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Norwegian banks defend Vipps P2P mobile payment against Nordic rivals
In an ambitious move, 100 Norwegian banks have taken a stake in the Vipps P2P mobile payment app developed by DNB in a bid to block competition from rival Nordic platforms and the likes of Facebook, Google and Apple. DNB, the SpareBank 1 alliance, the Eika alliance, Sparebanken Møre and the 15 independent savings banks which also [...]
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Kenyan banks get backing to launch M-Pesa competitor network
The Central Bank of Kenya (CBK) has given six banks the go ahead to launch a mobile money transfer platform to compete directly with M-Pesa, starting new competition in the lucrative financial services market. The Kenya Interbank Transaction Switch, which has been developed by the Kenya Bankers Association (KBA), facilitates real-time transfer of money between banks without [...]
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US Payment System: Federal Reserve report urges US faster payments
In early 2015, the Federal Reserve issued the Strategies for Improving the US Payment System paper that outlined the collective thinking of US payment system stakeholders and the Federal Reserve on desired outcomes for improving the US payment system. The desired outcomes include improvements in speed, security, efficiency, cross border payments, and industry collaboration. This [...]
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Ant Financial set to purchase MoneyGram for $880 million
Ant Financial has stepped up its international expansion by reportedly buying US money-transfer service MoneyGram International for $880 million. The $880 million acquisition marks Ant’s first deal with a US-listed company, as it begins to explore markets beyond a home arena it already dominates. The transaction will connect MoneyGram’s network of 2.4 billion bank and mobile [...]
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Western Union settles $586m anti-money laundering fine
Western Union has agreed to settle $586m after admitting that it violated US anti-money laundering laws by ignoring evidence that thousands of its agents were involved in sending illicit cash to criminals. The charge included sending illicit cash to human traffickers in China and bookies in Costa Rica, the US Department of Justice announced. From [...]
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