce."
Federal Reserve Financial Services' New FedDetect® Offering Tackles Commercial Check Fraud
Business Wire
"Federal Reserve Financial Services announced the expansion of FedDetect Duplicate Notification for Check Services to include commercial checks, alongside its existing Treasury check notification service. Financial institutions can now see deposit information and images of potential duplicate items for commercial checks, supplementing their existing check fraud mitigation tools."
Buy-Now, Pay-Later Giant Klarna Files for IPO in the US
MSN
"Swedish fintech giant Klarna has filed documents for its highly anticipated initial public offering in the US. The buy-now, pay-later firm said it expects the IPO to take place once the SEC has completed its review, and the timing would be subject to market conditions."
Reserve Bank’s Big Move to Go Cashless in South Africa
Business Tech
"BankservAfrica has announced that the South African Reserve Bank (SARB) intends to acquire 50% of the clearing house as part of its move to boost cashless payments in the country...The SARB and other stakeholders, including the Consumer Goods Council of South Africa, have made a concerted effort to eliminate cash in South Africa and move to safer digital payment methods."
Mastercard Launches ‘Pay Local,’ Linking Its Cards to 4 Major Asian e-Wallets
Fintech Singapore
"Mastercard has unveiled “Pay Local,” a new service that allows travelers to use their existing credit or debit cards within popular Asian digital wallets. The service will be integrated by prominent digital wallets in the region, including DANA in Indonesia, Touch ‘n Go in Malaysia, Bakong in Cambodia, and LankaPay in Sri Lanka."
Southern European Payment Systems Group in Talks to Add Partners
BNN Bloomberg
"A partnership formed by Portuguese, Spanish and Italian payment services companies is in talks to add more firms to the group and expand in Europe. Bancomat, Spain’s Bizum and Portugal’s Sibs SA in December announced a partnership for “interoperability,” so that users can make simple instant payments using their mobile phones across the three countries. They call the initiative the European Payments Alliance, or EuroPA."
Citi and Bank of Shanghai Launch First-of-Its-Kind Payments Solution for International Travelers in China
Business Wire
"Citi and Bank of Shanghai launched a first-of-its-kind payments solution on Bank of Shanghai’s TourCard. The TourCard aims to provide international travelers a straightforward, cost-efficient and more streamlined Chinese yuan renminbi (CNY) payment journey while traveling in China."
Thunes and Papara Establish a Bilateral Partnership to Enable Cross-Border Transfers to and From Türkiye
PR Newswire
"Thunes welcomed Papara, Türkiye's leading fintech company, as a new Member of its Direct Global Network, and allies to facilitate cross-border payments to and from Türkiye. This collaboration empowers Papara users in Türkiye, enabling them to send money into 3 billion mobile wallet accounts, 4 billion bank accounts, and 15 billion cards in over 80 currencies to more than 130 countries."
November 12, 2024
Top Post
FNB Launches First Instant Cross-Border Payment Solution in SADC
The Namibian
"First National Bank (FNB) has become the first financial institution in the country to introduce an enhanced cross-border payment solution. The bank will utilise BankservAfrica’s Transactions Cleared on an Immediate Basis (TCIB) solution. Through its implementation, the bank now enables near real-time payments, reducing the barriers to cross-border financial transactions, promoting regional trade and economic growth."
On the web
CFPB Report Details Carveouts for Financial Institutions in State Data Privacy Laws
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) released a report examining federal and state-level privacy protections for consumers’ financial data. The report notes that protections under federal regulations for financial data have limits."
Uruguay Passes Law Regulating Crypto, Could Set Precedent for Rest of Latin America
Latin America Reports
"Uruguay’s President Luis Lacalle Pou signed a bill in October to regulate cryptocurrency in the country. The new law, which was initially proposed over two years ago, recognizes cryptocurrency as virtual assets and gives the Uruguayan Central Bank the power to regulate the currency."
FIS and Oracle Enhance Utility Billing Experience
FIS
FIS® announced a collaboration with Oracle to bring enhanced billing and payment capabilities to Oracle’s utility customers. The FIS BillerIQ solution will enable the rollout of electronic bill delivery and provide a seamless experience from consumption to payment. 75% of organizations still use paper checks for bill payments.
Mastercard Collaborates With Tap Payments on First Global Launch of ‘Click to Pay’ With Payment Passkey Service for Ecommerce
Mastercard
"Mastercard has partnered with Tap Payments, one of the leading payment institutions and technology providers in the Middle East and North Africa, to introduce a global-first Click to Pay with Payment Passkey service for secure ecommerce transactions."
Alacriti and Access Softek Partner To Deliver Instant Payments for Financial Institutions
PR Web
"Alacriti announced its partnership with Access Softek. The partnership will allow Access Softek to deliver cutting-edge payment solutions, including instant payments capabilities to financial institutions via the RTP® network and FedNow® Service fully integrated with its digital banking platform."
Alchemy Pay Expands Virtual Card Functionality with Google Pay Support
PR Newswire
"Alchemy Pay, the leading fiat-crypto payment gateway, has unveiled an update to its Virtual Card, now including a card bin that integrates fully with Google Pay. This feature enables users to make seamless crypto payments directly through Google Pay, simplifying transactions."
Visa Recognizes Creators as Small Businesses (Visa Direct)
Visa
"At the opening session of Web Summit in Lisbon, Portugal, Visa unveiled commitments to digital creators. Visa officially recognized creators as small businesses. Visa is also helping creators get paid fast. Visa Direct is addressing this through partnerships with social media networks and marketplaces to help creators get payouts in real-time to their eligible debit card."
Visa Flexible Credential Goes Global: Transforming the Card for a Digital Future
Visa
"Visa announced that the Flexible Credential is expanding to the U.S. and will be rolling out with Affirm, and in the United Arab Emirates with Liv, giving millions more people greater choice and control over how they pay."
CFPB Orders Navy Federal Credit Union to Pay More Than $95 Million for Illegal Surprise Overdraft Fees
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) took action against Navy Federal Credit Union for charging illegal overdraft fees. From 2017 to 2022, Navy Federal charged customers surprise overdraft fees on certain ATM withdrawals and debit card purchases, even when their accounts showed sufficient funds at the time of the transactions."
America Loves Instant Payments, as New RTP® Network Records Show
The Clearing House
"The RTP® network, the largest instant payments system in the United States operated by The Clearing House, now averages over 1 million payments per day. The RTP network also set single day records of 1.46 million transactions valued at $1.24 billion on November 1."
November 11, 2024
Top Post
Mastercard and Emirates NBD Partner to Empower a Virtual Future for B2B Travel Payments
Mastercard
"Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region and Mastercard have partnered to introduce the Emirates NBD Wholesale Travel Solution, an innovative virtual card based B2B payment product now available to travel agencies."
On the web
How Fintech Solutions Have Impacted the Gaming Industry
FintechZoom
"Fintech solutions have dramatically improved many areas of the digital entertainment industry, and the most notable improvements and technologies that are fuelling growth in this sector include the following....:"
Detroit to Become Largest City in U.S. To Accept Cryptocurrency for Taxes
CBS News
"Beginning in 2025, Detroiters will have the option to pay their taxes and other city fees with cryptocurrency, the city announced Thursday, making Detroit the largest city in the U.S. to accept cryptocurrency for taxes. City officials said payments will be made through a secure platform and managed by PayPal."
Ant International Drives AI in Cross-Border Payments to Boost Global Expansion
South China Morning Post
Ant International is deploying artificial intelligence to improve cross-border payments for small-and medium-sized enterprises (SMEs) worldwide. The AI model predicts currency exchange rates on an hourly basis for both inbound and outbound transactions, helping businesses reduce transaction costs and better allocate resources.
EBay Adds Alipay as Payment Option for Chinese Buyers Ahead of Double 11 Shopping Festival
TechNode
"Global e-commerce company eBay announced a new partnership with Antom, a subsidiary of Ant Group, to integrate Alipay as a payment option on its platform. Alipay’s integration into eBay will allow Chinese buyers to use the digital wallet to purchase products on eBay."
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