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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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December 18, 2024
On the web
CFPB Takes Action on Bait-and-Switch Credit Card Rewards Tactics
Consumer Financial Protection Bureau
"The Consumer Financial Protection Bureau (CFPB) announced major actions today to protect consumers from illegal credit card practices and help people save money on interest and fees. In a circular to other law enforcement agencies, the CFPB warned that some credit card companies operating rewards programs may be breaking the law, including by illegally devaluing rewards points and airline miles."
Monzo Rolls Out British Sign Language Service
National Technology
"Monzo customers can now chat with the digital bank’s customer support team through a specially accredited British Sign Language interpreter in real-time using video relay services. The move forms part of its new partnership with online British Sign Language (BSL) interpreting service SignLive."
A Proposal for a Retail Central Bank Digital Currency (CBDC) Architecture
BIS
"This report by the Consultative Group on Innovation and the Digital Economy (CGIDE) discusses four main processes in a retail central bank digital currency (CBDC) architecture. These are: i) enrolling new users, ii) creating CBDC (cash-in), iii) destroying CBDC (cash-out) and iv) intra-ledger transfers."
UnionPay International Partners With WeChat Pay to Enable Cross-Border Payments
TechNode
"UnionPay International announced a new partnership with WeChat Pay yesterday, enabling cross-border payments for international UnionPay wallet users through WeChat Pay’s payment system. The initial group of participating wallets includes Bank of China Hong Kong’s BoC Pay, Octopus, PayMe by HSBC, and Tap & Go in Hong Kong; Bangkok Bank Mobile Banking and K PLUS in Thailand; NAVER Pay in South Korea; and ICBC Mobile Banking (ICBC Pay) in Malaysia."
EMVCo Becomes an Accredited ISO/IEC Certification Body
EMVCo
"EMVCo, the global technical body for the payment community, has received ISO/IEC 17065 accreditation for its security evaluation processes. Its new status as an accredited certification body recognises the value and quality of EMVCo security product evaluations in enabling the deployment of safe and secure payment solutions."
Square Teams up with Sysco, Delivers New Features to Save Restaurants Time and Smooth Cash Flow
Business Wire
"Square announced a new partnership with Sysco, a leading global foodservice distributor, along with a number of new features to help food and beverage sellers run their businesses with ease."
ACH Operations Bulletin #4-2024-Importance of Maintaining Up-to-Date Routing Transit Numbers
Nacha
"The ACH Network is a payment system that reaches all U.S. bank and credit union accounts. ACH payments are routed utilizing the routing transit number (“routing number” or “RTN”) of the Receiving Depository Financial Institution (RDFI). For accurate routing of ACH payments, it is important for parties involved in the origination of ACH payments to keep the routing information they use or access up to date."
Russia Shares CBDC Business Model as Banks Push Back
Ledger Insights
"At the end of last month the Bank of Russia shared the business model for its central bank digital currency (CBDC). All digital ruble transactions will be free through to the end of 2025, with the first batch of banks and merchants expected to go live on July 1."
December 17, 2024
Top Post
New Guidance from Japan Credit Associate (JCA) on EMV 3DS Mandate
Forter
"The Credit Transaction Security Measures Council of the Japan Credit Association (JCA) has mandated the use of EMV 3D Secure on Japanese credit cards beginning in April 2025. As fraud becomes increasingly sophisticated and prevalent in Japan, the mandate aims to mitigate risks by encouraging merchants to implement fraud prevention and account protection measures across the entire customer lifecycle."
On the web
Morgan Stanley Selects Wise Platform to Enhance Payments Capabilities for Corporate Clients
Business Wire
"Wise announced that it has been selected by Morgan Stanley, a leading global financial services firm, to facilitate Morgan Stanley’s foreign exchange international settlement capabilities for its corporate customers."
Systems East Connects Xpress-pay Digital Payment Solution to Cybersource
PR Newswire
"Systems East, Inc. announced it completed its work with Cybersource to integrate Xpress-pay with the platform. Through Systems East's work with Cybersource, Xpress-pay leverages Cybersource, a Visa Acceptance Solution's Token Management Service, delivering enhanced data security and accelerating the time-to-market."
Payshap Request: A First for South Africa, Set to Transform Interbank Payments
Payshap
"South Africa’s payments landscape is on the brink of another major innovation. On 2 December 2024, the highly anticipated PayShap Request service will officially launch, empowering individuals, businesses, and informal traders to take control of their payments like never before."
Visa Helps Holiday Shoppers Stay Secure, Blocking Nearly 85% More Suspected Fraud Globally This Cyber Monday Compared to Last Year
Visa
Visa's critical investments in the fight against fraud are paying off for holiday shoppers this holiday season. On Cyber Monday alone, Visa blocked nearly 85% more suspected fraud globally compared to last year. Throughout the holiday weekend, suspected fraudulent transactions rose 200% around the world, due in part by the adoption of AI by fraudsters.
Risk Management Matters in Financial Institutions and Everyday Life
Atlanta Fed
"Over the last 20 years, risks have increased significantly for the financial industry. Data breaches, cyberattacks, and financial crimes are familiar occurrences, unfortunately. At the same time, we're reading more about the importance of risk management."
Nordic Fintech Two Collaborates With Leading Dutch Banking Leader ABN AMRO to Modernise B2B E-Commerce Payments
Fintech Finance
"Two, a European leader in B2B payments technology today announces a strategic collaboration with ABN AMRO, a leading financial institution in the Netherlands. Together, they are launching a state-of-the-art “Pay on Invoice” solution, designed to bring seamless, secure, and flexible payment options to B2B e-commerce transactions."
Revolut Launches the Italian IBAN and Its Official Branch in Italy
The Cryptonomist
"Revolut, the global financial super app, has officially announced its branch in Italy and the new possibility of being able to offer its customers the Italian IBAN."
Remote Teams With Stripe to Introduce Easy, Compliant Stablecoin Payouts for Contractors Worldwide
Business Wire
"Remote, the leading global HR platform and payroll provider, announced that companies can use Remote to pay their contractors in 69 countries directly in stablecoins, starting with USDC on Base, the L2 blockchain from Coinbase."
Modulr Wins Contract to Provide Confirmation of Payee Services to HMRC
Open Banking Expo
"UK-based digital payment services provider Modulr has signed a contract with HMRC for the provision of Confirmation of Payee (CoP) services, which was secured under the new Open Banking Dynamic Purchasing System (DPS). Under the agreement, Modulr will provide payment validation services to protect the security of HMRC’s payments to individuals and businesses."
Parliament Approves Banking Proclamation, Allowing Foreign Banks to Enter Ethiopia’s Financial Sector
Addis Standard
"After years of anticipation, lawmakers have approved the long-awaited banking business proclamation, paving the way for foreign banks to enter Ethiopia’s financial sector. The proclamation allows foreign banks to enter the Ethiopian market by establishing subsidiaries, opening branches or representative offices, or acquiring shares in existing local banks."
December 16, 2024
On the web
Alibaba Targets Japan With Tao, a New Cross-border E-commerce Platform
KrASIA
"Alibaba Group has unveiled Tao, a cross-border e-commerce platform tailored for Japanese consumers, as part of its latest push into international markets."
This Stealthy African Stablecoin Startup Already Processed Over $1B in Cross-border Payments
TechCrunch
"Juicyway, an African fintech that leverages stablecoin technology to power fast and cheap cross-border payments, is launching out of stealth after processing over $1 billion in transaction volume for thousands of African businesses over the last three years."
On the wires
CARD.com Corporation Announces Collaboration with Visa for Visa Direct Cross-Border Payments
PR Newswire
"This agreement brings expanded access to global, fast, and secure payment options for CARD.com's customers, aligning with its mission to deliver innovative financial solutions for its B2C and B2B White Label customers."
December 13, 2024
On the web
Mastercard’s 10 Top Payments Trends for 2025 — and Beyond
Electronic Payments International
"It’s never been a more exciting time for payments as continued advances in tech usher more people and businesses into the digital economy, driving demand for trusted interactions and raising the bar for simplicity and seamlessness."
The Theme Song for 2025: Payments
CUInsight
"Traditional payment rails—the backbone of how money moves through economies—are poised for a significant shake-up as new technologies, regulations, and consumer preferences converge to rewrite the rules of payments. For credit unions, staying ahead of these changes is critical to remaining relevant and competitive."
Scamscope Report: APP Scam Trends
ACI Worldwide
"Authorized push payment (APP) fraud increasingly exploits emotional vulnerabilities, eroding the trust between consumers and banks. Many victims remain silent due to stigma, suggesting the issue is more widespread than reported. Financial institutions must act quickly to protect customers and restore confidence."
UK Payments Regulator Consults on Cross-Border Card Fees Cap
Reuters
"Britain's payments regulator said on Friday it would consult on whether to introduce a cap on cross-border card fees charged when European consumers buy online from UK businesses, after concluding they had been increased to 'unduly high levels'."
On the wires
Mesh Payments Teams Up With SoFi Bank and Galileo to Drive Innovation In Travel and Expense Management
Yahoo Finance
"SoFi Bank’s relationship with Galileo strengthens Mesh Payments’ drive to reduce inefficiencies and accelerate the development of new products. This partnership integrates Mesh Payments’ next-generation expense and card infrastructure with SoFi Bank’s scalable financial framework and Galileo’s modern, customizable API-based payments processing platform."
CFPB Closes Overdraft Loophole to Save Americans Billions in Fees
CFPB
"Today, the Consumer Financial Protection Bureau took action to close an outdated overdraft loophole that exempted overdraft loans from lending laws. The agency’s final rule on overdraft fees applies to the banks and credit unions with more than $10 billion in assets that dominate the U.S. market."
December 12, 2024
On the web
M-PESA Hits 34 Million Users, Strengthening Financial Inclusion Across Kenya
TechAfrica News
"Safaricom mobile money platform M-PESA hit 34 million subscribers in November. M-PESA, which turns 18 in March 2025 has evolved over the years beyond payments and transactions to a financial ecosystem offering credit, savings, investment solutions, wealth management, insurance solutions and a host of other financial services in order to meet the evolving financial needs of customers, enterprises, and the public sector."
U.S. Payments Forum Fall Market Snapshot: Tokenization, AI Integration, Payment Account Reference and Emerging Technology
GlobeNewswire News Room
"The U.S. Payments Forum brings together insights from the industry’s top organizations in its fall market snapshot. It offers perspectives on the technologies shaping the way we pay, including tokenization, artificial intelligence, Payment Account Reference (PAR) and SoftPOS."
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