15 April 2016
Below are our top reads from the last seven days of industry news*. Every Friday we'll publish our picks from industry developments, stories and announcements right here so you can keep you up to date with what's happening in payments here and overseas.
If you'd like to have our top reads emailed to you every Friday, let us know by emailing email@example.com
More new bank notes in circulation from May
Our new $20, $50 and $100 bank notes were revealed this week by the Rt Hon Sir Jerry Mateparae. Reserve Bank Governor Graeme Wheeler said that the innovations in the banknotes and their ability to include sophisticated anti-counterfeiting technology are notable. The new Series 7 will co-circulate with the current Series 6 notes.
SWIFT to improve cross-border payments
SWIFT has announced that 21 banks have started the pilot for its global payments innovation initiative, working to increase the speed, transparency and predictability of cross-border payments. 51 banks, including ANZ and ICBC, are now signed up to the initiative to work together to create a new service level agreement (SLA) rulebook for cross-border payments, providing an opportunity for smart collaboration between banks. In its first phase, the new service will focus on business-to-business payments.
SWIFT takes steps to aid messaging compliance
Payments Data Quality, a new service from SWIFT, will help financial institutions comply with requirements governing payments messaging. The service will cover Financial Action Task Force’s Recommendation 16 for wire transfers. The rule, which created new requirements for originator and beneficiary information in payments messages, has or will become law in many countries including the European Union member states and Singapore. SWIFT plans to release the service in the third quarter of 2016.
Introducing the Global Blockchain Forum
As digital commerce grows, so does the need for policies around them. This week the Global Blockchain Forum was launched, an international body whose mission is to help shape international blockchain policy. It will be a platform for international collaboration, run by the Washington DC-based Chamber of Digital Commerce, along with three other of the world’s leading digital asset/blockchain trade organisations.
Making pan-European instant credit transfers in euro a reality
The European Payments Council (EPC) is launching the public consultation on the Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) scheme. The proposed scheme is the first in the world to be interoperable in a region as large as SEPA and is a response to European customer needs for faster payments. It will be a turning point in making pan-European instant credit transfers in euro a reality. To learn more about SEPA Instant Payments, visit the dedicated section on the EPC website.
US giant buys eWAY for US$50 million
Canberra online transaction business eWAY has been sold to an American payments technology services giant for more than a thousand times the money in Matt Bullock’s bank when he started it. eWAY was responsible for more than 5.8 billion online purchases last year, or about a quarter of all internet transactions in Australia. Bullock is now excited about his new business, centify.com, which is an app/website set to manage commissions easily, motivate staff and pay them fast.
The appetite for digital wallets
New research has revealed that in Europe the appetite for digital wallets is increasing, with almost a third (31%) of Europeans saying they are likely to use a digital wallet on their mobile device, a 5% increase on the previous year. But there are still some concerns, as over a third (38%) of consumers cited data security as the reason why they are not likely to use a digital wallet in the future. Uptake is happening slowly in the United States, an estimated $8.7 billion in purchases were made with phones in 2015, according to a survey by eMarketer. That is only 0.2 percent of the estimated $4.35 trillion of in-store sales last year.
*These articles cover a range of topics from broad payments industry news here and overseas. They do not represent the views of Payments NZ and are not endorsements.