EWA shouldn’t be regulated like loans
Payments Dive
APRIL 5, 2024
“Attempts to regulate EWA as credit threaten worker access to this innovative and consumer-friendly financial tool,” writes one earned wage access industry CEO.
Deustche Bank: Regulation Complicates B2B Payments’ Digital Transformation
PYMNTS
AUGUST 6, 2020
Payments are an omnipresent part of life for corporates and consumers alike, with the United States seeing 174.2 billion noncash payments totaling $97.04 The pandemic has only strengthened the demand for digital payments. Developments From Around The World Of Payments Modernization. trillion in 2018.
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Trending Sources
Payments Regulation PSD2 Arrives in Europe
Bank Innovation
JANUARY 12, 2018
EXCLUSIVE – Major European payments regulation, PSD2 is set to go live tomorrow in Europe. Banks across the European Union have been preparing for the revised Payment Service Directive or PSD2 since it was first passed in 2015 by the Council of the European Union.
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European Central Banks Demand Strict Cryptocurrency Regulations
PYMNTS
SEPTEMBER 13, 2020
Europe's biggest banks have called on the European Commission to implement tough regulations for cryptocurrencies, such as stablecoins, that would protect consumers and preserve state sovereignty in monetary policy, Reuters reported. In a joint statement Friday (Sept. The association declined to comment, Reuters reported.
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Crypto regulation shouldn’t smother innovation: Fed’s Waller
Payments Dive
FEBRUARY 13, 2023
The Fed governor highlighted the benefits of smart contracts, as well as the potential for tokenization as a privacy tool, in a speech Friday.
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What Payments Players Had To Say About Innovating Payments In A Pandemic
PYMNTS
DECEMBER 31, 2020
That’s because paper becomes the default method of payment when something goes awry — such as when banking credentials can’t be authenticated or identity cannot be verified. One is regulatory trends, where regulators are looking to increase competition in this field and drive innovation. "One
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FinTech Cloud Technology Fuels Banking Innovation
PYMNTS
OCTOBER 8, 2020
As cloud technologies emerge to help financial institutions (FIs) drive digital innovation, Finastra has introduced its Fusion Payments To Go offering for small and medium-sized banks. Fusion Reveals Payments Platform Banks. The firm said it would work with The Clearing House on a new venture to “foster real-time payments.”.
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What you Should Know about Europe’s Big Payments Regulation PSD2
Bank Innovation
JANUARY 16, 2018
EXCLUSIVE – After more than two years of planning, Payments Services Directive II or PSD2 finally arrived in Europe on Saturday. The regulation has been dubbed as one of the more substantial regulatory changes of its kind in Europe.
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In a digital world, regulators and innovators need to team up to beat fraud
Payments Source
AUGUST 26, 2020
Close collaboration between leading payment innovators and regulators could help regulators better understand the direction the industry is headed, says Arkose Labs' Vanita Pandey.
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Big Tech Faces Regulation Reckoning As 2021 Dawns
PYMNTS
JANUARY 1, 2021
If 2020 was the year of streaming media, of content done a million different ways, of apps and Apple, and Google’s and Amazon’s algorithms … it was also the year of Big Tech regulation, where 2020 set the stage for a 2021 that could be seismic in changing the way companies — from Facebook to Apple to debt collectors — interact with consumers.
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Navigating payments innovation amid changing regulations
American Banker
APRIL 4, 2024
Payments Innovation Association CEO Brian Tate sees new trends in how technology is transforming payments technologies that are secure, safe and fair.
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New Regulations Could Push US Dollar Stablecoins Into The Payments Mainstream
PYMNTS
JANUARY 15, 2021
To that end, as Jeremy Allaire , CEO of Circle , told PYMNTS’ Karen Webster, a number of trends are converging to bring stablecoins into the mainstream of commercial and consumer payments. But those same payments mechanisms must be in compliance with various regulatory and legal frameworks. Still In Learning Mode . “A
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How Cannabis Can Become A B2B Payments Innovation Influencer
PYMNTS
JULY 10, 2020
For several years, while state-level legalization has expanded, access to traditional banks remains an issue thanks to their status as federally regulated entities. That doesn’t mean these companies have the ability to easily adopt the same payments solutions that businesses in other industries can access.
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Alibaba’s Ma Worries EU Regulations Will Stifle Tech Innovation
PYMNTS
MAY 16, 2019
Jack Ma, the Chinese billionaire and founder of Alibaba, expressed concerns technology companies will be harmed by increased regulation coming out of Europe. CNBC , citing comments Ma made during the Viva Technology Conference in Paris Thursday (May 16), reported Ma said increased rules and laws hurt innovation and restrict tech companies.
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2017 Innovators to Watch: 44 Executives Shaping the Future of Banking
Bank Innovation
JUNE 12, 2017
2017 was a tumultuous year, but despite some stops and starts, innovation in finance is only gaining more momentum.
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How to grab your share of new payments growth
Accenture
JUNE 27, 2022
Most payments leaders who participated in our Growth in Payments research think digital payments could overtake plastic cards and cash by 2025. It’s clear that they expect a surge in payments innovation, different consumer behaviors, shifting regulations—and new payments growth.
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Deep Dive: Why Contactless Payment Innovation Is Key For CUs Amid The Pandemic And Beyond
PYMNTS
JANUARY 28, 2021
A transformation toward contactless payments is underway at the nation’s credit unions as the public shuns cash and even physical cards to lower infection risks with COVID-19. It will likely alter global markets and regulations as the financial ecosystem becomes more digitized. The High Stakes Of Offering Contactless.
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Banking Innovation Enters New Era; Consolidation Now The Rule
PYMNTS
DECEMBER 9, 2020
In what’s beginning to feel like something of a trend in recent years, the payments landscape has seen its latest big global consolidation. Italian payments processor Nexi SpA recently announced plans to purchase private equity-owned rival Nets A/S, creating Europe’s biggest payments firm by volume.
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10 Lessons We Learned at the Nacha Smarter Faster Payment Conference
South State Correspondent
MAY 13, 2024
Last week, Nacha held its Smarter Faster Payments Conference in Miami, a significant event for over 1,800 bankers and vendors. With 142 presentations and panels, the content was tailored to the needs of every bank interested in payments. Nacha saw three strong presentations covering various legal aspects of payments.
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Banks Say FinTech Innovation, Not Regulation, Is Now Their Fiercest Market Pressure
PYMNTS
JANUARY 18, 2018
Regulation has undoubtedly acted as a catalyst to major financial services trends in areas like small business (SMB) lending, faster payments and, most recently, open banking and collaboration with FinTechs. According to the results, banks argue that innovation, not just regulation, is behind the wheel of progress.
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Give EWA a chance
Payments Dive
MAY 24, 2023
“It is unclear why critics want to place EWA in the credit silo and call for heavy-handed regulations to restrict access to EWA products,” argues the CEO of the Innovative Payments Association.
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Payments Canada Partners With Mastercard’s Vocalink To Advance Real-Time Rail
PYMNTS
NOVEMBER 12, 2020
Payments Canada is teaming up with Mastercard’s Vocalink for clearing and settlement for the country’s new real-time payments system, the Real-Time Rail (RTR). Delegated by the Canadian Government, Payments Canada is responsible for the clearing and settlement infrastructure, processes and rules.
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Is ‘Embedded Regulation’ The Key To Stablecoins’ Success?
PYMNTS
NOVEMBER 25, 2020
The age of digital currencies might be fully upon us, but key questions swirl about how to issue and regulate cryptos – especially stablecoins. Among the potential and evolving use cases: private stablecoins can conceivably be adopted as a means of payment for online purchases, peer-to-peer and micro-payments and a range of potential future.
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Beautycounter Embraces D2C Innovation With Purpose
PYMNTS
OCTOBER 12, 2020
No matter how innovative they are, companies still need to get paid. And not many companies this year have combined business model creativity with payments innovation more than Beautycounter. We’ve listened to our community and their requests for different payment options – more and more retailers are offering this as an option.
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Agility makes the pieces fit for payments players
Accenture
MAY 23, 2022
As the payments ecosystem expands into the worlds of crypto and the metaverse, keeping up with customer expectations, regulations and technological shifts is becoming a big challenge for payments providers. The post Agility makes the pieces fit for payments players appeared first on Accenture Banking Blog.
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Will Instant Payments Spur Healthcare Innovation?
PYMNTS
MARCH 21, 2019
Healthcare is an undoubtedly complicated space for all the players involved (the providers, insurers, patients, pharmaceutical manufacturers), particularly when it comes to payments. Not an entirely surprising fact, given that it is the collision of two highly specialized and extremely regulated worlds.
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10 Most Innovative CEOs in Banking 2017
Bank Innovation
SEPTEMBER 27, 2017
Fintechs are partnering with banks, banks are using blockchain technology, artificial intelligence, and cryptocurrency and financial regulation is still undergoing massive changes. 2017 has been a […].
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Turning Compliance Burden Into FinTech-Regulator Collaboration
PYMNTS
NOVEMBER 26, 2019
In recent years, the market has gone from one struggling with high financial illiteracy and limited card acceptance, to a bright spot in Europe for FinTech innovation. Regulation is perhaps the strongest driver of Lithuania’s FinTech-friendly environment. But financial regulatory compliance can be a headache for any market.
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Why Smartphones Are The Biggest Payments Innovator
PYMNTS
MAY 23, 2017
Innovation is happening at the speed of payments — which, as it turns out, can be pretty fast these days. I travel three weeks out of four to meet our stakeholders in the markets they are in — customers, agents, regulators and employees. I try to keep this to a minimum. This routine occurs no matter where I am in the world.
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How Businesses Drive Unexpected Open Banking Innovation
PYMNTS
APRIL 17, 2020
Open banking regulations across Europe kicked open the door for a wave of FinTech competition, with consumer-facing personal finance management (PFM) right in the crosshairs of innovators’ efforts. Connecting Accounting to Payments. “People were not believing in open banking so much as a big evolution.
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Regulators Line Up For Trade Finance Modernization
PYMNTS
NOVEMBER 4, 2020
Trade finance players, including corporates, banks and regulators, are finally ready to embrace modernization and technology. As a highly regulated area of financial services, trade finance has struggled to enter the digital age. Previously, regulation was very slow in adapting and approving of different technology," he said.
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Citigroup Opens Innovation Lab in London
Bank Innovation
FEBRUARY 12, 2018
Citigroup is setting up an innovation lab in London. s preparation for Brexit, not to mention the new PSD2 regulation that went live some weeks earlier. The decision to set up this lab comes at the heels of U.K.’s Citigroup’s lab will employ 75 tech experts. It will be located in one of WeWork’s shared workspaces […].
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FTC, Lawmakers Turn Sour On M&A; Could Innovation Suffer?
PYMNTS
NOVEMBER 16, 2020
corporates, including tech (and beyond Big Tech), Joe Simons , chair of the Federal Trade Commission (FTC), indicated that roadblocks could be set up to stop some of the traditional means of growth and innovation. In a signal of what might be on the horizon for U.S. Temper Of The Times.
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What Does Innovation Mean For Financial Institutions?
PYMNTS
SEPTEMBER 25, 2019
Innovation can be a blanket term in the banking world. Is artificial intelligence (AI) for anti-money laundering (AML) compliance innovation? Is real-time global payments expanding to new markets? percent of all FIs consider both their core and IT systems effective for innovation, while 19.7 Areas of Innovation Focus.
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China Regulator Considers Antitrust Probe Of Alipay, WeChat Pay
PYMNTS
JULY 31, 2020
China’s State Council’s Anti-Monopoly Commission is considering investigating Alipay and WeChat Pay , two of the county’s biggest online payment and money transfer platforms, Reuters reported. COVID-19 and its aftermath moved the country from cash to online payments. Reuters reported. The mobile banking market reported 56.2
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Bitcoin Daily: Citibank Analyst Says Bitcoin Will Hit $318K; Pakistan SEC Exploring Digital Asset Regulation; Binance Discontinues BGBP Stablecoin
PYMNTS
NOVEMBER 16, 2020
In other news, the Securities and Exchange Commission of Pakistan (SECP) is researching the potential for innovation, as well as the inherent risks, in virtual assets, the SECP said in a paper published on Nov. Meanwhile, Binance on Monday (Nov. 16) announced that it is discontinuing the trading pair BGBP/USDC.
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Heavy regulation still challenges gambling payments innovation
Payments Source
FEBRUARY 10, 2020
Sports betting is a boon for gaming payments, but technology compliance has long odds, says Global Payments Gaming Solutions' Christopher Justice.
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SWIFT Stands Behind Its Global Payments Innovation Initiative
PYMNTS
OCTOBER 6, 2016
All of this has occurred as the company has continued to expand the pilot phase of its global payments innovation (gpi) initiative, thus far signing on dozens of major financial institutions to an effort aimed at streamlining cross-border payments. Region Stacy Rosenthal didn’t speak directly of Ripple’s swipes.
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188 For Corporates, Cross-Border Payments Innovation Isn’t All About Speed
PYMNTS
JULY 26, 2019
The modern-day financial services landscape has a need for speed, and one of the slowest areas of the market can be seen in cross-border payments. Remittance and peer-to-peer payment technologies have accelerated transaction speeds for consumers tired of waiting days for money to move across borders.
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Why APIs, Privacy Are Key To Open Banking Innovation
PYMNTS
MAY 1, 2020
Financial institutions (FIs) and regulators in Singapore, the E.U. Regulators may have shifted their focuses away from these initiatives and toward making sure their customers have the financial access they need to survive the pandemic, but the long-term goals of. and the U.S. Similar to the U.K. with ease, control and security.”.
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Turkish delights in innovation
Chris Skinner
MARCH 23, 2017
I’ve been working closely with BKM, the Turkish retail payments clearing company, for a few years now. They manage the Fintech Istanbul program, and are the powerhouse behind many of the innovations we’ve seen in Turkey from mobile wallets to contactless payments. Could you please tell us a bit about banking sector in Turkey?
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7 ways Smart Cities innovate payments
Payments Source
NOVEMBER 30, 2018
The concept of Smart Cities — which use mobile payments, global positioning and related technology to streamline parking, transit, building access and traffic — is deeply intertwined with the development of payments technology and regulation.
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148 Regulating the cryptocurrency markets
Chris Skinner
FEBRUARY 15, 2018
I guess that this is logical as my last line was that government control of cryptocurrencies is “not so easy for cryptocurrencies that have … The post Regulating the cryptocurrency markets appeared first on Chris Skinner's blog.
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299 What ATMs And Open Source Have To Do With Payments Innovation
PYMNTS
MARCH 7, 2019
It might be the case that 2019 takes shape as a watershed year for payments regulation, marked by PSD2 and GDPR. Stakeholders in the financial services and payments arenas are navigating new rules about how data is collected, stored and shared. It should come as no surprise that real-time payments remain a focal point.
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