• The future of B2B payments in Europe - key drivers of change and trends —

    Alain Raes, SWIFT, explained the key drivers and trends that could lead to the future of 21st century B2B payments in Europe Ever since the creation of the internet, we have come to expect ‘always on, always available’ communications across every aspect of our lives. As the payments industry evolved from paper-based to digital, these growing expectations have proven to be challenging. In B2B cross-border transactions, for example, supply chains frequently move faster than the underlying payments, leading to inefficiencies and loss of value. Today, a generational shift is underway in payments industry infrastructure and technology that promises to deliver 21st century speed, transparency, and efficiency to B2B payments. Within this article, we highlight key drivers and trends.
  • Mastercard Offers Real-Time Payments To Support Gig Workers —

    Mastercard has announced a service to help people in the gig economy who have to tie together income from a variety of jobs, contracts and part-time gigs like dog walking. In an alliance with Evolve Bank & Trust, Mastercard said  it is using Mastercard Send, the company’s push payment solution, to enable pay advances, which is expected to have greater appeal to people working without traditional paychecks.
  • 'Social media-to-social media, bank-to-bank payments scheme in India is the most intelligent system

    The rise of digitisation has been accompanied by the unprecedented growth of real-time payments. In an exclusive interview with CNBC-TV18’s Shashwat DC, President and CEO of ACI Worldwide Philip Heasley weighs in on why this is a good thing, and what it means in the Indian context, and much more.  Excerpts from the interview: What gives real-time payments an edge over conventional methods like credit and debit cards, especially in our digital-first world? Cards are very efficient; they’re very global. They’ve got acceptance all around the world, but they’re a fairly expensive way of doing business. You know, ACI is a 44-year-old company. We have been committed to real-time payments our entire existence. Depending on the market, we tend to find which of our products the market embraces. We’ve been in it a long time, and our positioning is that we are not committed to any digital scheme, any real-time scheme. We’re there to facilitate every scheme because we believe that money will be fungible over time. So, if you go and put the right pipes together, you are able to execute a payment, regardless of what type it is.
  • PayThink Banks' complex B2B payments opens the door for fintechs —

    When business owners apply for merchant accounts at their financial institution, the process entails stacks of confusing paperwork and waiting for acceptance. Instead, business owners need a simple tool that enables them to put their finances on cruise control and focus on their passion— a tool that simplifies the payment process altogether. Businesses trust their financial institutions to deliver faster payment options and reliable customer service, rather than third-party providers.
  • SWIFT payments trial cuts Australia-Singapore cash transfer to 13 seconds —

    Global payment services provider SWIFT has completed a trial to integrate its cross-border instant payments service gpi Instant into Singapore’s domestic instant payment service, Fast And Secure Transfers (FAST) – with the fastest payment in the trial from Australia into Singapore processed via FAST in only 13 seconds. The successful trial which involved 17 banks across seven countries – Australia, China, Canada, Luxembourg, The Netherlands, Singapore and Thailand – saw cross-border payments between these continents settle within 25 seconds.
  • How Artificial Intelligence is changing the way SMEs make and receive payments —

    It is well documented how A.I./machine learning has been used over the past 30 years to help financial institutions prevent fraud on consumer credit cards. The reason why this was a particularly good use case for the first advances of this technology, was the ever-growing amount of data. As we know neural/machine learning technology learns and performs better when there is more data. As the commercial landscape has changed with more e/m-commerce, machine learning technology has had to evolve. The reason A.I. is such an important part of the fraud prevention suite of tools is that traditional rules engines have limits, and the modern fraudster spends a lot of time mimicking good customers – i.e. hiding in the data. Today’s fraudsters are very good at detecting vulnerabilities in operational and application management processes by targeting the weak links.
  • Real-Time Payments are Here for the U.S., Unless …

    We live in a rapid-paced world in which we can send a message across the world in seconds or have almost anything delivered to our door within 24 hours. However, our ability to send and receive payments has greatly lagged the digital revolution, as anyone who’s been forced to wait a day (or more) for the funds in a deposited check to be available or received a late fee for a utility bill mailed a week ahead of time. For millions of American households this is more than just a mere inconvenience — the delay in accessing bank deposits can force them to resort to check-cashing centers, payday lenders or other costly financial intermediaries to manage their expenses.
  • Why Corporates Must Be Weary Of Crypto’s Fraud Risks —

    In corporate payments, crypto was — and often still is — questionable. Though innovators and analysts often turned toward bitcoin’s underlying infrastructure, blockchain, as the real source of opportunity to address B2B payments friction, cryptocurrency itself was rarely discussed as a viable option to do the same. But when JPMorgan Chase announced earlier this year that it is developing a proprietary cryptocurrency, the JPM Coin, the financial institution had corporate transactions squarely in its focus for the technology. The JPM Coin has garnered significant criticism and pushback, with some questioning whether the technology can technically be called a cryptocurrency at all. But JPMorgan’s initiative suddenly surged the crypto conversation back into the world of B2B payments. Even Ripple CEO Brad Garlinghouse couldn’t deny the implications for JPMorgan’s endeavor.
  • Of Libra and Faster Payments —

    Two of my favorite payments topics, Facebook’s Libra concept and faster payments came together in a column in Forbes. This article suggests to the Fed that they slow down and contemplate the topic of Libra more deliberately and speed up a decision to build and support a faster payments solution in the U.S. I think the Fed and Congress have put the brakes on Libra, if they haven’t killed it outright. Federal Reserve Board Chairman Powell’s comments, that “Libra raises serious concerns regarding privacy, money laundering, consumer protection, financial stability,” and the project “cannot go forward” as it currently stands, and Senator Sherrod Brown’s more fiery comment that allowing Facebook to move forward would be like “toddler who has gotten his hands on a book of matches”, makes it difficult to see a bright future for Libra.
  • Citigroup, JPMorgan CEOs shrug off Libra’s potential to impact their card business

    While power brokers on Capitol Hill put Facebook’s Libra under the microscope this week, the yet-to-launch cryptocurrency is also getting its fair share of attention on Wall Street.  Both Citigroup and JPMorgan executives weighed in on the imminent crypto during their firm’s respective earnings calls, raising questions about how it could upend an increasingly important part of the business: consumer banking.  Within card businesses, Citigroup saw purchase volumes grow by more than 8%, while JPMorgan’s volumes grew by more than 11% to over $190 billion worth of quarterly volume. Goldman Sachs, which currently is ramping up heavier investment into its consumer business Marcus, is the only large U.S bank so far to report lower year-over-year profit in 2Q, according to the Wall Street Journal.
  • Why Trust Is The Super Glue To Making Cross-Border Payments Work —

    Trust is important for all of payment, commerce and financial services – it is more or less the glue that holds transactions together. Without foundations of trust, no transaction can get off the runway. And when it comes to cross-border transactions, that importance increases exponentially, simply by the nature of that activity. The parties don’t know each other, and are often separated by language and time zone barriers that can make communication a tremendous challenge. That is the big challenge for cross-border payments experts, InstaReM CTO Nilesh Pathak told Karen Webster in a recent PYMNTS interview – overcoming those barriers to trust that serve as friction points when partners are trading across borders. The good news, however, is that for the first time, simultaneous advances in authentication, validation and payments worldwide are changing the way cross-border transactions are happening. The technology, he noted, is starting to get ahead of the problem and neutralize the pain points.
  • Bank of America Q2 Saw $18B In Zelle Payments —

    Zelle P2P payments increased 79 percent year-over-year (YoY)  in the second quarter of 2019, Bank of America said Wednesday (July 17), signaling the latest burst of growth for that payment method. During that quarter, consumers made 69 million payments worth $18 billion via Zelle. In its Q2 2019 financial release, Bank of America also gave updates on its mobile and digital efforts. The financial institution said 25 percent of all consumer sales were digital and 50 percent of all digital sales came via mobile. In all, Bank of America now has 37.3 million active digital banking users, along with 27.8 million active mobile banking users. The earnings report also said that 7.6 million consumers have completed 55 million “interactions” with the financial institution’s virtual assistant, Erica, since it was launched in late 2016.
  • Go Slow On Libra. Speed Up On Faster Payments —

    Libra, the new Facebook-led effort to create a real-time, blockchain-based payments system, has received a cool reception from pundits, politicians, and even some of its own partners since its unveiling last month. Now, the verdict that matters the most is in: Federal Reserve Chairman Jerome Powell told Congress that Libra “raises serious concerns” and “cannot go forward” without further study from a new task force and regulator support. We all know that could take a while. So, in the meantime, here’s a suggestion: Powell should pull the trigger and instruct the Fed to deliver on faster payments.
  • Swift goes live with gpi for corporates —

    SWIFT today announces the further enhancement of its gpi service with the full go-live of SWIFT gpi for corporates, a capability designed and built in conjunction with banks and corporates which enables multi-banked corporates to initiate and track payments across multiple banks directly from their treasury and payment systems. More than 50 of the world’s largest companies - including LVMH, Microsoft and Petronas - have already signed up to the service. The go-live follows a successful pilot with 22 corporates and banks - including Airbus,, General Electric, Bank of America Merrill Lynch, BNP Paribas, Citi, Deutsche Bank, J.P. Morgan, Societe Generale and Standard Chartered Bank - that collaborated to scope the project, define the standard and business practices, and test the functionality within their treasury systems.
  • Alternative payments on the rise —

    Alternative payments now account for more than half (51 per cent) of e-commerce transactions for travel worldwide and there are now more than 300 ways to pay, according to a new report. Research commissioned by Amadeus and PPRO for The Travel Payments Guide shows Asia is leading the charge on alternative ways to pay, such as e-wallets and bank transfers. E-wallets are now twice as popular as cards in China, where Alipay and WeChat have grown to immense popularity. This form of payment now accounts for 49 per cent of the country’s US$155 billion digital travel spend.
  • SWIFT gpi Service For Multi-Banked Corporates Goes Live —

    More than 50 of the world’s largest companies have already started using a new service that enhances payment flows, allowing a single view of transactions across multi-banked corporates. SWIFT announced July 17 that its global payments innovation (gpi) service now offers a full go-live function, giving corporates the power to initiate and track payments across multiple banks, SWIFT said in a press release. The service allows a single, centralized view across all banking partners in real-time, facilitating accurate reconciliation. Marc Delbaere, head of Corporates and Trade at SWIFT, called gpi for corporates “the result of ground-breaking collaboration between corporates and banks to revolutionize cross-border payments for corporates. It creates a rule book which standardizes and centralizes their multi-bank information, providing unrivaled visibility, as well as saving them time and money.”
  • PayThink For true 'real-time' payments, banks must be involved —

    There is a common misunderstanding that all of the “real-time” payment networks deployed worldwide deliver similar, if not the same, accessibility to funds without restriction—the assumption being that funds are transferred immediately from the general possession of a sender to the general possession of a recipient. In reality, however, the term “general possession” can be misleading, especially in wallet-based networks that require an additional period of time to clear due to settlement lag in the funds transfer. Inevitably, this results in different meanings for different payment networks.
  • US senators warn of 'trust' gap over Facebook digital currency —

    US senators Tuesday questioned whether Facebook can be trusted to manage its proposed Libra digital currency in the first public hearing into the plan on Tuesday. The lawmakers were the latest to criticize Facebook's digital coin plan unveiled last month with two dozen partners and touted as a way to lower costs and facilitate cross-border money transfers. David Marcus, Facebook's executive heading the Libra effort, defended the plan during a more than two-hour Senate Banking Committee hearing while pledging to comply with all regulations to thwart money laundering and criminal activity.
  • The Playbook to Faster Payments: Nacha Partners With the FPC to Provide Faster Payments Education

    With faster payments becoming more popular, Nacha and the U.S. Faster Payments Council (FPC), two major players in the payments space, have announced that they will be collaborating to ensure that financial institutions, businesses, and other stakeholders have the information they need to adopt the right faster payments solutions for their organization. At Nacha’s Smarter. Faster. Payments 2019 event in May, the two groups revealed that they will be partnering to create the Faster Payments Playbook, an educational resource intended to aid financial institutions and other audiences as they develop a faster payments strategy.
  • David Schwartz reveals how Ripple is fixing the broken payment industry —

    So far, Ripple as a San Francisco based blockchain company is revolutionizing the payment system via its various blockchain products such as RippleNet, xCurrent, xRapid, xVia, xPring, and more. In a conference conducted during June 2019, David Schwartz highlights use cases of Ripple’s underlying technologies on a focused topic “The Future of Digital Currency: Blockchain Beyond the Hype.” In a continuous speech, he states that Ripple’s enterprise payment network comprises of three products; • One to process real-time payments • One is sort of like the browser to send the payments • One to provide on-demand liquidity