(The Paypers) KB Kookmin, a large bank in South Korea, has announced plans to launch a digital asset custody offering.
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Sweden's central bank says it plans to join the ECB's Target Instant Payment Settlement (TIPS) system to bring 24/7 real-time payments to the country by 2021.
Launched last year, TIPS is available to both consumers and businesses across the 19 states in the eurozone, offering near real-time payments via smartphones, PCs and in-store payment points.
The initiative was designed to help banks take on the growing popularity of digital, contactless payment services offered by big tech firms such as Apple, Google, Amazon and Alibaba in China.
Sweden's Riksbank says that with the decline of cash, it wants to make instant payments possible in its RIX system.
The central bank has determined that TIPS is the fastest and most cost-efficient way way of giving financial institutions access to RIX 24/7.
However, it has not made a final determination, noting that "national security requirements" will be an important factor in its negotiations to use the platform.
The rise of real-time payments will be a key theme at this year's EBAday, taking place in Stockholm on 18 and 19 June next week. Over 1000 payments heads from across Europe are expected to attend. Register here.
Ripple is looking to expand its footprint in Latin America, launching operations in Brazil and bringing in former American Express and Banco Bradesco exective Luiz Antonio Sacco as managing director.
The company already has more than a dozen Brazilian financial institutions and money transfer companies on its DLT-based crosss-border payments network RippleNet, including Santander, BeeTech and Banco Rendimento.
"In January, Ripple surpassed 200 customers on RippleNet," says Eric van Miltenburg, SVP of global operations. "The company is experiencing rapid customer growth across all markets, and is launching in Brazil in response to high customer demand in South America."
He says the company is adding an average of two to three new financial institutions to RippleNet each week and is now focused on growing its customer base and team in Brazil, and across South America including in countries such as Chile, Peru and Argentina.
Ripple's efforts in Brazil are extending beyond the financial sector, supporting academic research into blockchain use cases at top tier Brazilian universities, including University of São Paulo and Fundação Getulio Vargas.
“We're excited to grow our ecosystem in the region and bring additional financial institutions onto RippleNet to help provide excellent, efficient cross-border payment experiences for their customers," says Sacco. “We believe that academic institutions will play a key role driving the blockchain industry forward. USP and FGV are innovative, forward-thinking institutions that are investing in blockchain research to explore new use cases and help prepare students for future jobs in this space.”
On the heels of record e-commerce sales Big Lots has launched a buy-online-pickup-in-store pilot and says it expects a full rollout to its stores by the end of summer. Get the details.
The grocer’s AI-powered relationship engine tailors the shopping experience in real-time, allowing Weis to building meaningful relationships with customers.
Just a year after launching its corporate credit card for startups, US fintech Brex has hit a $2.6 billion valuation off the back of a $100 million funding round led by Kleiner Perkins Digital Growth Fund.
Existing investors Y Combinator Continuity, Ribbit Capital, DST Global, Greenoaks Capital and IVP all joined the Series C-2 round, which takes Brex's total funding to $315 million.
A year ago Brex launched the first corporate card and rewards programme specifically designed for startups. The firm built its tech stack from the ground up, enabling it to do things such as determine credit limits based on real-time monitoring of clients' accounts.
The startup has already expanded its remit with the launch, in February, of a suit of products designed for ecommerce firms. With the latest funding, it plans to move into more customer segments, beginning with life science companies.
"We recognise that each business is unique and therefore tailor our product to meet their specific circumstances," says Henrique Dubugras, co-CEO, Brex. "With this new funding, we can deliver relevant and unique financial products to an increasingly broad customer base."
Examine five areas where AI can make a significant impact for brick and mortar retailers.
In the past, retail warehouses made decisions based on historical data. But to meet today’s customers’ demands for on-demand delivery, the industry, and its technology, must shift.