Instant payments, BaaS and GenAI: A fintech industry review of 2023
FinTech Futures takes a look back at the key industry developments and trends to emerge over 2023.
Clearing & Settlement
UK’s PSR proposes cross-border interchange fee cap
The PSR is proposing a cap of 0.2% for debit transactions and 0.3% for credit transactions made online.
Central Bank of Colombia partners ACI Worldwide for real-time payments system
The central bank will leverage the partnership to launch a real-time payments ecosystem in 2025.
ClearBank names former Barclays and Starling exec Megan Cooper as new chief product officer
Cooper joins ClearBank from Barclays UK, where she served as CPO for its consumer banking platform.
The Clearing House appoints former Truist EVP Sal Karakaplan as new chief strategy officer
He brings over 25 years of experience to TCH following stints at Truist, JP Morgan and Mastercard.
Eurosystem eyes up alternative payment solutions in latest retail payments strategy update
The aim of the strategy is to “develop pan-European solutions for payments at the point of interaction”.
How Europe’s PSPs are bracing for SEPA instant payments
The European Parliament approved final implementation deadlines for SEPA instant payments on 7 November.
French paytech Worldline lands Payment Institution licence from UK’s FCA
Worldline had previously been operating under the FCA’s Temporary Permission Regime, which will end on 30 December.
A glance ahead: the European payments landscape in 2024
2024 is set to be a year of innovation and change for the European payments landscape.
Mastercard’s joint venture receives approval to commence domestic payments in China
Mastercard’s JV received formal approval from the People’s Bank of China.
Klarna prepares for SEPA instant payments with Form3 partnership
The agreement will directly connect Klarna to STEP2 and the gross settlement payment system RT1.
FinTech Futures: Top five stories of the week – 17 November 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
UK fintech Fnality raises £77.7m in Goldman Sachs and BNP Paribas-led Series B
The fintech’s Series B also saw participation from existing investors BNY Mellon, UBS and Nasdaq Ventures.
RTGS.global signs pilot agreements for settlement service with three new banks
The three banks are Tajikistan-based Alif Bank and Bank Arvand and Montenegro’s Universal Capital Bank.
Wise temporarily pauses new business onboarding in Europe
The company says it is “working to resume onboarding businesses in Europe as a priority”.
European regulators agree on new rules for SEPA instant payments
The rules state that instant transfers must not cost more than standard services.
European Payments Initiative completes acquisitions of iDEAL and Payconiq International
The acquired solutions will boost the development of EPI’s digital wallet Wero, which is launching next year.
South African paytech Stanchion Payments names ex-Synthesis exec Pierre Aurel as new CPO
Aurel previously served as head of payments and cryptography at South Africa-based Synthesis Software Technologies.
The US Federal Reserve proposes new single cap on interchange fees
Reserve board member and governor Michelle Bowman has opposed the revised cap.
The Clearing House names Margaret Weichert as new chief product officer
Weichert joins TCH from Accenture, where she served as managing director, North America payments lead.
US Bank subsidiary Elavon lands UK banking authorisation
With the licence, Elavon intends to offer authorisation, settlement, card machines, and banking services in the UK.
What the FinTech? | S.4 Episode 18 | Powering the future of cross-border payments
In this episode of the podcast, we’re joined by Teresa Cameron, Finance Director at Clear Junction.
BNP Paribas and 321founded partner to launch marketplace payment management fintech Panto
The solution is set to launch commercially in H1 2024 and will be led by CEO Guillaume Massis.
Scottish challenger Alba Bank taps ClearBank for SME payment management
With the ClearBank partnership, Alba Bank aims to offer “near real-time payments” to its customers.
ClearBank designates Jonny Fry as digital assets strategy lead
In his new role, Fry will be tasked with developing the bank’s position within the digital assets market.
JP Morgan and Mastercard’s new Pay-by-Bank solution goes live in the US
Verizon has revealed it will pilot the solution with its US customers “in the coming months”.
FinTech Futures: Top five stories of the week – 20 October 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
ECB’s digital euro project to enter preparation phase from next month
The announcement follows the completion of the digital euro’s “investigation phase”, which began in 2021.
US regional bank United Community partners Allied Payment Network for real-time payments
The South Carolina-based bank is to integrate Allied’s RTP solutions into its Q2 digital banking platform.
Fiserv snaps up Brazilian EFT software distributor Skytef
Skytef has been distributing Fiserv’s electronic funds transfer solution SiTef since 2002.
PSP NomadRem taps regtech iDenfy for ID verification and AML screening
The payment service provider is to deploy the regtech’s solutions to enhance its customer onboarding processes.
Lloyds Bank launches Paperless Guarantee solution to digitise trade finance
The solution seeks to support businesses with the digital issuance of bank guarantees.
Video: Standard Chartered at Sibos 2023 – ISO 20022 and the push for global adoption
We chat with David Rego of Standard Chartered about the switch to ISO 20022 and the progress being made globally.
UK’s ClearBank plots international expansion with four new board appointments
The group claims that the appointments will afford it “the governance necessary for success on an international basis”.
Video: BNP Paribas at Sibos 2023 – The global shift to T+1 settlement
At Sibos 2023, we spoke with Camille Papillard of BNP Paribas about whether T+1 will be a good fit for everyone.
Aeropay teams up with UBank for in-game payments innovation
The partnership seeks to solve the “intricate payment challenges” at play within the current gaming ecosystem.
UBS taps Broadridge for sponsored repo solution
The bank is to integrate its newly-digitised trade flows into its DLR tech stack on Broadridge’s platform.
Project Mariana successfully completes cross-border settlement of wholesale CBDCs
The project was completed between BIS, Banque de France, MAS and the Swiss National Bank.
Digital euro still two years away as ECB president Christine Lagarde takes on conspiracy theorists
Lagarde has vowed to “address all the conspiracy theory that abounds” about the potential digital euro.
Bahrain’s Bank ABC taps JP Morgan for blockchain-based cross-border payment service
The launch arrives in tandem with the bank’s documentary trade suite, ABC Trade.
