Fujitsu provides blockchain testbed for Japanese Bankers Association
Fujitsu announced that the Japanese Bankers Association (JBA) will employ a Fujitsu cloud service-based blockchain platform to be made available over Fujitsu Cloud Service K5.
The Collaborative Blockchain Platform is a financial services blockchain technology testbed environment that JBA plans to provide to its member banks. In this way, JBA plans to offer this Fujitsu cloud service as one testbed environment to its member banks and other institutions starting from October 2017.
JBA will provide its Collaborative Blockchain Platform to its member banks and other institutions as a testbed environment for applications employing blockchain technology, such as for settlement and funds transfer services, and identity and time-of-transaction authentication. JBA will support efforts toward practical implementation of these applications.
International telcos form blockchain consortium
Japan-based SoftBank Corp. (“SoftBank”), U.S.-based Sprint Corporation (“Sprint”), Taiwan-based Far EasTone Telecommunications Co., Ltd. (“Far EasTone”) and U.S.-based TBCASoft, Inc. (“TBCASoft”) today announced the launch of a new blockchain consortium, the Carrier Blockchain Study Group (“CBSG”).
In the future, more telecom carriers will be invited to participate in the CBSG on a global scale. SoftBank, Sprint and TBCASoft also succeeded in demonstrating a cross-carrier payment platform system that uses TBCASoft’s innovative blockchain technology.
In February 2017, SoftBank, Sprint and TBCASoft agreed to aim to cooperate in jointly developing blockchain technology for telecom carriers, and commenced a technical trial that connects TBCASoft’s blockchain platform to telecom carriers’ systems. With Far EasTone newly joining this association, it since developed into a consortium that aims to build a next-generation global cross-carrier blockchain platform and ecosystem. CBSG will promote research and development for the platform with the aim of providing users various services such as secured clearing and settlement, personal authentication, IoT applications, and other services in the future.
Vantiv and Visa pair up for fast merchant settlement
Vantiv a provider of payment processing services and related technology solutions for merchants and financial institutions, and Visa today announced FastAccess Funding, a product that will allow merchants to receive settlement payout in minutes to their debit card once funded1, versus the standard of one to three days via ACH.
The product is the first merchant solution to launch on Vantiv’s new push-to-card platform.
Over one-third of U.S. small businesses identify consistent cash flow as a major challenge in running their business.2 FastAccess Funding combines Vantiv and Visa Direct functionality to address this pain point for small- to medium-sized businesses (SMBs), by significantly speeding up the SMB’s access to funds from their daily sales. Historically, merchants have had to wait days to receive funds, and FastAccess Funding empowers merchants with quick and consistent access to their daily settlement. Once funded, payment to the merchant’s eligible debit card will occur within minutes.1 Through this joint effort, Vantiv will become the first major merchant acquirer3 to speed up the merchant settlement process and offer faster disbursements to their clients.
Nacha switches on same day ACH for debit payments
The Electronic Payments Association, the steward of the ACH Network, announced the launch of Same Day ACH for debit payments.
Same Day ACH is a faster payments option that reaches all U.S. bank accounts and enables businesses and consumers to send and receive payments and payment-related information on the same day through the ACH Network.
The Same Day ACH credit payment option has been successfully in use for one year, and today’s announcement builds upon the existing credit capabilities by adding debits, leading to a new option to pay bills faster, and ultimately giving consumers a more accurate sense of their available account balances.
Same Day ACH debit payments enable a variety of transactions such as an urgent bill payment, faster payments for Internet and point-of-sale purchases, and invoice payments. Until now, all ACH debits have been “next-day” payments; that is, transactions are completed one day after they are initiated.
