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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 >>

Point of Sale peripherals and the Barcode scanner

The Point of Sale systems in use in many retail businesses nowadays are not only some sort of fancy cash register. Gone are the days of manual encoding and punching of items purchased. In comes faster service as shopping habits of customers have drastically changed since. Customers are into quick services as many individuals are trying to scramble for time… 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 >>

US push ahead with faster payments initiative

The U.S. Federal Reserve has restated its commitment to push for development of a faster payments system, with the Fed’s financial services policy committee saying officials will prepare and share a road map for improvements “in the coming months.” A Minneapolis representative says the Fed aims to publish the road map before the end of the year. The regional Fed… Continue reading >>

Canada nears agreement on lower credit card fees

Joe Oliver, the Canadian Finance Minister, is said to be pressing credit card companies and banks to accept lower credit card fees paid by retailers, which the government claims are among the highest in the world, according to two people familiar with the talks. The government, which flagged the issue in its 2014 budget, wants  MasterCard and Visa to voluntarily curb fees by about… Continue reading >>

Retailers welcome ruling on card fees

UK retailers have today welcomed an historic court ruling to end card fees retailers pay banks to process card payments (known as interchange fees). Today’s judgement by the European Court of Justice comprehensively and decisively supports retailers’ decade-long campaign for a reduction in card fees, which cost, the retailers argue, “UK businesses £1 billion a year, which would otherwise be… Continue reading >>

US Federal Reserve moves towards faster payments

Federal Reserve banks in the US are moving ahead with plans to implement a faster payments system in order to improve the country’s payment infrastructure. The Federal Reserve banks are planning to publish a roadmap in the coming months, having released a consultation paper in September 2013 soliciting comments on gaps and opportunities in the payment system. By the close… Continue reading >>

MCX preps CurrentC mobile commerce network in US

US mobile commerce joint venture Merchant Customer Exchange (MCX), which is backed by several major US merchants, has unveiled its CurrentC mobile commerce payment network, with plans for a commercial launch in 2015. MCX was established in 2012 by major merchants including Target and Wal-Mart and is centred around a mobile wallet enabling consumers to make in-store payments with their… Continue reading >>

FIS acquires Clear2Pay for €375m

Global banking and payment solution provider FIS has signed a definitive agreement to acquire payment and processing solution provider Clear2Pay. Founded in 2001, Clear2Pay is a major player in the payments technology domain and has a strong blue chip client base of top global financial institutions in Western Europe, Asia-Pacific and the Americas. Upon closing of the deal upon regulatory… Continue reading >>