October, 2024

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Gaining Control of Transaction-Based Fee Structures

Payments Next

by Jim Merchant, Senior Program Director at BHMIFacing rising costs, competition, and complexity, many companies in the payments space are continually seeking The post Gaining Control of Transaction-Based Fee Structures first appeared on Payments NEXT.

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How open banking will shape the future of payments

Payments Dive

The Consumer Financial Protection Bureau released its final open banking rule this month, leading the payments and financial services industries to begin preparing for a new era in data-sharing.

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Sneak Peek: 2024 Asia-Pacific Community Meeting Speakers

PCI Security Standards

The excitement is building as we get closer to this year’s Asia-Pacific Community Meeting ! To add to the anticipation, we’re giving you a sneak peek of some of the amazing sessions that will be featured in Hanoi, 20-21 November.

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Bank of England presses on with retail CBDC to plug bank innovation gap

Finextra

The Governor of the Bank of England, Andrew Bailey has re-affirmed his support for a retail central bank digital currency, arguing that central banks are the "only game in town" as commercial banks lack the incentive to push for innovation.

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From Start to Scale: Driving Growth Through Seamless Payments Implementation

Speaker: Michael Veatch, Senior Director, Implementations & Ella Aguirre, Director of Solution Consulting

Embedding payments can be a transformative step for software companies looking to enhance their platform capabilities, boost customer satisfaction, and drive long-term growth. However, the success of payments hinges on a single thing: implementation. Drawing on real-world insights and experiences, payments implementation experts Michael Veatch and Ella Aguirre will explore actionable strategies that can lead to a transparent, friction-free launch and mitigate potential challenges like technical

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FV Bank Announces Launch of VISA Debit and Corporate Expense Cards

Fintech Finance

FV Bank, in partnership with Visa, has today announced at Money20/20 Las Vegas (October 27-30), the launch of FV Bank’s new debit cards and corporate expense cards. Available to both U.S. and international customers and businesses, the individual debit cards and corporate expense cards can be used worldwide, providing individuals and businesses with seamless access to their FV Bank fiat and digital asset custody balances offering global payment convenience and enhanced financial flexibility.

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E-Wallets Rise as Leading Payment Method in Southeast Asia

Fintech News

In Southeast Asia, e-wallets are rapidly emerging as the most used payment method, a trend that’s particularly pronounced in countries like Indonesia and the Philippines where a large proportion of the population still lack access to traditional banking services and where governments are pushing for greater usage of cashless transactions, a new study by Visa shows.

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Toast increases processing fees, adds surcharge feature

Payments Dive

The digital restaurant payments provider raised processing fees for some restaurant clients. Separately, it’s aiding clients in adding surcharges on their customers’ orders.

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Concourse is building AI to automate financial tasks

TechCrunch Fintech

In a typical organization, finance is one of the most important functions. Yet teams are often bogged down by manual workflows. According to a survey by Paylocity, an HR software provider, 38% of finance teams spend more than a fourth of their time on manual jobs, like reviewing invoices. Matthieu Hafemeister, an ex-fintech investor at […] © 2024 TechCrunch.

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Tokenisation use cases to be excited about

Finextra

At Sibos 2024, Angie Walker, Global Head of Banking and Capital Markets, Chainlink Labs, explored the topics of blockchain and tokenisation and how they are transforming the existing world as well as how the technology creates opportunities for the future. While historically, across money market and fixed income funds, high quality liquid assets have not been able to be moved, with tokenisation, these funds can be migrated seamlessly and instantaneously on the ledger.

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Sara Davies, Deborah Meaden and Vicky McClure Launch Campaign for Safer Spending Solution

Fintech Finance

Dragons’ Den stars Sara Davies and Deborah Meaden have joined forces with Our Dementia Choir founder and Line of Duty star Vicky McClure, to back Sibstar ’s Safe Spending For All Campaign. Sibstar, the UK’s leading debit card and app for people living with dementia, is today calling for banks and governments to work closer together to ensure safer spending for financially vulnerable people.

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15 Modern Use Cases for Enterprise Business Intelligence

Large enterprises face unique challenges in optimizing their Business Intelligence (BI) output due to the sheer scale and complexity of their operations. Unlike smaller organizations, where basic BI features and simple dashboards might suffice, enterprises must manage vast amounts of data from diverse sources. What are the top modern BI use cases for enterprise businesses to help you get a leg up on the competition?

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Cambodia Now Accepts QR Payments from International Travellers via Alipay+

Fintech News

Cambodia has rolled out the integration of Alipay+ with its national QR code system, KHQR for seamless international payments. This launch enables users of 12 international payment apps, including Alipay, AlipayHK, GCash, and Touch ‘n Go, to pay at over one million merchants in Cambodia using KHQR, the country’s standardised QR code. More merchants are expected to be progressively added, further expanding payment accessibility in the country.

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Capital One spends $63M on integration of Discover

Bank Automation

Capital One invested heavily in integrating Discover Financial Services in the third quarter as it prepares to acquire the company, providing the transaction is approved by the Federal Reserve. The deal is expected to be finalized in early 2025 if it lands regulatory and shareholder approval, Richard Fairbank, chairman and chief executive at Capital One, […] The post Capital One spends $63M on integration of Discover appeared first on Bank Automation News.

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Hurricane Helene aftermath prompts card, cash troubles

Payments Dive

After the storm ripped through the southeastern U.S., consumers and merchants have been left grappling with card network outages and cash shortages.

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Proactive Credit Risk Management: Developing an Early Warning System

Finezza

As per a report, as of March 31, 2023, 2,623 borrowers classified as wilful defaulters in India owe Rs 1,96,049 crore to the banks in India. This highlights the inherent risks lenders face. Therefore, financial institutions (FIs) need robust credit risk management to minimise risk and boost returns and productivity. An early warning system can […] The post Proactive Credit Risk Management: Developing an Early Warning System appeared first on Finezza Blog.

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eCommerce in 2025: How Customer Experience Drives Online Retail Success

Speaker: Jennifer Wright and Nick Barron

2025 is right around the corner, and with it comes a new wave of consumer expectations, competitive pressures, and operational challenges. Success lies in finding the balance between operational flexibility and creating experiences that keep customers coming back. The future of retail belongs to those who can stay ahead of shifting customer preferences and marketing trends. 🔮 In this session, we’ll dive deep into what it takes to keep customers engaged and your operations nimble, no matt

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Norway's cashless economy drive halted by new cash payment rules

Finextra

Norway's progress to become one of the world's first cashless economy has hit a roadblock under new rules passed by Parliament that oblige shops to accept cash payments alongside other mobile payment and card options.

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BRI Partners with Nium to Expand Real-Time Cross-Border Payment Solutions

Fintech Finance

Nium , the leading global infrastructure for real-time cross-border payments, is thrilled to announce a partnership with Bank Rakyat Indonesia (BRI) to provide Indonesian customers with real-time international money transfer capabilities. This collaboration aims to enhance the cross-border offerings for BRI’s individual and corporate customers, delivering more accessible and cost-effective financial services across Indonesia.

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OCBC Becomes First Singapore Bank to Use Blockchain for Intraday Lending

Fintech News

OCBC announced that it is the first bank in Singapore to offer intraday institutional lending using blockchain technology. This approach aims to maximise returns on excess liquidity through reverse repurchase agreements (reverse repos) conducted on J.P. Morgan’s Digital Financing application, powered by the Onyx Digital Assets platform. OCBC is the first external counterparty with this reverse repo capability on the platform.

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Financial inclusion boosted by AI, open banking, education

Bank Automation

Financial education, accessibility and overall inclusion has improved as technology has advanced in the past decade but many consumers remain unbanked or underbanked. The term “unbanked” refers to people who don’t use any financial institution; “underbanked” refers to those with insufficient access to financial services, according to Merriam-Webster.

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Top Strategies to Future-Proof & Sustain Your Merchant Services Portfolio

Build a sustainable merchant services portfolio with practical strategies to ensure long-term success. Diversify across industries to spread risk and stabilize income, balancing high-risk and low-risk clients for a robust mix. Combine large and small merchants to create a resilient payment portfolio, leveraging each type's strengths. Foster long-term relationships through exceptional service and personalized support.

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Affirm may offer discounts after Fed interest rate cut

Payments Dive

The Federal Reserve’s interest rate reduction may give the company leeway to offer more consumers 0% interest or a lower APR, Affirm CFO Michael Linford said this week.

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Array Acquires Consumer Debt Management Company Payitoff

Finovate

Array , an embedded consumer products platform, has agreed to acquire embedded debt guidance solutions provider Payitoff. Terms of the transaction were not disclosed. The deal will build on Array’s position in the intelligent debt management solutions industry, and further equip the company to help financial institutions, fintechs, and digital brands accelerate growth, create new revenue streams, and enhance the consumer experience. “Financial institutions and other providers of fina

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Confirmation of Payee reaches almost all transactions in the UK

Finextra

Confirmation of Payee in the UK has been extended to cover almost 99% of all transactions made through Faster Payments and Chaps after more financial firms implemented the fraud-fighting protocol.

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Singapore Based WadzChain Launches Hybrid Blockchain to Simplify Global Payments for Businesses

Fintech Finance

WadzChain Network, a global leader in innovative blockchain technology, announced today the launch of one of the world’s first hybrid blockchains intending to transform global payments for businesses. WadzChain’s user-friendly interface and a highly scalable platform offers the ideal solution for businesses looking for secure, scalable, fast and cost-effective transactions locally or across the globe over encrypted blockchain networks.

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Secrets of a Successful Sale: Optimizing Your Checkout Process

Speaker: David Nisbet, Everett Zufelt, and Michaela Weber

Once upon a time, in the vast realm of online commerce, there lived a humble checkout button overlooked by many. Yet, within its humble click lay the power to transform a mere visitor into a loyal customer. 🧐 💡 Getting checkout right can mark the difference between a successful sale and an abandoned cart, yet many businesses fail to make payments a part of their commerce strategy even when it has a direct impact on revenue.

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6 Asian Companies Recognized Among the World’s Most Promising in Cross-Border Payments

Fintech News

FXC Intelligence, a data platform specializing in the cross-border payment and e-commerce sectors, has released its annual selection of the world’s most promising cross-border payments companies in 2024. This year, the list spotlights six companies from Asia, recognizing them for their rapid growth, increasing market significance, and strong potential for future success.

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AI accounts for 31% of VC funding in Q3

Bank Automation

Global venture capital funding took a hit in the third quarter, but AI startups accounted for 31% of all global funding. Venture capital funding for startups globally dropped 21% year over year to $54.7 billion in Q3, according to CB Insights’ State of Venture Funding Q3 report, published Oct. 3. “This is surprising, because we […] The post AI accounts for 31% of VC funding in Q3 appeared first on Bank Automation News.

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Fiserv nets special banking charter in Georgia

Payments Dive

The payments processor is only the second company to win the special bank charter since Georgia made it available.

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Scaling Up: How Challenger Banks Are Adapting to Stay in the Game

The Fintech Times

Challenger banks have shaken up the financial industry, but with growth comes new challenges. As they scale, these digital-first banks are rethinking their strategies to stay competitive. To understand how these banks are navigating this change, we spoke with industry experts who reveal the key strategic adjustments helping them stay ahead. Speed and agility at the core Nida Sattar, product director for payments at Allica Bank Nida Sattar, product director for payments at Allica Bank , a busines

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7 Essential Criteria for Choosing the Right Payments Partner

Speaker: Brad Pinneke, VP of Business Development at Payrix and Worldpay for Platforms

In this webinar, Brad Pinneke, Vice President of Business Development at Payrix and Worldpay for Platforms, will dive into the 7 must-have criteria for evaluating payments partners, helping you maximize both efficiency and the long-term value of your investment. From assessing technology capabilities to leveraging business development opportunities, this session will give you a clear, actionable strategy to select the right partner for scaling your business.

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Europe's Target Settlement system to join cross-border instant payment project

Finextra

Europe's Target Settlement system is to join Project Nexus, a Bank for International Settlements initiative to connect domestic real-time networks across borders.

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Yape Peru’s Supper App and TerraPay Join Forces to Accelerate Digital Inclusion

Fintech Finance

To promote financial inclusion and accessibility, TerraPay , a leading global money movement company, has partnered with Yape , the superapp of Peru. This collaboration will enable all participant partners in TerraPay Global network to send seamless international money transfers directly to Yape users, allowing them to instantly access their funds and take advantage of a wide array of financial services within the app.

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Thunes-Backed Regtech Firm Tookitaki Secures Funding for Asia Expansion

Fintech News

Singapore-based regtech firm Tookitaki has secured funding from True Global Ventures (TGV) Opportunity Fund. The sum was not disclosed. This funding will support Tookitaki’s expansion across key Asian markets and bolster its financial crime prevention technology. Tookitaki’s platform, FinCense, uses AI to help institutions detect and address financial crime more effectively.

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Gen AI boosts analysis of unstructured data

Bank Automation

Generative AI allows banks to analyze unstructured data, which makes up about 80% of all data within financial institutions — a capability not possible just two years ago. Unstructured data includes emails, audio, video, contractual information and more, Prag Sharma, global head of artificial intelligence for Citi’s center of excellence, said during FinTech Futures Oct. […] The post Gen AI boosts analysis of unstructured data appeared first on Bank Automation News.

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Enhance Customer Value: Unleash Your Data’s Potential

The complexity of financial data, the need for real-time insight, and the demand for user-friendly visualizations can seem daunting when it comes to analytics - but there is an easier way. With Logi Symphony, we aim to turn these challenges into opportunities. Our platform empowers you to seamlessly integrate advanced data analytics, generative AI, data visualization, and pixel-perfect reporting into your applications, transforming raw data into actionable insights.