Industry

The Future of Cross-Border Transfers Could Be Central Bank-Backed Digital Currency

As we slowly but surely move towards a global village into a reality, the overall value of cross-border payments is also expected to rise by 5.5 yearly, increasing from US22 trillion in 2016 to US30 trillion in 2022. Yet, according to a report published by KPMG , active correspondent bank numbers are at a slow […]

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KPMG Report: Institutionalization of Crypto Necessary

According to a KPMG Report last week, digital assets like Bitcoin are not truly currencies yet but a new world of finance is emerging in which transacting in crypto-assets may become standard procedure. The comprehensive report in the first instance offers certain use cases for cryptocurrencies.

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Businesses Want Real-Time Payments — What Will It Take to Get There?

Real-time payments: It’s one of those changes that everyone seems to agree on, but could still use some push. That’s the idea behind the recently launched Faster Payments Council (FPC), a group of payment industry participants with the goal of providing a ubiquitous payment system with near-immediate funds availability anywhere.

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Mobile Payments Still Stuck in Neutral

No industry faces disruption as acutely as retail right now. Online-only retailers are challenging every piece of a retail puzzle that has not changed much in the last century. How do traditional retailers grow market share and revenue? Upon first glance, faster shipping and more customized in-store experiences seem like the most obvious answers.

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Chase Launches Offers for Mobile Customers

Chase has announced the launch of Chase Offers, which will allow customers to find deals and earn statement credits when shopping at their favorite retail stores. Customers who log into their Chase app can access Chase Offers from more than 150 merchants including retailers, restaurants, and many of the company’s existing merchant partners.

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Credit Chameleons – Lenders Must Tune in to Changing Customer Attitudes

Using technology to accurately match consumers with the most appropriate products increases sales conversion. For instance, although millennials are the least likely to own a credit card they are using credit to fund their social lifestyles, meaning they could be incentivised by a product that offers retail reward points at their favorite shops or restaurants. This would […]

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World Blockchain Trade Consortium Launches

The World Blockchain Trade Consortium (WBTC) officially launched this week in Singapore with the aim to utilize blockchain technology to lower costs, reduce risk and increase funding to SMEs. According to Crowdfund Insider, WBTC was created by a group of non-bank financiers and an insurance firm, including National Credit Insurance Brokers (Australia, New Zealand, Singapore), Incomlend (Singapore), GTR Ventures (Singapore, […]

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Central Banks of Canada, Singapore and UK Propose CBDCs for Cross-Border Payments

The reserve banks of Canada, Singapore and the United Kingdom have singled out central bank digital currencies as being one of the solutions that can be implemented in order to solve the challenges encountered when making cross-border payments. The report by the Monetary Authority of Singapore, Bank of England and Bank of Canada notes that CBDCs, which can either be retail […]

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PODCAST: Consumers Lack Awareness of How Much Personally Identifiable Information Is Exposed

Recently, First Data produced a cybersecurity study that took a look at personally identifiable information. Can you give us a brief overview of this study or survey and what was its main focus? EJ Jackson – Head of Security and Fraud Solutions at First Data

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5 Ways Traditional Financial Institutions Can Survive and Thrive in a New Banking Industry

It’s safe to say that the banking landscape is evolving. Billions of dollars are spent annually by financial institutions hoping to differentiate themselves through solid solutions that will provide long-term benefits for consumers.

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Amex Offers Digital Payments for Remote Workers

American Express announced Thursday (Nov. 15) the launch of American Express Go, a new digital service aimed at helping mid-sized and large companies handle business expenses for temporary workers, recruits and employees without corporate cards.

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EMV Cards Fail to Allay US Retailers’ Fraud Fear

Despite switching to EMV cards three years ago, for large US retailers payment card fraud is still a top concern. Now, fraudsters have moved their activities online, a new study by the National Retail Federation (NRF) and Forrester has found. The EMV cards were meant to significantly decrease fraud.

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