The payments industry is seeing a massive global surge in the implementation or modernisation of Immediate Payment systems. These systems challenge the status quo, and when used effectively create real opportunities for financial institutions to improve service and/or develop new business opportunities.

In Ovum’s 2018 Payments Report (2018 Global Payments Insight Survey: Cross-vertical) there were some telling statistics demonstrating the direction of travel for the payments and banking industry:

There are widespread misconceptions about Artificial Intelligence (AI), including its powers and what it can and can’t do. Which means that potential users may have unrealistic expectations of what they will see when they’re presented with AI. For some, it conjures up images of robots, while others expect it to be able to solve all problems and automatically understand numerous manual processes and tasks without training or configuration. The truth is that while AI has advanced exponentially over the last decade, it is still really in its infancy.

Moorwand, a dedicated BIN sponsor that turns compliance into a competitive advantage, today announced that it is providing BIN sponsorship and card issuing services to Sunrate Partners Limited, a world-class foreign exchange and global payments provider.

DataRobot, the leader in enterprise AI, has partnered with Kx to offer

BOKIS, a Danish payment and card company representing 57 domestic banks, and Nets, a market leader in the payments industry, have entered into a new five-year agreement. This means that BOKIS member banks will continue to issue and process the Danish domestic card, Dankort. Additionally, the companies have renewed their processing agreement for international payment cards.

Konsentus is the leading online, machine readable, real-time service that provides ASPSPs (i.e.

Alipay, the world’s leading payment and lifestyle platform, today announced a new target to support 10 million small and medium enterprises in Europe over the next five years, through innovative technology that will empower these merchants to better serve and sell to over 2 billion potential consumers travelling to the region from around the world.

Onguard, the fintech company that streamlines the entire order-to-cash process, has announced that in collaboration with 

CLS, a market infrastructure group delivering settlement, processing and data solutions, is releasing an FX Forward Volume dataset as part of its comprehensive suite of executed trade data products.

FX Forward Volume data focuses on outright forwards and swaps which provide an aggregated view of the forward market, therefore confirming pricing models for forwards and swaps. This is CLS’s first data product for the FX forward market as CLS’s existing data products currently address the FX spot market.

Xero, the global small business platform, today announced major enhancements to payments on the platform, making it easier than ever for small businesses to set up card and debit payments for customer invoices, pay multiple bills quickly, and reconcile everything against their accounting ledger.

Unveiled at Xerocon London 2019, where over 3,000 accountants, bookkeepers and partners have gathered, the announcements include: