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Hot on the heels of its new transaction management services plan, Swift is trying out a new service for low value cross-border payments.

The idea is to get more action from the consumer and SME market. Swift explains that it is working with over 20 banks to develop the service, which builds on gpi (global payments innovation) and its rails. Gpi is built as a suite of cloud-based tools, and lets users track payments, monitor adherence to SLAs, and consult information related to gpi member bank counterparties.

David Watson, Chief Strategy Officer at Swift, reckons this new initiative will have “widespread adoption”.

Swift shakes things up with transaction services strategy
In terms of details, consumers and SMEs will get “predictable” payments, with costs and processing times known upfront, and real-time status available to both originator and beneficiary customers via their financial institutions.

Last week, the first payments through the new service were exchanged between banks who are helping to develop it. These include Bank of China, Barclays, BNP Paribas, BNY Mellon, Deutsche Bank, KEB Hana Bank, MYbank, National Australia Bank, SMBC, Standard Bank, StoneX, UniCredit and Wells Fargo.

From Swift pilots low value cross-border payments service – Fintech Direct:

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Consumers Are Favoring a Single Card:

As consumer interest in credit cards has been in decline, debit cards are the likely destination.
Interestingly, consumer flight from credit began in 2018-2019 resulting in increased debit, cash, and prepaid usage.
Not only are consumers switching payment methods: consumers are consolidating to a single preferred payment method.
The battle is on for top-of-wallet: now credit cards have to compete with fellow credit rewards programs and debit cards in general.

From Consumers Are Favoring a Single Card: | PaymentsJournal:

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While financial institutions are unlikely to reverse course, other sectors can help LMI consumers by funding financial counseling as an employee benefit, social services can offer the human element through trained financial counselors, and even the Fintech market can partner with financial counseling programs to offer a hybrid of financial products and counseling (think either of Financial Counselor “cyborgs” out in the field, equipped with tablets from financial institutions, or Fintech solutions that incorporate a human to walk people through the function and utility of new technology).

From (6) The Human Element in Fintech (or “the Case for Cyborg Financial Counselors”​) | LinkedIn:

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In contrast to Lynch, Republican ranking member Congressman Tom Emmer offered support for the OCC payment charter, saying it is “by no means a license to operate free from regulation”.

From US politicians weigh response to OCC payments charters:

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In contrast to Lynch, Republican ranking member Congressman Tom Emmer offered support for the OCC payment charter, saying it is “by no means a license to operate free from regulation”.

From US politicians weigh response to OCC payments charters:

Regulating organisation by what they are is indeed a 19th century prescription.

We should regulate companies by what they do.

Payment institution

US Payment Institution charter.

As J. P. Koning observed, the standardisation of global payments through ISO 20022 is happening at the same time that 365/24/7 instant payment systems for retail use are being introduced by central banks around the world.

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This proliferation of messaging standards is a global phenomenon. The U.K.’s multiple payments systems each use a different one. The Faster Payments Service uses a modified version of ISO 8583, BACS (the U.K.’s ACH system) uses Standard-18, and CHAPS (its large value payment system) uses the SWIFT MT messaging format.

From J.P. Koning: The Standard About to Revolutionize Payments – CoinDesk:

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Dorsey said he expects his recently established nonprofit Blue Sky, which is in the midst of recruiting “a team of up to five architects, engineers, and designers,” to create a public blockchain platform and open Twitter protocol.

From Bitcoin And Blockchain Are The ‘Future’ Of Twitter, CEO Jack Dorsey Reveals:

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Jack Dorsey is one of bitcoin’s biggest proponents in Silicon Valley.

Dorsey, who earlier this month said bitcoin is “probably the best” native currency of the internet, has previously gone as far as saying bitcoin has the potential to be the world’s sole currency by 2030.

From Bitcoin And Blockchain Are The ‘Future’ Of Twitter, CEO Jack Dorsey Reveals:

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Kumar also said Amazon is discussing with potential partners the idea of linking palm scans with building IDs to replace office ID cards, or with event tickets for stadiums or arenas

From Amazon introduces new hand-scanning payment option in its stores – Vox:

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