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🇨🇦 𝐒𝐰𝐢𝐟𝐭 𝐚𝐧𝐝 𝐕𝐢𝐬𝐚 𝐉𝐨𝐢𝐧 𝐅𝐨𝐫𝐜𝐞𝐬 𝐭𝐨 𝐄𝐧𝐡𝐚𝐧𝐜𝐞 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐁𝟐𝐁 𝐏𝐚𝐲𝐦𝐞𝐧𝐭𝐬

At the global Sibos conference in Toronto, Visa representatives announced a partnership with Swift. They are rolling out the Swift Pre-validation system for pre-checking B2B Connect payments, enabling the detection of potential errors before payment initiation. Together, these companies will enhance transparency in cross-border transactions using the updated Swift gpi tracking system. This new partnership aims to improve routing for business clients and provide real-time payment status updates.

🇩🇰 𝐌𝐚𝐬𝐭𝐞𝐫𝐜𝐚𝐫𝐝 𝐚𝐧𝐝 𝐒𝐚𝐱𝐨 𝐁𝐚𝐧𝐤 𝐰𝐢𝐥𝐥 𝐥𝐚𝐮𝐧𝐜𝐡 𝐨𝐩𝐞𝐧 𝐛𝐚𝐧𝐤𝐢𝐧𝐠 𝐭𝐨 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐬 𝐚𝐜𝐜𝐨𝐮𝐧𝐭𝐬

The partnership that has been formed will assist Saxo Bank's investment platform clients in transferring funds to their accounts using Mastercard's open banking APIs. Clients will no longer need to log into a separate account to manually initiate transfers to their investment accounts. This option is already operational in Denmark and has noticeably enhanced customer service quality over the past year. Now, when conducting fund transfers to investment accounts through open banking API, they receive an additional 20% in new funds.

🇬🇧 𝐑𝐞𝐯𝐨𝐥𝐮𝐭 𝐥𝐚𝐮𝐧𝐜𝐡𝐞𝐬 𝐑𝐞𝐯𝐓𝐚𝐠: 𝐚𝐧 𝐢𝐧𝐬𝐭𝐚𝐧𝐭 𝐟𝐫𝐞𝐞 𝐜𝐫𝐨𝐬𝐬-𝐛𝐨𝐫𝐝𝐞𝐫 𝐩𝐚𝐲𝐦𝐞𝐧𝐭 𝐞𝐜𝐨𝐬𝐲𝐬𝐭𝐞𝐦

Revolut is focusing on serving international businesses and challenging SWIFT. Revolut Business users can now make transactions using the individual or business's internal identifier within the Revolut Business app, without the need for IBAN or additional recipient details. On average, cross-border payment fees abroad are 3%, with transaction processing taking 12 hours. This offers the opportunity to make payments to employees and contractors in 29 currencies and 150+ countries worldwide. The only limitation is that, this technology operates within Revolut, serving 30 million retail customers and thousands of businesses, but the possibilities are vast.

🇷🇺 𝐑𝐮𝐬𝐬𝐢𝐚 𝐡𝐚𝐬 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐭𝐢𝐦𝐞 𝐩𝐚𝐢𝐝 𝐟𝐨𝐫 𝐡𝐞𝐚𝐥𝐭𝐡 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐰𝐢𝐭𝐡 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐫𝐨𝐮𝐛𝐥𝐞𝐬

In a groundbreaking move, VSK Insurance House, part of the Bank of Russia's pilot, issued the country's first health insurance policy paid for with digital rubles. The pioneering policyholder is a resident of Moscow.

The first Governor of the Bank of Russia, Olga Skorobogatova, had earlier announced the pilot project for the digital ruble starting on August 15. VSK is actively participating in this testing phase, which includes trials for opening digital ruble wallets for both banks and customers, peer-to-peer transfers, and the payment process using the new currency.

🇬🇧 𝐎𝐩𝐞𝐧 𝐛𝐚𝐧𝐤𝐢𝐧𝐠 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐯𝐨𝐥𝐮𝐦𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐔𝐊 𝐝𝐨𝐮𝐛𝐥𝐞𝐝 𝐢𝐧 𝐚 𝐲𝐞𝐚𝐫

In July 2023, users making regular financial transactions within open banking rose to 4.2 million—up 10.5% from June of the same year and a remarkable 68.2% from July 2022! Experts credit this growth to expanded government payment options and adding new major financial participants to the open banking platform. “Pay by bank” systems were introduced, allowing users to fund savings and investments.

Key payment operations within open banking include account top-ups, credit card bills, and e-commerce transactions. Transactions in these areas exceeded 10 million in the second summer month. Recurring payments have also climbed, with 872,000 transactions, marking a 28.7% increase from June 2022.

🇺🇸 𝐕𝐢𝐬𝐚 𝐚𝐧𝐝 𝐌𝐚𝐬𝐭𝐞𝐫𝐜𝐚𝐫𝐝 𝐚𝐫𝐞 𝐩𝐥𝐚𝐧𝐧𝐢𝐧𝐠 𝐭𝐨 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐭𝐡𝐞 𝐟𝐞𝐞𝐬 𝐫𝐞𝐭𝐚𝐢𝐥𝐞𝐫𝐬 𝐩𝐚𝐲 𝐟𝐨𝐫 𝐜𝐫𝐞𝐝𝐢𝐭 𝐜𝐚𝐫𝐝 𝐭𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬

The 1st wave of increases is scheduled for October, with the 2nd set for April. These changes will primarily affect online payments, estimating an additional $502 million annually that the retail market will have to bear. To put it in perspective, the total fees paid by American retailers to Visa and MasterCard for credit cards have nearly tripled in 10 years—from $33 billion in 2012 to $93 billion in 2022.

Interestingly, UnionPay outpaced Visa in the debit card market. Since 2011, Visa's debit card transactions dropped from almost 80% to 39.53%, while UnionPay's grew from almost negligible to 38.68% in 2021. Mastercard saw a similar trend, declining from 39.53% to 21.19% over the past decade.

🇷🇺 𝐈𝐧 𝐑𝐮𝐬𝐬𝐢𝐚, 𝐭𝐡𝐞 𝐟𝐢𝐫𝐬𝐭 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐰𝐚𝐬 𝐩𝐮𝐫𝐜𝐡𝐚𝐬𝐞𝐝 𝐮𝐬𝐢𝐧𝐠 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐫𝐮𝐛𝐥𝐞𝐬

Recently, at the Moscow office of Ingosstrakh, the first payment for accident insurance for travelers was made in the country using the new currency.

Among other operations, the company has already tested the opening, closing, and blocking of digital accounts, depositing and withdrawing funds, transfers between individuals, and transactions with deferred ex*****on dates. They've even tried returning a product with a refund in the new national digital currency to the buyer.

🇪🇹 𝐌-𝐏𝐞𝐬𝐚 𝐒𝐮𝐜𝐜𝐞𝐬𝐬𝐟𝐮𝐥𝐥𝐲 𝐋𝐚𝐮𝐧𝐜𝐡𝐞𝐝 𝐢𝐧 𝐄𝐭𝐡𝐢𝐨𝐩𝐢𝐚

The mobile money service from Kenyan Safaricom has begun operating in Ethiopia, just 3 months after the company received a license from the National Bank of Ethiopia to issue payment instruments. All Safaricom users in Ethiopia can download the app, send and receive money within the country.

Additionally, they can receive funds from abroad, pay for goods and services, and top up their bank accounts. M-Pesa was launched in Kenya in the spring of 2007 and over the past 15 years, the service has garnered more than 50 million customers across seven African countries.

🇸🇬 𝐈𝐧𝐝𝐨𝐧𝐞𝐬𝐢𝐚 𝐚𝐧𝐝 𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞 𝐢𝐬 𝐠𝐨𝐢𝐧𝐠 𝐭𝐨 𝐥𝐚𝐮𝐧𝐜𝐡 𝐜𝐫𝐨𝐬𝐬-𝐛𝐨𝐫𝐝𝐞𝐫 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐯𝐢𝐚 𝐐𝐑

Bank Indonesia (BI) and the Monetary Authority of Singapore (MAS) will integrate this technology into their payment systems by the end of 2023. Cross-border payment testing has been ongoing for nearly a year, during which the technical teams of financial regulators have fine-tuned more than 75% of the available operations. In this field, Singapore is one of the pioneers, having introduced the world's first unified payment QR code back in 2018. Since then, as part of the "Nexus" project, Singapore has successfully trialed instant transfer infrastructure involving Italy and Malaysia.

🇧🇷 𝐓𝐡𝐞 𝐂𝐞𝐧𝐭𝐫𝐚𝐥 𝐁𝐚𝐧𝐤 𝐨𝐟 𝐁𝐫𝐚𝐳𝐢𝐥 𝐬𝐞𝐥𝐞𝐜𝐭𝐬 𝟏𝟔 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐟𝐨𝐫 𝐩𝐢𝐥𝐨𝐭𝐢𝐧𝐠 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐫𝐞𝐚𝐥

Nubank, Visa, Microsoft, and SETL are among the players gearing up for real-world testing of the Brazilian CBDC. The rollout of the digital real stands as a significant undertaking for Brazil's financial landscape in the coming years. Just last week, the nation's Central Bank unveiled the moniker "Drex" for this currency and revealed plans for its launch in 2024. In the initial pilot phase, a delivery versus payment (DvP) protocol will be employed to assess how well confidentiality and programmability can be upheld, particularly when dealing with a federal government bond between diverse institutions' customers. This scenario serves to gauge the seamless integration of novel services.

🇷🇺 𝐑𝐮𝐬𝐬𝐢𝐚𝐧 𝐕𝐓𝐁 𝐛𝐚𝐧𝐤 𝐫𝐞𝐩𝐨𝐫𝐭𝐞𝐝 𝐨𝐧 𝐭𝐡𝐞 𝐢𝐧𝐢𝐭𝐢𝐚𝐥 𝐨𝐮𝐭𝐜𝐨𝐦𝐞𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐫𝐮𝐛𝐥𝐞 𝐩𝐢𝐥𝐨𝐭 𝐰𝐢𝐭𝐡𝐢𝐧 𝐢𝐭𝐬 𝐦𝐨𝐛𝐢𝐥𝐞 𝐚𝐩𝐩

The Russian digital currency was tested by employees of the VTB bank: they opened real-time accounts, conducted transfers, and made payments for goods and services via QR codes. The next stage of the pilot project involves the application of smart contracts with the digital ruble for private clients. Based on this technology, the bank aims to introduce new products and services for financial management. It's reported that similar tests are being conducted by the other 12 banks participating in the platform of the digital ruble pilot program.

🇮🇳 𝐓𝐡𝐞 𝐑𝐞𝐬𝐞𝐫𝐯𝐞 𝐁𝐚𝐧𝐤 𝐨𝐟 𝐈𝐧𝐝𝐢𝐚 𝐢𝐬 𝐚𝐝𝐯𝐚𝐧𝐜𝐢𝐧𝐠 𝐭𝐡𝐞 𝐫𝐞𝐠𝐢𝐨𝐧'𝐬 𝐝𝐢𝐠𝐢𝐭𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐭𝐡𝐫𝐨𝐮𝐠𝐡 𝐀𝐈

India's financial regulator introduced a system of instant conversational payments, enabling users to initiate and complete UPI payments using AI. The AI supports complex communication in both English and Hindi. UPI payments provide a quick way for peer-to-peer and peer-to-merchant transactions through mobile devices. To initiate the payment process, users of the payment system just need to provide a few voice commands to the AI. The regulator works now on adapting the system for other regional languages.

🇮🇳 𝐑𝐞𝐬𝐞𝐫𝐯𝐞 𝐁𝐚𝐧𝐤 𝐨𝐟 𝐈𝐧𝐝𝐢𝐚 𝐰𝐚𝐧𝐭𝐬 𝐭𝐨 𝐞𝐱𝐭𝐞𝐧𝐝 𝐔𝐏𝐈'𝐬 𝐟𝐮𝐧𝐜𝐭𝐢𝐨𝐧𝐚𝐥𝐢𝐭𝐲 𝐰𝐢𝐭𝐡 𝐀𝐈

(RBI) intends to explore the possibility of implementing "conversational" payments into the Unified Payments Interface (UPI)—the national system for instant money transfers—using AI. While developing new features for UPI, the financial regulator envisions employing machine learning technologies to engage users in dialogues with the payment system, aiming to optimize transaction initiation and processing. UPI is rapidly evolving: last year, UPI-Lite wallet was launched to expedite operations involving small amounts—today, it facilitates over 10 million transactions monthly.

🇬🇧 𝐔𝐊 𝐠𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐢𝐧𝐭𝐞𝐧𝐝𝐬 𝐭𝐨 𝐥𝐞𝐯𝐞𝐫𝐚𝐠𝐞 𝐎𝐩𝐞𝐧 𝐁𝐚𝐧𝐤𝐢𝐧𝐠 𝐟𝐨𝐫 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐩𝐚𝐲𝐦𝐞𝐧𝐭 𝐨𝐟 𝐬𝐭𝐚𝐭𝐞 𝐟𝐞𝐞𝐬

The Deputy Director of Government Digital Services discussed a large-scale initiative to enhance payment of public services through GOV.UK Pay. This platform already offers Apple Pay and Google Pay for money settlements with local authorities. An example is the Clean Air Zone charges. Additionally, they aim to integrate GOV.UK Pay with Open Banking infrastructure by late 2023, enabling users to pay the public services through mobile application of their bank . The Open Banking revolution is led by the government's revenue and customs agency HMRC, which collected over £120 million online in a year.

🇷🇺 𝐑𝐮𝐬𝐬𝐢𝐚 𝐬𝐭𝐚𝐫𝐭𝐬 𝐭𝐞𝐬𝐭𝐢𝐧𝐠 𝐭𝐡𝐞 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐑𝐮𝐛𝐥𝐞 𝐢𝐧 𝐫𝐞𝐚𝐥 𝐭𝐫𝐚𝐧𝐬𝐚𝐜𝐭𝐢𝐨𝐧𝐬

The pilot project starts on August 15, according to Olga Skorobogatova, First Deputy Governor of the Bank of Russia. The project will mainly involve testing operations like creating Digital Ruble wallets for banks' customers (individuals and businesses), digital ruble transfers between clients, and payments at service companies and merchants. 13 major banks completed preparations and are ready for the experiment. In the next phase, 16 more banks will join. Their customers can apply to join Digital Ruble testing as currency operations expand. The law for Digital Ruble started on August 1, and the Bank of Russia approved the new currency's logo on August 3.

🇳🇬 𝐓𝐡𝐞 𝐍𝐢𝐠𝐞𝐫𝐢𝐚𝐧 𝐄𝐱𝐜𝐡𝐚𝐧𝐠𝐞 𝐆𝐫𝐨𝐮𝐩 (𝐍𝐆𝐗) 𝐢𝐬 𝐠𝐨𝐢𝐧𝐠 𝐭𝐨 𝐥𝐚𝐮𝐧𝐜𝐡 𝐚 𝐝𝐨𝐥𝐥𝐚𝐫 𝐬𝐞𝐭𝐭𝐥𝐞𝐦𝐞𝐧𝐭 𝐩𝐥𝐚𝐭𝐟𝐨𝐫𝐦 𝐟𝐨𝐫 𝐟𝐢𝐧𝐭𝐞𝐜𝐡𝐬

NGX is establishing a unified settlement platform that will enable fintech startups to attract dollar investments. The project involves the Central Securities Clearing System and Euroclear. The organization notes that fintechs prefer private fundraising over public markets due to regulatory disclosure requirements and strict management demands. NGX has obtained approval from the United States Securities and Exchange Commission for more time-efficient capital attraction into technological projects.