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Dwolla secures fresh investment to scale global payment network

Dwolla has raised $9.7 million in a further funding round. The highly rated startup set out to build a scalable, global payment network capable of taking on national automated clearing houses and card schemes, with a view to making it easier and cheaper to move money and operating a ‘flat fee or free’ pricing model, with a 25 cent transaction charge… Continue reading >>

Reddit plans cryptocurrency

Reddit, the self styled “front page of the internet”, has raised $50 million in Series B on a $500 million valuation with intentions to give back 10% of the round’s equity to the community which could then be used or traded in as a cryptocurrency. The round is led by Sam Altman, CEO of Y Combintaor, with participation from Andreesen Horowitz and… Continue reading >>

World Payments Report 2014

Non-cash payments volumes are expected to grow 9.4% to reach 366 billion transactions in 20131, fueled by strong growth in developing markets and the use of credit (up 9.9%) and debit cards (up 13.4%[1]). With the continued acceleration of electronic and mobile payments growth and ongoing regulatory pressures, the payments industry is seeking to find new and innovative ways to… Continue reading >>

Ripple signs US banks to payments network

Ripple’s payments network, that allows institutions to facilitate low-cost international money transfers without the intermediation of large banks, has signed its first two US banks as customers. The two banks – Bank of Topeka, Cross River Bank – are  not household names. Nonetheless, their use of the Ripple model marks a milestone for the Silicon Valley startup. And it could open the… Continue reading >>

Can SEPA-style work in Asia-Pacific?

Regulators in the Asia-pacific region are looking at rolling out a SEPA-style single payment area, but what will be the challenges of such a project in one of the most fragmented payments markets in the world? Increased trade flow between Asia-Pacific and Europe is driving payment activities between financial institutions within these two regions. But while the SEPA project is… Continue reading >>

Global Payments 2014 – revenues show upward trend

The global payments and transaction-banking businesses continue to represent vital elements of the banking industry and the global financial-services landscape. The importance of these businesses both as critical sources of stable revenues and as the foundation of customer relationships and loyalty has grown steadily in recent years and shows no signs of slowing down. The growth in payments and transaction… Continue reading >>

Domestic schemes – set for domination?

The launch of RuPay in India and plans for a Russian payment network indicate a resurgence in domestic schemes, but at what cost to the international players? While Europe’s banks and regulators are still mulling over the possibility of a third debit scheme in Europe to rival Visa and MasterCard, India and Russia are getting down to business, albeit for… Continue reading >>

Mobile operators scrap Weve

As history repeats its self, Weve, owned by EE, O2 and Vodafone, has ditched plans for a joint mobile wallet, based on NFC, which was meant to help the operators enter the £14.2 billion payment market. In June 2005, Simpay, a different joint venture between the big telcos also relating to payment services collapsed after T-Mobile could not agree to… Continue reading >>

World Retail Banking Report 2014

For the first time in three years, global Customer Experience has declined reflecting an inflection point in customer expectations finds the World Retail Banking Report 2014. Future customers, mainly Gen Y or millennial, value technology, have high digital expectations, and are the largest users of social media, requiring banks to digitally transform to meet this segment’s expectations. Key findings: Featuring… Continue reading >>

Bank of England selects plastic bank note supplier

The Bank of England has named De La Rue as the preferred bidder for the 10-year printing contract of its new plastic bank notes. De La Rue has been printing notes for the central bank since the job was first outsourced in 2003. Although a contract has not been signed, the firm is expected to get confirmation in October and begin… Continue reading >>