Payment systems and services evolution continues:
1. BlueSnap’s Full List Of eCommerce Payment Methods For 2018
Karin Biberstain’s article on Full List Of eCommerce Payment Methods For 2018 provides A Complete List Of Payment Methods In 2018 including:
- International (Debit/Credit) Cards
- Local Debit/Credit Cards
- Direct Debit
- Bank transfers
- Real-time banking
- Cash & PrePaid Vouchers.
2. Faster Payments irrevocability is a real benefit to businesses
Tom Hay, Chief Product Officer at Icon Solutions cogently argued, see, that The irrevocability of Faster Payments is a positive and desirable feature. If it were not the case, it would not be safe for merchants to accept Faster Payments, because the payment could be revoked as soon as the buyer received the goods or services.
3. Retailers around the world are fighting banks’/card companies’ interchange fees
- Kroger, USA largest grocer, has banned Visa credit cards in their interchange fee spat. Generally, Visa and Mastercard’s customers — both the merchants that take payments and the banks that issue cards — are agitating for lower costs. Regulators, meanwhile, are creating the conditions for challengers to flourish.
- British Retail Consortium is continuing its battle with the card companies and banks over interchange, claiming to have already saved their members £ millions.
4. Ripple cross-border platform expands
- Ripple is putting in place the infrastructure for their global payment network with new exchange partners for its xRapid platform with digital asset exchange Bittrex for US dollar transactions; Bitso for Mexican Pesos; and the Coins.ph digital asset exchange for Philippine pesos.
5. Ripple explains the difference between it and XRP, their independent digital asset, used in their global cross-border platform:
6. AFP Cross-border payments guide:
- AFP have just released a payment guide on cross-border payments which examines the inefficiences of the correspondent banking model, SWIFT gpi, and Ripple - see
- The list of the factors to consider when thinking of moving away from the traditional cross-border model is important (and makes the report worth downloading):
- How many international payments do we make on average?
- Are you getting full transparency into your transactions?
- How well does this new system integrate with your TMS or ERP?
- How well do we know the countries where we are sending payments?
- Which new cross-border platforms might you be able to use now?
- How well do you understand the technology?
- The report concludes that, “While you might want to rid yourself of correspondent banking for good, it may be best to proceed with caution until a clear winner emerges,” is no surprise. (But would you expect anything else from the AFP and in a report that is sponsored by MUFG and Union Bank.)
7. E-Invoicing: Six Key Considerations in Building Your E-invoicing Strategy
Essential reading - see.
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