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Championed by the CentralBank of Somalia (CBS), the initiative marks a major step in modernising Somalia’s payment infrastructure, promoting financial inclusion and enhancing economic stability. The demand for secure, fast, and modern payment solutions has been pressing.
Championed by the CentralBank of Somalia (CBS), the initiative marks a major step in modernising Somalia’s payment infrastructure, promoting financial inclusion and enhancing economic stability. 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 CentralBank of Somalia’s (CBS) payments initiative, the Somalia Payment Switch (SPS), has successfully launched the country’s first instant payment system.
Early Electronic Initiatives (late 1980s/early 1990s): Limited electronic fund transfers began to emerge, mainly within banks or for specific corporate clients, but were not widely interoperable. UPI enabled real-time, instant payments across multiple bank accounts via a single mobile application.
Today, the initiative is led by Nexus Global Payments (NGP) , a not-for-profit organisation formed by the centralbanks and IPS operators of five pioneering countries: India, Malaysia, the Philippines, Singapore, and Thailand. That makes it more inclusive, especially for smaller banks or markets that are typically underserved.
Its fair to say that traditional financial systems left many people and communities underserved, but LPMsfrom mobile wallets in Africa to RTP schemes like UPI in Indiabridge this gap, and theyre empowering billions of consumers to participate in the digital economy. And thats a really positive development.
The CentralBank of Bahrain has officially approved Pay10 , which is a big step in its plan to grow in the region. Harry Gill , Pay10 Chairman stated: “We are honored to receive this license from the CentralBank of Bahrain and to support the Kingdom’s progressive approach to financial innovation.
UAE-based alternative payment method (APM) provider Pay10 has secured an open finance licence from the CentralBank of the UAE , enabling it to provide payment initiation services, including variable recurring payments across the country. The Open Finance licence is the final piece, enabling seamless payment initiation and fund flows.
Home Announcements Payments Pay10 secures Bank of Bharain licence External This content is provided by an external author without editing by Finextra. Pay10 secures Bank of Bharain licence The CentralBank of Bahrain has officially approved Pay10, which is a big step in its plan to grow in the region.
Developments include cross-border quick response (QR) payment linkages, connectivity between real-time national payment schemes, and the ongoing Singapore Response Code Scheme (SGQR+) project focusing on furthering QR code payment interoperability.
Pay10 , a leading Alternative Payment Method (APM) provider headquartered in the UAE announces that it has become the first fintech company to go live in production on the CentralBank of the UAE’s (CBUAE) Open Finance Framework, authorizing it to provide payment initiation services including variable recurring payment.
Whether we will see these services gain traction is tied to what many believe to be a major hurdle–interoperability. FedNow may not interoperate with RTP, and it doesn't seem to be a priority for either. Some banks may not be able to connect to both. These projects are taking different implementation approaches.
This includes improving accessibility, affordability, connectivity with both domestic and international payment networks, and interoperability. Once live, the platform will facilitate digital transactions in Namibia, driving financial inclusion and reducing cash dependency by catering to underserved populations.
It will provide localised digital banking services to everyone, including the underserved. I am confident that the consortium’s new virtual bank will bring fresh ideas and innovative solutions, to advance financial inclusion for underserved communities and instill diversity to Thailand’s financial landscape.”
They will discuss how the recently published white paper on "Faster Payments and Financial Inclusion" illustrates the pain points and barriers to financial inclusion, actions, and solutions to expand, requirements of the underserved, action and solutions for issues, and considerations for faster payment stakeholders.
Many nations within the region have recognised the transformative potential of extending financial services to underserved populations. The evolving payment landscape Edward underscored that the payment landscape continually evolves, with innovations such as centralbank digital currencies (CBDCs) gaining prominence.
These initiatives also seem to complement ongoing efforts to develop CentralBank Digital Currencies (CBDCs), as both digital assets aim to modernise traditional financial systems. Similarly, the Philippine centralbank has launched a peso stablecoin pilot to explore its potential for financial inclusion and cross-border remittances.
Bank Indonesia , the country’s centralbank, requires digital payment services to use standardised QR codes, ensuring all banks and e-wallets are interoperable. Around half of the country’s population still do not have a bank account, or are underserved by financial services institutions.
In line with the global push for inclusive finance, the festival will also address the strategies and tools that will enable equitable access and usage of financial services and products to the underserved.
. “Combined, these benefits would substantially improve cross-border payments in particularly underserved corridors, and enable a multitude of sophisticated use cases more generally through native composability or bundling of conditional transactions enabled through tokenisation. BIS Aurum) and interoperability solutions (e.g,
MiCA does not cover centralbank digital currencies (CBDCs), but it allows regulated financial institutions (e.g. banks) to issue or support stablecoins, including acting as custodians or liquidity providers. The real challenge will be in the interoperability between stablecoins and existing financial systems.
There is a gaggle of innovators who use software to ride on top of existing payments rails that can make real-time use cases like bill payment, real time and interoperable, and distributed ledger software players who are aiming to use software and private networks to move money in real time.
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