May 2024: Top Five Payment Stories of the Month
Banque Raiffeisen Partners with Worldline for Cloud-Based Instant Payments Solution
Banque Raiffeisen, Luxembourg’s only cooperative bank, has partnered with French paytech Worldline to implement a cloud-based instant payments processing solution. This collaboration marks Banque Raiffeisen as Worldline’s first Luxembourg-based client for its instant payments service. Under the agreement, Worldline will enable the bank to send and receive instant payments in compliance with the EU’s Instant Payments Regulation. Additionally, Worldline’s cloud infrastructure will enhance TIPS connectivity and streamline onboarding processes. Banque Raiffeisen will also utilize Worldline’s services for stand-in account checks and transaction sanction screening.
HSBC Launches Omni Collect E-Commerce Payment Solution in UAE with Geidea
HSBC has introduced its e-commerce digital payment solution, Omni Collect, in the UAE, in partnership with Saudi paytech Geidea. Omni Collect aims to enhance digital payment collection for HSBC’s corporate clients through various channels such as credit and debit cards, and e-wallets including Apple Pay and Samsung Pay. The platform also facilitates real-time data integration into clients’ e-commerce and accounting systems via APIs. Geidea will provide a merchant acquiring facility to enhance the Omni Collect offering.
Bankart Migrates Payment Processing to Diebold Nixdorf’s Vynamic Transaction Middleware
Slovenia’s Bankart is transitioning its payment processing services from ACI Worldwide’s Base24 to Diebold Nixdorf’s Vynamic Transaction Middleware solution. This cloud-based platform will support Bankart in issuing, acquiring, transaction switching, e-commerce, and other payment services for 20 banks across Central and Eastern Europe (CEE), processing over 600 million transactions annually. Diebold Nixdorf claims the new solution will offer the flexibility and scalability needed for developing new products and services, and delivering broader functionality to customers, including multinational banks.
Wink Pay Launches in Lebanon with Visa and Codebase Technologies
Lebanese paytech start-up Wink Pay has teamed up with Visa and Codebase Technologies to launch the country’s first fully digital instant card issuance service for Visa prepaid virtual cards. Wink Pay aims to promote financial inclusion by providing citizens with a secure and transparent way to manage payments for local and international transactions without a bank account, targeting underserved communities and rural areas. The service includes virtual card personalization tools, card-loading agent location tools, and eKYC verification. Codebase Technologies’ cloud-native, API-first digital banking solution, Digibanc, will underpin Wink Pay’s offering.
Visa Unveils New Product Developments to “Revolutionize the Card”
At the annual Visa Payments Forum in San Francisco, Visa introduced several new digital products aimed at revolutionizing the card. Among these is Visa Flexible Credential, which allows users to switch between debit, credit, rewards points, and buy now, pay later (BNPL) during transactions. Currently available in Asia, this capability will launch in the US later this summer through BNPL fintech Affirm. Additionally, Visa announced Tap to Everything, a new service enabling NFC-enabled mobile devices to accept payments, transfer funds, and securely confirm identities when tapped with another device. Last year, Visa’s tap-to-pay penetration reached 65% globally.
