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Industry roundup: 8 December

Innovative solutions reaching APAC: Partnership between FOMO Pay and Banking Circle

Luxembourg-based correspondent bank, Banking Circle, announced a partnership with FOMO Pay (www.fomopay.com), Singapore’s main payment solution provider, enabling Collection on Behalf of (COBO) and Payment on Behalf of (POBO) services for FOMO Pay’s corporate customers in the Asia-Pacific region (APAC). APAC countries include Afghanistan, Bangladesh, Bhutan, British Indian Ocean Territory (United Kingdom), India, Maldives, Nepal, Pakistan and Sri Lanka.

Banking Circle aims to create a local clearing network for all major currencies offering a variety of exclusive banking solutions, including market-leading compliance, security-backed multi-currency bank accounts, and virtual International Bank Account Numbers (IBAN). It also provides solutions to bank connectivity for cross-border payments or local clearing, all in a secure, cost-effective method without hidden fees for the beneficiary of payments.

FOMO Pay customers have the ability to instantly and accurately identify the primary payer and recipient when processing international and domestic B2B transactions in multiple currencies utilizing Banking Circle's COBO and POBO features. In addition, FOMO Pay customers benefit from faster payment and invoice verification with shorter processing times. COBO and POBO also reduce the likelihood of fraud, facilitate optimized financial forecasting and credit risk monitoring, and increase cash flow transparency for individual business areas. Compliance risk for money laundering (AML) and Know Your Customer (KYC) is also mitigated by increased transparency.

Banking Circle's scalable solutions, such as COBO and POBO, add value to FOMO Pay’s goal to provide a comprehensive and robust one-stop payments solution, enabling clients to focus more on business strategies and spend less time on monitoring and reconciling accounts, commented Zack Yang, co-founder of FOMO Pay. Furthermore, Banking Circle, a modern bank without the legacy systems to deter them from advancement to innovative and more efficient payment systems, are able to provide clients the ability to transact across borders more effectively.

https://ctmfile.com/story/industry-roundup-second-december

 

Global, digital, cross-border payment connectivity: Mastercard partners with ProgressSoft 

Mastercard has entered into a strategic partnership with ProgressSoft, a real-time payment solutions company, to simplify the integration of Mastercard Cross-Border Services and accelerate cross-border remittances across the Middle East and North Africa (MENA). ProgressSoft serves more than 650,000 users in 24 countries with services including blockchain-based central bank digital currencies and automated clearing exchanges.

Banks and financial service providers will be able to process digital cross-border payments through one seamless connection leveraging Mastercard’s global network. Additionally, these cross-border payments can be delivered worldwide with its new and improved innovations to the global digital ecosystem. The bank's fast connectivity also enables Mastercard to accelerate the launch of its Cross-Border Services network into the MENA region, enabling financial institutions to meet the growing consumer demand for faster money transfers.

Michael Vakile, CEO, ProgressSoft, commented that the partnership with Mastercard and its cross-border service enables PeopleSoft to streamline daily business transactions while securing the benefits of speedy international money transfers and remittances to people, communities and organizations globally.

The Mastercard Cross-Border service enables banks, fintechs, mobile operators and exchanges to modernize money transfers, providing unmatched speed and security.

 

Enhanced digital chargeback data between merchants and client: Ethoca and Nets partnership

Ethoca, a Mastercard company since 2019 (www.ethoca.com), launches a partnership with Nets, a provider of digital payment services and technology solutions across Europe, to minimize chargebacks and consumer transaction disruptions between merchants and banks. Better information exchange between Nets (www.nets.us) merchants and issuers, such as verified fraud, dispute information, and extensive purchase details, will support and improve the dispute resolution process. Therefore, creating timely and accurate key information will reduce chargebacks and improve client experiences.

Today, more and more transactions are digital, and the ability to handle chargebacks and improve transaction transparency is vital. Businesses continue to look for ways to mitigate any potential negative impact on sales while improving the overall customer experience. With a USD $35 billion chargeback expected worldwide in 2021 alone, more than 96% of customers are requesting more detailed information on their digital banking applications to understand what they have purchased.

According to Robert Hoffmann, CEO Merchant Services, Nets, the integration of Net’s chargeback prevention solutions and Ethoca’s fraud and customer dispute information platform will provide merchants and issuers a significant reduction in fraudulent cases and chargeback costs. In addition, merchants can act quickly on legitimate disputes and fraud in an effective and timely manner.

Nets customers will be able to access Ethoca's global network in the ways listed below, according to Jason Howard, Executive Vice President, Ethoca.

 

Fraudulent Data and Disputes:

  • Through Ethoca alerts, issuers will be able to share their confirmed fraud and customer dispute information directly with merchants, which in turn may be used for pre-chargeback resolution.
  • Merchants will be able to proactively resolve or stop the order service, which would prevent the requirement for a chargeback and revenue loss.

 

Purchase Details:

  • Merchant purchase details provided to issuers, such as clear merchant names, logos and even full digital receipts.
  • Digital receipt information available to issuers.

 

Enhanced cross-border transactions to be live early 2022: Saudi Arabia’s digital wallet urpay partners with digital P2P company, MoneyGram

A digital wallet, a software-based financial account technology using tokenization (the process of protecting sensitive data by replacing it with a number generated by an algorithm called a token), allows users to store funds, make transactions, and track payment history easily through a secure method such as a bank’s mobile app or payment platform. Digital wallets are also the main interface for using cryptocurrencies such as Bitcoin.

Saudi Arabia-based digital wallet urpay www.urpay.com (operated by Neoleap, a global financial digital solutions company licensed by the Saudi Central Bank in March 2021) partners with MoneyGram's API-driven infrastructure and network to facilitate international transfers from Saudi Arabia. This partnership will enable millions of urpay wallet users to send money worldwide. Furthermore, MoneyGram is also able to expand its digital services by increasing the number of payments it processes through the platform. MoneyGram uses mobile and API-driven platforms to work with brands around the world through MoneyGram Online (MGO), digital direct retailers, global retail networks, and MoneyGram, a new embedded financial business for corporate customers.

Alex Holmes, Chairman and CEO, Moneygram, stated that as payment digitization continues to accelerate around the world, innovative partnerships with companies such as urpay enable MoneyGram to streamline the number of payments processed through the platform while focusing on growth strategies. Furthermore, Adel Al Rajhi, CEO, Neoleap, added the need for innovative financial solutions, such as smart digital banking, in the local and global markets.

With the urpay integration, MoneyGram is able to advance its customer service capabilities throughout the region. Furthermore, MoneyGram’s Chief Revenue Officer, Grant Lines, commented that MoneyGram is currently the preferred partner for cross-border payments as customers look to utilize MoneyGram’s API-driven infrastructure. In addition to the strong existing relationships in the Middle East, this recent integration with urpay extends key customer service capabilities in the region.

For more information, please visit www.moneygram.com.

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