Fintech, Finance, Technology, Banking Highlights – 13 December 2017
Citi expands cross-currency ACH to 60 countries
Citi’s Treasury and Trade Solutions (TTS) has expanded its WorldLink Payment Services (WorldLink) cross-border ACH capabilities to 60 countries. WorldLink® offers a simple, global and digital cross-currency payments solution with service offered across a range of payment options in 135 currencies and 195 countries.
“We are focused on delivering the power of Citi to our clients by building integrated global solutions that connect our clients to every part of our continuously expanding global payments network in an efficient and consistent manner,” said Manish Kohli, Global Head of Payments and Receivables, Citi Treasury and Trade Solutions. “This expanded capability will offer clients the ability to participate in commerce in new markets, through low cost payment options delivered through digital channels.”
Hong Kong’s Octopus integrates with Samsung Pay
Samsung Electronics H.K. Co. Ltd. and Octopus Cards Limited (OCL) today announced the exclusive launch of the first “Smart Octopus” in Samsung Pay, a joint effort to offer the most comprehensive mobile wallet service supporting Octopus functionality.
Starting from 9a.m. on 14 December, 2017, Smart Octopus in Samsung Pay will enable NFC payment at all Octopus acceptance points, covering public transport as well as over 21,000 retail outlets, online shopping, recreational facilities, vending machines, self-service kiosks1; plus the use of parking and access control facilities at residential or commercial premises. It will make mobile payment more comprehensive than ever with unrivalled convenience in Hong Kong people’s everyday lives, spurring progress towards becoming a cashless smart city.
“Besides leading the smartphone market in Hong Kong, Samsung has always strived to bring great convenience to users’ daily lives through innovative technologies. Our partnership with OCL is a perfect manifestation of this commitment,” said Yiyin Zhao, Vice President and Head of IT and Mobile Communication Business for Samsung Electronics H.K. Co. Ltd. “Together with Octopus, the go-to payment method for most transportation operators and retail stores, Samsung hopes to bring a revolutionary smart mobile payment service to Hong Kong.”
American Express ditches signatures
American Express (NYSE: AXP) today announced it is eliminating the requirement for merchants to collect Card Members’ signatures for all purchase transactions at the point of sale beginning in April 2018.
The move, which applies globally to all American Express-accepting merchants, will help provide a more consistent and simplified checkout experience for merchants and Card Members in regions around the world, speed up the process of paying in store and help reduce merchants’ operating expenses associated with retaining signatures.
“The payments landscape has evolved to the point where we can now eliminate this pain point for our merchants,” said Jaromir Divilek, Executive Vice President, Global Network Business, American Express. “Our fraud capabilities have advanced so that signatures are no longer necessary to fight fraud. In addition, the majority of American Express transactions today already do not require a signature at the point of sale as a result of previous policy changes we made to help our merchants.”
SunTrust joins Zelle
SunTrust Banks, Inc. (NYSE: STI) announced today that it has officially launched Zelle, giving the bank’s Consumer Online and Mobile Banking clients access to a new payments network to quickly and easily send and receive money.
“SunTrust is proud to be an early adopter of Zelle and pleased that our clients can now look to us, their trusted bank, for convenient and secure payments, whether they want to split the check at a restaurant, pay the babysitter or send monetary holiday gifts typically in minutes when both parties are enrolled,” said Anil Cheriyan, chief information officer, SunTrust Bank. “SunTrust is committed to helping our clients gain financial confidence, and moving funds efficiently and effectively helps support that objective.”
SunTrust is replacing Popmoney with Zelle to enhance the client experience by offering fast payment capabilities and new services, such as the ability to split payments. SunTrust clients can now exchange money, typically in minutes when both parties are enrolled, with consumers who bank at financial institutions within the Zelle Network®. Funds can be sent using just a recipient’s email address or U.S. mobile phone number and are made available directly in consumers’ bank accounts.
