JP Morgan’s entry into Australia’s acquiring business with JP Morgan Payments, offering full cash management and working capital solutions, should create some healthy competition in the payments sphere. 🌍 Given JP Morgans' size and global reputation, this will hopefully encourage the big 4 Australian banks to sharpen their pencils to keep their pricing and services competitive. ✏ Remember, payment acceptance fees aren't set in stone. Ensure your provider is offering you a competitive rate, or issue a Request for Proposal (RFP) for payments solutions to find a better suited provider for your business: BB Merchant Services - Australia 🇦🇺 #australianpayments #JPMorgan #JPMorganPayments #paymentsnews #bbmerchantservices
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The Consumer Financial Protection Bureau (CFPB) today (May 22) issued an interpretive rule that confirms that Buy Now Pay Later (BNPL) lenders are credit card providers! BNPL lenders such as Klarna, Afterpay and Affirm should be treated in some ways like credit card providers, according to one US financial regulator - CFPB. Like credit card providers, BNPL firms must investigate disputes, refund returned products or voided services, and provide billing statements. Latest interpretation brings Buy Now, Pay Later (BNPL) companies closer to the regulatory framework of credit card providers, although BNPL firms are not required to assess consumers' ability to repay short-term installment loans. For some time, BNPL providers have anticipated greater regulation. The global BNPL market is projected to grow from $37.19 billion in 2024 to $167.58 billion by 2032, as per the recent report. This move marks a significant step in integrating BNPL firms into the existing regulatory landscape, ensuring fair competition and consumer protection. #creditcards #BNPL #ConsumerProtection #Credit #Klarna #Regulations #Fintech
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J.P. Morgan Becomes Principal Member of GIE Cartes Bancaires, France’s Leading Payment Network Shahrokh Moinian, Head of EMEA Payments, J.P. Morgan said, “This is a testament to our unwavering commitment to the European and French payments markets. Our EMEA franchise has gone from strength to strength in recent years, and this is a major milestone in our growth journey and wider ambition to become Europe’s leading payments provider. The European payments landscape is rapidly evolving and our principal membership positions us perfectly to provide future innovations and efficiencies to our clients.” https://lnkd.in/ewbA8G5p Sara Castelhano Ludovic Houri Patricia Brolly Ambareen Morshed Gregor Mackenzie Kevin Jefferson Sumanth Sunkari Hector Lloyd Robin Lynch Alies van den Berg Martha Beard Sanjay Saraf Kate Walton Richard Hillary Anne Roppé Philippe LAULANIE Stéphanie d'Angély Françoise Fanari #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews
J.P. Morgan Becomes Principal Member of Cartes Bancaires CB, France’s Leading Payment Network
ffnews.com
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🚀 A multi-acquirer payment strategy means that you, as a merchant, work with a payment service provider that partners with multiple acquiring banks or financial institutions to process your payment transactions. This process is done through payment routing, which adds an extra layer of redundancy on your operations. 💡 This strategy increases your flexibility, your approval rates, provides redundancy in case one acquirer goes down, potentially lowers your costs, and gives you access to a broader range of payment options suitable for different markets. #CatalystPay #Multiacquirer #PSP
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The Fintech Times explores the decline of Buy Now, Pay Later (BNPL) offerings, spotlighting NatWest's closure of its BNPL service amid broader industry challenges. Key factors contributing to the BNPL sector's downturn include regulatory uncertainty, the impact of adverse macroeconomic conditions, and intense competition. These insights reveal a complex landscape where financial stability, consumer protection, and innovation intersect, prompting a reevaluation of BNPL strategies within the fintech and banking sectors
NatWest 'Plans' to Shut Down BNPL Offering; Why Are So Many Firms Taking a Step Back From BNPL? | The Fintech Times
https://thefintechtimes.com
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The Consumer Financial Protection Bureau's recent rule on the Buy Now, Pay Later (BNPL) industry has left credit bureaus and BNPL players at a standstill. 💳 Despite readiness from credit bureaus, BNPL firms are hesitant to share short-term loan data. Leslie Bender, a senior counsel at Eversheds Sutherland shed some light on the challenges faced by the industry while BNPL firms like Affirm and Klarna offer insights on reporting practices in the article below! ⬇️ 👀 https://hubs.ly/Q02G-f070 #CFPB #BNPL #CreditBureaus #PaymentsIndustry
BNPL credit reporting hangs in limbo
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Pay by Bank or A2A payments are increasingly gaining traction globally. While two standouts in Pix and UPI are mentioned, this acquisition reflects the strong growth evident in the Australian market. Given the penetration of cards in the Australian market, this clearly demonstrates the market opportunity. https://lnkd.in/eSPU7TTw?
Banked buys Australian A2A payments outfit Waave
finextra.com
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Why registering under Canada’s Retail Payments Activities Act has a multitude of benefits Read the new Finextra article on #payments #regulation, by Madhvi Sonia ➡️ https://lnkd.in/eRmr6ViR #fintech #finance #financialinstitutions #financialservices #banks #banking #payments #Canada #retailpayments #paymentservices #PSP #paymentserviceproviders #RPAA #retailservices #paymentrails #RTR #realtimepayments #instantpayments #digitalpayments #Lynx #ACSS #merchants #compliance #modernization #digitalization #digitization #financialecosystem #paymentsecosystem
Why registering under Canada’s Retail Payments Activities Act has a multitude of benefits
finextra.com
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Interoperability should be the next step for a smooth transition
Excited for the momentum building around pay by bank and instant payments. Now we need more banks and The Clearing House and the Federal Reserve Financial Services to enable these C2B use cases https://lnkd.in/g6E_qK3i
Walmart Plans Instant Bank Payments, Cutting Out Card Networks
bloomberg.com
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Financial & business services, fintech, and payments | Growth strategy, creation and execution | Strategic partnerships
Thanks to David True for his thoughtful and balanced insights on the recently announced settlement between V/MC and merchants in their long-running litigation over interchange rates (a.k.a. "swipe fees") paid by merchants. Having overseen interchange analytics for a major card issuer, and having been involved in implementing the earlier 2012 settlement, my take is that this newly proposed settlement makes a lot of sense (at least, with what we know so far--still several court approvals required, and merchants will have the opportunity to object, as in the past). Yes, merchants have benefitted over time from consumer use of credit cards, BUT the complex card rules have made it extremely difficult for merchants to navigate in a way that sees merchant benefits outweigh costs, and those costs have been growing. In the evolution of cards and electronic transactions more broadly, this is as good a time as any for the networks and card issuers to give greater control to merchants as this settlement proposes to do. For U.S. issuers, it provides an alternative to the rewards "arms race", it allows issuers to negotiate with merchants directly, it reduces the threat of regulation, and it enables issuers to adapt more quickly to the changing payments environment (e.g., Buy Now Pay Later, pay-by-bank, etc.). Much more news and commentary to come on this topic, I'm sure. #V/MC #paymentmethods #merchants #consumers #marketcompetition
The just-announced V/MC settlement is getting much commentary, as it should: it's a big deal, long in the making. Much of the commentary I've read addresses points such as the effect of lower interchange, who will benefit, and who will not. But nothing I've read talks about the positive market effects of the surcharging and steering changes. The V/MC model is a marvelous creation that has benefited many, but from a merchant's perspective, it is a broken market. Card networks compete for issuing banks, issuing banks compete to get their cards in people's hands, and merchant acquirers compete to sign up merchants. But virtually all merchants must accept V/MC and other than the very largest, have no say in what they pay for acceptance. No competition. Competition is very hard to compel between merchants and card networks. But enabling competition in the payment method a consumer chooses is a different matter. Most consumers use more than one payment method, and the growth of digital wallets makes it easier to carry and use multiple methods. And consumers, presented with clear pricing, can decide whether a particular payment method is worth the cost. The clarified rules around surcharging and steering will allow (not compel) merchants to inject choice where it can easily be made: in the hands of the consumer. Of course, the merchant might decide not to surcharge at all, thinking that the risk of pushing a customer to go to a different merchant outweighs the direct financial benefit of surcharging and steering. This is how a good market should work (see link in the comments to a longer article I wrote in this topic). While this process may be messy, it's a step towards a better, more competitive market. And we can thank this settlement in part. Ron Shevlin Matthew Goldman Liz Garner Divelbiss Dean Sheaffer #V/MC #paymentmethods #merchants #consumers #marketcompetition
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FinTech Innovation | Digital Banking | Payments | BaaS | People Connector | Regulatory Compliance | Risk Management | Marathon Runner | Author | Husband | Father
⚖ Industry leaders working with federal regulators is always preferable to adversarial relationships. The quality of the rulemaking and associated compliance requirements better reflects industry best practices in my experience. 🤝 #fintech #cfpb #bnpl #buynowpaylater #regulatoryaffairs
Today's update from Director Rohit Chopra at the Consumer Financial Protection Bureau on #BuyNowPayLater #BNPL which included forthcoming FAQ on so much more, was welcome news for #responsible providers, "Many Buy Now, Pay Later lenders are working diligently and in good faith to come into compliance," the Director noted. Great coverage by Evan Weinberger in Bloomberg Law! Fintechs appreciate the CFPB’s “pragmatic approach” to regulating responsible buy now, pay later companies, Phil Goldfeder, the CEO of the American Fintech Council, which includes Affirm and other buy now, pay later among its members. “Today’s announcement that we can expect additional guidelines through a forthcoming FAQ document, and that responsible companies will be able to reasonably transition in good faith to comply with the Bureau’s Interpretive Rule, is another welcome step in the process to ensure consumers can access this important product without losing much-needed protections,” he said.
Buy Now, Pay Later Companies to Get CFPB Enforcement Reprieve
news.bloomberglaw.com
