Marca Wosoba

𝟓 𝐏𝐨𝐰𝐞𝐫 𝐌𝐨𝐯𝐞𝐬 𝐒𝐡𝐚𝐩𝐢𝐧𝐠 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐎𝐩𝐞𝐧 𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐢𝐧 𝐁𝐫𝐚𝐳𝐢𝐥 𝐚𝐧𝐝 𝐂𝐡𝐢𝐥𝐞 🌎 🇧🇷 Brazil Levels Up Open Finance with Streamlined Pix and Broader Participation ➊ Banco Central do Brasil and the National Monetary Council (CMN) have introduced new rules to streamline the payment initiation journey with Pix, Brazil's instant payment system. This includes enabling contactless transactions and expanding the range of institutions required to participate. The establishment of a definitive governance structure marks a significant step towards a more organised and accessible financial landscape. ➋ Noda’s expansion into Brazil brings cross-border multichannel payment services, unified reconciliation, single onboarding, and instant banking and money transfers across Brazil, Europe, the UK, and Canada. This expansion simplifies the operational complexities for merchants by enabling seamless cross-border transactions. Businesses can now cater to a broader audience with minimal friction, enhancing their global reach and operational efficiency. ➌ Mercado Pago, Noh, and Iniciador begin offering "Smart Pix" transfers, allowing automatic transfers via Pix between accounts held by the same user with a single authorisation. This feature marks a significant advancement in the user experience, offering a convenient and secure way to manage multiple accounts. It’s a game-changer for individuals and businesses alike, streamlining financial management and reducing the administrative burden. 🇨🇱 Chile Sets the Stage for Open Finance Revolution ➍ Chile’s Comisión para el Mercado Financiero (CMF) has rolled out the regulations for the Open Finance System under the Fintec Law (No. 21,521), with a 36-month implementation timeline. This regulation is expected to foster greater competition and financial inclusion by enabling new financial service providers to enter the market. ➎ Floid introduces pay-ins and payouts offerings, aimed at facilitating online transfers and enhancing its service offerings within the Open Banking framework.  By providing a comprehensive suite of financial services through a single provider, businesses can offer a more integrated and user-friendly payment experience, which is critical in a digital-first economy. ________________ ♨️ Latin America's open finance revolution is picking up steam, and these recent developments are a glimpse into a future of more accessible credit, innovative financial services, and a booming fintech landscape. To understand the big picture and explore the broader implications of Open Finance in Latin America, check out our blog post. Gain a comprehensive view of how Open Banking and financial players are teaming up to build a more mature and democratic credit market in the region ➡️: https://lnkd.in/ggr37zDy via Walter Pereira X WhiteSight #fintech #openbanking #openfinance #payments #PIX #LATAM #regulation

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Global acceptance of O3 American Express cards positive for FX demand— Pinheiro, CEO, O3 Capital Credit cards, often issued by banks, are a versatile form of payment that has become a staple in the global economy. By allowing users to make purchases on credit, these cards offer a convenient and accessible way to pay for goods and services, as well as access cash advances. O3 Capital, a Nigerian fintech company at the forefront of credit card penetration, has made waves in the financial landscape by becoming the country’s first non-bank issuer of credit cards. In the opening month of its American Express (Amex) card portfolio, O3 Capital observed an overwhelming response from customers, both in Nigeria and beyond, who are eager to access the benefits of credit cards. Abimbola Pinheiro, the chief executive officer of O3 Capital, in an interview with Business a.m.’s Onome Amuge, discusses the rapid expansion of the company’s credit card portfolio and its tangible benefits for consumers in the Nigerian market. From the initial rollout to the present day, Pinheiro shared unique insights into the company’s growth, strategies, and impact on consumers. Excerpts: https://lnkd.in/dgAtn3Gb

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Crown Agents Bank Joins the AbbeyCross ABX Platform to Provide FX Payments to Emerging Markets Colin Digby, Head of Strategic Client Coverage of Crown Agents Bank said: “Financial institutions are struggling to access hard-to-reach markets, especially as counterparties retreat from these increasingly underserved and challenging geographies. This is why the AbbeyCross ABX Platform is so important. It addresses the technical integration challenges and the transparency dynamic as it provides an easy single access point to these markets via multiple LPs. It’s a real game changer for us, the institutions we serve and the wider market.”   https://lnkd.in/eYXRVEhs Mike Robertson #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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There was a time when the digital banking operation model was questioned. Year 2023 marked the end of that era driven Revolut , Nubank and few other more product area specific superstars. The interesting question is what will be the next stage. Do we have a highly concentrated "gigafintech" period in front us or will there be a next wave boosted by AI, tokenisation and increasing horizontal integration. The short term future looks like the former but personally won't believe in "boringly linear" longer term 😊 #digitalbanking

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dLocal and Ria Money Transfer Partner to Amplify Real-Time Transfers to Africa, Middle East, and Latin America Agustin Cerisola, General Manager Africa and Asia, Global Remittances from dLocal stated, “We’re thrilled to support Ria, and work closely with them to support their mission of facilitating financial access through seamless and secure money transfers. The global remittance market is crucial in supporting millions of families worldwide, specifically in the emerging markets dLocal operates in.” https://lnkd.in/eCFucj8c #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Why Pix Might Dominate Global Payments Could a government-initiated payment system really outshine Silicon Valley's best? Since its launch by Banco Central do Brasil in November 2020, Pix has not just disrupted but redefined the payments landscape. With over 122 million users and processing billions in transactions daily, Pix’s meteoric rise is an anomaly in the world of account-to-account payments. Pix’s success hinges on several critical factors. Its real-time transaction capability, available 24/7, has transformed how Brazilians conduct financial transactions, making it an indispensable tool for both personal and business use. The minimal to zero transaction fees make it an attractive alternative to traditional credit cards, especially for small businesses and everyday consumers. The integration into government services and social welfare programs has significantly boosted its adoption, ensuring that Pix reaches even the most financially underserved populations. Additionally, the Central Bank's strong regulatory framework and proactive promotion of Pix have cultivated a high level of trust and security among users. In comparison, other A2A payment systems like iDeal (owned by EPI Company) in the Netherlands and BLIK in Poland have also found success but on a different scale. iDeal’s dominance in the Dutch e-commerce market is due to its seamless integration with local banks and focus on online payments. Blik, on the other hand, has grown through versatile use cases and strong bank collaborations. However, both systems lack the comprehensive, real-time capabilities and broad application that Pix offers. Despite these advantages, other account-to-account payment methods have struggled to achieve similar success. The main reason lies in their limited scope and lack of strong institutional support. Many of these systems operate within narrow niches or regions, without the extensive backing from central authorities that Pix enjoys. Additionally, high transaction fees and cumbersome user experiences have hindered their widespread adoption. Pix is not just a local phenomenon; it’s poised to expand its reach internationally. Pix's potential to revolutionize payments in other countries is immense, given its proven model of combining real-time processing, low fees, and government integration. As other countries observe Pix’s success, there’s a growing recognition that the future of payments might very well follow Brazil’s lead. In other words, Pix’s ability to integrate seamlessly into everyday life, coupled with its broad support and innovative features, sets it apart from other payment systems. As it eyes international expansion, the global payments landscape might soon be witnessing a Brazilian revolution. Do you think Pix’s model will set the standard for future payment systems worldwide? Let me know in the comments. P.S. Check out my newsletter https://buff.ly/3RXzt7Z

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The Chinese yuan is accounting for a growing share of international payments, while the euro’s share continues to ebb, according to transaction data compiled by global financial messaging service Swift. The portion of transactions involving the yuan rose to 4.7% in March, the highest since Swift created a new baseline in July. The euro’s share dipped below 22% last month, under the 24.4% level logged when Swift introduced the new scale. The yuan has been the world’s fourth-most transacted currency since November, according to Swift data. Source: Bloomberg News #china #beijing #chineseeconomy #globalfinance #banking #capitalmarkets #investments #trade #crossborder #currency #renminbi

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The Evolution of Real Time Payments (#RTP), it’s time Local went Global with new Cross-Border processes👇 —— The Global Payments Market: The global payments market has been experiencing significant growth, reaching $2.2 trillion in revenues in 2022, an all-time high with an 11% increase from the previous year. #B2B transactions made up 97% of the ~$156 trillion in cross-border payment flows in 2023, took 2-5 days to settle at an average cost of 6.2%. In Brazil and India, Real Time Payments (#RTP) has decreased settlement times to seconds and costs by 50-90%. When one considers that domestic payments cost anywhere between *30bp and 300bp* depending on the payment rails used (ACH or card), and international payments costs (excluding foreign exchange fees) range from 65bp to 450bp, there is a significant profit pool to be disrupted 🤯 —— Real Time Payments (#RTP): Real-time payments are account-to-account (#A2A) financial transactions that are initiated, cleared, and settled usually within seconds. These transactions run on RTP networks designed by central and commercial banks to offer faster and cheaper payment solutions, bypassing traditional payment infrastructure like cash, checks, ACH, wire transfers, and cards. Benefits of Real-Time Payments: 🔸 Lower Costs 🔸 Increased Security 🔸 Reduced Fraud Risk 🔸 Greater Financial Visibility 🔸 Improved Cash Flow Management 🔸 Value-Added Services *more info in the comment section* —— How Real-Time Payments (#RTP) Work in a Cross-Border Transaction (i.e. U.S. -> Brazil) 👇 1️⃣ Company A initiates a payment, sending a message to its Financial Institution via its banking app or online banking platform. 2️⃣ The sender’s FI submits a payment message to the FedNow service (ISO20022 messaging format). 3️⃣ FedNow validates the message, verifying it meets the required format specifications. 4️⃣ FedNow sends the payment message to the PIX network. 5️⃣ PIX validates the message, verifying it meets the required format specifications. 6️⃣ PIX sends the contents of the message to the receiver's FI to seek confirmation that it intends to accept the message. 7️⃣ The receiver's FI sends a positive response to PIX, confirming that it intends to accept the payment. 8️⃣ PIX sends the same correspondence to FedNow. 9️⃣ FedNow and PIX will debit and credit the designated master accounts of the sender’s and receiver’s FI. 🔟 Outside of the FedNow/PIX services the receiver’s FI credits the receiver’s account and sender’s FI debits the sender’s account. —— Real-time payments are set to revolutionize both domestic and cross-border transactions. By providing faster, cheaper, and more secure payment options, RTP networks offer significant advantages over traditional payment methods 🚀 —— Source: Activant Capital ✍️ Sign up to The Payments Brews ☕️: https://lnkd.in/g5cDhnjC ✍️ Connecting the dots in payments... & Marcel van Oost #fintech #payments #globalpayments #technology #realtimepayments

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Digital assets and #interoperability. Like Wimbledon and tennis, strawberries and cream, these things belong together to produce something special. Here's why this is important. New financial markets infrastructure (#fmi) based on #digitalassets can make a huge difference to all of us. I have written a lot about that elsewhere. But, we can't interact easily without standards; think Swift and the FIX Protocol. The promise that #DLT will offer us even more lies in interoperability and #composability: like Lego, knitting together, re-using small, discrete bits of code which interact to form a greater whole. All of that will only work with standards. Think of Mick Jagger and the Stones working a crowd to "You can't always get what you want". When Mick sings: "What's your favourite flavour?" and, the crowd answers: "Cherry red!". If a computer wants to orchestrate that interaction, it needs to translate those words into bits & bytes; is it flavour or flavor? The Enterprise Ethereum Alliance is driving the work to create those standards so that anybody can use them. That makes the paper Giulia (Julia) Secco points to worth the read. Standards are an enabler of a digital asset future. Kudos to several of my very good friends for all the thoughtful, unsung work in the background to create these valuable foundations: all at Fnality International, especially Simone Cortese and Adam Clarke, as well as Edward Budd and the team at Adhara.

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Splitit enables banks to offer in-checkout instalment payments. Card-linked instalment payments platform Splitit has launched FI-PayLater for banks and card issuers. The new service unlocks Splitit's merchant network to financial institutions that want to offer instalment plans to existing customers, directly at the merchant checkout. Banks around the world have moved to tap into the fast growing BNPL market but, says Splitit, have often struggled to unlock the option during the purchase journey, instead focussing on post-purchase instalment plans. FI-PayLater promises to change this, enabling banks to become key players in the "during purchase" BNPL market by allowing them to offer their existing customers instalment plans directly at checkout. FI-PayLater promises turnkey capabilities that enable FIs to generate incremental fee income from existing relationships. There are also several integration options, including direct connections, connections through payment networks, or integration via issuer processors. Source: https://lnkd.in/emyytVEn Sign up for more news updates like this in our daily newsletter: https://lnkd.in/eskQx7Ym #payments #banks #digitalpayments #paytech #financialtechnology #financialservices #fintechnews

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In my recent conversations with merchants on LinkedIn, and other payment conferences, especially those processing over $300M, it’s clear that there are significant concerns about discrepancies in fees management especially under the IC++ model and the inefficiency of managing multiple merchant accounts. This highlights the need for an automated system with accurate benchmarks and effective comparison tools. 🔍 Fee Complexity: Fees include multiple components (Interchange, Scheme, Processor, Markup). Merchants control only the markup and face challenges with the rest. 📈 Constant Changes: Fees are constantly changing, making it difficult to stay updated. 😠 Billing Errors: PSPs/Acquirers often bill merchants incorrectly, such as charging different fees for the same card type or not crediting interchange fees for refunds. ☣ Lack of Transparency: There is a lack of transparency for "other" fees, such as excess retries or chargeback fees, which are not attributable on a per-transaction basis. 📊 Data Standardization: There is no standardization in how different acquirers present data—ranging from APIs to CSVs, monthly PDFs, or sometimes no data at all. Here are a few strategies merchants can use to manage this complexity: 1). Leverage Data: Establish a robust data infrastructure to capture all fees. Vendors like Inai (YC S21) specialize in aggregating fees across multiple PSPs. 2). Collaborate with PSPs/Acquirers: Work with your PSPs/acquirers to get granular fee details. 3). Track Anomalies: Systematically track fee anomalies and identify opportunities to reduce costs, such as stale authorizations or failing to use AVS, which can lead to interchange downgrades. What strategies have worked for you? Feel free to share your comments or DM to talk payments.

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The past week has presented another challenging period for the banking industry, particularly in the realms of bank as a service (BaaS) and embedded finance. In the days ahead, we may witness further developments in this arena and fallouts... You want to know more about Baas in the US, what's happening now and where is it heading check out this podcast hosted by Dave Wallace / Dharmesh Mistry - FinTech Futures, thanks Guys having me our your amazing DeMystify podcast. You can listen to this podcast here 👉 https://lnkd.in/e3VMT9pb. If you're a fintech seeking guidance on how to navigate and partner with sponsor banks effectively, feel free to DM me. I'd be delighted to explore how we can assist you on this journey. #digitalbanking #corebanking #bankingsolutions #payments #fintechsolutions #digitaltransformation #fintech #baas #neobanks #challengerbanks #embeddedfintech #creditunions #communitybanks #embeddedfinance #nichebanking #ai

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The ultimate showdown! Equity Bank Mobile and DTB M24/7 users, have you voted? 👀 To vote for your favorite mobile banking platform, please visit:https://lnkd.in/d3YpKFAs Three intense rounds, eight Tier One mobile banking platforms, and now, only two contenders remain. Equity Bank Limited's Equity Bank Mobile and Diamond Trust Bank's DTB M24/7 have battled their way through every round, and it's all come down to this. Who will be crowned the Face-Off Champion? 🏆 Your vote decides! The more people who participate, the more accurate and impactful the results will be. So do share the poll with your network! Together, we can crown the ultimate Tier 1 Mobile Banking App champion. Please note that these polls represent the opinions of the voters participating and do not entirely reflect Kenya's perspective on the banking apps. #MobileBanking #EquityMobileVsMCoopCash #SecureBanking #UserExperience #DataPrivacy #CustomerSupport #faceoff #EquityMobil #DTBM24/7 #EquityBank #DTB

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What does PSD3 mean for cross-border payments? An excellent deep-dive report by FXC Intelligence's Joe Baker on this critical topic for the sector: The report will get you up to speed fast on the topic and covers: - What is PSD3 and its benefits - PSD3’s impact on open banking - How this may level the playing field between banks and non-banks - What have been the main EU payments initiatives to date - What the European cross-border payments landscape looks like - What are cross-border payments companies doing to prepare for PSD3 #fxcintelligence #payments #fintech #financialservices #regulation #banking #openbanking https://lnkd.in/edXUtYpf

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Important to understand if your business is dealing with card payments!

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