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The Somalia Payment Switch (SPS1) has successfully launched the country’s first ever InstantPayment System with QR payments support powered by BPC’s next generation SmartVista platform, a global leader in payment solutions2. The demand for secure, fast, and modern payment solutions has been pressing.
The Somalia Payment Switch (SPS1) has successfully launched the country’s first ever InstantPayment System with QR payments support powered by BPC’s next generation SmartVista platform, a global leader in payment solutions2. The demand for secure, fast, and modern payment solutions has been pressing.
The Somalian financial ecosystem has taken its next step in the digital world as the Central Bank of Somalia’s (CBS) payments initiative, the Somalia Payment Switch (SPS), has successfully launched the country’s first instantpayment system.
The Interledger Foundation , an organisation building and advocating for an open, interoperablepayment network, is introducing a new initiative to fund fintechs that leverage its Interledger Protocol (ILP) to bring payment capabilities to emerging markets and underserved populations.
There is still tremendous potential for further digital transformation, particularly in areas like card transactions and services for small and medium-sized enterprises, which I see as an underserved market. ”
The Interledger Foundation , an organization building and advocating for an open, interoperablepayment network, today announced its work with the People’s Clearinghouse, a social sector tech platform that services community banks and credit unions in Mexico. and Mexican residents via community banks in rural areas.
Asia Pacific point-of-sale payment methods – Select markets, Source: Beyond Payments: Digitalization Trends in the Cross-Border Checkout Revolution, Deloitte, Jul 2024 Paymentinteroperability The growth of digital payment innovations in APAC has emphasized the need for connectivity and interoperability in both online and offline transactions.
NPCI International Payments Limited (NIPL), the international arm of the National Payments Corporation of India (NPCI), has signed an agreement with the Bank of Namibia (BoN) to support them in developing an instantpayment system like Unified Payment Interface, UPI stack in Namibia. Mr. Johannes !Gawaxab,
With the system joining the existing RTP system, both promising to modernize the way money moves and allow for greater use of instantpayments, it seems the shift to real-time payments is 'inevitable'. Whether we will see these services gain traction is tied to what many believe to be a major hurdle–interoperability.
How can we look to this rapidly growing business for new use cases for instantpayments? The panel will discuss issues such as security, governance, and interoperability as well as concerns that the U.S. market needs to keep in mind when creating directories.
Payments as an industry is finally beginning to reflect the diversity of peoples preferences around the world. Neal: While still in its early stages, the European Payments Initiative (EPI) is playing a crucial role in reshaping the EU payment landscape. And thats a really positive development.
Combatting fraud As the world becomes more interconnected and instantpayments gain prominence, the threat of fraud also rises. Push payment fraud, where funds are transferred to fraudulent accounts, is a significant concern. The immediacy of instantpayments demands precision and validation.
Open finance is transforming financial services by enabling broader data-sharing, fostering competition, and driving innovation in payments and financial products. As more jurisdictions refine regulations and expand open finance frameworks, the focus will shift to interoperability, consumer trust, and cross-industry data integration.
As part of this collaboration, NOW Money will issue Mastercard payment cards to its customers, aligning with its mission to offer inclusive financial solutions to underserved communities and improve the financial wellbeing of its users across the GCC.
It also reduces costs through resource sharing, enhances system resilience, and supports economic inclusion by expanding access to financial services for underserved groups. Over these years, CBI has developed several open banking and open finance services and achieved a variety of goals at national and international level.
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