Fintech News

JUNE 4, 2024

The Bank for International Settlements (BIS) has launched Project Rialto to test the potential for improving instant cross-border payments through a combination of a modular foreign exchange (FX) component and wholesale central bank digital currencies (wCBDC).

Cross-Border Payments 94

Cross-Border Payments Cross-Border CBDC Settlement 94

The Paypers

APRIL 15, 2020

The Central Bank of Brazil has started a new phase in the testing process for Pix, the upcoming national instant payments platform.

Central Bank 50

Central Bank Instant Payments Settlement Payments 50

PYMNTS

MARCH 17, 2020

While some geographies have opted to collaborate with the private sector to develop their own national instant payment networks, others are adopting solutions like RippleNet and SWIFT gpi to modernize their banks’ capabilities. Hungary Welcomes Instant Payments. Curacao Takes Steps Toward Instant Payments.

Instant Payments 98

Instant Payments Payment Networks Cross-Border Payments Cross-Border 98

Fintech News

JULY 3, 2024

The Bank for International Settlements (BIS) and its partners have revealed the comprehensive blueprint for phase three of Project Nexus, which seeks to address longstanding challenges in international money transfers by leveraging the power of domestic instant payment systems (IPS). trillion by 2025.

Cross-Border Payments 116

Cross-Border Payments Cross-Border Instant Payments Central Bank 116

PYMNTS

OCTOBER 12, 2020

In an interview with Karen Webster, Boston Federal Reserve Chief Operating Officer and FedNow Program Executive Ken Montgomery said the central bank’s ambitious payments initiative remains on track — and will inject competition into the instant payments market. The Timeframe .

Instant Payments 97

Instant Payments FedNow Fed Interoperability 97

Fintech Finance

JUNE 18, 2024

Instant cross-border payments processed by STET , one of the leading European clearing and settlement systems, (CSM) and ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, have reached a new record high. billion in 2023 to 38.6 billion in 2028.

Cross-Border 91

Cross-Border Cross-Border Payments Transactions Instant Payments 91

PYMNTS

OCTOBER 12, 2020

The recently released report by the Bank for International Settlements ( BIS ) offers a general framework for digital currencies. The BIS noted of central bank digital currency ( CBDC ) that “a CBDC could provide a complementary central bank money to the public, supporting a more resilient and diverse domestic payment system.

Central Bank 93

Central Bank CBDC FedNow Digital Currency 93

PYMNTS

MAY 29, 2019

A European Central Bank ( ECB ) official is throwing his support towards wholesale central bank digital currencies (CBDCs). While a retail CBDC would be available for the general public, wholesale would serve a limited circle, primarily banks. Vasiliauskas is contemplating both sides.

Central Bank 76

Central Bank Digital Currency CBDC Liquidity Risk 76

The Fintech Times

JULY 1, 2024

The Bank for International Settlements (BIS) has completed a comprehensive blueprint for the third phase of Project Nexus, enabling ready participants to work towards the next stage of seamlessly connecting their instant payment systems (IPSs).

Cross-Border Payments 78

Cross-Border Payments Cross-Border Central Bank Instant Payments 78

Fintech News

APRIL 3, 2024

The Central Bank of Brunei Darussalam (BDCB) and the Bank of the Lao PDR (BOL) have formally joined the Regional Payment Connectivity (RPC) initiative. predicts explosive growth in ASEAN’s digital payment market, reaching US$2 trillion by 2030. A report by Google, Temasek, and Bain & Co.

Cross-Border Payments 133

Cross-Border Payments Cross-Border Central Bank Payments 133

PYMNTS

AUGUST 7, 2020

Federal Reserve Board members this week shed some light on the timing and mechanics of FedNow — an always-on, fully interoperable interbank-settlement service that will give rise to instant payments in the United States. Lael Brainard said the coronavirus crisis has heightened the need for instant payments.

Instant Payments 75

Instant Payments Fed FedNow Interbank Settlement 75

The Paypers

MARCH 6, 2020

Aruba’s entire banking community has switched to Instant Payments (IP) using the Clearing and Settlement Mechanism (IP CSM) of the Centrale Bank van Aruba (CBA), which was implemented by equensWorldline.

Central Bank 31

Central Bank Instant Payments Settlement Payments 31

PYMNTS

OCTOBER 16, 2020

It was a busy week for commerce and payments, as consumers are harnessing connected devices for digital-first shopping and firms are looking to harness tools to speed up business-to-business (B2B) disbursements and payments. Fifth Third Bank: Business Cash Flow Pains Are Driving Instant Payments Uptake.

Instant Payments 95

Instant Payments Card Issuer Online and Mobile Banking Federal Reserve 95

Fintech Finance

JULY 4, 2024

Incorporating offline capabilities into digital payments can overcome these challenges. The success of several CBDC pilot projects around the globe has demonstrated the importance of offline payments. This allows the expansion of their customer base by offering more inclusive and resilient payment services.

Digital Payments 91

Digital Payments Online and Mobile Banking Financial Inclusion Central Bank 91

PYMNTS

APRIL 3, 2020

Sweden is the latest country to join the European Central Bank’s (ECB) instant payments platform in an effort to ease electronic payments. It will allow providers of payment services to transfer and settle their customers’ funds in real time, 24/7, and settle the payments in central bank money.

Real Time Payments 75

Real Time Payments Central Bank Instant Payments Agreements 75

The Fintech Times

JUNE 21, 2024

Since 2017, STET , the European clearing and settlement systems (CSM) and ACI Worldwide , the real-time payments software provider, have been working together to offer seamless, instant payments across the Single Euro Payments Area (SEPA). billion in 2023 to 38.6 billion in 2028. billion in 2023 to 38.6

Cross-Border Payments 59

Cross-Border Payments Cross-Border Process Instant Payments 59

PYMNTS

JUNE 27, 2019

In light of competition from Facebook and other tech firms and banking firms, the European Union could potentially have a real-time payments system in place by 2020, according to a report by Reuters. . Goosse said that by 2020, instant payments could spread to all banks in the EU. So we have no time.”.

Instant Payments 46

Instant Payments Real Time Payments Settlement Payments 46

PYMNTS

JUNE 30, 2017

The European Central Bank (ECB) has announced its plans for a new instant payments and settlement system that will enable businesses and consumers to send money in real-time across 19 countries. While collaboration with banks is in the cards, participation will not be mandatory.

Instant Payments 41

Instant Payments Settlement Message Standards Central Bank 41

The Paypers

NOVEMBER 27, 2020

The Central Bank of Iceland (CBI) and SIA have gone live with the new real-time gross settlement system (RTGS) and the new instant payment platform.

Central Bank 28

Central Bank Instant Payments Settlement Payments 28

Fintech Finance

MAY 14, 2024

On 7th February 2024 the European Parliament[i] mandated that instant payments (in less than 10 seconds) should be the de facto standard for consumers and businesses in the SEPA zone, with a deadline set of 9th January 2025 to deliver this service.

IBAN 52

IBAN Payment APIs and Integration Instant Payments SWIFT 52

PYMNTS

AUGUST 14, 2020

A week after details of the Federal Reserve’s instant payment initiative emerged, news came via Bloomberg that the central bank is working with the Massachusetts Institute of Technology (MIT) to explore the possibility of issuing digital currency. Digital dollars on the horizon?

Digital Currency 113

Digital Currency Fed Federal Reserve CBDC 113

Fintech News

AUGUST 13, 2024

In a recent webinar hosted by the Fintech News Network, experts from the Bank for International Settlements (BIS), Wise, Airwallex, and LexisNexis Risk Solutions explored the latest trends and developments in cross-border payments, emphasizing the pioneering role of Southeast Asia in this rapidly evolving landscape.

Cross-Border Payments 126

Cross-Border Payments Cross-Border Payments Instant Payments 126

PYMNTS

APRIL 9, 2020

While Sweden continues to use its national currency, the Swedish krona, rather than the euro, the nation has recently signed an agreement with the European Central Bank (ECB) to facilitate real-time electronic payment settlement in krona using Europe’sTARGET Instant Payment Settlement (TIPS) payments infrastructure.

Payment APIs and Integration 83

Payment APIs and Integration Central Bank SWIFT FinTech 83

PYMNTS

DECEMBER 4, 2018

The payment messaging entity SWIFT this past week began implementing its SWIFTNet Instant service that is tied to the Eurosystem’s TARGET Instant Payment Settlement service. The service, as has been reported, lets customers make instant payments from inside the Single Euro Payments Area (also known as SEPA ).

Instant Payments 50

Instant Payments ISO 20022 SWIFT ISOs 50

Fintech News

JANUARY 30, 2024

Other payment trends in Asia preceding 2024 including the rise of B2B buy now pay later (BNPL), growing prominence of central bank digital currency (CBDC), and prevalence of composable, cloud-based ‘as-a-Service’ IT architecture models have helped shape much of what we anticipate for 2024.

Payments Trends 119

Payments Trends Digital Currency Cross-Border Payments Distributed Ledger Technology (DLT) 119

Fintech Finance

SEPTEMBER 10, 2024

s multi-currency account, especially when coupled with their POS system, we’ve been able to consolidate everything into one platform, making it much easier to manage our cash flow and payments. The fast onboarding and instant settlements mean we can focus more on running our business rather than worrying about payments delays.

Accounts 84

Accounts Multi-Currency Payment APIs and Integration Cross-Border 84

Fintech Finance

MARCH 5, 2024

“Utilising our local clearing and settlement connections, we are providing our clients with indirect access to SEPA SCT, SEPA Instant and FPS. There’s no need to connect directly to a clearing house or hold a central bank settlement account.

IBAN 52

IBAN Innovation Payment APIs and Integration Cross-Border Payments 52

PYMNTS

JULY 1, 2020

The initiative has the support of every major French bank, Deutsche Bank and Commerzbank in Germany, Santander in Spain and Banca Intesa Sanpaolo in Italy. In addition, PEPSI is backed by the European Central Bank (ECB) and the European Commission.

Visa 130

Visa Online and Mobile Banking eWallet Central Bank 130

PYMNTS

MAY 20, 2020

The European Central Bank (ECB) is the European Union’s foremost regulatory body. Accomplishing this task poses a unique set of challenges, however, particularly when it comes to real-time payments. Making cross-border payments in the EU therefore requires interconnectivity between the regions’ various real-time payments rails.

Real Time Payments 84

Real Time Payments Cross-Border Cross-Border Payments Central Bank 84

PYMNTS

AUGUST 7, 2020

To remedy the problem, the Reserve Bank of India supports an option for offline payments through cards, wallets and mobile devices. The country’s central bank has proposed a pilot program for such a platform with built-in safety and liability protections for users. It’s going to be a long-drawn process,” he said.

Digital Payments 106

Digital Payments Central Bank Online and Mobile Banking Disputes 106

PYMNTS

AUGUST 9, 2020

Not everyone favors the Federal Reserve Board’s launch of its settlement service designed to eliminate the three-day check clearing and support instant payments in the U.S. payment system.

FedNow 72

FedNow Fed Federal Reserve Instant Payments 72

PYMNTS

NOVEMBER 16, 2020

Real-time payments continue to gain traction around the world. The country’s banking system is giving an upgrade to its instant payments system. Called PIX , the new payment rails have been in the works for some time and launched last week. and is the country’s current domestic clearing and settlement system.

Real Time Payments 131

Real Time Payments Wire Transfer Push-to-Card Credit Cards 131

PYMNTS

JULY 30, 2020

The Bank of England (BoE) is pushing ahead with an overhaul of a key part of the United Kingdom’s financial payments infrastructure. The new system, slated to debut in 2022, will also have the capability to handle a central bank digital currency (CBDC), such as a digital pound, CoinDesk reports.

Real Time Gross Settlement (RTGS) 63

Real Time Gross Settlement (RTGS) Digital Currency Central Bank CBDC 63

PYMNTS

NOVEMBER 30, 2018

The European Central Bank launched the TARGET Instant Payment Settlement, or TIPS, on Friday (Nov. 30), with the aim of competing with PayPal and other payment tech giants, according to a report by Reuters. PayPal welcomed the news and said it wanted “more collaboration across the payments industry.”.

PayPal 65

PayPal Instant Payments Central Bank NOV 65

PYMNTS

MAY 22, 2020

Having led on issues like consumer data privacy, the European Union (EU) is trying to pull ahead on real-time payments as well. Sweden’s central bank, Sveriges Riksbank, is the newest financial institution (FI) to connect to TIPS, for example. “The The Fed’s Failure.

Faster Payments 137

Faster Payments Real Time Payments Cross-Border Payments 137

PYMNTS

JULY 26, 2020

Since its debut four years ago, India’s Unified Payments Interface (UPI), the instant payment system developed by the National Payments Corp. of India (NPCI) that facilitates inter-bank transactions, has propelled the growth of online payments, the Financial Times (FT) reported.

Volume 123

Volume Transactions Digital Payments Online and Mobile Banking 123

Clearly Payments

OCTOBER 31, 2024

America Biometric Payments 2 Global, especially mobile-first markets Cash Payments 5 Emerging Markets, some developed regions Central Bank Digital Currencies (CBDCs) 1 Asia, Caribbean Credit Cards Overview : Credit cards allow consumers to make purchases on credit, paying later and often with interest.

Online and Mobile Banking 72

Online and Mobile Banking RTP BNPL Debit Card 72