All articles by EPI editorial
EPI editorial
Call for reform of Ireland’s ‘highly inefficient’ payment system
Call for reform of Ireland’s ‘highly inefficient’ payment systemIreland currently operates a highly inefficient mode of payments, the National Irish Bank (NIB) stressed in a submission to the Irish government, on which it called to fast track reform of the payments system in Ireland This cost equates to about 0.5 percent of Irelands GDP.This is an unnecessary burden on exporters and households, which is adversely impacting on our competitiveness as an economy, said NIB deputy CEO Kevin Gallen.NIB lays the blame for the inefficiency of Irelands payments system on the extensive use of cash and cheques
More Turkish banks go mobile
Their move adds to the momentum in the countrys mobile payment market that began in mid-2003 when Yapi Kredi Bank launched Turkeys first mobile banking service in alliance with mobile service provider Turkcell. Garanti Bank selected UK mobile internet technology vendor Volantiss Mobile Content Framework system to offer a full mobile banking portal, which supports 4,500 different mobile devices, to its 6.2 million retail banking customers The prime integrator of the service was US technology systems vendor Hewlett-Packard (HP), which managed the project and provided design, implementation and configuration services. Fatih Bektasoglu, Garanti Banks head of internet banking, said: Garanti Bank is already the market leader for online banking in Turkey with 600,000 logins every weekday; almost half of all broadband users in the country are already Garanti Bank customers
JPMorgan Chase streamlines accounts payments
With AP Trac, companies can settle approved invoices over a commercial card network in a manner similar to straight-through automated clearing house processing.As more than 80 percent of business-to-business payments are settled with traditional cheques, accounts payable departments are increasingly seeking a seamless transition to electronic payment and remittance delivery, said Richard Erario, JPMCs senior vice- president for commercial card and electronic procurement, invoicing and payables.A key feature of AP Trac, which ensures control and facilitates reconciliation in the accounts payable process, is the use of JPMCs ExacTrac single-use card functionality
Geolocation gains another adherent
Widely used by online gaming companies for compliance purposes, geolocation is increasingly being seen by financial services providers as a useful weapon to increase security.
CLS Bank volumes soar amid global market turmoil
Amid turmoil in the global financial market cross border inter-bank transactions have soared with CLS Bank International, the clearing bank of the continuous linked settlement (CLS) system, reporting record payment instruction volumes.
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SEPA stalls on the starting line
Hyped by its protagonists, SEPA remains largely a reality to Europes consumers and businesses in name only despite two of its key components having been available for almost a year.
Online shopping booming in the US
Americans are fast becoming a nation of online shoppers, a survey by internet analysis specialist Nielsen Online of US internet users aged 18 and older has found.
Alibaba conjures up big numbers in China
In 2005 internet services provider Yahoo took a big bet when it paid up $1 billion to acquire a 40 percent stake in Alibaba Group, a Chinese online commerce company then still carving out a market presence.
mPay powers ahead in Poland
A mobile phone-based payments service, hailed by its creators as having the potential to become the first common standard for mobile payments in Poland, has been launched in the countrys capital, Warsaw The service, Pay With Your Mobile, is the result of collaboration between Polish bank Citi Handlowy; Polkomtel, operator of the Polish Plus mobile network; and mPay, an acquirer and developer of the mobile payments solution being used in the service. The Pay with Your Mobile service is a real breakthrough in the mobile payments market, thanks to this historic agreement, said Sonia Wedrychowicz-Horbatowska, Poland country business manager and vice-president of the management board of Citi Handlowy.
Electronic payment system at risk
Slammed by industry body the Electronic Payments Coalition (EPC) for undermining the current electronic payment industry The Credit Card Fair Fee Act has overcome its first hurdle in the US Congress By a narrow 19-16 margin the US House Judiciary Committee has voted in favour of the bill introduced in the US Congress in March 2008 by Congressman John Conyers and Chris Cannon Slammed by industry body the Electronic Payments Coalition (EPC) for undermining the current electronic payment industry The Credit Card Fair Fee Act has overcome its first hurdle in the US Congress