U.S. Banks Band Up to Try Zelle, a New Real-Time Payments Solution
A new real-time person-to-person payments network dubbed Zelle will see major banks and other financial institutions in the United States sign up in a direct attempt to rival the popular PayPal-owned Venmo platform and catch up with other Fintech startups like Circle. Fundamentally, the system enables users to send and receive money among each other using an e-mail address or a mobile phone number. Zelle will gain a presence as a public consumer application that will see compatibility among several large and prominent U.S. banks. Although details are currently scarce, Zelle will replace an....
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Reserve, a fintech and cryptocurrency-related exchange and payment processing app, sent an email yesterday to its customers asking for their help in processing payments by leveraging their personal Zelle accounts to do so. This raised certain alarms in the community, that are now wary of a third-party company using their accounts to do its payments on its behalf. Reserve Proposes Customers to Use Their Zelle Accounts for Payment Processing Yesterday, lots of customers were surprised by an email sent by Reserve (a fintech/ cryptocurrency exchange and payment processing company backed by the....
Competition in the mobile payments industry is heating up all over the world, but things are getting particularly interesting in Australia. The National Australia Bank has launched a new mobile payment solution for Android users, which will be in direct competition with Apple’s concept. Furthermore, the country’s largest banks are planning to keep boycotting Apple Pay for the foreseeable future. Bitcoin is still the only global mobile payment solution. Australian Banks Do Not Like Apple Pay. Even though any form of mobile payment solution should be designed to benefit the consumer, several....
After months of testing, Swift, the interbank payments platform that connects 11,000 global banks, has formally launched the system it believes will be the future of its cross-border payments services. And notably absent was any integration with blockchain or distributed ledger technology. As part of the formal rollout, Swift (or the Society for Worldwide Interbank Financial Telecommunication) revealed that 13 of the world's largest banks have been conducting real-time transactions via its Global Payments Innovation (GPI) project for some months. Although Swift plans to continue its....
A survey conducted by professional services firm Accenture has revealed that nine out of 10 major U.S., Canadian and European banks are currently exploring blockchain technology in the field of payments. The survey, titled ‘Blockchain Technology: How banks are building a real-time global payment network’ [PDF] canvassed the opinions of 32 of the top commercial banking professionals in the banking industry. Notably, the transformational potential of blockchain technology in the payments space was under the spotlight. Executives participating in the survey included those from 11 of the top....
BNP Paribas, one of the world’s top banks, announced that it has processed real-time payments for two of its longstanding corporate clients, Amcor, a global leader in packaging solutions, and Panini Group, an international leader in collectables and trading cards using blockchain technology. BNP Paribas has successfully processed and cleared payments in various currencies for Panini Group and Amcor between BNP Paribas bank accounts located in Germany, the Netherlands and the United Kingdom. The announcement states that the payments were fully processed and cleared in a few minutes,....