6.25.19 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
What's the status?
The bank has launched RBC Express Track Wire Payments, enabling businesses to view wire payments through the bank's online business banking channel. The feature uses Swift's global payments innovation (GPI) technology, which the bank hopes can help businesses better predict liquidy.
GPI has expanded over the past year, and is now used to process more than half of Swift's cross-border payments.
Delivery innovation has become a fierce battleground among retailers, with 7-Eleven adding a wrinkle that allows consumers to order items for delivery to locations such as parks, beaches and sporting venues.
Called 7NOW pins, 7-Eleven's developers have built a network of 2,000 "hot spots" in 27 cities, including Fenway Park, Central Park and Venice Beach.
The feature is part of a broader transformation at 7-Eleven to upgrade digital payments and online channels, an initiative that includes point of sale upgrades to support self-checkout.
Wooing U.K. open banking
British open banking startup Yolt has lined up a network of banks to test its API-powered P2P and account management app.
Santander, Nationwide, Barclays, Lloyds, Bank of Scotland, Halifax and NatWest are among the institutions that are testing Yolt, including a payee address book feature that supports payments for recurring contacts without adding account numbers and sort codes. This information auto populates for pre-vetted recipients in the consumer's payee network
Yolt has also upgraded its payment initiation flow for its bank network to streamline authentication.
U.S. Bank and accounts payable automation company Inworks are collaborating on a product designed to improve processing for payments involving health care businesses, providers, suppliers, insurance companies and patients.
The joint product will use U.S. Bank's Virtual Pay Visa card with a feature that's specifically geared for health care transactions, which involve more parties and thus are more complicated than most other transactions.
That complexity has resulted in health care payments remaining largely manual, though JPMorgan Chase and UnitedHealth Group have both made recent acquisitions designed to convince health care providers to adopt digital payments.
From the Web
SWIFT Gives Blockchain Platforms Access to ‘Instant’ GPI Payments Following R3 Trial
CoinDesk | Mon June 24, 2019 - Global interbank messaging giant SWIFT has revealed it will allow blockchain firms to make use of its Global Payments Innovation (GPI) platform for near real-time payments. SWIFT said that, following a successful proof-of-concept with R3’s Corda platform, it would “soon be enabling gpi payments on DLT [distributed ledger technology]-based trade platforms.”
A Foolish Take: Which Mobile Payment Apps Are US College Students Using?
The Motley Fool | Mon June 24, 2019 - Eighty-six percent of U.S. college students use mobile payment apps, according to a recent survey by Sallie Mae and Ipsos, making it the top payment method on campuses. The survey also found that one company, PayPal, dominated campuses with its namesake app and peer-to-peer payments app Venmo.
JPMorgan to Start Customer Trials of Its ‘JPM Coin’ Crypto
CoinDesk | Tue June 25, 2019 - JPMorgan Chase is to start trials of its “JPM Coin” cryptocurrency in conjunction with corporate clients. Umar Farooq, the investment bank’s head of digital treasury services and blockchain, said that customers would trial the technology with the ultimate aim of speeding up transactions, such as payments between firms and bond transactions.
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