Visa-Mastercard settlement claims deadline postponed
Payments Dive
AUGUST 19, 2024
billion settlement now have until February 2025 to file claims, a federal judge overseeing the class action said. Merchants seeking a piece of the $5.5
Settlement Related Topics 
Judge sways away from Visa-Mastercard settlement
Payments Dive
JUNE 25, 2024
On Tuesday, Judge Margo Brodie denied a preliminary settlement proposal made by the card networks Visa and Mastercard, and merchants who sued them in federal court nearly two decades ago.
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Visa-Mastercard settlement failed to treat merchants ‘equitably’
Payments Dive
JULY 1, 2024
A proposed Visa-Mastercard settlement failed partly because a judge overseeing the case determined large merchants wouldn’t benefit as much as smaller merchants.
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Prague Stock Exchange debuts DLT-based settlement system
Finextra
OCTOBER 16, 2024
The Prague Stock Exchange is implementing distributed ledger technology in the settlement of securities under the EU's DLT pilot regime.
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How Amex is entangled in the Visa-Mastercard settlement
Payments Dive
APRIL 1, 2024
The settlement gives merchants the ability to surcharge for nearly all Visa and Mastercard credit card transactions, and puts pressure on American Express to allow the same.
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Successful Migration of the Kenya Electronic Payment and Settlement System to the ISO20022 Global Messaging Standard
Fintech Finance
OCTOBER 21, 2024
The Central Bank of Kenya (CBK) announces that the Kenya Electronic Payment and Settlement System (KEPSS) has been successfully migrated to the ISO20022 Global Messaging Standard (“ISO20022 Standard”). KEPSS, which is Kenya’s Real-Time Gross Settlement (RTGS) system, is operated by CBK to process large-value and time-critical payments.
How Google’s settlement will change in-app payments
Payments Dive
DECEMBER 21, 2023
Google’s settlement with attorneys general this week includes a lengthy list of changes the tech titan must make in its approach to in-app payments.
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Merchants urged to file claims for $5.5B payment card settlement
Payments Dive
MAY 6, 2024
Requests for a slice of the Visa-Mastercard settlement are due by a May 31 deadline. Lawyers are racing to alert eligible businesses.
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Boerse Stuttgart uses blockchain to slash settlement times
Finextra
OCTOBER 1, 2024
Boerse Stuttgart says it has tested the settlement of exchange transactions with blockchain-based securities against central bank money - finding that using the technology can reduce settlement times from days to minutes.
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The Bank for International Settlements (BIS) launches Project Aperta
The Paypers
OCTOBER 17, 2024
The Bank for International Settlements (BIS) has initiated Project Aperta aiming to explore reducing frictions and costs in global finance by enabling cross-border data portability.
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US FS giants explore multi-asset settlement using share ledger tech
Finextra
MAY 8, 2024
A host of major US financial services firms - including Citi, JP Morgan, and Visa - are taking part in a Regulated Settlement Network (RSN) proof-of-concept that will explore multi-asset settlement using shared ledger technology.
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ECB conducts first DLT trials for wholesale central bank money settlement
Finextra
MAY 14, 2024
The Eurosystem has begun the first of a series of trials to test the use of ditributed ledger technology (DLT) for the settlement of wholesale transactions in central bank money.
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Central banks to test FX settlement in wCBDC
Finextra
JUNE 4, 2024
The Bank for International Settlements (BIS) is launching Project Rialto to explore how instant cross-border payments could be improved using a modular foreign exchange component combined with settlement in wholesale central bank digital currencies (wCBDC).
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RTGS.Global targets PSPs with atomic settlement system
Finextra
OCTOBER 15, 2024
RTGS.global, the next generation settlement company revolutionising cross-border payments, has today announced the launch of a unique solution for Payment Service Providers (PSPs) that will enable them to offer cheaper and faster international payments to their retail and corporate customers.
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NRF objects to Visa-Mastercard settlement
Payments Dive
APRIL 29, 2024
The National Retail Federation lashed out at a landmark Visa-Mastercard legal settlement Friday, calling the pact reached with some merchants last month “meager and temporary” relief.
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Europe's Target Settlement system to join cross-border instant payment project
Finextra
OCTOBER 22, 2024
Europe's Target Settlement system is to join Project Nexus, a Bank for International Settlements initiative to connect domestic real-time networks across borders.
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Broadridge to offer JPM Coin as settlement mechanism for DLR platform
Finextra
MAY 14, 2024
JP Morgan has struck a deal to offer its JPM Coin digital token as a settlement mechanism for Broadridge's DLR (Distributed Ledger Repo) platform.
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Visa CEO ‘strongly’ disagrees with class settlement ruling
Payments Dive
JULY 24, 2024
The card network giant expects the parties to negotiate a new settlement following a judge’s rejection of an agreement reached earlier this year, but its CEO notes that could happen after a trial begins.
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Visa and Mastercard reach $30bn interchange fee settlement with merchants
Finextra
MARCH 26, 2024
After nearly 20 years of litigation, Visa and Mastercard have reached a settlement with US merchants lowering and capping credit card interchange rates in a deal that could save the merchants $30 billion over five years.
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US judge green lights Terraform's $4.5bn SEC settlement
Finextra
JUNE 16, 2024
billion settlement with the SEC after a jury verdict held them liable for orchestrating a years-long fraud involving crypto asset securities that led to massive investor losses when the scheme unravelled. Terraform Labs and its former CEO Do Kwon have reached a $4.5
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US Fintech Association Supports Federal Reserve’s Plan to Expand Settlement Service Hours
The Fintech Times
SEPTEMBER 9, 2024
The American Fintech Council (AFC) has backed the Federal Reserve ’s proposal to extend the operating hours of the Fedwire Funds Service and National Settlement Service (NSS). The post US Fintech Association Supports Federal Reserve’s Plan to Expand Settlement Service Hours appeared first on The Fintech Times.
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US judge rejects $30bn interchange fee settlement
Finextra
JUNE 25, 2024
A US judge has rejected a $30 billion settlement between Visa, Mastercard and retailers over credit card interchange fees.
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Deutsche Bank's Postbank settlement rejected by plaintiffs - Reuters
Finextra
AUGUST 16, 2024
Deutsche Bank’s settlement offer to shareholders that sued them for underpaying for the Postbank acquisition has been rejected by plaintiffs.
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SS&C to acquire settlement claims processor for $670 million
Finextra
SEPTEMBER 19, 2024
(Nasdaq: SSNC) today announced a definitive agreement to acquire Battea-Class Action Services, LLC, a market-leading provider of securities class action claims management and settlement recovery services.
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Binance Sets up First-Ever Board in Wake of Legal Settlements
Fintech News
APRIL 1, 2024
billion settlement with US authorities earlier this year. This leadership restructure is in line with Binance’s efforts to comply with regulatory standards following its legal settlement in the US. Completing the lineup are Arnaud Ventura, of Gojo & Co., and Xin Wang, CEO of Bayview Acquisition Corp.
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Klarna adds open banking settlements for 18 million consumers and 32,000 retailers
Fintech Finance
MARCH 14, 2024
Klarna , the AI-powered payments network and shopping assistant, has begun to roll out open banking-powered settlements in the UK. Klarna has already launched open banking settlements for its Pay Now instant payment option, and Pay in 30 and Pay in 3 scheduled for later in 2024.
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Volt launches VX2, a stablecoin settlement solution
The Paypers
SEPTEMBER 12, 2024
UK-based payments platform Volt has launched VX2, a stablecoin settlement solution that integrates with Volt’s real-time payments infrastructure.
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Central Bank of Iceland examines feasibility of joining Europe's T2 RTGS and Tips settlement engine
Finextra
SEPTEMBER 9, 2024
The European Central Bank (ECB) welcomes the decision by Seðlabanki Íslands (Central Bank of Iceland) to begin a feasibility assessment to explore the possibility of joining the Eurosystem’s T2 real-time gross settlement system and its TARGET Instant Payment Settlement (TIPS) retail payment system.
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US judge rejects "paltry" $30 billion swipe fee settlement
Finextra
JULY 1, 2024
A US district court judge has rejected an agreed $30 billion settlement over swipe fees between the two major card schemes and US merchants partially on the grounds that Visa and Mastercard have the financial armoury to pay "substantially" more.
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Pursuit of faster settlement times via DLT will hit market quality
Finextra
MAY 22, 2024
Adopting distributed ledger technology in the pursuit of faster settlement times could hit liquidity and increase transaction costs, warns research from the World Federation of Exchanges (WFE).
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Landmark Visa, Mastercard settlement in peril
Payments Dive
JUNE 14, 2024
The judge's likely rejection would scuttle a $29.79 billion deal that was two decades in the making.
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Visa, Mastercard reach landmark credit card settlement
Payments Dive
MARCH 26, 2024
The two biggest U.S. card networks agreed to cap interchange fees for five years, among other terms, to settle merchant litigation that has lasted nearly two decades.
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Dubai Land Department and Oqoodi Enable Peaceful Real Estate Settlements Worth AED1.38bn in H1’24
The Fintech Times
JULY 29, 2024
In light of this, Dubai Land Department (DLD) has successfully completed 647 real estate settlements using Oqoodi, the digital platform navigating land and property disputes. DLD boasts capable and qualified legal specialists to manage settlements between parties.
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Eurosystem Completes First of Many Experiments To Test DLT Central Bank Money Settlements
The Fintech Times
MAY 18, 2024
Eurosystem , the monetary authority of the eurozone, has been exploring the possible use cases of distributed ledger technology (DLT) to conduct wholesale settlement in central bank money. Initially, 16 private companies will conduct trials involving actual settlement in central bank money.
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ClearBank Expands into Europe, Secures ECB Licence for Euro Settlement Services
The Fintech Times
AUGUST 9, 2024
ClearBank has expanded into Europe, securing a Dutch banking licence to offer Euro settlement services and banking solutions, marking the first step in its international growth strategy. The post ClearBank Expands into Europe, Secures ECB Licence for Euro Settlement Services appeared first on The Fintech Times.
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Asic consults on new rules to deliver better outcomes in clearing and settlement
Finextra
JULY 30, 2024
ASIC has released a consultation paper on proposed rules to facilitate competitive outcomes in cash equity clearing and settlement (CS) services provided by the ASX Group.
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BME joins ECB trials for DLT in central bank money settlement
Finextra
JUNE 27, 2024
BME, through Iberclear, has been admitted to the Eurosystem's exploratory work as a DLT market operator to conduct experiments on new technologies applicable to the settlement of wholesale operations in central bank money.
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Visa-Mastercard settlement generates thousands of claim conflicts
Payments Dive
JULY 9, 2024
Lawyers hope a court-approved extension of the claims filing deadline will provide time for resolution of conflicts and allow other business owners to file new claims in the interchange fee case.
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Klarna Initiates Open Banking Settlements, Offering New Payment Option for UK Consumers
The Fintech Times
MARCH 14, 2024
Klarna has introduced open banking-powered settlements in the UK, enabling consumers to pay directly from their bank accounts instead of using debit cards. Open banking settlements simplify and secure transactions for consumers while providing insights into spending habits. million transactions daily.
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RentRedi Offers 2-Day Funding and Same-Day Settlements for Rent Payments
The Nilson Report
SEPTEMBER 3, 2024
The post RentRedi Offers 2-Day Funding and Same-Day Settlements for Rent Payments appeared first on Nilson Report.
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Klarna to launch Open Banking settlements in the UK
The Paypers
MARCH 14, 2024
AI-enabled payments network and shopping assistant Klarna has announced the launch of an Open Banking-powered settlement in the UK.
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Canadian securities regulators announce move to T+1 settlement cycle
Finextra
MAY 27, 2024
The Canadian Securities Administrators (CSA) today announced that rule amendments supporting the move to a shorter settlement cycle for equity and long-term debt market trades came into force in Canada.
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Project Meridian FX: Joint Project by the Eurosystem and London Centres, and the Bank of England, to Test Synchronised Settlement in FX
Fintech Finance
JUNE 17, 2024
The project will provide insights on how operators of real-time gross settlement (RTGS) systems could enable interoperability with new payments technologies, such as distributed ledger technology (DLT). The aim in both scenarios will be for the SO to successfully orchestrate the settlement of a payment versus payment (PvP) FX transaction.
Banque Centrale de Tunisie joins Pan African Payment and Settlement System
Finextra
FEBRUARY 12, 2024
The Pan African Payment and Settlement System (PAPSS) is proud to announce the entry of Banque Centrale de Tunisie (BCT) into its network as its thirteenth Central Bank member, further strengthening its commitment to promoting seamless cross-border payment services and enhancing financial integration across the African continent.
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