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IndustryUpdate

and European Central Bank's retail payment strate- U.S. banks prioritize faster payments
gies. Token.io's participation is expected to contrib-
ute to enhancing payment functionality, including Volante Technologies released its third annual mid-tier
Dynamic Recurring Payments and Payment Certainty bank payments modernization report, revealing that 78
Mechanisms, and expanding use cases for instant bank percent of U.S. financial institutions view faster payment
payments. This initiative aims to boost competition, cre- networks as a must-have. Volante noted that its custom-
ate new revenue opportunities and position Europe as a ers are increasingly adopting the Volante PaaS platform
global leader in digital payments. for real-time payment networks like The Clearing House
RTP and FedNow. Cloud-based payment processing is
RESEARCH also on the rise, according to Volante researchers, with
payment system interoperability as a top concern. In
addition, researchers found that replacing legacy wire
19.5B biometric transactions predicted by 2028 payment systems and adopting ISO 20022 messaging
standards are other priorities.
A study by Juniper Research predicts a 138 percent
increase in biometric-enabled POS terminal transac- PARTNERSHIPS
tions, reaching 19.5 billion by 2028. Biometric in-store
payments, using methods like facial recognition and
fingerprints, enhance the retail experience, researchers Alchemy Pay deploys on Bitcoin.com
found, adding that amid strong ecommerce competition
and consumer spending constraints, this differentiation Alchemy Pay launched its fiat-crypto payment services
can help physical retailers thrive. The report under- on Bitcoin.com's web portal, stating it now offers users
scores biometrics as a crucial element for enhancing the a seamless transition between fiat and cryptocurrency.
brick-and-mortar shopping experience and emphasizes. Bitcoin.com CEO Dennis Jarvis stated this partnership
While initial costs are high, researchers stated, biometric is crucial for users in Asia and LATAM. Alchemy Pay
systems can yield long-term benefits, and retailers must attested that its payment gateway supports various pay-
prioritize these investments to stay competitive. ment methods across 173 countries, including domestic
transfers and mobile wallets, with a user-friendly KYC
Cross-border ecommerce report released process and low fees. The partners believe Bitcoin.com's
VERSE token and Alchemy Pay's extensive network of
ResearchandMarkets found that the global cross-border fiat payment channels further enhance the accessibility
B2C ecommerce market reached $969 billion in 2022 and of cryptocurrencies worldwide.
is projected to grow to almost $3,900 billion by 2028,
with a CAGR of 26.1 percent from 2022 to 2028. Key Finastra, Newgen team up on lending
drivers include increasing internet penetration, global
connectivity, access to a diverse range of products, price Newgen Software and Finastra integrated Newgen's
comparisons, favorable exchange rates, secure payment origination solutions with Finastra's LaserPro documen-
systems, growing economies, rapid logistics advance- tation platform in order to offer customers enhanced
ments, favorable trade policies, and rising awareness and agility, innovation and efficiency in their financial pro-
demand for unique and global products. Collaborative cesses. This API-driven integration simplifies loan docu-
partnerships, tradeshows, and shifting consumer pref- ment creation and validation, eliminating manual effort
erences also contribute to market growth, researchers and data mapping, the partners stated, adding that it
noted. connects with core banking and third-party systems to
ensure compliance with applicable regulations. They
SEC, CFTC impose $9.2B in FI penalties also pointed out that the efficient setup can be completed
within days.
The annual Fine Tracker by SteelEye revealed a sig-
nificant increase in enforcement actions against global Ingenico, Cybersource join forces
financial institutions in 2023, particularly in the United for unified commerce
States. The U.S. Securities and Exchange Commission
(SEC) and Commodity Futures Trading Commission Ingenico, a payment solutions leader, formed a strategic
(CFTC) imposed a combined $9.2 billion in penal- partnership with Cybersource, Visa's payment and fraud
ties, with a record high of $4.3 billion from the CFTC. management platform. Initially focused on Asia Pacific,
Meanwhile, the UK's Financial Conduct Authority (FCA) the partnership will create a unified commerce solu-
saw a 75 percent decrease in fines to £52.8 million, tion by integrating Ingenico's AXIUM Android applica-
marking the first drop in seven years. European regula- tion with Cybersource's open payments platform. This
tors like France's AMF and Germany's BaFin focused collaboration, the partners noted, streamlines in-store
on insider trading, market manipulation and reporting card transactions, enhances security and simplifies scal-
delays. Singapore's MAS tackled anti-money laundering ing across various devices. The synergy between the
and misconduct. two companies will be harnessed to reduce integra-
tion complexity, speed up time-to-market, and provide

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