Fintech
Temenos Completes Certification for Federal Reserve’s New Instant Payment Service
Temenos (SIX: TEMN) today announced that it has successfully completed certification for the FedNowSM Service, the Federal Reserve’s new instant payment offering launching in July 2023. Through Temenos’ flexible, cloud-native Payments Hub, banks can support the FedNow service and offer faster payments services to their customers.
FedNow is an instant payments network that moves funds directly and immediately between financial institution accounts in the United States. Participation in the program will enable banks’ customers to receive value into their accounts in near real time, thus outperforming traditional US payment clearing services with faster completions. Temenos will continue to enrich its FedNow capabilities, enabling its US clients to better serve customers with innovative payments solutions such as Request to Pay, accelerated payouts, and embedded finance offerings.
Christine Barry, Head of Banking & Payments, Datos Insights, commented: “For banks wanting to stay at the forefront of technology, participating in the FedNow Service will pave the way to creating additional differentiation for their customers. Offerings like Temenos’ core banking and payments cloud-native technology enables banks to innovate more quickly, giving customers access to faster payment methods which improve their cashflows and increase satisfaction, not just for Temenos’ banking clients but for their clients’ customers too.”
Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive, said: “We are excited that early adopters of all sizes across the country are making strides in their operational readiness for live transactions through the system. Completing certification is a key milestone for participating organizations to validate their ability to deliver instant payment services.”
Philip Barnett, President Americas, Temenos, said: “Temenos’ highly scalable platform with proven localization and ongoing investment in the US, enables banks to modernize their payments giving them the business agility required to benefit from new market initiatives such as instant payments. Temenos has a wealth of experience in supporting global financial institutions with their payments transformation across multiple payment schemes, clearing infrastructures and evolving regulations. In addition, many banks’ existing core technology can limit the benefits they provide to their customers from instant payments services like FedNow. Temenos can address these limitations by enabling banks to progressively modernize their core capabilities and accelerate the time to value. We see tremendous growth opportunities and are excited to have recently been selected by Convera, the global payments leader to modernize their payments infrastructure. We continue to invest in our single code base across core banking and payments making our offering the most compelling in the market.”
The benefits of this flexible, secure, and cost-efficient setup for instant payments are already well known to Temenos clients across the world, using instant payment rails including both ISO20022 and non-ISO20022 schemes such as UK Faster Payments and SEPA Instant in the European Union. FedNow certification further enhances Temenos’ capabilities in this area and reputation as a leader in the market. Temenos Payments is ranked #1 best-selling payments system in the global IBS Sales League Table 2023.
Temenos Payments Hub standardizes and simplifies payments operations within a centralized cloud-native platform and helps banks gain greater efficiency and lower costs. Temenos Payments Hub running in the cloud can scale massively handling all payment types and schemes.
Temenos offers a single platform across all banking verticals and business segments including payments and core banking. With Temenos, banks can progressively replace legacy systems, starting with payments. This way they can process payments at scale and pass on the benefits of the FedNow instant payments to their customers by using a modern, cloud-native core, unincumbered by legacy core systems. Therefore, the FedNow rollout process can become a key step towards the bank’s full modernization.
Fintech
CARD91 Launches Revolutionary 3-in-1 Card Platform at Global Fintech Fest 2024: Pioneering ID and Payment Integration
CARD91 proudly announces the launch of its 3-in-1 card platform at the prestigious Global Fintech Fest 2024. This innovative solution merges an ID Card, Access, and Prepaid Card functionalities, including NCMC, into one streamlined product, tailored for the modern needs of Corporate Employees and Students alike. Apart from these use cases, this card can be used in multiple scenarios like proper management of large-scale events, in medical institutions, shopping malls, and many more.
Unlock the Future with a Single Tap
This 3-in-1 card platform is set to redefine how organisations and their employees handle professional and financial transactions. By integrating multiple services into one card, users can now enjoy unparalleled convenience, improved security, and increased flexibility.
Platform Capabilities:
- Mobile-First Design: Optimised for mobile access, ensuring a seamless experience for both users and issuers.
- User-Friendly Interface: Intuitive portals and customisable dashboards simplify management, enhancing operational efficiency for corporates.
- Regulatory Compliance: Fully aligned with RBI guidelines, ensuring secure, compliant transactions.
- Enhanced Security: Equipped with numberless EMV cards, multi-factor authentication, and PCI DSS-compliant data storage for robust fraud protection.
- Configurable Integration: Open APIs allow easy adaptation and integration with various business systems.
- End-Use Control: Customisable settings for transaction limits, whitelisting/blacklisting MCCs/MIDs for enhanced expenditure control.
Card Benefits:
- Multipurpose Functionality: A unified solution for both business and personal use, simplifying everyday interactions.
- Convenient Mobility: NCMC-enabled, allowing users to skip metro queues and streamline daily commutes.
- Environmentally Friendly: Reduces carbon footprint by consolidating multiple functions into one eco-friendly card.
A New Era of Integration and Convenience
“We are thrilled to introduce this pioneering 3-in-1 card platform. This product represents our vision of the future, where technology seamlessly integrates into our everyday lives, from unlocking office doors to making secure online purchases and tapping to pay at the store. This launch also signifies our preparedness to enable APAAR Cards for students,” said CARD91 CEO, Ajay Pandey.
He added, “This launch marks a significant step forward in digital convenience, and we extend our sincere thanks to NSDL Payments Bank and NPCI for their support in making this possible.”
The post CARD91 Launches Revolutionary 3-in-1 Card Platform at Global Fintech Fest 2024: Pioneering ID and Payment Integration appeared first on HIPTHER Alerts.
Leading digital banking platform Ibanera, spearheaded by CEO Michael Carbonara, announced today its collaboration with Visa, a world leader in digital payments. This opportunity will enable Ibanera to leverage Visa’s card issuing capabilities to support its clientele’s banking and finance needs.
Ibanera’s integration with Visa’s payment network will enhance accessibility to domestic and cross-border payments for businesses and their customers. The collaboration provides Ibanera with the scalability to grow its fintech enablement services to meet growing customer demand.
Michael Carbonara, CEO of Ibanera, emphasized the significance of this collaboration for the growth of the payment ecosystem: “Navigating the complexities of regulation and payments can be challenging. This is why we are excited about our strong collaboration with Visa, which will drive innovation and provide simplified solutions as we focus on the digital and creator economies.”
Ibanera’s collaboration with Visa provides an ecosystem not only for global payments but also leverages Visa’s advanced security and fraud protection systems, such as Visa’s zero liability policy for unauthorized transactions, giving cardholders peace of mind through trust in the cards utilized.
Visa Senior Vice President of Digital Partnerships, James Schinella says, “Our alliance with Ibanera underscores our shared commitment to enhancing the payments ecosystem. Our joint efforts will provide advanced security and fraud protection, ensuring peace of mind for cardholders.”
The post Ibanera Teams Up with Visa to Drive Digital Payment Solutions appeared first on HIPTHER Alerts.
Fintech
Gaia-X Introduces the Compliance Document to Enable and Increase Trust, Security, and European Sovereignty in Digital Ecosystems
Gaia-X, a leading European initiative aimed at establishing a secure, transparent, and interoperable digital infrastructure, has unveiled its Compliance Document. This essential framework defines the standards that data providers, data consumers, data exchanges, and digital infrastructures must follow to participate in the Gaia-X ecosystem. Aligned with the core European values of transparency, data protection, and cybersecurity, the document promotes innovation and competitiveness while ensuring that organisations operate globally under clear, standardised rules.
Why Gaia-X Compliance Matters
The Gaia-X Compliance Document is not just a set of rules but a foundational guide for creating trust in the evolving digital marketplace. It focuses on three key areas:
- Openness and Transparency: Gaia-X supports global efforts to create interoperable data spaces built on federated cloud infrastructures. By ensuring transparency in operations, data handling, and service processes, Gaia-X fosters trust across the entire ecosystem, ensuring stakeholders have clear insight into the services they use.
- Security and Data Protection: In compliance with GDPR and other European regulations, such as the Data Act and Data Governance Act, Gaia-X ensures that personal and non-personal data are handled securely. Service providers are required to implement strong privacy protections and technical safeguards, offering businesses and users peace of mind.
- European Sovereignty: At its core and especially with its Label Level 3, Gaia-X guarantees European control over digital infrastructure, ensuring that services comply with European laws and standards. However, Gaia-X is designed with global interoperability in mind, providing tools and frameworks that can be adapted to meet the regulations of other regions worldwide.
Key Components of Gaia-X Compliance
1. Standards-Based Approach: The Gaia-X compliance framework builds on globally recognised standards, ensuring a high level of security and compliance across industries.
2. Label System for Differentiation: Gaia-X has introduced a clear labelling system to categorise services based on their level of compliance:
- Gaia-X Standard Compliance: A universal set of standards designed to apply to all types of providers worldwide.
- Gaia-X Label Level 1: Entry-level compliance with standard data protection and security following European laws.
- Gaia-X Label Level 2: Higher-level data protection and security standards following European laws and widely based on certifications.
- Gaia-X Label Level 3: The highest compliance level for services requiring exceptional data handling, security, and legal control for European providers only.
These labels provide clarity for both providers and users, ensuring transparency in service offerings.
3. Trust Anchors and Continuous Validation: Gaia-X ensures ongoing trust and compliance through its Trust Framework, powered by the Gaia-X Digital Clearing House (GXDCH). This system continuously validates verifiable credentials, allowing automated trust assessments across the ecosystem.
Benefits for Ecosystem Participants
The Gaia-X Compliance offers significant advantages to both service providers and users:
- For Users: Businesses and governments benefit from greater choice, transparency, and control over the digital services they utilise. With Gaia-X’s clear compliance standards, users can confidently select services that meet their specific security, privacy, compliance or sovereignty needs, allowing them to select their preferred Label Level while maintaining flexibility and avoiding vendor lock-in.
- For Providers: Gaia-X offers a clear path to certification and compliance, enabling companies to demonstrate adherence to top-tier security and privacy standards. By aligning with European regulations, providers enhance their credibility, position themselves as digital market leaders, and answer to market demand. The standardised use of the Gaia-X Ontology ensures that cloud providers can achieve true interoperability across ecosystems.
The Gaia-X Compliance Document highlights Europe’s commitment to digital sovereignty, security, and trust, providing a foundation for a trusted digital marketplace aligned with European values and laws. It serves as a blueprint for global organisations to operate securely, transparently, and interoperably.
The post Gaia-X Introduces the Compliance Document to Enable and Increase Trust, Security, and European Sovereignty in Digital Ecosystems appeared first on HIPTHER Alerts.
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