Citi has launched Citi Payment Exchange, its integrated and highly flexible institutional payment-processing solution, in Canada. This follows the successful launch of the service in the U.S. in 2012. Unlike other bank offerings available in the Canadian market, clients can utilize Citi Payment Exchange to migrate from paper-based instruments to electronic payments.
NBD Bank and MasterCard and NDB Bank have inked a partnership to bring the MasterCard Purchase Control solution to Sri Lanka. Offering a simple, effective and secure means of controlling spending, reducing operational costs, and enforcing compliance with corporate policy, the solution marks a revolutionary change to the manner in which commercial transactions are conducted in Sri Lanka.
TransFirst has inked a strategic sales partnership with PatientPay, an online practice management and payment technology for healthcare practices.
iPatientCare, Inc., a pioneer in mHealth, cloud-based ambulatory EHR and integrated practice management solutions, is integrating PatientPay’s innovative healthcare billing solutions with iPatientCare Application.
Omaha-based Financial Transmission Network has introduced ETran Mobile to enable companies to unlock the power of mobile payments and work toward the strategic goal of simplifying receivables to process and post from a single platform.
SWIFT and The Association of Islamic Banking Institutions Malaysia (AIBIM) and the Malaysian Islamic financial community are set to launch a new rulebook for the usage of SWIFT MT messages for Islamic finance. Islamic finance is broadly defined as the financial services designed to comply with the principles of Islamic law. This rulebook will provide greater clarity around SWIFT MT message usage based on Islamic principles in order to enable straight-through processing (STP), thereby improving efficiency as well as reducing risk and cost. It will provide an efficient platform for exchanging Islamic finance messages and further promote the usage of message standards. The SWIFT Islamic Finance Rulebook will be available to the Message User Group (MUG) by the end of 2014, open in all global markets.
Visa cites its Google experience to help Latin American (LAC) companies to rethink their commercial card strategies and bring them up to snuff in 2014 and beyond. The Visa roundtable survey clearly showed that many LAC companies do not have a mandate for their commercial credit card.
Visa has made a strategic investment in DocuSign to enable customers to prepare, execute and manage digital transactions and integrated payments safely and securely. DocuSign Global Standard for Digital Transaction Management™, automates manual, paper-based processes with the only open, independent, standards-based DTM platform for managing all aspects of documented business transactions. DocuSign helps companies Keep Business Digital™ with industry-leading identity management, authentication, eSignature, forms/data collection, collaboration, workflow automation, payment collection, and document retention. DocuSign accelerates transactions on a secure global network for sending, signing, tracking, and storing documents in the cloud.
Javelin Strategy & Research released 2014 Retail Point of Sale Payment Forecast: The Mobile Payment Square-Effect and Prepaid Card Popularity Drive Cash Down by 10% report which evaluates the forecast changes in the retail POS market, tracking payments mix data from 2012 through the forecast year of 2019. Cash and paper checks dominated consumers’ wallets, with consumers using cash for smaller dollar-value transactions and selecting checks for big-ticket items. This trend has taken a dramatic turn, as consumers increasingly abandoned their traditional paper-based payments for card payments. From 2012 to 2013, cash dropped by 10% of volume of transactions, a total of $86B and is forecasted to drop further over the next six years. Cash is still the most commonly used payment option for in-store purchases, with 65% of all consumers using cash to make a purchase in the past seven days. The report details Javelin’s forecasts for total retail POS payments volume and analyzes share and transaction growth at the POS for credit cards, debit cards, cash, paper checks, prepaid cards, gift cards, and mobile proximity payments.
Fujitsu and Ingenico upgraded 63 Merseyrail stations offer contactless payment in terminals and manned ticket outlets. Merseyrail has benefitted from Fujitsu’s STAR point-of-sale ticketing system for the past nine years, after it was implemented in 2005. Reducing paperwork, the system makes it easy for staff to offer a full range of products without having to refer to paper-based manuals. The Merseyside-based rail operator will retain this system, and in conjunction with Ingenico, will provide 92 iPP320 contactless PINPads and Axis, its proprietary centralised payment process solution. These contactless PINPads are fully PCI DSS compliant and were rolled-out across all Merseyrail’s manned kiosk and payment terminals at the end of last year.
Visa plans to provide companies a simplified way to pay by Visa through their Visa Commercial issuer using the SAP Financial Services Network. The new payment solution is expected to help corporations more easily automate and process their invoice payments without the need for significant investment in custom software, and is planned to be available summer 2014. The new solution is expected to help corporations who want to move toward electronic business-to-business payments. This new offering will be designed to allow corporate clients of participating Visa Commercial issuers to route payment instructions to Visa via the SAP Financial Services Network. For more information on Visa Commercial Solutions, visit visa.com/commercial.
Visa announced the Visa Commercial issuer through the SAP Financial Services Network designed to help corporations more easily automate and process their invoice payments without the need for significant investment in custom software, and is planned to be available summer 2014. This will help corporations who want to move toward electronic business-to-business payments. This new offering will be designed to allow corporate clients of participating Visa Commercial issuers to route payment instructions to Visa via the SAP Financial Services Network.