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ECB plans new system for bank transfers
The European Central Bank is working on a new plan for bank transfers, allowing consumers to transfer money using their phone numbers or email addresses rather than a complicated bank account number, a senior bank official said. In an interview with RTL Nieuws broadcast on Monday, ECB executive board member Yves Mersch said the system would [...]
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MyBank posts strong growth in 2015
MyBank has reported strong growth for 2015 both in the volume and value of transactions as well as in the number of merchants offering MyBank. More than €650 million worth of payment transactions were authorised via the MyBank solution in 2015, with almost €100 million in December alone, compared with €3 million in December 2014. Transaction volumes [...]
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Paytm trials sound wave-based mobile payments
Paytm is working on a new way to make mobile payments in stores using smartphones. The method they are trialling is called ‘Sound Pay’ and it uses ultrasonic sound waves to transfer money. A new icon will be added to the Paytm app called Sound Pay. Clicking on the icon will emit an ultrasonic sound wave that will [...]
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How do you do cross border payments?
New FinTech innovators are challenging the traditional way that cross border payments have been done. But are businesses tapping into the new innovation – or staying with the status quo? We are researching the current methods used by acquirers, issuers, PSPs and merchants to do cross border transactions. We would, therefore, be very grateful if [...]
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UK banks charge SMEs £4bn in hidden international money transfer costs
A new study has found that UK banks charge small and medium sized enterprises (SMEs) nearly £4bn in hidden transfer fees each year to make international money transfer payments. 96% of these fees are hidden from the customer using the exchange rate offered. This is the first time that a study into the actual rates charged [...]
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