Payment processing

Until the technologies provide significant savings, cryptotokens threaten financial stability, and the risks of open access to central bank balance sheets are worked out, retail CBDCs are a long way off, writes Collin Canright, a fintech consultant.

The technology behind how payments are being delivered is advancing quickly. Unfortunately, standards and systems aren’t evolving fast enough to keep up, writes Greg Cohen, president of Paya.

The announcement comes after a Federal Reserve Board task force issued a report in September that said it would further examine options for modernizing the U.S. payments system.

These apps may not seem like much of a threat as long as they stay in their lane — but increasingly, ride-sharing companies are pushing the limits of how their apps can be used for payments.

POS payment encryption products are widely available and have been for many years, from technologies designed to secure card data from the point it is entered into the payment terminal, writes Ruston Miles, founder and chief strategy officer of Bluefin Payment Systems.

Domestic debit networks' dual-message transaction options have the ability to disrupt the customer experience, add complexity to back offices operations, and impact issuers’ contractual obligations to their global networks, writes Patrick Goodwin, president of SRM.

There are still millions of merchants in the U.S. clinging to relic point of sale methods — and they are not easily swayed by fancy new touchscreens and mobile wallets. This means companies such as Verifone must go to greater lengths, just to meet them halfway.

Denizen is designed for expats and migrants to receive money and make payments without international transfer fees or currency exchanges.

By aligning, the two companies hope to offer efficiencies in a fiercely competitive business payments market.

The tracking engine automatically provides status updates to all GPI banks involved in any GPI payment chain and allows them to confirm when a payment has been completed.