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IndustryUpdate

overcoming barriers like high costs and network silos,
facilitating cheaper and instant cross-border payments,
the foundation stated. Fintechs can apply for funding to
integrate and expand their payment capabilities, aiding
the foundation's mission of global financial inclusivity.
The application period closes on Aug. 30, 2024. Learn
more at www.interledger.org.

The Payments Association seeks delay
in APP fraud implementation

The Payments Association delivered a briefing paper to
David Geale, interim managing director of the Payment
Systems Regulator. The document outlined significant
industry concerns, chiefly regarding the proposed Faster
Payments System changes that the association believes
ANNOUNCEMENTS increase market entry risks, and suggested delaying any
changes and the APP Fraud Reimbursement rules for 12
months. The association also recommended enhancing
Apple Vision Pro in new countries Pay.UK's dispute resolution mechanisms and lower-
regions starting June 28 ing the fraud reimbursement threshold to £30,000. The
paper additionally emphasized collaboration and strate-
Apple said the Apple Vision Pro will expand to new gic focus to foster industry and consumer growth.
countries, with preorders for China, Hong Kong, Japan
and Singapore starting on June 13 and availability com-
ing June 28. Australia, Canada, France, Germany and RESEARCH
the UK preorders will begin June 28, with availability
starting July 12. Vision Pro integrates digital content CellPoint Digital report details
with the real world, enhancing how users work, col- airline payment challenges
laborate, make payments and more, the company noted.
Apple CEO Tim Cook emphasized the transformative CellPoint Digital's Payments Come of Age report identi-
potential of spatial computing in delivering new experi- fies inefficiencies in airlines' payment systems, linking
ences. Apple Vision Pro became available Feb. 2, 2024, at these to operational challenges and revenue losses.
all U.S. Apple Store locations and the U.S. Apple Store Surveying 151 airline professionals, the study found
online. limited use of alternative payment methods, with only
11 percent of airlines accepting newer options like open
Fintech Futures recognizes FNB's eStore banking. Researchers said this underscores the need for
F.N.B. Corp.'s eStore won the Best Digital Initiative payment orchestration to streamline payments, enhance
at Fintech Futures' 2024 Banking Tech Awards USA. passenger experience areas like boarding and check-in
Fintech Futures mentioned that eStore is a core part of and drive financial health. Payment orchestration, they
FNB's digital-first customer strategy, enhancing client added, is a crucial strategy for airlines to increase rev-
engagement across approximately 350 branches. The enue, reduce costs and improve competitiveness.
platform, Fintech Futures pointed out, allows users FPC reports on faster payments, financial inclusion
to manage banking transactions via digital devices or
kiosks, facilitating activities such as account openings The U.S. Faster Payments Council (FPC) released a
and loan applications. The technology's role in adapting survey report on faster payments and financial inclu-
to consumer preferences and integrating physical and sion, conducted in the third quarter of 2023. The report,
digital banking channels reinforce FNB's goal to become developed by the FPC Financial Inclusion Work Group,
the primary bank for its customers, Fintech Futures involved 88 respondents including banks and payment
added. providers, examining their readiness to implement faster
payment solutions and their impact on inclusion. Key
Interledger allocates $4 million findings show that while many institutions are adopt-
for interoperable payment network ing faster payments, substantial efforts are needed to
address inclusion, particularly for the unbanked and
The Interledger Foundation is allocating $4 million to underserved. The report emphasized the importance of
fund fintechs that incorporate its Interledger Protocol education, improved user experiences, and stakeholder
into their payment systems, with the aim of enhancing collaboration to make faster payments accessible and
financial access in emerging markets and for under- beneficial for all.
served populations. This initiative supports fintechs in

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