Virtual Affairs software has developed functionality that enables customers to transfer money to someone’s Facebook account or mobile number, without having to know the bank account number. The Dutch online bank Knab has planned to launch Knab Social, and new functionality in their app, in September.Virtual Affairs has launched software to make social payments possible. This way they bring back the social aspect of a financial transaction. Knab is the first bank that is going to use Virtual Affairs’ software.The functionality Knab is using to provide social payments is part of Virtual Affairs’ product BankingRight. A product that enables banks to offer innovative banking solutions to their customers.
Swift launched launched Bankers World Online directory online query tool which has been significantly upgraded to provide more data coverage, a wider breadth of financial information (including data from Reuters, Dun & Bradstreet, and Moody’s), and new intuitive features and functionalities. The service is part of the SWIFTRef portfolio, an industry-wide platform for global payments reference data. The new Bankers World Online service includes essential reference data, such as Business Identification Codes (BIC), International Bank Account Numbers (IBAN), Legal Entity Identifiers (LEI), national bank codes and more that are used to facilitate international payments and to fulfil new reporting requirements. It also includes important financial information from market data vendors and credit rating agencies, including credit ratings, shareholder information, balance sheet information, cash flows, and many more data sets about customers, suppliers and service providers.
Apply Financial launched their Validate service online at applyfinancial.co.uk. The new Validate service is designed to provide high-quality global payments validation, enrichment and account conversion in combination with data that is updated daily. It is easily accessible either through an online user portal or API integration into payments, ERP and accounting systems. Validate is an automated, cloud-based service that allows any size financial institution, business, or individual that send international payments to check and enrich client payment data before it is communicated to, or transmitted by the bank. Not only does this minimize errors, but Validate is also much more cost-efficient than traditional data vendors, manual cross-checking or other directories.
The ‘International Bank Account Number (IBAN) only’ rule introduced on the basis of Article 5 (7) of the European Union (EU) ‘Regulation (EU) No 260/2012 establishing technical and business requirements for credit transfers and direct debits in euro’ adopted by the EU legislator in February 2012 prohibits payment service providers (PSPs) to require that payment service users (PSUs) provide the Business Identifier Code (BIC). Article 5 (7) states: “After 1 February 2014 for national payment transactions and after 1 February 2016 for cross-border payment transactions, PSPs shall not require PSUs to indicate the BIC of the PSP of a payer or of the PSP of a payee.” PSPs however, will have to continue to indicate the BIC of the account to be debited or credited when processing a Single Euro Payments Area (SEPA) payment transaction in the interbank space. The EPC intends to host a workshop on 24 September 2013 in Brussels to initiate a dialogue on the minimum requirements for cross-border ‘BIC from IBAN derivation’ solutions.
Experian announced Microsoft has adopted Experian’s Bank Wizard Global to handle accurate and timely commission payments to Microsoft Corp.’s international network of re-sellers and supply vendors. New SEPA rules dictate the use of the International Bank Account Number (IBAN) to uniquely identify the bank and account of payment beneficiaries will soon become mandatory for all internatonal and domestic euro payments. Experian’s Bank Wizard Global validates and converts bank account data for Microsoft across 228 territories to the appropriate format for use at the point of collection or payment initiation. This will help Microsoft to ensure smooth, timely and successful delivery of payments using multiple payment mechanisms through various banking associates and payment service providers.
Clear2Pay next generation payment solutions launched its “ViVa” solution, allowing banks to launch a wide range of virtual/real payment scenarios to their retail and corporate customers, such as merchant payment, utility bill payment, small business accounts and P2P payments. Banks can embed ViVa within any – also non Clear2Pay – payment infrastructure. Clear2Pay launched “ViVa,” allowing banks to capture the entire virtual and/or real transaction, plus the underlying intelligence. This way banks facilitate their customers to buy, sell and collect and spend money, vouchers and loyalty points on and offline at the point of sale across a myriad of devices through one secure and trusted interface.
Belgian SEPA migration sees the publication of the fourth progress report on the migration towards completion. This brings together all economic stakeholders concerned, namely leading representatives from the public sector, the banking sector, businesses and consumer rights associations. It organizes the social dialogue on the subject of SEPA and provides encouragement for its introduction in Belgium. Following on from the three previous reports, this latest progress report describes the progress made to date. Additionally, The Bancontact/Mister Cash (BCMC) national debit card system is being adapted to the SEPA standards, and the Belgian payment card market is now completely opening to card issuers and payment card system operators.
The Council adopted a regulation setting technical and business requirements for credit transfers and direct debit transactions in euros. The regulation constitutes a key element of SEPA – the single euro payments area – an EU-wide integrated market for credit transfers and direct debits with no distinction between national and cross-border payments. Adoption of the…
Cashflows business payment solutions is now a member of Swift global provider of secure financial messaging services. This is on top of Cashflows existing membership of Visa and MasterCard and significantly extends the scope of its global payments network. SWIFT is the industry-owned co-operative supplying secure, standardised messaging services and interface software to nearly 9,000 financial institutions in 209 countries and territories. SWIFT members include banks, broker-dealers and investment managers. Cashflows has secured use of the IBAN ‘CASH GB2L’ which will be used in all messaging. Cashflows is able to offer centralised and standardised reporting; increased efficiency in sending payment instructions; increased reach of territories and currencies supported; improved communication with banks via SWIFT Free Format messages; and improved account opening process in that initial communication can be made by SWIFT.
Crédit Agricole CIB selected Experian as its preferred partner to help its corporate banking customers access Experian’s global payment validation and automated data conversion services. With this, Crédit Agricole CIB work with Experian to offer Crédit Agricole CIB’s corporate banking customers access to Experian’s market leading range of global payment validation and automated data conversion services. Clients of Crédit Agricole CIB choosing Experian’s services will be able to validate and convert their existing payment records to the required IBAN and BIC formats across the whole SEPA region.
Australia-based payments vendor DISTRA PTY LTD has expanded their growing global bank software presence to North America, as advised by RK Hammer. DISTRA supports solutions such as distributed appliances, federated platforms, and migration gateways to bridge the growing divide between old and new payment worlds for consolidation, convergence and real time payments, and provide system ability to quickly implement new business models.
Credit and debit card processing, ATMs, Mobile Banking and Internet Banking, plus health care industry models all benefit from DISTRA payments innovations, throughout Europe, Asia/Pacific and now the US with agility, real time payments processing with high levels of performance, security and reliability. Proven in tier one financial institutions throughout Europe and Asia/Pacific, DISTRA’s payments solutions enable financial institutions, payment processors and other organizations in the payments chain to quickly address cost, regulatory and competitive challenges, with maximum reliability.
DISTRA’s flagship solution, “Universal Payments Platform,” is an application software suite that combines and configures the enablement of processing disparate payment transaction types. It is a modern, advanced and sophisticated software solution, reliably tested and running live in global markets, providing for fault tolerance within the DISTRAS software rather than being reliant on fault tolerant hardware, as well as supplying cost reliability and extensibility advantages. It has been designed to operate at the heart of payment switching environments with no compromise in availability, security, capacity, data integrity, or external connectivity.
PayQuicker.com global online payment system has been chosen as a partner with AffiliateTraction full-service performance marketing agency, thanks to its flexibility and cost savings. PayQuicker online payment processing and distribution platform that provides a safe and secure method to transfer, send and receive payments instantly for a fraction of the cost of other online payment options. Users can send payments for free, receive payments instantly and choose from six options to pull funds out of the system. The PayQuicker solution is especially beneficial to Affiliate Marketing as it integrates with affiliate networks and offers a âknow your customerâ level bank regulation look into the person being paid, cutting down on fraud.