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Finmo Secures UK EMI Licence and Plans to Scale Embedded Finance Solutions

The Fintech Times

UK regulator, the Financial Conduct Authority (FCA), has approved fintech Finmo to operate as an Authorised Electronic Money Institution (EMI), enabling it to offer a wider range of payment services across the UK. The post Finmo Secures UK EMI Licence and Plans to Scale Embedded Finance Solutions appeared first on The Fintech Times.

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Kuwait’s Real-Time Payment Scheme WAMD Surpasses 1 Million Accounts in First Year

Fintech Finance

KNET utilized ACI’s Digital Central Infrastructure solution to build the central payment infrastructure of WAMD, an interoperable, countrywide scheme that enables account-to-account (A2A) payment transfers via a bank’s mobile app or internet banking service by using a phone number. .”

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Swift’s Global Payments Initiative Signs 73 New Banks

PYMNTS

As of today, 73 new banks have signed on to Swift’s Global payments initiative. The goal of the project is to expand the payment services and experience for customers by upping the speed, transparency and predictability of cross-border payments.

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What are Instant Payments?

Payments Dive

FSS Instant Payments is a real-time, instant, interbank account-to-account electronic fund transfer service, available 24/7/365, with secure transaction posting and immediate noti?cation cation features within seconds of payment initiation.

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Faster Payments Go Live In Hong Kong

PYMNTS

. “The FPS is a unique platform, as it supports instant payments in the HKD and the RMB with the use of mobile phone numbers, email addresses or QR codes, and achieves full connectivity among banks and SVF accounts,” said Norman Chan, chief executive of HKMA, according to Finextra.

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linked2pay Bridges Banks To Real-Time Payments

PYMNTS

Linked2pay pointed to B2B payments as a particular area that could see positive disruption from faster payments initiatives. The firm cited business payments to contractors and vendors or loan disbursements as a few of the use cases for real-time funds transfer.

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In Hungary, Instant Payments Gain Traction

PYMNTS

Separately, UCPB , a lender based in the Philippines, has introduced a money transfer service between banks, allowing for instant fund transfers. Verdict reported that the new service, known as InstaPay, can let customers transfer funds to a limit of 50,000 PHP ($951.48