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HSBC is set to launch an international payments app called Zing, initially in the UK with other countries to follow. ZING will rival Revolut and Wise offering low cost FX payments directly to retail consumers. According to Nuno Matos, CEO of HSBC's global wealth and personal banking business, 'Zing isn't just an app, it's our strategic move to "attack" the payments market'. You can read more in this Finextra article below: #banking #hsbc #payments

New cross-border payments solutions are offered seemingly every day. These solutions use everything from stablecoins to pay-by-bank platforms. However, international wire transfers play a crucial role in money movement, and that’s not likely to change anytime soon. Justin Jackson, SVP, Head of Enterprise Payments at Fiserv and John Min, Chief Economist at Monex USA, discuss the present and future of international wire transfers and the methods financial institutions can employ to leverage this powerful tool. Read more: https://ow.ly/B52a50Sh0OJ #payments #wiretransfers #globalization #regulations #fees Jacob Jegher, Brian Riley, Jordan Hirschfield, Albert Bodine, Ryan Cole, Don Apgar, James Wester, Christopher Miller, PhD, Amy Gorin, Craig Lancaster, Sophia Gonzalez, Ben Danner, Matthew Gaughan, Elisa Athonvarangkul Tavilla, Suzanne Sando, Jennifer Pitt, Kevin Libby, James Quigley, Justin Hamel, Sandy Park

📌 US #realtimepayments are projected to skyrocket 6️⃣0️⃣0️⃣% between 2️⃣0️⃣2️⃣0️⃣ and 2️⃣0️⃣2️⃣5️⃣ 📈 The Clearing House explores how race is on for #banks, #fintechs, #corporates and #governments worldwide ➡

#News #Barclays #HSBC #TokenizedDeposits #UK Barclays, HSBC, Citi Collaborate to Pilot Tokenized Deposits in UK: Along with other financial institutions in the UK, Barclays, HSBC, and Citi are starting a collaborative project to test tokenized deposits. A group of British banks, including Barclays and Citigroup, is working on a new pilot of tokenized deposits to enhance the tracking of banking payments. The British trade group UK Finance announced in a […] The post Barclays, HSBC, Citi Collaborate to Pilot Tokenized Deposits in UK appeared first on Coinscreed.

As major banks continue moving to gain ground previously lost to the FinTechs with HSBC following in the footsteps of Lloyds, Bank of America, Nationwide and others acquiring stakes in FinTechs, UBS and JP Morgan, going a step further, hovering up entire Fintechs, in the shape of Wealthfront and Nutmeg.   Now according to HITC, HSBC has introduced an international payments app and debit card to challenge fintechs Revolut and Wise for a slice of the booming market for wealthy customers.   What advantages can the independent FinTechs offer customers?

For those who are still unsure about the future of #FinTech and the banking world, JP Morgan is stepping in to bridge the gap. The company is working with businesses by providing a new way of allowing #RealTimePayments whilst providing additional security measures for those who aren't yet convinced. Real-Time Payments are quickly becoming one of the most popular ways to make transactions around the world, and it's fantastic to see financial authorities like JP Morgan making efforts to better educate on the security and expediency of this fantastic innovation. How long have you adopted #RTP?

J.P. Morgan's decision to join GIE Cartes Bancaires highlights the changing landscape of the payments industry. According to https://lnkd.in/gsdMe2ff This move will provide their merchant clients with lower transaction costs and more flexibility in payment processing. Interesting to see the disruption to typical card networks. As our Insights Guru Nick Holland notes, traditional card networks are facing rising competition. "Incumbents are going to have to diversify their business models significantly, focusing on new opportunities in areas such as cross border and identity management." #payments #fintech #innovation #CartesBancaires #crossborderpayments

JP Morgan has announced that it will be joining French payments network Cartes Bancaires (CB), becoming the first American "principal member" of the 12-member governance body. This move will enable JP Morgan's merchant clients to process card payments via the French network instead of Visa or Mastercard. The US bank plans to offer clients access to the CB network by the end of the year, providing competitive transaction costs and leading local processing performance for debit and credit card transactions. Created in 1984, CB had 76 million cards in circulation and processed 15 billion transactions worth €685 billion by 2022. The addition of JP Morgan is expected to bring future innovations and efficiencies to clients, according to Shahrokh Moinian, head of Emea Payments at JP Morgan. Philippe Laulanie, CEO of CB, says the move will lead to numerous projects that will add real value to the entire CB community. #JPMorgan #CartesBancaires #paymentsnetwork #creditcards #debitcards #fintech

Swift’s Cross-border Payments Processing Speed Surpasses G20 Target https://ow.ly/gctV50PBSLV #technology #fintech #fintechtrends #fintechrevolution

Worldline, a global leader in payment services, is further expanding and enriching its partnership with Commerzbank AG. This extension enables Commerzbank to offer its customers in Austria, France, Italy, the Netherlands, Spain and the United Kingdom the sending and receiving of real-time transfers in euros. It is also possible to process instant payments in Switzerland in Swiss francs. Instant payments are processed via the scalable Payments Back-Office processing platform from Worldline that was previously integrated into Commerzbank's banking systems. Read more: https://lnkd.in/dGFRNyxa #payments #fintech #finance #FinancialIT