Swift has today announced two AI-based experiments in collaboration with its member banks, to explore how the technology could assist in combatting cross-border payments fraud and save the industry billions in fraud-related costs.

The digital age has brought unparalleled convenience to the financial services industry, catalysing innovations that have reshaped how we interact with money and financial institutions. In fact, according to research from CompareBanks, nearly 70% of British people with bank accounts use mobile banking app features to manage their accounts. Why?

UK-based payments company myPOS has enabled Tap to Pay on iPhone for businesses in Italy. With Tap to Pay on iPhone and the myPOS Glass app, merchants can seamlessly and securely accept in-person contactless payments, including contactless credit and debit cards, Apple Pay, and other digital wallets, using only an iPhone and the myPOS Glass iOS app. No additional hardware or payment terminal is needed. 

Axis Bank, one of the largest private sector banks in India, today announced the launch of NFC Soundbox in collaboration with Mastercard. An industry-first proposition for the merchant community, the new soundbox will act as an all-in-one solution allowing the users to accept Bharat QR, UPI, Tap & Pay and Tap + Pin payments.

NatWest introduces Mastercard® Business Savings, a hassle-free merchant discount program designed exclusively for eligible NatWest business credit, charge, and debit cardholders. This complimentary program offers automatic cashback on essential business expenses, empowering businesses to save effortlessly while conducting everyday transactions.

Rapyd, the global fintech leader, today released its report, “2024 State of Payments: High-Opportunity Industries.” This comprehensive study dives into the evolving landscape of cross-border payments, focusing on the needs of fast-growing industries such as online gaming, content creation platforms, online travel, marketplaces, and e-commerce.

Copenhagen-based fintech startup, ZTLment, has made waves as the first in Europe to pioneer compliant wallet infrastructure on decentralised rails for ordering- and booking platforms. Having raised €2.4 million in total pre-seed funding from investors PreSeed Ventures, Upfin, Giant Ventures, and strong business angels, ZTLment aims to eliminate the need for outdated banking infrastructures once and for all and make it easy to make programmable and peer-to-peer payments.

Flutterwave, Africa’s leading payment technology company, today announced it has received an approval-in-principle for its payment aggregator license from the Central Bank of Mozambique. This license enables Flutterwave to offer its comprehensive payment services within Mozambique and strengthen its operations in southern African markets.

Form3, the cloud-native account-to-account platform, today announces that Currencycloud, a Visa solution focusing on simplifying business in a multi-currency world, has selected them  to provide account verification technology to support Confirmation of Payee (CoP) activity, designed to reduce fraud in the UK.