Mastercard has announced it is to work with blockchain specialist R3 “to develop and pilot a new blockchain-enabled cross-border payments solution that will initially focus on connecting global faster payments infrastructures, schemes and banks supported by a clearing and settlement network operated by Mastercard”... More
Banks to join in new payment service — The Japan News — “The new service will allow consumers to make payments by presenting QR codes displayed on their smartphones to code readers installed at shops and other places. Purchased amounts will be debited from their bank accounts in real time.”
The Fed proposes an always-on settlement system for faster payments — Digital Transactions — “The new proposal has two major facets. One outlines the RTGS plan for settlement of payments every day at all times. The other involves a so-called liquidity tool the Fed says could increase banks’ participation in a real-time system by limiting exposure that can arise outside of business hours. The general idea behind both is to reduce the risk from providing funds to payment recipients before settlement has actually occurred.”
Real-time payment system growth surging worldwide — FIS — “FIS identified 40 live real-time payments programs worldwide as part of its 2018 Flavors of Fast report, up from 25 in 2017 and nearly three times as many as 2014. The report found five payments programs under development, plus another 16 expected to be live in the next 12-18 months.”
Tinkoff and Sberbank launch P2P money transfers using just a mobile number — Tinkoff Bank — “Tinkoff Bank has launched a joint initiative with Sberbank to allow their customers to make P2P money transfers using a mobile number… Tinkoff Bank is also actively involved in the development of a rapid payment system (SBP), which will allow customers to make instant transfers using other identifiers (such as email address, TIN, SNILS, social network accounts, etc) anywhere and at any time, regardless of the beneficiary bank.”
One in four European merchants has experienced data theft — ACI Worldwide — “80% of European merchants believe that real-time payments will replace the use of debit or credit cards over time (in the Netherlands, 100% of merchants hold this view; in Belgium 87% and Germany 84%), 76% of merchants believe that real-time payments will help to save their business money, 63% believe real-time payments will reduce their payments acceptance costs. Half of all European merchants (48%) plan to increase their investment in payments technology in 2018.”
“Tokenization has succeeded in mitigating fraud elsewhere in mobile payments, and is now ready to do the same for real-time payments, enabling account-based transactions to be processed faster and safer than ever before,” Rambus’ David Worthington explains in a new white paper that is now available to download from the NFC World Knowledge Centre... More
Big bank-backed Beem It launches Aussie payments app — ZDNet — “The Commonwealth Bank, NAB, and Westpac joined forces to create Beem It, allowing the real-time transfer of funds… The app enables sending and receiving money, with an interface reminiscent of a social media app… ‘It’s using Eftpos, and Visa debit card payment rails,’ Beem It chief product and development officer Deepesh Banerji said.”
Australia’s new payments platform goes live — ITNews — “The NPP [New Payments Platform] works like a ‘secure set of rails’ between banks so they can send payment messages in real time to each other via the Reserve Bank. The platform allows services to run on top of the NPP — like Bpay’s Osko, which is the first so-called overlay service to arrive on the platform. Osko lets consumers transfer money to someone via their mobile phone number or email address in real-time, 24/7. It also enables them to send a 280-character description with their payment.”
PARTNER NEWS: 2018 will see the emergence of omnichannel tokenization, a wealth of new payment use-cases such as connected cars, and the rise of ‘merchant pay’ — retailer issued mobile wallets — according to Rambus... More
First new core payments system in the US in more than 40 years initiates first live payments — The Clearing House — “’RTP is one of the most important payment transformation efforts in our industry. It goes far beyond helping financial institutions address the legacy challenges of payment processing in the US (speed, transparency, cost) and improving the client experience. Bringing online a truly real time, two way, 24×7 payment and messaging system will create new scenarios and entire new markets in ways we have not even anticipated,’ said Ian Stewart, CEO of BNY Mellon Treasury Services.”
Reimagining banking, DBS launches world’s largest banking API developer platform — DBS Bank — “With 155 APIs at launch for Singapore across more than 20 categories such as funds transfers, rewards, PayLah! and real-time payments, the platform will offer the world’s largest number of, and most relevant, banking APIs… More than 50 companies including household names such as AIG, McDonald’s, MSIG, PropertyGuru, as well as start-ups like Activpass, FoodPanda, Homage, and soCash have already hopped onto the platform.”
Visa to transform payments in Europe with Visa Direct — a real-time payments platform with global reach — Visa — “With Visa Direct, funds can be transferred into the recipient’s Visa account quickly, conveniently, and securely — providing instant access to funds and the ability to make purchases at 44m retail locations worldwide.”
Mastercard and The Clearing House partner on tokenization solution — Mastercard — “The Clearing House (TCH) and Mastercard announced they are partnering to enable TCH to provision and manage Mastercard-branded tokens on behalf of banks… The Clearing House will launch its card tokenization solution in the next quarter, and is in the process of extending tokenization to other networks it manages, including Real-Time Payments (RTP).”
Real-time payments to be launched after Australia Day — The Sydney Morning Herald — “The A$1bn project, triggered by a 2012 review of Australia’s payment infrastructure, will mean customers of different banks will be able to make and receive real-time payments, 24 hours a day and seven days a week… It will also allow consumers to arrange payments using their ‘PayID,’ such as a mobile phone number, instead of an account number or BSB. Customers will also be able to include 280 characters of text with a payment, up from 18 now.”
Residents across East London can now make mobile payments at small businesses with a local currency launched by Tel-Aviv-based digital wallet provider Colu which makes use of blockchain technology... More
Significant confusion and a high level of fragmentation can be expected over the next five years as European financial institutions become accustomed to new regulations under the Payment Services Directive (PSD2) which will open the door to new competition within the European payment services market, says Nordea Bank’s vice president of strategic business development, transaction banking and business innovation. More
Mastercard and Visa have joined Early Warning’s peer-to-peer network ClearXChange, allowing US consumers to send money to others using their Mastercard or Visa credit and debit cards... More
Customers of Capital One in the US can now make real-time P2P transactions through Early Warning’s bank-led digital payments network ClearXChange... More
Customers of Wells Fargo in the US will soon be able to make real-time P2P transactions through Early Warning’s bank-led digital payments network ClearXChange... More
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