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BofA Clients Embrace New $10 Million Limit in U.S. Real-Time Payments

Fintech Finance

Recent action from The Clearing House to increase the transaction limit on real-time payments from $1 million to $10 million is fueling new use cases in business-to-business payments among Bank of America clients. real-time payments the company is processing. Payments are settled immediately, regardless of time of day.

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Fraudsters Turn to WhatsApp: Revolut Reveals UK Consumers Lose £2,437 From WhatsApp Scams

The Fintech Times

WhatsApp prides itself on the security of its encrypted messages, however, according to new research from Revolut, the global fintech with 11 million UK customers and 50 million globally, UK consumers are losing an average of 2,437 from scams originating on the communications platform. Google platforms accounted for 0.09

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Real-Time Payments Are Soaring In The U.S.

Tom Groenfeldt

Since it increased the maximum transaction limit from $1 million to $10 million in February, the average transaction has grown from $842 in January to more than $4,000 by June, a 376% increase. “We TCH which operates the largest instant payments system in the United States said today that it averages 1.18

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What You Need to Know about Singapore’s Upcoming Shared Responsibility Framework

Fintech News

The final framework includes the originally proposed duties and introduces a new fraud surveillance duty for FIs in response to public feedback. Responsibilities of FIs, PSPs, and Telcos in Combating Scams Under the SRF, MAS and IMDA have established specific duties for FIs, PSPs, and telcos, designed to directly combat phishing scams.

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Payfinia Receives $4.5 Million from Star One Credit Union to Launch CUSO

Finovate

Star One Credit Union originally partnered with Payfinia parent company Tyfone to build Instant Payment Xchange (IPX), a payments-as-a-service (PaaS) framework to send and receive instant payments via FedNow. Each transaction settled in less than five seconds. million in the organization. million in Seed funding.

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Navigating AML obligations in the age of virtual IBANs

The Payments Association

Mitigating risks by limiting the number of vIBANs issued to a single customer, imposing transaction limits on vIBAN usage based on the risk profile and enhancing scrutiny of high-risk accounts through periodic audits or on-site visits. Finally, there are substantial risks linked to vIBANs on the consumer side.

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PayPal On Its Xoom Into The Continent And The UK

PYMNTS

When adding other payment types and wire transfers, that brings cross-border transactions into the trillions of dollars. The Monday announcement comes as 80 percent of the company’s transactions originate (to send) on a mobile platform. In addition, the current transaction limits in the U.S.