The information you need to start your day, from PaymentsSource and around the Web:
Unfriended
The international political pushback against
Bruno Le Maire, France's minister of economy and finance, said the 28 EU countries should build a common framework, reports
Bertrand Perez, the Libra Association's managing director, said Libra's multiple currency stablecoin structure would guard against adverse impact on central banks, reports
Supplying blockchain
Seeing the chance to smooth out sluggish processing, financial institutions and card networks such as
DBS Bank just added a blockchain platform called Rong E-Lian to reach small to medium-sized businesses in China. The bank integrated its onboarding API into the blockchain, reports
DBS's Chinese unit says banks often overlook small to medium sized businesses for payments and finance, contributing to a global trade gap for smaller firms, something the bank hopes the blockchain can address.
Climate pay
Incentive payment technology company Meniga has partnered with UN Climate Change to power donation payments to combat climate change based on incentive marketing.
Consumers can use the Meniga rewards app to earn card-linked rewards for using specific retailers, then use that cash back for the donation.
Meniga has about 250,000 users, mostly across Sweden, Finland and Iceland, with retailers including Nelly, Homeroom, Royal Design and Vapiano.
New wallet
Digital currency fintech Swipe has launched its Swipe Wallet on iOS and Google Play, enabling users to create a multi-asset and multicurrency wallet to buy, sell, manage and make payments with digital currencies.
Swipe is built on the Ethereum platform, which is used to verify fees and activities tied to SXP, Swipe's digital currency token.
Swipe, which is based in London with operations in the U.S., has also introduced a debit card that's tied to the Swipe Wallet.
From the Web
REUTERS | Mon September 16, 2019
Banks are set to miss out on as much as $280 billion in revenue from their payments operations by 2025, as new start-ups muscle in and more of the business of sending money to individuals and companies becomes instant and free, according to a new report.
FINANCIAL TIMES | Sun September 15, 2019
The JPMorgan Chase-led Interbank Information Network (IIN) will announce Deutsche as a new recruit to a network of 320 banks which have agreed to swap information on global payments over blockchain, the mutually distributed ledger technology behind cryptocurrencies.
FORBES | Fri September 13, 2019
Visa is working with insurance companies who want to use its Visa Direct real-time payment system to send insurance payouts to their customers. In the U.S.,Visa uses card credentials, said Bill Sheley, SVP and global head of push payments at the company.
More from PaymentsSource
Even though security vendors and payments providers are telling merchants they are ready to provide compliance for transaction authorization in time for Europe's Payments Service Directive update (PSD2) deadline on Sept. 14, a significant challenge remains in the learning curve and technology needs for merchants.
It's long been understood that transit systems are fertile ground for payment innovations. Despite the years-long setbacks in updating some systems, the promise has always been that if people use a new payment format in their daily commutes, they will continue to use it at nearby merchants.
John T. Greene will be the next chief financial officer at Discover Financial Services, succeeding Mark Graf, who announced his retirement in June.
Mike Kennedy, the creator of the person-to-person payment network Zelle (then called clearXchange), was named Thursday as the CEO of Interstellar, a blockchain and digital currency payment technology company.
