Jon Placa’s Post

Banks and credit unions have enough on their plates without trying to build out new card payment flows. But—there’s a huge opportunity for them in offering card-based instant transfers. Pull-from-card and push-to-debit transactions are growing, serve many popular use cases, and can drive engagement, grow deposits, and generate revenue. Regardless of the benefits, most regional and community financial institutions lack the capacity to become principal members of Visa Direct and MasterCard Send. Moov takes on the complexities involved and makes it easy for financial institutions to offer these kinds of transfers—and a lot more—through a single, simple API integration. Read more from Matthew Thomason about how we make it happen.  #fintech #payments #banking https://lnkd.in/gUX6zJQp

The end of this initiative which needed significant collaboration, competition and regulatory approval. In terms of filling the space, open banking payments are almost ready but probably still need a few more developments. #openbanking #payments #fintech #firepayments https://lnkd.in/eBFZeERw

🌐 Instant Payments vs. Card Schemes: Can Cards Withstand the Challenge? Instant payment (IP) solutions are rapidly gaining traction, challenging the dominance of traditional card schemes like Visa and Mastercard. The European Commission’s recent legislative proposals aim to make instant payments more accessible and affordable, promoting payment sovereignty. Despite this push, the entrenched infrastructure and widespread acceptance of card payments pose significant competition. The future may see a hybrid approach, integrating the strengths of both payment methods to meet evolving consumer and merchant needs. 👉 https://lnkd.in/gGN-RvcY #InstantPayments #CardSchemes #FinancialInnovation #PaymentsTechnology #EURegulations

Open banking is a system of networks in which a user—typically a consumer—gives a third-party app or website permission to connect their financial accounts to receive a service. Learn how financial institutions and merchants can capitalize on opportunities presented by open banking: https://lnkd.in/dARARtdB.   💡: Visa Consulting & Analytics (VCA) #VisaConsultingAnalytics #OpenBanking

“It’s ripe for disruption, and it is being slowly but surely disrupted.” In an in-depth interview with City AM, our Founder and CEO Tom Greenwood explains how card infrastructure is being challenged by open banking👇 https://lnkd.in/ekJiCxhZ #voltology #payments #openbanking

🚀 As we start 2024, let's recap on how PayPal, Visa, #banks, and #openbanking interact together in the payment ecosystem! Check out this insightful diagram, shared by Marcel van Oost, that breaks it down: 🏦 Banks/PSPs provide services to merchants and cardholders 💳 Card schemes (Visa, Mastercard) connect to #psps, handling transactions 🌐 Open banking offers universal #apis for 3rd parties to access accounts and spark innovations 💸 Money movement? Commercial banks use reserve accounts in the central bank. But here's the twist - info flow and settlement flow aren't always synchronized! 👏 Kudos to Hua Li for this eye-opener! Starting 2024 with knowledge! 🚀😉 J.P. Morgan Citi Tink Adyen Stripe Alipay #fintech #openbanking #openfinance #banktech #payments #paytech #bankingtechnology #banking #digitalbanking #financialtechnology #fintechindustry

CaixaBank introduces bill splitting feature for online debit payments. CaixaBank is launching a new feature in its online banking to enable shared bill payments using Bizum. The CaixaBankNow app now includes the option to easily share direct debit charges between several people. This is a service designed for a range of joint expenses, such as rent paid on a shared flat or the cost of utilities with a partner. The biggest advantage is the enhanced user experience, since in just one click the customer can activate the entire transaction and have the total amount on screen, without having to remember it, to split as he or she sees fit. ‣ Source: https://lnkd.in/g6FXN-6K ‣ Sign up for my Digital Banking Newsletter: https://lnkd.in/gQuFt964 #banking #bank #payments #digitalbanking #paymentindustry #financialtechnology #fintech #financialservices

“If you were designing a payments system today, rather than when Visa and Mastercard were introducing card payments, this is how you would do it,” Greenwood argues. “It’s really just about using the technology of the 2020s rather than the 1950s.” Great article on Forbes on Volt.io's expansion into Australia, integration with #PayTo by New Payments Platform (Australia). https://lnkd.in/esMDYrd6 #payments #realtimepayments #australia #openbanking

🤔How do PayPal, Visa, banks, and open banking interact with each other? The diagram below shows how the payment ecosystem works from a bird’s eye. From bottom to top: ‣ A bank or a PSP (Payment Service Provider) provides payment services to merchants and cardholders. ‣ The card schemes such as VISA and Mastercard connect to PSPs on both card acquiring and issuing sides. They do clearing for credit/debit card transactions. ‣ The commercial banks have reserve accounts in the central bank, where the actual money movement happens. ‣ Open banking provides universal APIs for 3rd-party service providers to access bank accounts and create transactions. By creating a 𝐬𝐡𝐨𝐫𝐭𝐜𝐮𝐭 in the current systems, open banking APIs are already fostering innovations. In payment systems, the information flow and settlement flow are separated. So although there are layers of systems in the diagram, they don’t need to happen at the same time. 👌Another great piece from Hua Li I wanted to share with you to start 2024. I highly recommend following her for more insightful updates and graphics, if you haven’t already😉 Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [ 𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 ] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ]  #fintech #openbanking #openfinance #banktech #payments #paytech #bankingtechnology #banking #digitalbanking #financialtechnology #fintechindustry 

Digital technologies are increasingly shaping the way we handle money. They enable secure and convenient transactions and provide transparency and control. The third edition of our Swiss Visa Payment Monitor shows that almost 4 out of 10 people pay by tapping their mobile devices while majority prefers their mobile banking app to remain control over their everyday spending.   At the same time Swiss consumers desire further innovations, for instance when it comes to moving money digitally and across borders. Find out more about the study here: https://lnkd.in/eQqHY3Ac   #DigitalPayments #VisaPaymentMonitor