Polygon’s launch of Heimdall v2 upgrade not only pushes transaction speeds but also appears to have implications for compliance, especially for fintech startups in Asia. Heimdall v2 is a revamped consensus client that significantly enhances the Polygon PoS network’s performance. The switch from Hex to Base64 encoding and the use of CometBFT for consensus allows for a staggering reduction in transaction confirmation times, going from 90 seconds to just 5 seconds. This leap in speed is crucial for anyone looking to adopt pay solutions that can facilitate instant transactions or accept cryptocurrency payments. With this kind of efficiency, it seems like Polygon is gearing up to be a major player in crypto banking, allowing for real time payments without missing a beat. Polygon’s advancements might indeed put them at a disadvantage. The bar has been raised for faster payments and scalability; keeping up with that will be tough. As Polygon looks towards institutional partnerships, smaller entities could find it hard to compete in terms of market share and tech capabilities. Polygon’s Heimdall v2 is a notable advancement with far-reaching implications for crypto payments and compliance. By enhancing transaction speed and security, it positions itself as a leader in the space, providing fintech startups a fighting chance in regulatory challenges. As the landscape evolves, these changes will undeniably influence the future of currency digital payments.
Pay-by-bank solution provider Trustly’s total payment value increases by 54% year over year in 2024 to $85 billion driven by new products and strategic partnerships in North America and Europe
Pay-by-bank solution provider Trustly reported that its total payment value increased by 54% year over year in 2024, driven by new products and partnerships in North America and Europe. The firm’s total payment value reached $85 billion, up from $55 billion in 2023. “Strategic partnerships have been critical for Trustly,” Trustly Group CEO Johan Tjärnberg said. “In Europe, our ongoing collaboration with [His Majesty’s Revenue and Customs (HMRC)] strengthens our public sector leadership. In North America, expanded engagements with financial institutions and gaming providers highlight the strength and adaptability of our risk engine.” Trustly processed 1.3 billion HMRC payments totaling 4.7 billion pounds (about $6.4 billion) in January. The company’s collaborations in North America include BNY’s Bankify, Newline by Fifth Third, Coinbase, IGT, Light & Wonder, and an expanded partnership with Cross River Bank that now includes the FedNow® Service in addition to the RTP® network. On the product front, Trustly launched its artificial intelligence-powered recurring payments solution in June 2024, saying that a single integration enables merchants to accept repeat transactions directly from customers’ bank accounts. “By eliminating friction in repeat transactions, we’ve enabled merchants to better serve their customers and capture more revenue,” Tjärnberg said. “Similarly, our proprietary data engine, Azura, is driving higher engagement and conversion — proof of our innovation’s tangible impact.”
Visa and FIS’s expanded partnership to target small and midsize FIs with wallet link that pushes an issuer’s branded digital card to the customer’s digital wallet and stops payment services that let cardholders halt recurring payments
FIS announced the expansion of its partnership with Visa to arm financial institutions of all sizes with turnkey access to new payments capabilities. Regional and community banks that join FIS’ technology ecosystem will gain access to new payments products and services that can help grow revenues, retain customers and reduce fraud losses. By expanding its already strong strategic relationship with Visa, FIS is lowering the barriers to entry for capabilities that can help small and midsize institutions grow and better compete with the payment offerings provided by larger issuers. The new capabilities that amplify money in motion include: Stop payment services: Enables cardholders and call centers to halt recurring payments to merchants, empowering cardholders to better own their spending and helping reduce call center burden for issuers that may have limited infrastructure. Digital campaign manager: Enables financial institutions to employ new marketing channels – like augmented reality events and other digital experiences – in customizable campaigns to supercharge customer acquisition, engagement and brand awareness. Wallet link: Pushes an issuer’s branded digital card to the customer’s digital wallet without the need for manual app download, helping issuers to stay top-of-wallet and limit lost revenue, while simultaneously making it easier to innovate the customer’s payment experience with less friction. E-commerce fraud mitigation: Offers an integrated solution designed to give issuers increased e-commerce transaction approval rates and help eliminate the financial liability of chargebacks due to fraudulent purchases.
PingPong payments will harness Trulioo’s advanced Business Verification and Watchlist screening, refreshed every 15 mins, to quickly verify entities worldwide
Trulioo, a leading identity platform, has partnered with PingPong, a global provider of cross-border embedded payment solutions. The partnership aims to minimize manual onboarding and deliver fast, compliant payment experiences worldwide. PingPong, with over $250 billion in transaction volume and 32 offices worldwide, is at the forefront of the global payments sector. As cross-border payments grow at an expected 5.9% CAGR to reach $50tn USD by 2032, businesses face hurdles such as country-specific regulations, fraud risks, and onboarding expectations. Trulioo’s Business Verification and Watchlist Screening technology will help PingPong automate verification processes across regions, meeting rigorous Know Your Business (KYB) and Anti-Money Laundering (AML) compliance standards. Trulioo Business Verification can verify more than 700 million business entities through an integrated global data network that’s refreshed every 15 minutes. Its flexible, real-time verification capabilities are tailored to meet KYB and AML compliance requirements across diverse markets and provide a holistic view of businesses and their ultimate beneficial owners.
Alacriti’s next-gen ACH solution provides a unified payments infrastructure to process wires and real-time payments through multiple rails while allowing configurable exception handling, posting and settlement
Alacriti has launched its enhanced version of Orbipay Payments Hub for ACH, bringing automation-first design and intelligent processing to the ACH payment lifecycle. By incorporating automation, intelligent routing, and real-time insights, Orbipay Payments Hub for ACH helps financial institutions reduce processing costs, improve transaction accuracy, and enhance customer experiences while maintaining compliance with Nacha operating rules and regulatory standards. This modern ACH processing solution provides seamless integration with the Federal Reserve’s clearing systems, supporting a full range of ACH transactions, including consumer payments, corporate disbursements, bill payments, and Same Day ACH. Designed with advanced automation, configurable exception handling, and embedded compliance tools, Orbipay Payments Hub for ACH helps financial institutions modernize operations and gain full visibility of their ACH performance while keeping their existing core banking systems or without changing their other existing systems. Beyond ACH, Orbipay Payments Hub provides a unified payments infrastructure to process wires and real-time payments through the RTP® network, the FedNow Service, and Visa Direct. By bringing these payment rails together under a single platform, financial institutions can optimize, report, and manage their operations today while preparing for future payment innovations. Key Features and Benefits of Orbipay Payments Hub for ACH: Automated exception handling, Seamless ecosystem integration, Configurable posting and settlement , Advanced fraud prevention and compliance, and Unified reporting and analytics.
The U.S. Faster Payments Council is advocating for the use of email address and phone number identifiers via a shared, open digital directory to increase adoption of real-time payments and ensure interoperability
The U.S. Faster Payments Council advocated for the use of email address and phone number identifiers via a shared, open digital directory in a report this month as a way to increase adoption of real-time payments in the U.S. The council used a consumer bill payment example to show how an open directory could streamline and speed up the adoption of real-time payments in the U.S., explaining that existing closed loop directories aren’t inoperable and therefore hinder broader instant payment use. “As instant payments adoption continues to grow, financial institutions, fintechs, and payment service providers face challenges in managing account information, ensuring interoperability, and mitigating fraud risks,” the council said in an April 7 press release regarding the report. “Directory services play a key role in addressing these challenges by enabling seamless routing of payments and protecting sensitive payment credentials.” The Federal Reserve launched a real-time payments system called FedNow in 2023 and it competes with a private system called RTP that was started in 2017 by The Clearing House, which is owned by major banks. Both systems operate through banks. The U.S. has lagged other countries, such as India and Brazil, in cultivating use of such faster payment systems.
Bilt Rewards partners with Southwest Airlines to enable members to turn points earned from housing payments into points that can be used to make flight bookings
Bilt Rewards has partnered with Southwest Airlines to enable Bilt members to turn points earned from housing payments into points that can be used to book flights. Bilt members can convert their Bilt Points into Southwest Rapid Rewards points at a 1-to-1 ratio. Bilt Points are earned each time members pay their rent on time through Bilt. “Now, your housing payment that was once just a monthly expense can unlock travel experiences with one of America’s most popular airlines, giving our members access to more destinations across the U.S. and beyond,” Bilt Founder and CEO Ankur Jain said. Bilt and Southwest plan to add exclusive promotions and enhanced capabilities for their customers as their new partnership evolves. Jonathan Clarkson, vice president and chief product officer at Southwest Airlines, said that the collaboration “allows Southwest to connect with a unique audience of renters and homeowners across the United States while offering them the opportunity to use their Bilt Points to fly Southwest.” Bilt Points can now be used toward travel across over 100 airlines and hotel partners, fitness classes at boutique studios, art and home decor through the Bilt Home Design Collection, rent credits, future down payments on a home, or eligible student loans.
US banks are bracing for a 23% increase in instant payments volumes over the next three years driven by RTP and FedNow’s rising transaction limits
New research from RedCompass Labs shows that RTP and FedNow’s rising transaction limits are making instant payments significantly more attractive for U.S. banks. 84% of US banks say the new $10 million RTP® limit boosts its attractiveness, and 84% believe raising FedNow’s $500,000 cap will have the same effect. The results suggest larger transaction limits are helping to boost instant payment demand. Nearly half (47%) of US banks now experience overwhelming corporate demand, more than triple the 16% from 2024. Banks are now bracing for a 23% increase in instant payments volumes over the next three years. 12% expect that surge to top 50%. 88% believe that instant payments will directly benefit their bottom lines, with 45% anticipating a major boost. The report also reveals significant concerns around fraud. With adoption on the rise, 85% of banks expect fraud to rise, and 36% predict a sharp uptick. In response, 96% of US banks back the implementation of a ‘confirmation of payee’ scheme to protect against fraud. Other fraud-fighting measures like AI (40%), real-time fraud detection (39%), and multi-factor authentication (35%) are also gaining traction. Other US banks lead instant payments race – 81% of US banks believe they are leading the way on instant payments compared with the rest of the world, with 42% saying it’s a significant lead. Only 4% feel they are behind but have the potential to catch up.
Accounting platform Paperchase integrates Weavr’s embedded payment solution to enable accounts payables and cloud accounting software to execute payments within a single workflow and allow near-instant transfers
Weavr, a provider of embedded finance solutions, has partnered with global accounting leader Paperchase to integrate its Embedded Payment Run (EPR) solution into Paperchase’s platform. This first-of-its-kind solution is designed to eliminate the pain of Accounts Payable (AP) processes and boost efficiency. EPR enables AP and cloud accounting software to execute payments within a single workflow – without users ever needing to leave the application. Traditional AP systems often delay supplier payments by up to three days after invoice approval. EPR changes this by leveraging UK Faster Payments to enable near-instant transfers once payment is instructed. By automating data handling and connecting every step – from invoice approval to payment execution – into a single, embedded workflow, EPR significantly reduces manual work, errors, and the risk of fraud. Delivered as a developer toolkit, EPR gives AP software providers everything needed to support real payment execution within their own applications. For bulk payments, this includes onboarding business customers, managing approval flows, and initiating payments – entirely within a seamless user experience. By removing the need for SaaS platforms like Paperchase to integrate with multiple third-party fintech providers, EPR streamlines implementation while also creating new revenue opportunities through features such as payment cards and embedded lending. With Weavr’s open banking solution being compliant with financial regulation, Weavr’s faster payment options saves time and prevent errors with AP and vendor payments. The FPS process backed by Weavr open banking APIs eliminates the need for manual payment uploading and prevents human error.
VoPay’s solution enables banks and SaaS platforms to offer full-stack embedded real-time cross border payments by using APIs, white-label deployment or through no-code services
Embedded financial technology provider VoPay has announced the launch of its new Cross-Border Payments-As-A-Service solution. The white-label technology will enable organisations to move money around the world with full transparency, compliance, and real-time FX. In addition, being built for software platforms and financial institutions, the product will allow firms to benefit from its features without the need to build their own cross-border infrastructure. With this solution, partners and collaborators will have the possibility to expand into global markets and deliver a secure cross-border payment offering. VoPay will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well. In addition, VoPay’s solution is purpose-built to serve vertical SaaS platforms, digital marketplaces, and ERP providers, as well as payroll platforms and financial institutions that are looking to unlock new revenue from international money movement. Included in its key capabilities are a full-stack embedded payments, real-time FX engine, compliance by design, end-to-end orchestration, white-label flexibility, and speed to market features. Software platforms and FIs can launch Cross-Border Payments in a way that fits their business model. This includes the possibility to embed the experience directly into their platform using branded UI components and developer-first APIs, launch a Turnkey Solution using VoPay’s white-label deployment model, or access no-code services from the company’s dashboard with full functionality–zero development needed.