Announcements

  • PNC Joins RippleNet for X-Border Payments—PYMNTS.com

    The treasury management unit of PNC Bank is joining RippleNet, the firm said on Wednesday (Sept. 19). PNC Treasury Management joined the Ripple cross-border payments network that uses blockchain to facilitate global transactions. As members of the network, corporate customers of PNC Treasury Management will be able to receive cross-border payments, the FI said, adding that the solution can help them receive payments against their invoices more quickly for streamlined accounts receivable.
  • Financial Services Seizing the Opportunity in New York—Finextra

    Innovation in Payments, Technology and Cyber Risk Management were all key topics at the Swift Business Forum New York 2018. 600 financial services professionals and industry experts recently gathered in the Big Apple to discuss the opportunities that innovation and collaboration provide.
  • SMBs Claim Control Over Finances with B2B Payments Innovation—PYMNTS.com

    There is a disconnect between the payment options businesses offer their customers and the options businesses use to pay each other. Between real-time payment options, one-click buy buttons and instant credit transfer schemes, consumers get the gold standard when it comes to payments solutions.
  • OCC Issues New Policy Permitting FinTechs to Apply for Bank Charters—NEACH Payments Report

    On July 31, the Office of the Comptroller of the Currency ("OCC") announced its much-anticipated decision to permit non-depository financial technology ("FinTech") companies to apply for special purpose national bank ("SPNB") charters.  The announcement came on the heels of a Treasury Department report issued the same day that, among other things, encouraged the OCC to finalize the SPNB charter proposal.  Details about the new SPNB charter were published in the form of a Policy Statement and a Supplement to the Comptroller's Licensing Manual.
  • ACH Volumes Rising, as is Interest in Fraud Precautions—Credit Union Times

    Monthly ACH volume has hit an all-time high, topping 2 billion transactions and $4.5 trillion in payments in August, according to NACHA – The Electronic Payments Association. Those numbers represent a 10% increase in transaction volume and a 12% increase in dollar value over August 2017. NACHA said it’s on track to add more than a billion new ACH payments for the fourth year in a row.
  • More is Better When It Comes to Same Day ACH—Payments Journal

    With the success of the rollout of Same Day ACH, the membership of NACHA has just approved the proposed rules change to provide another Same Day ACH processing window and to expand the processing day by 2 hours…In addition to providing more access and an expanded processing day, NACHA has also expanded the per transaction dollar limit from $25,000 to $100,000.  Financial institutions don’t have to provide the full $100,000 to their customers, but for those businesses that have a good risk profile, the expanded capacity will be useful and may offer an alternative to more expensive wire transfers.
  • Mastercard Collaborates With Microsoft to Expand in B2B -- Payments Journal

    The B2B space continues to buzz with activity, including various initiatives on the part of the branded card networks during the past couple of years.  The push into a more central role in the global B2B payments space is one of the key goals of course. One of the more busy organizations has been Mastercard, who have in the past two years expanded their reach into B2B beyond the traditional cards-based schemes. The acquisition of Vocalink and strategic partnership with AvidXchange (Mastercard B2B Hub) are two examples of strategy execution to both extend products and services into the growing real-time payments rails around the globe while also drilling into the broader accounts payable digitization expansion, where cards-based products have historically been underutilized. This referenced posting from Zacks is essentially a summary of the press release for the announced collaboration between Mastercard and Microsoft for a new B2B business enabling system called Mastercard Track.  It is being marketed as a global trade platform.
  • As Transaction Volume Grows, NACHA Smooths out the Road for Same-Day ACH -- Digital Transactions

    With volume building for same-day processing of automated clearing house items, the regulatory body for the extensive ACH network announced Monday a trio of enhancements aimed at, among other things, raising the dollar limit on the faster transfers and making credit funds available faster during the processing day.
  • NACHA Approves Expansion Of Same Day ACH -- PYMNTS.com

    NACHA — The Electronic Payments Association — announced that its membership has approved three new rules that will expand Same-Day ACH for all financial institutions and their customers.
  • Uber’s “Pay with Venmo” signals the slow death of POS—Payments Source

    On the heels of the industry’s transition to chip card technology in the U.S. and intense competition from upstarts like Square, Poynt, and Clover, point of sale card readers have struggled to remain relevant. And as further evidence of the impending “card-less takeover,” Uber recently introduced a “Pay with Venmo” option as part of an ongoing partnership with PayPal. If you haven’t seen the news, the feature will allow Uber riders to pay for a trip with the money sitting in their Venmo accounts.
  • Don’t let the trade-war divert attention from payments innovation—Payments Source

    Despite a year filled with talk of trade wars and tariffs, and uncertainty around international trade agreements, the increase of globalization means that cross-border trade and payments are more important than ever before. Whether it’s video game consoles coming to Washington or precious stones to New York, imports (and exports as well) are a vital part of local economies.
  • ACI Worldwide & SWIFT empower banks to take advantage of real-time, cross-border payments revolution

    ACI, the first certified vendor of SWIFT gpi solutions and a SWIFT partner for more than 20 years, is offering two new capabilities to help banks derive the full value of SWIFT gpi –ACI Swift gpi Data Service and ACI SWIFT gpi Connect. Both are designed to enable banks to take full advantage of today’s new real-time, cross-border payment opportunities, and differentiate their services from competitors, both those that are gpi-enabled and those that have yet to join.
  • Shedding light on FX and supply chain risks amid cross-border payments—PYMNTS

    As FinTechs step into the cross-border payments and foreign exchange (FX) management space, there are more solutions available than ever before for corporates seeking to gain speed and security in payments – and manage risk along the way. To that end, Deutsche Bank’s Global Transaction Banking Unit released a report that shows faster payments are spurring corporate treasurers to get a bit faster, too. Adopting real-time business processes has led them to embrace real-time FX management.
  • Mastercard and Dream Payments Launch an API to Power Digital Payments for the Insurance Industry

    Dream Payments, a digital platform for banks and insurers, today announced that it has released a simpler way for insurers to optimize their claims systems and offer digital payments to consumers. With the Dream Claims Payment API, the first of its kind exclusively for the insurance industry, insurance companies can now more easily connect to the Dream Payments Hub and the Mastercard Send platform to pay claims digitally, rapidly and securely into the bank accounts and debit cards of their customers.
  • PODCAST: The Rise and Success of Zelle—Payments Journal

  • PayPal’s Funds Now gives SMBs instant access to sales—PYMNTS.com

    When it comes to running a small business that accepts electronic payments, there are two words that business owners don’t like to hear from their merchant services provider: holds and reserves. Those words, of course, describe the decades-old standard practice of having merchant processors hold funds in reserve or hold back a small percentage of each sale to reduce the risk of chargebacks and fraud.
  • GRAFT announces key milestone for cryptocurrency transactions- Businesswire

    GRAFT, the blockchain payment network innovator offering the first fully-decentralized, multi-currency payment processing network and ecosystem, is today announcing that it has achieved its first end-to-end instant (under 2 seconds) transaction on the GRAFT Network alphanet, a critical milestone which serves as a precursor to enabling the use of cryptocurrencies like Bitcoin at the point of sale using existing smart payment terminals.
  • Should your company accept bitcoin and other cryptocurrencies—Forbes

    While your organization may have already grappled with whether or not to add PayPal, Square or Apple Pay to your payment options, adding the ability to accept cryptocurrency is a bit different. Deciding to accept cryptocurrencies is more like the decision to accept foreign currencies than just choosing to add a new form of payment processor.
  • Today in Data: The challenges of speeding up payments while slowing down fraud—PYMNTS.com

    An awful lot of dark money moves round the world each year – between 2 and 5 percent of global GDP by UN estimates. And that figure could get bigger before it gets smaller, as payments and FIs and security experts are trying to figure out the increasingly digital world, and laboring to make it faster and less friction-filled, while also making it safer and more secure.
  • Helping banks find fraudsters in waiting—PYMNTS.com

    Banking during the pre-digital days involved transport. One had to visit a branch — and remember, there is a reason people still joke about bankers’ hours — wait for an employee and fill out paperwork. But in a new PYMNTS interview, DataVisor CEO and Co-Founder Yinglian Xie told Karen Webster that digital technology has created convenient access to financial services for everyone, everywhere in the world.