(The Paypers) New Zealand consumers spent USD 4.2 billion online in 2018, a 16% increase from 2017, according to an ecommerce report from NZ Post.
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Advanced technologies have enabled enhanced visibility into the real-time status of everything from online orders and food deliveries to flights and rides, alleviating the suspense of the wait for customers.
Today, the wait is over for businesses looking for the same transparency and convenience with their wire payments. RBC, the market leader in cross-border payments, launched the RBC Express® Track Wire Payments feature as part of the bank's ongoing commitment to deliver seamless, digitally-enabled client payment experiences. This new capability allows business clients to track their wire payments in real time through the bank's online business banking channel, RBC Express.
The RBC Express® Track Wire Payments solution leverages SWIFT's global payments innovation (gpi) technology, the new standard and the most significant change in cross-border payments in the last 30 years. Companies can now track their wire payment from the moment it leaves RBC to the time it reaches the beneficiary's bank at no additional cost. A transparent view of the exact status of a wire payment enables businesses to better plan and optimize their cash flow and predict their liquidity position.
As an early supporter of SWIFT's gpi initiative, RBC participated in its international gpi pilot and actively worked with the gpi Vision Group to help streamline correspondent banking and improve payment transparency and traceability.
"This is a powerful new digital feature that offers enhanced visibility into the status of a domestic or international wire payment," said Lisa Lansdowne-Higgins , Vice-President, Business Deposits & Treasury Solutions, RBC, who also represents Canada on SWIFT's global board of directors. "For the first time, our clients will have a transparent view of the end-to-end wire payments process, which will result in fewer inquiries around tracking details and discrepancies around funds sent versus funds received."
According to SWIFT – the world's leading provider of secure financial messaging services – more than US$300 billion is now sent daily via SWIFT gpi in 148 currencies. Nearly 50 per cent of gpi payments are credited to end beneficiaries within 30 minutes and nearly 100 per cent are credited within 24 hours.
Yolt, the smart thinking money app, today announced it has extended its payment test phase to UK customers who bank with Nationwide, Santander and Barclays.
Following the successful launch of ‘Yolt Pay Beta’ just two months ago with six of the major high street banks, the app is now extending its test phase offering.
The expansion means that Yolt’s payment initiation service (PIS) will allow more users to view their accounts, initiate payments to friends and family, and move money between their own accounts, all powered by Open Banking. Nationwide, Santander and Barclays join Lloyds, Bank of Scotland, Halifax, RBS, NatWest and Ulster Bank in the growing list of banks supported for payments in Yolt. Yolt’s beta phase provides UK users with the relevant banks the chance to trial the feature, provide feedback and ultimately aid in building and developing the new functionality.
This latest development is a testament to Yolt’s commitment to pioneering in the Open Banking space, shaped by its community. Utilising the power of APIs even further, Yolt has also launched a new payee address book feature, making paying friends and family easier than ever. Contacts that users have previously saved in their connected banking apps will now appear, pre-populated, within the Yolt app, saving users the hassle of adding account number and sort code.
Yolt also announced that it has further improved the payment initiation flow for the eight high street banks that have app-to-app redirect available. This marks an advancement in functionality meaning payments are now authenticated more quickly, easily and conveniently.
Amy M., Yolt community member, said:
“Yolt Pay enables me to make my payments and transfers in one centralised location, instead of having to change between different apps to manage my finances. This has saved me so much time! The fact that this new feature is integrated within the existing app has allowed me to take control of my money and I look forward to future developments that will benefit the way I manage my finances.”
Connie S., also a Yolt community member, added:
“I’m married with five children and I’m currently trying to set up a business which will enable me to work from home. Yolt Pay is therefore a great addition to my banking experience as it’s a quick, simple and easy to use service - just like making payments should be. I no longer have to trawl through all my bank’s log in details, saving me precious time.”
Leon Muis, Chief Business Officer of Yolt, said:
“This is another great step for both Open Banking and Yolt’s payment journey. Yolt Pay Beta is instrumental in developing our payment functionality and we welcome Nationwide, Santander and Barclays to the testing journey. Collaboration is the key to success with Open Banking and the banking and fintech world are leading the way in developing propositions that provide the ultimate user experience.
“As always, a huge thank you to our Yolt community who continue to shape every aspect of the app. By working together, we will continue to pave the way in Open Banking and prove what is possible through the power of APIs.”
Matt Cox, Head of Open Banking, Nationwide said:
“The industry has worked extremely hard to define and provide clear, secure standards for Open Banking. Starting to enable Open Payments is key to creating Consumer value from this investment. It’s early days, but we can now see this coming through in propositions such as this.”
ABN Amro is getting to grips with PSD2, enabling customers to access their current accounts with other providers through its app.
The feature relies on other banks, meaning that currently account information is only available from Rabobank, which rolled out an API link earlier this month.
Other banks in the Netherlands are expected to follow shortly. This includes ABN Amro itself, which from next week will let customers share their data with other providers.
Meanwhile, ABN Amro is also preparing to enable Rabobank clients to use its Grip app, which automatically puts income and expenses into categories. Users can set a budget for each category and will receive a push message when the budget has almost been used up.
(The Paypers) The European Banking Authority has agreed to a limited extension on the September 14th deadline for compliance with Strong Customer Authentication under the PSD2.
Jürgen Schneider, Managing Director, ONPEX, speaks to Hannah Wallace, Finextra about how Open Banking and digital transformation is evolving in the market, what the challenges and opportunities are around Open Banking, how corporates can benefit from these changes and what regulation they need to take into account.
Bart Leurs, Chief Digital Officer, Rabobank, speaks to Hannah Wallace, Finextra about how PSD2 implementation is driving digital transformation at Rabobank, how fintech and the power of data has entered the food industry and how the relationship between the banks and fintechs is likely to evolve in the future.
(The Paypers) Wirecard has announced it is launching boon Planet – an ecosystem of mobile payment and banking services.