The payments revolution continues …… for example:

Everything tracked

SWIFT is making payments confirmations mandatory. To support non-gpi banks with limited cross-border payments volumes, they are introducing a basic tracker – a free basic version of the full gpi Tracker that allows banks to manually confirm payments. This will ensure that banks will be able to meet payment confirmation requirements, access basic search and tracking features, and have an easy upgrade path to the full version of the gpi Tracker if they wish. The basic tracker will become available in the second half of 2019.

Every market is different

Indonesia is resisting the attempts by Alipay and WeChat to dominate their market. Local wallets, e.g. Go-Jek and Ovo are surviving. But local banks are trying to work with the two main Chinese wallets, e.g. BRI signed a memorandum of understanding (MoU) with Alipay in December 2018 to jointly launch a QR-enabled payment system through the Chinese firm's platform, so these can cater for Chinese tourists.

UK is accepting Alipay: Barclaycard has extended an existing provisional agreement with Alipay, enabling retailers across the country to accept the Chinese payment app at the point-of-sale.

SAP partnerships

SAP is setting up many partnerships so their users can make and receive payments from their platform:

• American Express and SAP Ariba have entered into a strategic multi-phased partnership designed to offer buyers and suppliers new payment and financing options on Ariba Network, extending its value for joint large and global customers
• Deutsche Bank is partnering with software firm Serrala to launch an API interface for Sepa instant payments for corporates using SAP enterprise resource planning software

Blockchain-based payments

The blockchain is being used increasingly in payment systems worldwide. Latest developments include:

• World Bank blog post: “The cross-border payments industry is "ripe for disruption", with distributed ledger technologies leading the charge.” But they identified two potential stumbling blocks, see

Card payment systems

Card schemes continue to change:

• European card issuers are replacing their Maestro and Electron cards with contactless cards branded Debit MasterCard or VISA Debit, respectively. Even thirteen German card issuers have launched Mastercard Debit cards
• US mobile money transfer outfit Remitly has teamed up with Visa to let Americans send funds to debit cards across borders

Third party processors and suppliers

Third party processors and firms continue to expand:

• First Data acquires Brazilian eftpos manufacturer and software application developer Software Express. Combined, the two companies expect to process more than 15 billion transactions in Brazil

Collections

Collection systems development continues, e.g.:

• Citi's Treasury and Trade Solutions has entered into a strategic partnership with HighRadius Corporation, a software company specializing in cloud-based integrated receivables to launch Citi® Smart Match will increase the efficiency and automation of the cash application process of matching open invoices to payments received for its corporate clients.
• Adyen has launched a new, open banking-powered, alternative to card transactions using open banking.