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Industry roundup: 28 July

Airwallex adds Deutsche Bank for cross-border collection and API-enabled FX services

Deutsche Bank has announced that it will enable global fintech unicorn Airwallex to provide virtual account collections and API-enabled foreign exchange services in Japan and Hong Kong respectively.

Already live in Japan, the solution will further allow Airwallex to seamlessly process and convert cross-border payments made to its merchants based in Greater China by using virtual accounts and API technology. Through these services, merchants using Airwallex will benefit from not needing to open bank accounts in the markets where their customers are based, thereby simplifying the entire payment process.

“We are delighted to partner with Airwallex to further build the company’s international business of digital payment collections," said Chintan Shah, APAC head of Corporate Cash Management at Deutsche Bank. "With our leading-edge corporate payment solutions, expertise in working with fintech and e-commerce companies worldwide, Deutsche Bank is well placed to be the cash management bank of choice for this industry as we help to support the growing digital economy.”

“As more online merchants around the world, including Greater China and Japan, look to expand their client base beyond their home market, this digital payment collection service will be a game changer for them," commented Jack Zhang, CEO and co-founder of Airwallex. "We intend to work with as many partners like Deutsche Bank to extend this service in more markets and realise our mission to empower businesses to grow beyond borders and scale the digital economy.”

 

Mastercard enrolled into Pay.UK Request to Pay framework 

Mastercard has successfully enrolled to the Pay.UK Framework for its Request to Pay solution in the UK. Request to Pay is part of Mastercard’s global portfolio of Bill Pay applications enabling people to view and pay their bills instantly, and with flexibility, from their bank accounts. 

Designed to put control in the hands of the payer, Request to Pay will provide more options and flexibility to settle bills between businesses and individuals. It will provide the payer with the options to pay in full, in part, request additional time to make a payment or decline to pay and begin a dialogue with the requester.

Sitting alongside Direct Debit and other bill payment methods, this offers businesses and individuals more choice and aligns with the growing trend for digital payments and greater control over bill payments. Mastercard’s 2019 State of Pay report found 74% of respondents already pay for bills including utilities and mobile phone contracts direct from their bank account - that’s an increase of 13% from 2017 - and half of respondents (49%) want greater control over their bill payments.

Request to Pay draws on Mastercard’s existing expertise in the US where it has already launched the Mastercard Bill Pay Exchange that links to The Clearing House’s faster payments infrastructure and is built with technology from Vocalink, a Mastercard company. Request to Pay will be the first solution that Mastercard will deploy into Microsoft Azure Cloud, and it will benefit from the resiliency of Cloud architecture and allow Mastercard to scale up the solution as the demand increases. 

Request to Pay Limited, an end-user application seeking enrolment into the ecosystem, has also chosen Mastercard as its Repository provider. 

 

Avanti accelerates charter application, plans real-time dollar payments tool for treasurers

Avanti Financial Group has received formal notice from the Wyoming Division of Banking that its application for a bank charter has been accepted as complete, and that its application timeline has been accelerated. As a result, Avanti now expects to open for banking business as early as October 2020.

The firm also announced a product designed to modernise US dollar payments, called Avit. Only able to be issued by a bank, Avit is not a security and the company says it will likely be treated as a cash equivalent. It offers legal certainty because it will be issued under existing US commercial laws. Programmable via Avanti’s user-friendly API, Avit is designed for use by corporate treasurers and institutional traders when they prefer a real-time payment settlement solution in US dollars that does not suffer from the delayed settlement and chargeback issues of traditional payment solutions, or the legal, accounting and tax issues of stablecoins. This product builds on Avanti’s digital asset custody platform.

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