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Weekly News Highlights – 17 June 2021

For this article news, we dive further into the fintech landscape and retrieve the latest updates. Find out the latest in terms of banking, payments, DeFi, digital trading, partnerships, and new biometric tools. Enjoy reading!

Banque De France, Swiss National Bank and BIS enter CBDC trial (Payments Cards & Mobile)

The Banque de France, Swiss National Bank and the BIS Innovation Hub have announced they will trial a wholesale central bank digital currency (CBDC). The trial aims to use the digital Swiss Franc and digital Euro to settle cross border trades for financial instruments such as stock or bonds on a blockchain. Other participants in the Project Jura trial for cross border settlements are Accenture and its consortium of Credit Suisse, Natixis, R3, SIX Digital Exchange and UBS. Read more

Visa brings Tap to Phone tech to US (Finextra)

Visa has launched its first Tap-to-Phone pilot in the United States, providing minority-owned small businesses in Washington with the ability to accept payments on an Android handset. Operating in partnership with the minority-owned, mobile smartphone tech house, ZmBIZI, the first US pilot programme will provide ZmBIZI’s Z1 devices with Tap to Phone capabilities to 50 black-owned small businesses. Read more

PayPal vets launch decentralised cross-border payment network (Finextra)

PayPal executives have launched a decentralised global payments network to connect banks, merchants and payment providers to transact in digital currencies around the world. Once integrated, businesses can connect to the decentralized finance ecosystem to enable faster, cheaper, and more secure cross-border payments. Read more

Stripe launches ID verification tool (Finextra)

Stripe, a software as a service company, continues to expand beyond payments, launching a tool that helps internet businesses securely verify the identities of their users from over 30 countries. Stripe Identity is designed to help online firms comply with age requirements and KYC laws, as well as to reduce fraud and prevent account takeovers. To prove their identity, users take a photo of their government ID and a live selfie, which Stripe’s machine learning matches to the ID. Businesses can also request that users key in additional information. Read more

Dutch Payments Firm Adyen Granted Branch License to Operate in California (Fintech News)

Dutch payments firm Adyen announced that it has received approval from the US Office of the Comptroller of the Currency (OCC) to establish a branch in California. With the OCC’s approval and granting of the branch charter in combination with the Federal Reserve’s approval of the application, Adyen will be able to commence operations as a Federal Foreign Branch. Obtaining this US branch license allows Adyen to enhance its US activities and operations in line with those conducted in Europe under its European banking license that was obtained in 2017. Read more

EBRD and partners promote digital trade (EBRD.com)

The European Bank for Reconstruction and Development (EBRD) has facilitated two trial transactions between National Bank of Greece and Citi on the digital trade finance network Contour. National Bank of Greece acted as an issuing bank and Citi as a confirming bank when the lenders completed test digital letters of credit. Both banks are part of the EBRD’s Trade Facilitation Programme (TFP). Read more

Timex launches Visa-enabled watch payments (FS Tech)

Timex, a watchmaker, has launched a new range of watches that allow wearers to make contactless payments. The new collection, called “Timex Pay”, will allow US consumers to make payments anywhere which accepts Visa. The feature is offered in collaboration with Hong Kong based Internet of Things (IoT) payments company Tappy, who first announced a partnership with the watchmaker in 2019. Read more

Mastercard and Visa pick new partnerships to drive biometric payments (Fintech Futures)

Mastercard has partnered with UK-based FinGo, the world’s first biometric identity authentication and payments platform. The move will enable FinGo to grow its footprint for biometric payment services globally, opening up access to a network of acquirers and millions of merchants worldwide. In the meanwhile, Visa partners Abu Dhabi Islamic Bank (ADIB). The move follows Visa’s partnership with ADIB to introduce the UAE’s first biometric authentication solution for e-commerce transactions. Read more

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