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Mastercard files patent for blockchain-based money transfer
Mastercard has just filed a patent for a “Method and System For Instantaneous Payment Using Recorded Guarantees.” This is, in short, a patent for a blockchain-based system that offers instant payment. The patent describes A method for processing a guaranteed electronic transaction, includes: storing account profile, each include an account number and balance; receiving a transaction message [...]
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After the launch of a national payment system, what next?
Building a national payment system is a huge undertaking. Prior to launch, banks and non-banks have to collaborate on the governance, rules and features of the system. They have to build coverage across open and instant rails. This takes thorough planning, clear communication and strong supporting processes and branding. Launching a national payment system is [...]
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Visa to pilot blockchain based B2B payments
At a major FinTech conference in Singapore, Visa announced that it is going to pilot its blockchain based B2B payments system called B2B Connect in mid-2018. Visa has partnered with several major banks, to simplify the cross-border payment system, making it more transparent. It has brokered global partnerships with US-based Commerce Bank, Shinhan Bank of [...]
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SEPA Instant Credit Transfer scheme goes live
The Single Euro Payments Area (SEPA) Instant Credit Transfer (SCT Inst) scheme created by the European Payments Council (EPC) is operational. As of today, nearly 600 payment service providers (PSPs) from eight European countries are offering instant payment solutions based on SCT Inst. This is only the beginning of the European journey towards instant payments. [...]
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US banks launch RTP – real-time payments network
The Clearing House (TCH) has launched RTP, its real-time payments system, the first new core payments infrastructure in the US in more than 40 years. The new RTP system was designed and built through the collaborative effort of TCH’s 25 owner banks and meets the objectives of the Federal Reserve Faster Payments Task Force. RTP [...]
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