The information you need to start your day, from PaymentsSource and around the web:
Deal before the deal?
While it waits on a potential acquisition by
MoneyGram has partnered with Al Rajhi Bank, one of the world's largest Islamic banks, to support transfers in Saudi Arabia for both agents and digital channels. The bank has more than 230 centers and 110 correspondent banks, making it one of Saudi Arabia's latest financial institutions.
The deal follows quickly on other recent partnerships MoneyGram has entered to expand in India, Egypt, Pakistan and the Philippines, which are all main recipients of transfers from Saudi Arabia — one of the largest outbound remittance markets with about $33 billion in volume yearly, according to the World Bank.
In real time
Huntington has launched real-time payments over the RTP network, providing more momentum for The Clearing House's version of instant payments.
The
RTP recently raised the
Digital alliance
Mitsubishi Financial Group, Mizuho Financial Group and Sumitomo will join Japanese cryptocurrency exchange DeCurret to study digital currencies with the goal of developing national digital currency and payment products.
Other Japanese companies including telcos, law firms and the East Japan Railway company are also involved in the initiative, reports
The companies will report to Japanese banking regulators and the Ministry of Economy and Internal Affairs. The underlying goal is to move Japan away from cash, with Japan hoping to reach 40% cashless payments by 2025.
AML blame
Anti-money laundering and terrorist financing failures at
The bank commissioned an external review, and found a poor understanding and a lack of resources caused the approval of more than 23 million transactions involving parties flagged for illegal activities, reports
The bank's top executives resigned as a result of the case, and Westpac pledged to double its compliance staff.
From the Web
THE MOTLEY FOOL | Thu June 4, 2020
Fintech company Square rocketed to its highest level in the last 20 months as it closed at nearly $92 per share. The immediate catalyst seems to have been encouraging monthly data from payment card giant Visa.
ZDNET | Fri June 5, 2020
Vaduz, Liechtenstein-based Aeternity has launched Superhero, an electronic wallet that allows its users to send and receive P2P tips to people who post good content anywhere on the web.
FORBES | Thu June 4, 2020
Over the past decade, domestic banks have outpaced their global counterparts. In the future, however, U.S. banks, whose revenues come from proprietary trading and loans, could begin to recede as digital payments companies have less exposure to loan defaults, better technology and lower overhead costs.
More from PaymentsSource
The coronavirus pandemic has changed the way many industries conduct business — and that's especially true of the legal cannabis industry, which was already struggling in the U.S. to find the best way to handle noncash payments.
As merchants are challenged to adapt their business just to survive, and consumers push for greater control over where and how they spend, the payments industry is in a position to align the various needs, says Splitit's Brad Paterson.
Grab Holdings Inc., Southeast Asia’s ride-hailing giant, is expanding delivery services from convenience stores and supermarkets across 50 cities in the region.
Landesbank Berlin, a major issuer of co-branded cards in Germany, has launched a contactless card with German Automobile Club ADAC as its first project with European payments services provider SIA.
As the states gradually reopen their economies, many businesses are finding themselves facing a “new normal,” as people have taken to describing it.
The coronavirus pandemic has added another wrinkle to navigating state versus federal regulations when it comes to gaining access to banking services by marijuana-related businesses.
