The Western Union Company has updated the WU GlobalPay for students platform, which enables academic institutions to manage payments from international students.
Western Union made the announcement at Money 2020 Europe in Copenhagen where three of its leading executives are speaking this week on WU’s role in fintech movement and innovation in the international payments digital world.
The platform was developed with the involvement of international students who gave insight for improving the overall payer experience. The mobile-first user interface offers real-time payment tracking for online bank transfers and credit card payments.
Furthermore, the solution supports different online payment options in over 30 countries, including Geoswift (Unionpay, Tenpay & AliPay), POLIpayments, India Net Banking, Trustly and SOFORT.
IBM has announced a blockchain technology that will be used by seven European banks, to facilitate international trade for small and medium-size enterprises.
Deutsche Bank, HSBC, KBC, Natixis, Rabobank, Societe Generale and Unicredit are part of the consortium.
IBM is building this new blockchain, Digital Trade Chain, to help parties track, manage and transact internationally. The tech solution will be built on Hyperledger Fabric, an open source blockchain framework, and will go live by the end of the year.
Wiebe Draijer, chairman of the executive board at Rabobank, explains that when a merchant sells goods to another party and those goods arrive, the blockchain triggers a payment to take place. The aim is to move the payment into that blockchain solution, when the payment in blockchain is ready to be robust for large-scale application.
Apple has banned Westpac bank’s mobile payments feature, which allowed customers to make payments through messaging apps including Snapchat, Whatsapp and Facebook Messenger.
While it’s confirmed that Apple has ordered Westpac to remove the mobile payments feature, it is yet to be confirmed what the exact reasoning is for this decision.
Westpac has confirmed with its customers that the recently-launched Keyboard feature would be removed from July, despite it already being installed by tens of thousands of customers. More than that, Westpac had previously addressed security concerns with Apple, regarding the payment feature, prior to its launch in March.
Additionally, the decision comes only months after the Australian Competition and Consumer Commission (ACCC) denied an application by NAB, CBA and Westpac to collectively negotiate with Apple over access to Apple Pay and the NFC contactless payments features on iPhones. This means that the banks cannot offer their own digital wallets on the iPhone and so far ANZ is the only one of the four major banks to strike a deal with Apple to offer Apple Pay to customers.
The bank will still be offering its Keyboard feature to Android users in the coming months.
The Australian government’s commitment to the development of an effective and robust data-sharing ecosystem is not on track.
See the full article here.
Payments and remittances startups account for the majority of Africa’s over 300 fintech startups, though blockchain companies are the more likely to secure funding.
See full article in Forbes here.