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As a Project Guardian participant, Ant International also leveraged its blockchain-based Whale platform to develop a global treasury management usecase for real-time multi-currency clearing and settlement. By enabling interoperability between bank solutions, payments can be completed 24/7 with FX settlement conducted in real-time.
Launched in May 2022, Project Guardian brings together policymakers and key financial industry players to improve market liquidity and efficiency through the innovativeuse of technology.
The results reflect growing adoption of the FedNow Service and RTP Network and an expanding array of usecases in both consumer and business contexts. However, challenges such as interoperability and fraud must be addressed to fully unlock the potential of faster payments.
Statista indicated that the Digital Assets market in Africa is projected to reach a revenue of US$3,115.0m Financial innovation is not limited to central banks. The UDPN aims to drive down payment and foreign exchange costs whilst accelerating the uptake of regulated digital currencies.
Specifications “enhance UWBs capabilities, enabling seamless interoperability and unlocking new possibilities for precise and secure ranging and positioning in diverse applications,” the standards organisation says. The updated Core 3.0 FiRa Core 3.0
The processes included converting reserve account balances into digital Rupiah and vice versa, ensuring seamless interoperability with Bank Indonesias Real-Time Gross Settlement (BI-RTGS) system. Following the success of the Immediate State, the Intermediate State phase will expand digital asset usecases.
Legacy systems are increasingly unreliable, expensive to maintain, and resistant to modern payment innovations. By addressing focused usecases, banks can reduce risk, improve ROI, and incrementally build toward a fully modernised, scalable banking, cards, loans and payments infrastructure.
Ensuring this is possible on the XRP Ledger (XRPL), Ripple , the crypto solutions provider, has partnered with Axelar Foundation , the nonprofit decentralised interoperability network. The partnership with Axelar Foundation propels interoperability into the broader blockchain realm.
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.
Swift drives global interoperability and innovation, aligning with the UK’s National Payments Vision to enhance seamless, secure payments. This is an example of how the scale of the Swift network can be leveraged to interoperate market infrastructures to enhance the user experience.
To help organisations ensure they are not losing revenue and improving their efficiency, security and trust, The Centre for Financial, Innovation and Technology (CFIT) has published its blueprint for fighting economic crime through its Digital Company ID.
“With a lot of technology and technical innovation,” said Cohen, “people are always looking at it from a particular point of view, and that lens and those glasses – rose-colored or otherwise – are coming from a very specific individual with priorities and usecases in mind.”. Toward an Interoperable ID System.
“The aim is to cover all usecases (person-to-person and commercial payments both online and in-store) across the markets of the participating solutions.” “Interconnecting existing solutions is a rapid path forward to European sovereignty and independence — a goal shared by both the European Commission and Eurosystem.
In doing so, they risk missing the core innovation that digital money promises: the ability to transfer value directly, securely, and potentially without the need for intermediaries. Beyond technical proof points, these initiatives underscore the need for global interoperability. Flexibility is also crucial when it comes to custody.
The goal is to attract investment and innovation, maintain Singapore’s competitive edge in the global arena, and expand financial inclusion. However, this embrace of the new is not without a cautious side, as Singapore carefully balances innovation with robust regulation and consumer protection.
Enter fintechs, like the Philippines-based Salmon, who leverage agility, talent, and innovation to not only compete and collaborate with banks, but acquire banks and transform into full-fledged financial institutions. The pressure to stay ahead continues to mount as customers demand more immediate and user-friendly experiences.
Today, Georgia is a centre of fintech innovation and home to a pioneering Open Banking ecosystem. In doing so, it bridged Western and Eastern cultures, serving as a conduit for the propagation of innovations and knowledge.” Our banks are agile and innovative. It is a competitive market.
EuroPA enables interoperability between Bancomat, Bizum and MB WAY, connecting more than 50 million users and 186 financial institutions from Italy, Portugal, Spain and Andorra. This initiative aims to strengthen the innovative and trusted European payment infrastructure.
At its core, Onafriq is providing digital interoperability across mobile wallets, bank accounts, cards, and offline payment channels – bringing Africa closer to a seamless and integrated financial future. I’m incredibly proud of what we’ve achieved and even more excited about the road ahead.”
Airlines already have mobile boarding passes generated at check-in to expedite boarding, and some work has been done within the airline mobile application; United is a good example usecase, eliminating a traditional ID requirement at check-in including baggage. Security does allow passengers to opt out of any biometric identification.
Initially developed by the BIS Innovation Hub, Project Nexus aims to link domestic instant payment systems (IPS) through a single multilateral gateway, replacing the current patchwork of costly and complex bilateral connections. Eli Shoshani : Early participation allows banks to set themselves apart as leaders in innovation and efficiency.
The new stablecoin will be made available at no additional cost to clients, giving them access to a new, interoperable digital asset service to integrate into their banking and payment flows. Along with today’s announcement, the company also said that it is evaluating the use of tokenized deposits as an alternative to stablecoins.
EuroPA enables interoperability between Bancomat, Bizum and MB WAY, connecting more than 50 million users and 186 financial institutions from Italy, Portugal, Spain and Andorra. This initiative aims to strengthen the innovative and trusted European payment infrastructure.
Interoperability across multiple domestic and international card schemes without cobadging constraints. The standards are used in diverse environments, from traditional POS to SoftPOS and e-commerce acceptance. Initiatives are also exploring Instant Payment usecases based on nexo frameworks. no mandatory cobadging).
The creators envision the UK RLN as a unified ‘innovation platform,’ integrating various currency forms like current commercial bank deposits and a shared ledger for tokenized commercial bank deposits. This strategic choice highlights their complementary methods in achieving interoperability as well as seamless integration.
With the UK government continuing to support the UK’s broader fintech environment and promote open banking innovation, Open Banking in a Box will champion the UK’s world-leading open banking standards and make the case for greater cross-border interoperability that will benefit UK PLC and support financial inclusion globally.
Against that backdrop of moving away from paper payments, and toward ubiquitous real-time payments, TCH’s Waterhouse said there’s probably not a usecase “that’s going to tip the scale here.” But he pointed to a usecase that might be a bit under the radar. Interoperability In Focus .
They will need to co-exist with existing clearing and settlement processes and infrastructures, and this means interoperability is crucial. The potential applications and usecases DLT-based digital currencies introduce a new settlement mechanism for faster, lower cost and more efficient transactions. billion in April.
Swift’s CBDC sandbox is aimed at testing the interlinking solutions for CBDCs, focusing on more sophisticated usecases like digital trade, tokenised assets, FX networks, and payment systems. They show that institutions can continue to use much of their existing infrastructure alongside new, innovative technologies.”
WadzChain Network, a global leader in innovative blockchain technology, announced today the launch of one of the world’s first hybrid blockchains intending to transform global payments for businesses. The blockchain is perfect for diverse businesses and usecases, from small startups to large enterprises.
With in-depth data covering global market penetration, transaction values, and consumer preferences, the insights presented here will empower decision-makers to refine their strategies, enhance operational efficiency, and capitalise on the growing demand for innovative payment solutions.
It addresses how evolving regulations shape the digital asset landscape, influencing innovation, compliance, and global competitiveness. PSPs must adapt by enhancing compliance, leveraging new frameworks for innovation, and collaborating to shape practical regulatory solutions. This could slow innovation and hike costs.
How the FCA can define and balance acceptable risk in UK payments regulation to support innovation while ensuring financial stability and consumer protection. Industry stakeholders and regulators must collaborate to refine risk-based policies that enable innovation while safeguarding financial integrity. Why is it important?
As instant payments adoption continues to grow, financial institutions, fintechs, and payment service providers face challenges in managing account information, ensuring interoperability, and mitigating fraud risks. ” The report looks at various directory models, highlighting their benefits and real-world usecases.
Interoperability is critical to Swift’s strategy for instant and frictionless transactions. The second phase of sandbox testing went further, exploring more complex usecases, using Swift’s solution to connect and orchestrate transactions across simulated digital trade and tokenised asset and FX networks, alongside CBDCs for payments.
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.
This includes Deloitte’s use of Agentspace to streamline internal business processes like project staffing, and the integration of advanced research tools such as Deep Research and Notebook LM within its innovation teams to accelerate client delivery.
TerraPay , a global money movement company, announced a collaboration with 5 of the leading wallet operators to establish the “Wallet Interoperability Council”, aiming to leverage TerraPay’s technology to facilitate interconnection and interoperability in cross-border transactions.
It highlights how innovation, regulation, AI, and risk management are shaping the future of payments and impacting business models. Firms must build resilience, align with evolving regulations, and invest in practical innovation to stay competitive in a volatile landscape. Why is it important?
Open finance is transforming financial services by enabling broader data-sharing, fostering competition, and driving innovation in payments and financial products. As more jurisdictions refine regulations and expand open finance frameworks, the focus will shift to interoperability, consumer trust, and cross-industry data integration.
The Web3 Foundation , in partnership with Scytale Digital , has led the seed funding round for Hyperbridge , a groundbreaking protocol poised to transform blockchain interoperability. Unlike existing point-to-point bridge models, Hyperbridge introduces a hub model that scales verifiable interoperability across all chains.
Finalists in the corporate categories were evaluated based on impact, sustainability, practicality, interoperability, and creativity, while individual submissions were assessed on contributions to the Singapore fintech sector. Four finalists were shortlisted in each category. Ripple, NETS, Syfe, and YouTrip returned as sponsors this year.
Faster Payments Council (FPC) , a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, today published its latest research report, titled The Practicalities of Cross-Border Payments in a Faster Payments World. “The evolving nature of cross-border payments demands a proactive approach.
SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, and Giesecke+Devrient (G+D) successfully completed a proof-of-concept (PoC) on the Universal Digital Payments Network (UDPN). Meanwhile, the the direct model is where central banks manage wallets and settlements within a centralised CBDC system.
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