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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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November 18, 2024
On the web
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
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
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."
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."
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