The turbulent payment systems business is undergoing many huge changes, none bigger than the API revolution. Payment system Application Programme Interface(API) developers are licking their lips at the new opportunities in payment systems such as PSD2 and other development opportunities open up. However, they are not going to takeover completely. XMLdation, a leading API developer and supplier of payment system solutions recently published a white paper on the future of payment systems in which they wrote:

“The ongoing API revolution is commonly assumed to change the role of banks beyond the provision of core bank services to the operation and management of access platforms; major investments that should be seen as an opportunity for new monetisation models. While the future customer experience is increasingly being shaped by Fintech platforms and apps—operated by banks, their partners or third parties—the interface between customer-facing applications and core bank services will remain with the banks.”

Provision of API platforms is an extension of banks' service portfolio, enabling new business opportunities with internal and external customer service interfaces

Source & Copyright: XLMLdation

Facebook to offer C2B payment services?

Facebook have launched a payment method in Europe. They have obtained an e-payments license from the Central Bank of Ireland, signalling that the ability to pay people through the Messenger app (already available in the US) which will probably be soon be coming to Europe.

The Central Bank of Ireland's approval of the payments license authorised Facebook Payments International Limited (FBPIL) in October 2016 for "e-money issuance" and "payment services." As a member of the European Union, passporting rights mean that the Irish license would apply throughout the other 27 EU member states.

Currently, the payment service only works in the US. It allows customers to send money to friends via the Messenger app. But it It has been reported that the social network will soon be adding payments to businesses, as well as friends, via the app.

This could be, will be huge because Facebook had 1.79 billion users at end of 3Q 2016 of which 1bn+ were active in the last month.

Future of SCT Instant in Europe

ACI Worldwide has been named by EBA Clearing as a payment services provider for the pan-European EBA SEPA Instant Credit Transfer Scheme, due to go live in November 2017. The first pilot banks are expected to start testing as early as Q1 2017.

ACI Worldwide will support and provide assistance to a number of banks joining the scheme. ACI’s UP Immediate Payments solution provides a single point of access and liquidity control to all Immediate Payments (IP) schemes globally. Available via a SaaS delivery model or on-premise, the solution is designed to provide connectivity to the pan-European EBA SEPA Instant Credit Transfer Scheme (SCT Inst).

MasterCard and Visa agreement on Tokenization fraud prevention system

Mastercard and Visa have announced their agreement to allow each network to request tokenized credentials from the other when consumers are transacting via digital wallet. Tokenization is a popular security technology that replaces cardholder information, such as account numbers and expiration dates, with a unique digital identifier (a “token”) that can be used for payment without exposing a cardholder’s more sensitive account information.

HSBC launches Unified Payments Interface solution for corporates in India

The new HSBC UPI solution enables corporate customers to efficiently collect payments made by their consumers using mobile devices. It also enables faster realisation of funds and reduces the cost of cash-in-transit for corporates. Key sectors expected to take advantage of the mobile collections functionality include e-commerce, retail, insurance, telecoms, utilities and others with recurring receivable payments.

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CTMfile take: When is your company going to be adding Facebook payments to your payment offerings?  HSBC’s new mobile service in India opens major new payment collection method.