Friday, October 25, 2024
Visa and USAID disclosed they have partnered to drive the digitization of government systems and payments, aiming to promote financial inclusion and economic growth globally. Over the next five years, they intend to focus on creating open, secure, and inclusive digital ecosystems that enable easier access to government services and digital payments for constituents and small-and-medium enterprises. Their joint efforts target regions such as Sub-Saharan Africa, Latin America and the Caribbean, and the Caucasus, with potential for further expansion, the partners stated.
The collaboration seeks to enhance transparency and efficiency between communities and governments, fostering economic development and empowering entrepreneurs. Visa and USAID added they will also focus on boosting digital and financial literacy to drive financial inclusion in underserved populations.
They pointed out that this initiative builds on a long-standing partnership between Visa, USAID, and Visa Foundation, including projects like Ukraine’s Diia app, which connects 19 million Ukrainians with over 120 government services. The partnership also supports gender equity and climate-smart businesses through initiatives like the Climate Gender Equity Fund, further aiming to close the gender digital divide in developing markets.
The HM Treasury UK's recently decided to grant banks more powers to delay payments by up to 72 hours to investigate suspected fraud or scams. In response, Alex Reddish, head of market expansion & GTM strategy at Tribe Payments, shared his view that the UK government's plan, though well-intentioned, may have unintended negative consequences, particularly for consumers.
While extending the time for banks and PSPs to investigate suspected fraud seems sensible, it adds friction to payment processes, contradicting efforts to improve payment efficiency without sacrificing security, Reddish noted, adding that this delay could lead to customer frustration, anxiety, late payment fees, damaged credit, and cash flow problems for businesses.
According to Reddish, today's advanced fraud detection systems can stop fraud in real time, making a 72-hour delay unnecessary and disruptive. Moreover, the government overlooks that much of the fraud stems from social media and tech platforms, particularly Meta, which has not been held accountable for enabling scams. Financial institutions alone shouldn’t bear the responsibility for reimbursing victims of fraud, he stated.
Reddish additionally pointed out that the delays also threaten the UK’s fintech sector by adding unnecessary friction, which could hinder growth and innovation. For a country aiming to be a leading fintech hub, he noted, such measures may stifle competition.
The government must engage with all stakeholders to develop regulations that protect consumers without hampering the fintech ecosystem, avoiding the same backlash seen after the introduction of APP reimbursement rules, he said, pointing out that thoughtful, balanced regulations are needed to support both consumer protection and industry innovation.
Steven Forrest, relationship director for hospitality at VITEC, a provider of end-to-end streaming solutions and video encoding, reported that casinos and high-end resorts are embracing IP video technology to enhance guest experiences, maximize revenue and improve operational efficiency.
Traditional analog systems are inadequate for the growing demand for personalized and immersive services, Forrest stated, adding that IP video offers flexibility, enabling properties to tailor content for guests, promote on-site amenities and update messaging in real time. This approach, he noted, enhances guest engagement and encourages spending while providing new revenue streams through targeted advertising.
Additionally, he claimed that IP video systems improve safety by enabling centralized control during emergencies, instantly broadcasting critical information property-wide, and that simplified management under a unified platform allows properties to manage content across in-room entertainment, digital signage and other displays seamlessly.
Transitioning to IP video requires careful planning of infrastructure and content management, but the technology’s flexibility and scalability future-proof properties by allowing them to expand and adapt as needed, integrating advanced technologies like AI to meet evolving guest expectations, he stated.
"With 82 percent of U.S. consumers using platforms like Zelle, Venmo and Cash App and real-time payments projected to grow by 33 percent annually, reaching $277 billion by 2032, there are substantial opportunities for enhancing payment offerings," Alkami, a digital banking solutions provider, stated in an email to The Green Sheet. "However, real-time payments are contributing to a new wave of fraud risks, further highlighting the need for vigilant fraud management by financial institutions."
Alkami additionally stated that beyond real-time payments, check fraud continues to be a major concern, with 65 percent of organizations reporting fraud involving checks, making it the payment method most prone to attacks. "Fraudsters continue to leverage advanced technology and techniques to stay ahead of security measures," the company noted.
To discuss the challenges that FIs face, Alkami recently held a masterclass webinar on the risks of check and real-time payments fraud and the actionable strategies FIs can take to combat it.
A recording of the webinar is available here. 
The Green Sheet Inc. is now a proud affiliate of Bankcard Life, a premier community that provides industry-leading training and resources for payment professionals. Click here for more information.
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