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The Most Common Types of Contactless Payment Methods and How They Work

Stax

They are embedded with EMV chips (Europay, MasterCard, Visa) that use either chip-and-PIN or chip-and-signature authentication methods. However, the embedded chips only secure in-person transactions. In short: contactless credit and debit cards have built-in EMV and NFC chips.

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100+ Payment Industry Terms Explained in Plain English

Clearly Payments

ACH Bank-to-bank transfers, like direct deposit or bill pay. EFT (Electronic Funds Transfer) Same as ACH, used more often in Canada. EMV Chip technology on credit cards. Chip & PIN EMV transaction that requires a PIN instead of a signature. EFT (Electronic Funds Transfer) Used in Canada for bank transfers.

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Best New Fintech Products & Trends of 2024

Fintech Labs Insights

Table: The Best Fintech Product Launches of 2025 & 2024 Summary Company Date Product Sector Source Market/HQ Ramp launches treasury management product paying 2.5% mo Klarna 24 Jan 2024 BNPL Consumer CNBC Klarna is first BNPL serices with subscription ($7.99/mo)

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Understanding Electronic Funds Transfer (EFT)?

Nanonets

What is Electronic Funds Transfer (EFT)? ​​If you've ever used online banking, chances are you've used Electronic Funds Transfer, or EFT. EFT stands for Electronic Funds Transfer. ACH Transfers as EFT ACH transfer is a type of EFT, or electronic funds transfer.

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Understanding Electronic Funds Transfer (EFT)?

Nanonets

What is Electronic Funds Transfer (EFT)? ​​If you've ever used online banking, chances are you've used Electronic Funds Transfer, or EFT. EFT stands for Electronic Funds Transfer. ACH Transfers as EFT ACH transfer is a type of EFT, or electronic funds transfer.

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CHIPS® Network Successfully Migrates to ISO 20022 Message Format

Fintech Finance

The CHIPS® network, the largest private-sector high-value clearing and settlement system in the world, which is operated by The Clearing House , successfully migrated to the ISO 20022 message format on the April 8 banking day. The CHIPS network settles an average of $1.8

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MUFG and Crédit Agricole Corporate & Investment Bank Complete First Payment in the ISO 20022 Format on CHIPS® Network

Fintech Finance

one of the largest banks in Japan, and Crédit Agricole Corporate & Investment Bank , one of the leading investment banking groups in Europe, successfully completed the first payment in the ISO 20022 message format on The Clearing House’s CHIPS® network, the largest private-sector high-value clearing and settlement system in the world.