The European Central Bank is considering a central bank digital currency powered by public blockchain, which would enable EU issuers to compete with U.S.-issued stablecoins.
Europe's
Using a public blockchain would make the CBDC more widely accessible and help it serve as a potential counter to U.S. stablecoins or the U.S.-based payment networks, which have traditionally dominated the European payments market.
"The Eurosystem is experimenting with different technologies, both centralised and decentralised, in the development of the digital euro, including distributed ledger technologies. However, a decision has not yet been taken," the ECB said in an email.
Since the passage of the GENIUS Act in the U.S., dozens of banks and other organizations have moved to
Concerned that the stablecoin push could expand the U.S. dollar's influence in the EU, ECB board member
Klarna boosts Canada business as it resurrects IPO plans
Swedish financial institution Klarna has deployed its in-store payment technology across Walmart's network of more than 400 stores in Canada. Klarna has also reportedly resumed plans for a U.S.
The Walmart collaboration supports contactless payments via QR code, with options to pay in full or in four installments through Klarna's buy now/pay later offer. Consumers use Walmart's Canadian app to access Klarna's payment services.
"As Klarna continues to bridge digital and physical retail, we're proud to collaborate with Walmart Canada to bring smarter, more flexible ways to pay to millions of shoppers," said David Sykes, Chief Commercial Officer at Klarna. Klarna recently signed a
The Stockholm-based Klarna is boosting its profile in North America, adding
Worldpay extends partnership with dental software firm
"Practices need a
Henry Schein provides dental practice management software to more than 75,000 dental practices in North America. Worldpay has been Henry Schein One's payments provider since 2004. — Joey Pizzolato
Austrac orders AML audit for Binance
Australia's money-laundering and financial crime regulator Austrac has ordered cryptocurrency exchange fintech Binance to appoint an external auditor following deficiencies in the firm's AML and counter-terrorism finance controls.
"Big global operators may appear well-resourced and positioned to meet complex regulatory requirements, but if they don't understand local money laundering and terrorism financing risks, they are failing to meet their
"Understanding specific risks of criminality in the Australian context is crucial to ensure they're meeting their reporting obligations here," he said.
Binance will have until Oct. 1 to nominate auditors for Austrac's consideration. — Joey Pizzolato
Standard Chartered, Ant combine AI to power business payments
London-based Standard Chartered and Chinese technology firm Ant are collaborating on a Treasury and foreign exchange management product that uses artificial intelligence to manage cross-border transactions, one of several moves Standard Chartered has made to bolster its international payments business.
Ant, which is affiliated with the Alipay app and Alibaba e-commerce service, and the bank have jointly developed a foreign exchange automation program that supports cross-border payments, payment booking and international vendor settlement.
The service uses AI to gauge currency risk, which is designed to lower FX hedging costs. The transactions also have real-time settlement and are available at all times. Standard Chartered and Ant International are also active in Singapore's AI development program, which supports new uses of AI in finance.
Standard Chartered and Ant have also partnered with Swift to power bank-to-bank payments via the ISO 20022 messaging standard, which includes more transaction information and is considered an important part of processing real-time payments across borders.
Standard Chartered has
ANZ allows digital lockdown to combat cyber scams
Australian bank ANZ will enable its consumers to shut their accounts if they feel they are being scammed or targeted by digital crooks.
Called a "digital padlock," it is available in the ANZ App and internet banking app. The lock bars access to accounts, cards and other services. The consumer then needs to contact the bank directly, with the accounts being unlocked when the bank deems it safe.
"When a scam hits, every second counts. Digital Padlock lets customers shut things down immediately, providing real-time support in a stressful situation. It's like locking your front door when something doesn't feel right — simple, fast, and reassuring," Melissa Hendrickson, ANZ fraud and scams lead for ANZ, said in a release. "We know how distressing it can be to feel like someone's trying to access your money."
ANZ has boosted its security technology as bank scams become more of a problem in Australia. Scammers using social media sites to trick consumers into allowing them to access their accounts stole more than $3 billion in 2024, according to
Payments fintech Payment Labs scores seed funding round
Payment Labs, a payment processing fintech with a focus on sports, esports and the
The round was oversubscribed and led by Aperture Venture Capital. Capital Eleven and ESPMX also participated. The company will use the funds to continue developing its pay-in and pay-out products.
"The Payment Labs leadership team fits our ideal founder profile … in terms of their ability to rapidly go from vision to value," said Garnet Heraman, General Partner of Aperture VC, in a statement. "Together we envision massive upside with evolving industry trends in global sports competitions, NIL, and the creator economy."
Payment Labs' customers include Microsoft, SEGA and X Games. The company has processed more than $50 million in payments since its founding in 2020. —Joey Pizzolato
WEX taps Trulioo for fuel card KYC in Europe
Fleet card issuer and payment processor WEX has partnered with Trulioo for know-your-customer verification.
Trulioo will provide document and biometrics verification for digital onboarding for the company's fuel card business in Europe.
"By replacing manual, time-consuming processes with intelligent verification, we're helping to reduce fraud risk, streamline onboarding and create a seamless digital experience for our customers," said William Fitzgerald, VP, fraud & financial crimes at WEX, in a statement.
The deal comes on the heels of a
