May 2024: Top five payments stories of the month
May has seen a number of new payments innovations, ranging from new product launches to partnerships. Here, we run through five of the top payment stories of the month, featuring Banque Raiffeisen, HSBC, Bankart, Wink Pay, Visa and more.
Banque Raiffeisen selects Worldline for cloud-based instant payments solution
Banque Raiffeisen expands partnership with Worldline
Banque Raiffeisen, the sole cooperative bank in Luxembourg, has tapped French paytech Worldline for its cloud-based instant payments processing solution.
Under the agreement, which has made Banque Raiffeisen Worldline’s first Luxembourg-based client for its instant payments offering, the Paris-headquartered company will equip the bank with the tools to send and receive instant payments as required by the EU’s Instant Payments Regulation.
In addition, by implementing Worldline’s cloud infrastructure, the paytech says the bank will benefit from greater TIPS connectivity and “smarter and quicker onboarding processes”.
Banque Raiffeisen is also set to leverage Worldline’s services for stand-in account checks and transaction sanction screening.
HSBC launches e-commerce payment solution Omni Collect in UAE in partnership with Geidea
HSBC has launched its e-commerce digital payment solution, Omni Collect, in the UAE in partnership with Saudi paytech Geidea.
The Omni Collect platform aims to augment the way the bank’s corporate clients gather digital payments for goods and services sold through various payment channels, such as credit and debit cards and e-wallets including Apple Pay and Samsung Pay.
In addition, the solution facilitates real-time data flow for clients by integrating directly into their e-commerce and accounting systems via APIs.
Geidea has been selected to enhance the offering by integrating a merchant acquiring facility into Omni Collect.
Bankart migrates payment processing to Diebold Nixdorf’s Vynamic Transaction Middleware
Bankart partners Diebold Nixdorf
Bankart in Slovenia is migrating its payment processing services from ACI Worldwide’s Base24 to the Vynamic Transaction Middleware solution of US paytech heavyweight Diebold Nixdorf.
The processor will utilise the cloud-based platform for the issuing, acquiring, transaction switching, e-commerce and other payment services it currently provides to 20 banks throughout Central and Eastern Europe (CEE), for which it collectively processes over 600 million transactions every year.
Ohio-headquartered Diebold Nixdorf claims Vynamic Transaction Middleware will afford its latest partner the “flexibility and scalability required to develop new products and services”, alongside the ability to “efficiently deliver broader functionality to their customers, including multi-national banks”.
New paytech Wink Pay launches in Lebanon in partnership with Visa and Codebase Technologies
Lebanese paytech start-up Wink Pay has partnered with digital payments titan Visa and banking solutions provider Codebase Technologies to launch the nation’s first fully digital instant card issuance service for Visa prepaid virtual cards.
Wink Pay aims to boost financial inclusion in Lebanon by offering its citizens the ability to “securely and transparently” manage their payments for local and international transactions without needing a bank account, specifically targeting underserved communities and those in rural areas.
In addition, Wink Pay provides features including virtual card personalisation tools, card-loading agent location tools, and eKYC (electronic know your customer) verification.
Dubai-based Codebase Technologies has been selected for its cloud-native, API-first digital banking solution, Digibanc, which is to serve as the technology stack for Wink Pay’s offering.
Visa seeks to “revolutionise the card” with array of new product launches
Visa debuts string of new digital product launches
Visa unveiled a string of new digital product developments at the annual Visa Payments Forum in San Francisco, US, in an effort to “revolutionise the card”.
The announcements include the launch of Visa Flexible Credential, which enables users to toggle between debit, credit, rewards points, and buy now, pay later (BNPL) when completing a transaction.
Currently live in Asia, the capability is due to launch in the US “later this summer” through BNPL fintech Affirm.
Given that its tap-to-pay penetration reached 65% globally last year, Visa is also introducing a new Tap to Everything service which will enable NFC-enabled mobile devices to accept payments, transfer funds and securely confirm identities when tapped with another device.
