In a groundbreaking development for financial markets, Banco Santander, Lloyds Banking Group, and UBS have successfully completed the first uncleared bilateral margin payments using a digital representation of central bank funds on the Sterling Fnality Payment System (£FnPS). This pivotal event underscores the potential of Distributed Ledger Technology (DLT) in revolutionizing how inter-bank transactions are managed and settled. The pilot
Stanbic Bank Kenya, in collaboration with Mastercard, has recently introduced two premier credit cards targeting affluent clients across the region. The Stanbic World card and the Stanbic World Elite card are designed to provide a suite of exemplary benefits, including airport lounge access, global customer assistance, concierge services, premium memberships, and various discounts. This initiative is part of Stanbic Bank’s
Tap-to-phone technology is redefining the landscape of mobile payments, transforming smartphones into versatile payment terminals. This technology leverages the contactless payment chips ubiquitous in modern smartphones to enable not just payments, but also the receipt of payments, enhancing convenience and efficiency across numerous sectors. As global reliance on digital payments increases, the integration of this technology promises to streamline transactions
Network International, a key player in digital commerce in the Middle East and Africa (MEA), has entered a strategic partnership with Ant International, a globally renowned digital payment and fintech provider. This collaboration is marked by a Memorandum of Understanding and aims to offer innovative payment solutions, fostering digital transformation and financial inclusion in the MEA region. The partnership was
Nium has introduced a state-of-the-art solution called Nium Verify, designed to address global payment challenges effectively by offering real-time bank account verification in 50 markets worldwide. This new solution is set to expedite and secure payment processing for both businesses and individuals, significantly minimizing errors, operational inefficiencies, and compliance risks. As the economic impact of failed payments in 2020 was
PSP Services Inc. (PSP) has announced a significant milestone in its growth strategy by agreeing to acquire NCR Atleos’ debit card production and transaction processing business in Canada, a move expected to greatly enhance its service offerings and market position. This acquisition is poised to integrate seamlessly with PSP’s award-winning HLX™ unified commerce platform, which aims to deliver cutting-edge payment
Thredd has recently launched a complimentary guide titled "Launching in America: A Guide to Issuing via BIN Sponsorship" to assist FinTechs and program managers in navigating the complexities of the U.S. payments market. The intricate regulatory framework and the diverse business landscape make it challenging for foreign entities to establish a foothold. The guide offers comprehensive insights into the American
In a significant stride towards revolutionary change in the digital payments landscape, Geidea and tpay have formed a strategic partnership targeting Saudi Arabia, Egypt, and the UAE. This collaboration aims to transform the payment experience for both merchants and consumers by offering an integrated suite of payment methods—such as Direct Carrier Billing (DCB), card payments, and e-wallets—on a single, unified
Orange Middle East and Africa (OMEA) and Mastercard have formed a strategic alliance aimed at expanding access to mobile financial services across Sub-Saharan Africa, a region where a significant portion of the population remains unbanked. The collaboration aims to enable millions of Orange Money wallet holders to utilize digital payments through Mastercard’s globally recognized merchant network by 2025, thereby opening
The strategic partnership between Paydock, an eCommerce payment orchestration platform, and Aevi, a specialist in in-store payment orchestration, is set to redefine how businesses manage their payment systems. By merging Paydock’s robust digital payment infrastructure with Aevi’s in-store payment expertise, the collaboration aims to deliver a unified omnichannel payment orchestration solution. This joint effort targets financial institutions, merchants, and Independent
In a move to enhance financial inclusion and foster economic growth in emerging markets, Visa and the United States Agency for International Development (USAID) have announced a strategic partnership aimed at improving access to digital government systems. The collaboration is designed to create secure and inclusive digital platforms that will allow citizens and businesses more convenient access to essential government
Finzly, a leading provider of payment solutions for financial institutions, announced the launch of its instant payment service on AWS Marketplace. This development is part of Finzly’s ongoing efforts to facilitate the adoption of real-time payments by leveraging Amazon Web Services (AWS), thereby addressing the increasing demand for modernized payment infrastructures. Approximately 75% of financial institutions find legacy systems a
