The information you need to start your day, from PaymentsSource and around the Web:
What's the status?
After years of relative stagnation,
The bank has launched RBC Express Track Wire Payments, enabling businesses to view wire payments through the bank's online business banking channel. The feature uses Swift's global payments innovation (GPI) technology, which the bank hopes can help businesses better predict liquidy.
Hot spots
Delivery innovation has become a fierce battleground among retailers, with 7-Eleven adding a wrinkle that allows consumers to order items for delivery to locations such as parks, beaches and sporting venues.
Called 7NOW pins, 7-Eleven's developers have built a network of 2,000 "hot spots" in 27 cities, including Fenway Park, Central Park and Venice Beach.
The feature is part of a broader transformation at
Wooing U.K. open banking
British open banking startup Yolt has lined up a network of banks to test its API-powered P2P and account management app.
Santander, Nationwide, Barclays, Lloyds, Bank of Scotland, Halifax and NatWest are among the institutions that are testing Yolt, including a payee address book feature that supports payments for recurring contacts without adding account numbers and sort codes. This information auto populates for pre-vetted recipients in the consumer's payee network
Yolt has also upgraded its payment initiation flow for its bank network to streamline authentication.
Payment Rx
U.S. Bank and accounts payable automation company Inworks are collaborating on a product designed to improve processing for payments involving health care businesses, providers, suppliers, insurance companies and patients.
The joint product will use U.S. Bank's Virtual Pay Visa card with a feature that's specifically geared for health care transactions, which involve more parties and thus are more complicated than most other transactions.
That complexity has resulted in health care payments remaining largely manual, though JPMorgan Chase and UnitedHealth Group have both made recent
From the Web
CoinDesk | Mon June 24, 2019 - Global interbank messaging giant SWIFT has revealed it will allow blockchain firms to make use of its Global Payments Innovation (GPI) platform for near real-time payments. SWIFT said that, following a successful proof-of-concept with R3’s Corda platform, it would “soon be enabling gpi payments on DLT [distributed ledger technology]-based trade platforms.”
The Motley Fool | Mon June 24, 2019 - Eighty-six percent of U.S. college students use mobile payment apps, according to a recent survey by Sallie Mae and Ipsos, making it the top payment method on campuses. The survey also found that one company, PayPal, dominated campuses with its namesake app and peer-to-peer payments app Venmo.
CoinDesk | Tue June 25, 2019 - JPMorgan Chase is to start trials of its “JPM Coin” cryptocurrency in conjunction with corporate clients. Umar Farooq, the investment bank’s head of digital treasury services and blockchain, said that customers would trial the technology with the ultimate aim of speeding up transactions, such as payments between firms and bond transactions.
More from PaymentsSource
This year’s payments industry mergers have exposed numerous corporate, geographic, product and talent gaps, yet perhaps few payment types are more challenging and stuck in the past than health care.
Merchant holdouts are finally warming to the likes of Apple Pay, years after the mobile wallet's launch. Competitive offerings have also flourished from mobile operating systems and phone providers like Google and Samsung, alternative payments providers such as China’s Alipay and even the enablement of P2P wallet providers such as Venmo to be used in apps such as Uber.
Banks are rightly focused on PSD2 as an international gateway for fintechs to disrupt banking, though potential deregulation in Singapore can give digital payment companies another route to take share directly away from banks.
Most companies use device recognition technologies to try to identify customers through connection information, device IDs and device fingerprints, though bad actors are finding ways around that.
