Payments news

Payments headlines

Diebold Nixdorf unveils two new ATM models

16 h

PayU GPO selected as payment processor for new crowdfunding platform 4fund.com

16 h

Clear Junction gets ISO 27001-certified

16 h

Marqeta appoints Heather Gantt-Evans CISO

18 h

Mastercard and Ingiz collaborate to boost financial literacy and inclusion among Egypt's youth

18 h

BBVA adds digital ID feature to Bizum instant payment app

21 h

SSimple completes investment round and appoints Matthew Cook as chairman

22 h

Banking Circle expands into Australia

22 h

Nagad poised to establish digital bank

23 h

Tabby launches digital shopping assistant

23 h

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BofA launches Global Digital Disbursements in Canada via e-Transfer

Bank of America is bringing its Global Digital Disbursements technology to Canada via the country's popular Interac e-Transfer system.

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PandaDoc buys payments firm Denario

Creating Climate Positive Companies with SustainableFinance.Live

Trustly acquires SlimPay

BMO launches mobile wallet for virtual cards

M-Pesa goes live in Ethiopia

LemFi raises $33m for immigrant-focused payments platform

Global CBDC adoption is on the horizon – Giesecke + Devrient

Citi invests in Peruvian FX fintech Rextie

Turkish payments platform Craftgate scoops £1 million investment

Digital Dollar Project and Western Union pilot CBDC for cross-border remittances

[Upcoming Webinar] SCT Inst: Creating Innovation through Compliance

[Upcoming Webinar] SCT Inst: Creating Innovation through Compliance

Payments blogs

Imagine a world without cash

Fintech appears to offer very little to the older consumer but at last the gap is starting to close

David Hensley

David Hensley - Enryo Limited - Warrington

Financial Inclusion

What is an Inclusive and Instant Payment System (IIPS)?

Steve Haley

Steve Haley - Mojaloop Foundation - Wakefield

Digital Banking

The Exponential Adoption of Digital Banking

Donica Venter

Donica Venter - Traderoot - Cape Town

Fintech

Making the margins: how digital payments are driving efficiencies in corporate travel

Andy Downman

Andy Downman - Adflex Limited - Brentwood

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Latest TV

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Creating Climate Positive Companies with SustainableFinance.Live

Paul Jepson, Head of Innovation and Science, CreditNature, shares with Richard Peers from Responsible Risk, how the workshops and community at SustainableFinance.Live enabled the creation of CreditNature and where their innovative solutions are taking them now.

How can scaling up in the UK drive Fintech growth?

Louise Smith, Chair of Innovate Finance and WTW Neuron Digital Trading, talks with Richard Peers from Responsible Risk, about scaling and growing fintech companies in the UK, including how to effectively navigate the regulatory landscape and how to capitalize on available opportunities.

Finastra & Thunes: The Global Benefits & Potential Of Alternative Payment Rails

In the final episode of this 4-part FinextraTV series, Dawei Wang, Head of Strategic Partnerships, Thunes, and Tim Forster, Director, Sales and Strategic Partners, Financial Messaging Marketplaces at Finastra, discuss hot spots for cross-border payments. Exploring specific regions and markets, we cover cross-border payment democratization, the role of alternative payment rails in encouraging Financial Inclusion and reaching ESG goals, the business benefits they offer and how the trend extends to the US and Europe.

Steps for Engaging and Growing with the Cloud

Speaking at TCF 2023, Stewart Davies, Global SaaS Commercial Director, Temenos, and Mandeep Sidhu, Global Account Manager GFS, AWS, discuss the theme of this year's event 'Engage and Grow in a Cloud World,' along with the importance of high availability and its benefit to banks.

The long read

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Nauman Hassan

Future of Fintech in the Middle East 2023: Are we entering a new era?

Nauman Hassan - Director, Paymentology

Discussion

M-Pesa goes live in Ethiopia

Hitesh Thakkar

Hitesh Thakkar

Does this 51 million customers across 7 countries are inter-operate?

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What is an Inclusive and Instant Payment System (IIPS)?

Ketharaman Swaminathan

Ketharaman Swaminathan

Inclusion is already defined as “Any regulated financial institution (FI) can join the payment scheme.” I'd leave it like that. If you want an alternative system based on "empowering any FI...", then you can coin another expression e.g zinclusive. Moving on from nomenclature, important as it is, I want to bring up what I call "overlay apps" (for the lack of a better expression) that sit between the payor / payee and the payment rail. Examples include Zelle over TCH-RTP in USA and Walmart PhonePe over UPI in India. In the past, I've heard about PayByBank, PingIt et al over FPS in UK but nobody seems to talk about them these days. These apps provide value added features that the rail does not. For example, Walmart PhonePe provides "confirmation of payee" sorta functionality, which the undergirding UPI scheme does not (AFAIK). These apps are not owned by the rail provider and can pull out of the market any time e.g. Soon after Russia attacked Ukraine, Google Pay canceled Russia, thereby leaving Moscow Metro commuters high and dry and unable to buy tickets. Keen to know if you would accept a payment system as "IPS" if its rail does not provide the features listed by you but overlay apps do?

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What is an Inclusive and Instant Payment System (IIPS)?

Ketharaman Swaminathan

Ketharaman Swaminathan

While it doesn't have the same ring about it as RTP, FPS, and the other acronyms, RTRP (real-time retail payments) is the most factually accurate term. I'm amazed at how companies that are purportedly subject matter experts in payments play footloose with terminology, pass it on to Wannabe Experts who play more footloose until it reaches the common man who posts total garbage. To take an example, ACI compiled a global league table of "Real Time Payments Leaders" based on "Number of Real Time Transactions". It obviously excluded RTGS, which is very much a Real Time Transaction. It also excluded TPV (Total Payments Value) of A2A RTP. Then Statista converted this data into a chart which was labeled "Payments". Right, no mention of Digital Payments or Real Time Payments, let alone Retail Payments - it just said Payments. Then a rando on Twitter circulated the Statista report calling it "Digital Payments". Click here for details. Then an alma matter circulated this on our alumni WhatsApp Group claiming that UPI from India will shortly replace the digital payments infrastructure of USA!!!

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What is an Inclusive and Instant Payment System (IIPS)?

Muhammad Faizan Siddiqui

Muhammad Faizan Siddiqui

Great article! The emphasis on "inclusive interoperability" really stood out. Moving from "allowed to participate" to "enabled to participate" captures the essence of true financial inclusion. Thanks for shining a light on the need for inclusivity in the financial realm.

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Featured

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Klarna claims European momentum

New Jersey limits merchant fees that penalise card holders

JP Morgan offers merchants Tap to Pay on iPhone

Irish fintech funding slows down

The long read

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Kirsty Morris

Why contactless payments are critical for business growth

Kirsty Morris - MD of commercial solutions, Barclaycard Payments

Elsewhere...

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Madhvi Mavadiya

How to design a payments system that never fails

Madhvi Mavadiya - Finextra Research