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The Challenge Cross-border payments are critical yet often costly and complex, especially for growing businesses expanding into Southeast Asia and South Asia. Geopolitical shifts have diversified supply chains, and real-timepayments have become the preferred method for digital transactions in these regions.
As a Project Guardian participant, Ant International also leveraged its blockchain-based Whale platform to develop a global treasury management use case 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.
Thunes, a global payments company, has launched a new Pay-to-Card solution that allows its members to send real-timepayments to 15 billion Mastercard, Visa, and UnionPay cards worldwide. This solution complements Thunes’ existing Pay-to-Wallet and Pay-to-Bank services.
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.
Tokenisation is now a core enabler of secure, interoperable digital paymentspowering embedded finance, asset tokenisation, and evolving identity flows. Once a system for masking sensitive data, tokenisation has evolved into a foundational technology for enabling secure, interoperable, and scalable digital payments.
As a long-time advocate of financial digitalization in Colombia, Cobre will accelerate the adoption of the new interoperablereal-timepayment system for businesses under the Bre-B framework, transforming the way money moves across the country.
It aims to enable more efficient funds transfer via Purpose Bound Money (PBM) when inbound tourists use Alipay+ payment partner apps for payments at GrabPay merchants in Singapore. ” The post Announced at Singapore FinTech Festival 2024: New Partnerships, Product Launches and Appointments appeared first on The Fintech Times. .
UPI is revolutionising cross-border payments, expanding Indias digital payment influence through global integration, regulatory reforms, and strategic partnerships. The introduction of the unified payments interface (UPI) in 2016 marked a transformative shift in India’s digital payments landscape.
OpenPayd , the financial infrastructure provider, is joining forces with Ripple , the digital asset infrastructure provider, to deliver compliant and scalable payment solutions for enterprise clients.
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. Unified Payments Interface (UPI) (2016): The game-changer. Its simplicity, interoperability, and low cost made it an instant success.
Andrew McCormack, Chief Operating Officer at Al Etihad Payments, said: “We are delighted to onboard Mashreq as a provider of the innovative Aani Instant Payment solution – bringing intuitive, secure, and inclusive digital payments to small-scale merchants and their customers.
Since launching operations in December 2024, XWeave has enabled real-timepayments between Singapore and the Philippines. Designed for interoperability, the platform supports a range of use casesfrom remittances and merchant payouts to treasury and wallet operations.
As digital payment technologies evolve, they are revolutionising how transactions occur and breaking down barriers that have long excluded billions from the financial ecosystem. With the rise of real-timepayment settlement networks, cross-border transactions are becoming instant, cost-effective, and more transparent.
Legacy systems are increasingly unreliable, expensive to maintain, and resistant to modern payment innovations. But as the financial landscape evolves, that mindset is in danger of proving very costly.
Payments providers will need to prioritise interoperability and compliance to unlock growth while addressing security and volatility concerns. Nick Charteris CEO, Optimus Cards UK Limited The Payments Report 2024 highlights key trends transforming the payments ecosystem. However, this growth is not without its hurdles.
As a long-time advocate of financial digitalization in Colombia, Cobre will accelerate the adoption of the new interoperablereal-timepayment system for businesses under the Bre-B framework, transforming the way money moves across the country.
Launched as a pilot in 2011, the service allows users to make payments, transfer money and perform other financial transactions using the Airtel Thanks App or USSD. Airtel Money has been recognized in the Cross-Border Payments 100 list every year since its inception, highlighting its sustained relevance in global payments.
By combining their expertise, the two companies are enhancing real-timepayments and digital infrastructure to support the Kingdom’s Vision 2030 goals. Together, we are creating a frictionless and interoperablepayment experience and powering a modern, inclusive and future-ready financial ecosystem.”
To date, Paycode has facilitated the secure disbursement of $250m in aid and social payments, helping drive financial inclusion through biometric identity, offline digital wallets, and real-timepayments.
Mastercard has deliberately evolved “beyond the card” to support a much wider range of payment types and use cases. Its infrastructure, built for interoperability and scale, now handles everything from business-to-business (B2B) payments to person-to-person (P2P) transfers across different currencies.
Compliance across multiple jurisdictions presents its own challenges; for instance, while GDPR mandates strict user consent for data processing, some markets allow broader datasharing practices, creating interoperability issues for global digital wallets.
Its offering also includes an end-to-end white label new age payment gateway and real-timepayments infrastructure for banks. “We aim to empower them with a reliable, scalable, and highly performant payment infrastructure that has made us a trusted partner for leading enterprises worldwide.
. “For instance, in Mexico, were working with local fintechs and other organisations including The Peoples Clearinghouse and The Mexican Association of Credit Unions of the Social Sector (AMUCSS) on an initiative that will introduce an interoperable, real-timepayment pathway between the US and 140 rural community banks.
Why SaaS Matters Now: The Pressure to Modernise The adoption gap is especially significant given APAC’s leadership in payment innovation. With the growth of real-timepayment systems, the panel highlighted the increasing importance of fraud prevention.
StraitsX has launched its Singapore dollar-backed stablecoin, XSGD, on the XRP Ledger (XRPL), marking a new phase in its collaboration with Ripple to support real-time digital payments across Asia.
billion Nium is a global payments platform that makes cross-border money transfers easier for businesses and financial institutions. Using real-timepayment technology, Nium helps companies speed up international transactions, simplify operations, and scale. Nium Valuation: $1.4 Coda Valuation: $2.5 PayU Valuation: $5.2
By fostering strong relationships with merchants, PSPs, and issuing banks, EPI is now in a great position to effect significant change and shape the future of digital payments across Europe. Part of this was the launch of the real-timepayment system Wero last summer.
Instant payments are becoming significantly more attractive for US banks finds RedCompass Labs , the payments experts, as it finds that 84 per cent of US banks say the new $10million Real-TimePayment (RTP) network limit and $500,000 FedNow cap are a good thing.
Across the EU, operational resilience, real-timepayments, and the steady rollout of the Markets in Crypto-Assets Regulation (MiCA) are redefining compliance baselines for digital finance. UK and EU divergence on scope and legal frameworks may introduce cross-border compliance and interoperability challenges.
Technology and Interoperability CIPS adopts the ISO20022 standard and provides a standard message interface, supporting both API and GUI operations. This ensures seamless integration with global financial systems and enhances the speed and reliability of cross-border payments.
While stablecoins are best known for their use in cross-border payments, programmable payments, and in DeFi. Tokenized deposits are useful for domestic real-timepayments, B2B payments, and treasury automation. Use cases also differ between stablecoins and tokenized deposits.
The Pay10 Bahrain licence lets the fintech company offer payment solutions that are compliant with regulations and work in realtime to help the Kingdom reach its digital transformation goals. With the Pay10 Bahrain licence, the company can provide secure, compliant, and real-timepayment infrastructure to banks and businesses.
The licence, issued under the Ancillary Services Provider framework, enables Pay10 to integrate directly with Bahrain’s domestic payment systems, including the Fawri+ real-timepayments network. In the second half of 2024, point-of-sale and e-commerce payments rose by 20.4 per cent in volume and 14.6
Additionally, standardisation of digital IDs is required to ensure they are interoperable with TSA systems. Across the industry, well need to see collaboration for secure, interoperable solutions that meet global standards. Security does allow passengers to opt out of any biometric identification.
Currencycloud Provides APIs for real-time FX, multi-currency wallets, and global payments infrastructure, powering many B2B fintech platforms. Best for : Platforms building cross-border payment functionality into their services. Best for : Platforms requiring cross-border disbursements at scale.
With SmartVista, we enable banks not only to meet regulatory deadlines but also to unlock the full potential of richer data, greater interoperability and real-timepayment capabilities. Our mission is to ensure that every institution can transform compliance into a strategic advantage.”
Better real-time payouts in Canada By collaborating with the Canadian pay-by-bank provider, TerraPay’s network of money transfer operations can facilitate improved real-timepayments to recipients in Canada.
Open finance has seen strong adoption, and Pix is arguably the most successful real-timepayment system in the world, both in terms of scale and impact. billion API calls in June 2023 — more than four times the UK in the same period. What are some AI and automation trends we’re seeing in Brazil?
The Pay10 Bahrain licence lets the fintech company offer payment solutions that are compliant with regulations and work in realtime to help the Kingdom reach its digital transformation goals. With the Pay10 Bahrain licence, the company can provide secure, compliant, and real-timepayment infrastructure to banks and businesses.
The Accredited Standards Committee X9 is forming a group to study faster and real-timepayments activity in the financial industry and eventually recommend new X9 standards and upgrades that would enhance interoperability and adoption.
In an interview with FinextraTV in the lead-up to Sibos 2024 in Beijing, China, Peter Reynolds, Executive Vice President RealTimePayments, Mastercard, highlights how 2024 has welcomed a new era with 100 countries now with live realtimepayments systems, covering 87% of the world’s GDP.
Waiting for the Fed — and its promise of interoperability, which requires participation from the private sector — is akin to playing the (very) long game. But change is afoot as a growing number of stakeholders in the financial services arena are embracing and offering real-timepayments. What’s Next.
Against that backdrop of moving away from paper payments, and toward ubiquitous real-timepayments, TCH’s Waterhouse said there’s probably not a use case “that’s going to tip the scale here.” Real-timepayment is also is finding traction in the gig economy, allowing employees to be paid on a regular basis, even daily.
More recently, Visa issued public support of bitcoin and other digital assets in a July blog post that similarly highlighted opportunities in real-timepayments. “That day made an earthquake in digital assets, because to me, it takes the narrative off the table that the government is going to ban bitcoin,” she said.
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