The Canadian government is consulting with the country’s banking industry on opening up Canada’s payments infrastructure to nonbank payment service providers and fintechs, in a far-reaching move to spur innovation and competition.
Beem It, a startup owned by three of Australia’s largest banks, has launched a free real-time social payments app designed to run on older debit networks instead of the country's new faster payments platform.
Visa Canada plans to offer real-time B2B and B2C disbursements via its Visa Direct card-to-card transfer service, competing head-on with Canada's Interac network and a product Mastercard launched in the country earlier this year.
The Society for Worldwide Interbank Financial Telecommunication has its sights set on expanding real-time payments in the Asia-Pacific region as part of its plan to further its first value-add service created from the Global Payments Innovation initiative.
Ripple, the U.S. digital payments company, is working with 61 Japanese banks on an application that will enable customers to settle cash transfers instantly around the clock, the latest effort to apply blockchain technology in finance.
If they haven't already, card-issuing banks will soon receive a shock when the speed of PSD2's requirements becomes clear. Payments will have to happen faster, and the deadline to make that happen is fast approaching.
As an industry, we owe it to our customers and end users to deliver banking and payments that function in real-time and meet their expectations, writes Paul Kobos, senior vice president of banking & payments for Gemalto.