Fintech News

MARCH 25, 2024

Over the last six months, 38 global institutions participated in Swift’s CBDC sandbox, marking it as one of the most extensive CBDC experiments to date. Specifically, in digital trade, the experiments proved the capability for interoperability among diverse digital networks, facilitating atomic trade payments.

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CBDC SWIFT Interoperability Settlement 106

Fintech News

MAY 27, 2024

CBDC for cross-border payments, programmable money, and DeFi Kazakhstan’s Digital Tenge project is pursuing several ambitious goals: intensifying cross-border trade, implementing innovative social and anti-corruption initiatives, and integrating digital assets issued by decentralised finance (DeFi) participants and those issued by the government.

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CBDC Transactions Payment APIs and Integration Cross-Border 126

Fintech News

DECEMBER 11, 2023

Commercial bank participants, through their own instances of UDPN Business Nodes, can actively engage in various activities, such as CBDC issuance (for issuing banks), wallet creation, linking wallets to bank accounts and KYC systems, fiat-CBDC exchange, AML/CFT compliance, and initiation of CBDC transfers, swaps, and settlement.

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CBDC Distributed Ledger Technology (DLT) Cross-Border Central Bank 109

Fintech Finance

AUGUST 14, 2024

We have already seen successful use cases on our Whale platform in areas such as instant tax refund services and SME cross-border payments, and we will continue working together with industry partners and leveraging blockchain technology to enable more open and inclusive cross-border payments.”

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Liquidity Management Treasury Multi-Currency Cross-Border Payments 98

Tearsheet

APRIL 22, 2024

Visa introduced the Visa+ service in April last year to bridge the gap among various apps in the peer-to-peer (P2P) payments space, allowing for real-time payouts to participating digital wallets. At the time, Visa+ outlined plans to make the service widely available to Venmo and PayPal users in the US by mid-2024.

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Venmo PayPal Payment APIs and Integration P2P 98

Fintech News

AUGUST 12, 2024

DBS’ blockchain is compatible with the Ethereum Virtual Machine (EVM) and integrates with its core payments system, enhancing interoperability with various industry payment infrastructures. This launch underscores how established financial institutions can utilise blockchain technology to offer advanced, 24/7 banking services.

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Treasury Blockchain Cross-Border Payments Multi-Currency 95

The Fintech Times

MAY 18, 2024

Eurosystem , the monetary authority of the eurozone, has been exploring the possible use cases of distributed ledger technology (DLT) to conduct wholesale settlement in central bank money. It has now completed its first experiment using DLT, giving the monetary authority a glimpse into the potential merits of the tech.

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Central Bank Settlement Distributed Ledger Technology (DLT) Interoperability 75

Faster Payments Council

AUGUST 23, 2024

The moderator will drive the conversation, but audience participation will be encouraged! Financial Institutions are enabling use cases and improving send reach that allows customers to manage their cash on hand and easily disburse payments up to the due date while maintaining a positive account status and avoiding late fees.

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FPC ISO 20022 Federal Reserve Instant Payments 167

Faster Payments Council

MARCH 15, 2023

With the system joining the existing RTP system, both promising to modernize the way money moves and allow for greater use of instant payments, 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.

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FPC ISO 20022 Cross-Border Payments Cross-Border 88

Faster Payments Council

NOVEMBER 3, 2019

Collaboration with Glenbrook Partners Uncovers Key Industry Views on Faster Payments Advancements; Need for Ubiquity, Interoperability, Strong Dispute Resolution The U.S. Overall, survey participants view the United States as falling behind the rest of the world when it comes to faster payments adoption. 18 – Oct.

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Faster Payments FPC Interoperability Payments 68

PYMNTS

OCTOBER 15, 2020

Against that backdrop of moving away from paper payments, and toward ubiquitous real-time payments, TCH’s Waterhouse said there’s probably not a use case “that’s going to tip the scale here.” But he pointed to a use case that might be a bit under the radar. Interoperability In Focus .

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Real Time Payments NACHA SWIFT TCH 125

Fintech Finance

JUNE 5, 2024

This innovative system facilitates instant payments between individuals and businesses, thereby reducing reliance on cash-based transactions and expanding the use of digital payments to Peru’s large unbanked population.

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Real Time Payments Financial Inclusion Agreements International Payments 52

Fintech News

JUNE 19, 2024

This means that unlike a lot of digital assets, whose practical applications might not be known for some time (if ever), stablecoins have begun to show demonstrable real-world use cases. Project Orchid, and the 1st use of purpose bound money, in partnership with Grab.

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Stablecoins Cross-Border Cross-Border Payments Blockchain 109

Fintech Review

AUGUST 27, 2024

However, one of the significant challenges it faces is interoperability between different blockchain networks. Cross-chain interoperability aims to address this issue, enabling seamless communication and transactions across various blockchain platforms. Interoperability is vital for several reasons.

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Interoperability Blockchain Facilitators Innovation 105

Fintech News

MAY 21, 2024

Source; SBI DAH The Future of Digital Assets: CBDCs and Cryptocurrencies Looking ahead, the survey participants anticipate greater adoption of various digital assets over the next three years. Nearly a quarter (23.5%) of the participants cited this as the key impediment to investing in digital assets.

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Settlement Cryptocurrency Blockchain Central Bank 138

Fintech News

MAY 8, 2024

In 2022, the BOT initiated a Retail CBDC Hackathon to encourage public participation and promote private-public collaboration in developing CBDC proof-of-concept initiatives. The Innovation Track consisted of public engagements and exploring CBDC for financial innovation.

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CBDC Bots Real Time Gross Settlement (RTGS) Non-Bank 120

The Fintech Times

MARCH 20, 2024

in key cities and use cases. The PBOC will work with relevant parties, further develop payment use cases, and coordinate efforts to address any shortcomings and weaknesses. It will direct CNY 3 billion to focus on acceptance terminal upgrades, signage placement and publicity, etc.

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Use Case Online and Mobile Banking Governance Government 59

Fintech News

AUGUST 23, 2024

Participants will discuss emerging market trends and strategies for maintaining resilience amidst global economic challenges. The event will focus on the key topics and industry trends driving digital transformation, providing participants with the knowledge and strategies needed to succeed in a rapidly changing market.

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APACS FinTech Participant ISO 20022 126

Faster Payments Council

FEBRUARY 6, 2022

This month, the FPC released the results of the third installment of the Faster Payments Barometer, the annual survey that gauges progress and perceptions around faster payments, use cases, trends, and challenges. And other industry participants and FPC Members are working towards real-time cross-border payments as well.

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Faster Payments Cross-Border Payments Cross-Border FPC 68

PYMNTS

OCTOBER 12, 2020

These comment letters highlighted the need for features to address accessibility, interoperability, security, liquidity, and fraud prevention,” Montgomery said. FinTechs are interested in providing value-added services to FIs — and can conceivably connect their offerings to the FedNow platform via participating depository institutions.

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Instant Payments FedNow Fed Interoperability 97

PYMNTS

NOVEMBER 5, 2019

Faster Payments Council revealed the payments industry’s demand for interoperability as well as value-added services and features in any new, faster payments service that emerges, including the Federal Reserve’s FedNow service. Faster Payments Interoperability is a Must. A new report from the U.S. On Monday (Nov. 4), the U.S.

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Interoperability Faster Payments FedNow ACH 40

Faster Payments Council

SEPTEMBER 23, 2023

Few use cases have the potential for growing volumes as do commerce payments yet paying a merchant with a credit push transfer isn't easy. Thise session envisions the art of the possible for commerce use cases in the U.S. The US does not lack directory capability – we have an overabundance of it!

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FPC Federal Reserve RFP Faster Payments 88

PYMNTS

MARCH 15, 2019

The appointment signals the Commerce Department’s interest in exploring distributed ledger technology to facilitate trade finance , an increasingly common use case for blockchain solutions. “The ready availability of trade finance is a crucial ingredient to the success of U.S. And there will be a few that survive.”.

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Finance Visa Blockchain Interoperability 76

PYMNTS

DECEMBER 12, 2019

that aim to lower barriers for FinTechs to participate, she said. There are some really strong use cases [of real-time payments] that could address inefficiencies in government payments, if you look at it from a perspective of what the government could get done in areas like tax payments and disbursements like social security,” said Killam.

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RTP Real Time Payments Faster Payments Cross-Border 72

PYMNTS

AUGUST 10, 2020

Waiting for the Fed — and its promise of interoperability, which requires participation from the private sector — is akin to playing the (very) long game. Expanding The Use Cases. What’s going to change that are some new use cases,” Waterhouse predicted.

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Real Time Payments RTP TCH Federal Reserve 138

PYMNTS

NOVEMBER 27, 2019

A lack of interoperability between local payment networks is among the largest of those hurdles, said Halpin. That’s where I believe it becomes an assessment for each participant in the payments chain to consider.”. Not all of the underlying systems are as open with allowing cross-border payments,” he noted.

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ISO 20022 Cross-Border Payments ISOs Cross-Border 117

PYMNTS

NOVEMBER 4, 2020

The most readily adaptable initiative has been its blockchain-based Interbank Information Network that launched in 2017, recently rebranded as Liink , where more than 400 participants have signed up (among them the largest banks in the world) to address delays inherent in cross-border payments. But the ecosystem has room to expand.

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Blockchain Cross-Border Payments Cross-Border Real Time Payments 131

Faster Payments Council

JULY 21, 2020

Results from the survey indicated that bill pay ranked as one of the top three use cases for both FIs and businesses with nearly 60% of respondents indicating it as a top priority. Given these findings, the FPC and Glenbrook positioned bill pay as the subject for a second round of qualitative research.

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Faster Payments FPC Research Consumer 68

PYMNTS

JANUARY 2, 2019

The confluence of infrastructure enabling always-on transactions and the willingness of various participants in commerce to move away from paper (bills and checks) and coins hardly seems a coincidence. Use cases that are gaining ground in Australia, Houseman said, include property settlement — purchases of houses, for example.

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Real Time Payments RTP ISO 20022 Cross-Border 79

Open Banking

APRIL 28, 2023

We summarise some of the key themes, questions and aims discussed by the panel and participants below. He also emphasised that there needs to be data interoperability between different sectors – including the possibility of a new [digital] sandbox – to navigate between them.

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Finance Authorization Interoperability Disputes 52

PYMNTS

NOVEMBER 8, 2017

Financial institutions need to be actively exploring use cases for real-time payments within their own organizations for meeting the requirement of their customers. This, FIS noted, can be particularly beneficial in B2B use cases. B2B’s Role In Faster Payments.

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Real Time Payments B2B Innovation Faster Payments 40

PYMNTS

DECEMBER 3, 2018

On the one hand,” he said, the initial uptake of the SEPA scheme shows that that “makes sense,” and that initial use cases and transaction limits (more on both in a moment) satisfy at least some demands coming from the markets. The overarching theme, though, is one of interoperability. The Spark, Then Ignition.

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Instant Payments ISO 20022 Online and Mobile Banking Cross-Border 62

Fintech News

FEBRUARY 27, 2024

The Reserve Bank of Australia (RBA) also played a crucial role by exploring the concept of retail and wholesale Central Bank Digital Currencies (CBDC) through its eAUD pilot programme , which focused on a wide array of use cases and essential legal aspects. Additionally, MAS finalised its framework for the issuance of stablecoins.

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APACS Regulations Stablecoins Cryptocurrency 126

Open Banking Excellence

MAY 2, 2024

Interoperability and international expansion A key strategic outcome from all our activities in this space is to drive the creation of business models which are scalable outside of Georgia. Now we are calling on startups from outside Georgia to use the sandbox to develop their own projects in a safe and secure environment.

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Interoperability Payment APIs and Integration Central Bank Cross-Border 147

PYMNTS

JULY 24, 2017

This innovator secretly hoped the government would be so enamored with his innovation and its potential to transform commerce (and any number of other uses cases) that they’d want to own and operate it. No one, since without it, new payments schemes struggle, and many use cases are DOA. By stagecoach and on horseback.

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Fed Faster Payments Ubiquitous Same Day ACH 47

The Fintech Times

OCTOBER 11, 2024

The VTAP solution is available on the Visa Developer Platform for participating financial institution partners, to create and experiment with their own fiat-backed tokens in a VTAP sandbox. This is available in a test environment with plans to support live programmes in 2025 and when participating banks are ready to launch with end customers.

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Payment APIs and Integration Blockchain Near Real-Time Participant 52

PYMNTS

APRIL 14, 2017

But speed is not enough, he added, as payment rails also need to include better data and widespread availability around the clock and interoperability that can support open use cases. Such a service is not used by every business, but the use cases are growing dramatically.

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ACH Network ACH Payments ISO 20022 42