UK's Request to Pay rules and standards Framework launched
Pay.UK has launched the UK's Request to Pay Framework - the message standards, rules, and terms and conditions for the development of Request to Pay services. The new Framework can now be used by organisations to create the first Request to Pay propositions, set to underpin a new market of payment messaging services.
The publication of the rules and standards follows a collaborative development journey. Over 400 organisations - ranging from start-ups to household name payment service providers - took part in an open sandbox to refine the Framework. It was the tested in a live pilot where the full range of messages and potential responses were successfully sent and received.
Intesa Sanpaolo boosts financing for Gucci's supply chain
Reuters reports that Intesa Sanpaolo has signed an accord with Gucci to ease financing for the small businesses that supply the Florentine luxury goods group owned by France's Kering. The bank has said it would apply to Gucci's suppliers, which employed more than 20,000 people, the financing conditions enjoyed by Gucci itself, so as to make it faster and cheaper for them to access credit.
Despite their small size, which increases credit risks for lenders, firms that supply Gucci will be able to borrow on the more favourable terms generally reserved for large corporate clients. Intesa said the accord would cover all the loans granted under emergency liquidity schemes linked to COVID-19.
ACI Worldwide expands capabilities of real-time payments platform
ACI Worldwide has announced the launch of a series of new capabilities in its UP Immediate Payments solution. To address the increased demand for new real-time and digital payments during and beyond the pandemic, UP Immediate Payments now offers extended API capabilities for simple integration into any digital channel, including internet banking, mobile banking, mobile wallets, eCommerce portals, bill pay apps and social media payments.
The vendor says these capabilities bring the benefits of real-time payments to additional digital channels for merchants, billers, consumers. Leveraging recent product investments to support India’s Unified Payments Interface (UPI), the highest volume real-time scheme globally, the new capabilities are now available to support customers and schemes around the world.
UP Immediate Payments is a configurable pre-packaged, end-to-end solution offering a complete range of capabilities for processing real-time payments, including origination, processing, orchestration, clearing and settlement, fraud detection and connectivity, on a single platform. The solution is designed to enable financial institutions and payment service providers to complement their existing infrastructure, lower costs and maximise investment value.
Stellar Development Foundation invests in B2B payments platform
The Stellar Development Foundation (SDF) has announced the closing of a strategic investment of US$550,000 in SatoshiPay, a platform for connecting the world through instant payments. Beginning in publishing, SatoshiPay created a new way to monetise content through frictionless nanopayments by leveraging blockchain technology. Six years later, they have expanded their product suite to include a B2B solution for cross-border payments as well as a digital wallet for financial inclusion.
The SatoshiPay wallet, Solar, has over 25,000 downloads in 40 countries. With B2B transfers expected to reach a US$218 trillion valuation in the next three years, the fintech's latest solution for B2B cross-border payments positions the company to accelerate growth. The solution is designed for commercial payments, allowing businesses to make commercial payments to vendors across borders.
“With a surge in demand for instant B2B payments, and blockchain maturing and enabling a payments revolution, we believe we have a head start through our proven, scalable blockchain business model,” said SatoshiPay CEO, Meinhard Benn. “Our growth over the years wouldn’t have been possible without SDF, who has been an essential partner to us in the development of our technology which continues today with this investment.”
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