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ACI Worldwide , which provides electronic payment and banking solutions, has added new digital overlayservices that it says will help to speed up real-time payments, according to a press release. And, there will be flexible person-to-person (P2P) services with added layers of security authorizations.
Banks are utilizing an array of overlayservices to address historical market challenges, such as the continued use of checks among businesses that do not have the information or capabilities to send digital payments.
In a PYMNTS interview, according to Sean Devaney, VP of banking and financial markets at consulting and IT firm CGI , the real pickup of Open Banking is only just beginning with the emergence of so-called overlayservices. But my argument is that, if you get the overlayservices right, nobody needs to know about Open Banking.
This week’s round-up of the latest innovations in payment rails for B2B payments shows a key focus on real-time transactions and embrace of emerging, faster payment rails. In an announcement , FinTech-as-a-Service company Rapyd rolled out its Rapyd Protect solution.
The category recognises organisations that use innovative technologies, strategic partnerships, and operational excellence to improve financial connectivity worldwide. Bottomline, a global leader in business payments, has been awarded Cross-Border Payment Company of the Year: North America by International Banker.
The standards body confirmed the pilot in June 2023, after contacting industry partners to test the benefits of the service with a group of participating banks and payment service providers. Everywhere you look, AI-related innovations are taking place. Kate Frankish, chief business development officer and anti-fraud lead at Pay.UK
Dubbed the NPP API Framework, NPP Australia’s sandbox aims to promote “open access” to the payments platform and offer “companies and innovators the chance to understand how they can use its world-leading capabilities,” according to NPP Australia CEO Adrian Lovney.
The initiative trialled a new overlayservice which will allow all UK banks and building societies to analyse money flows and use predictive intelligence to proactively detect fraud and help prevent crime before it occurs, safely and securely. This would see over £112m worth of fraud detected in a year.
The benefits of APIs for instant payments [are] huge,” said Charlotte Hausemer, vice president of innovation and product management for trade and treasury solutions at BNP Paribas. What we do with instant payments and APIs is offer 24/7 [access to those] services. Faster payments rails] existed before.
To that end, SWIFT debuted its global payments innovation initiative (gpi) earlier this year, a solution which looks to boost the infrastructure underpinning the movement of money on a global scale. Roughly two dozen banks are live in the system and active in their use of gpi.
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