BNY has joined forces with Commonwealth Bank of Australian to provide its customers with near real-time payments for cross-border transactions.
By working with CBA, BNY customers can make and receive payments in about 60 seconds, an Aug. 22 BNY release stated.
BNY will connect its existing international payments services network to CBA’s New Payments Platform to make transactions faster in the last stretch of the payments lifecycle, the release stated.
There are 90 real-time payments networks across the globe, Carl Slabicki, co-head of global payments at BNY Treasury Services, said during an Aug. 13 roundtable hosted by the $30 billion financial institution.
And 80% of businesses plan to increase their cross-border payments in the next one to two years, according to BNY’s Emerging Payment Trends research shared at that event.
BNY aims to serve as the connector for as many global networks as possible — Australia’s New Payments Platform and U.K.’s Faster Payments, for example — to facilitate quicker and secure payments, Slabicki said.
“We can now build that into our capability to say that we can clear [payments] in 100-plus currencies, and we can move money all over the world and in the markets that allow it,” he said.
Edward Jones selects U.S. Bank to provide banking services
Wealth management provider Edward Jones has selected U.S. Bank to provide its customers with checking, saving accounts and credit solutions, according to an Aug. 22 release.
“U.S. Bank has a longstanding relationship with Edward Jones, including maintaining its credit card program,” Arijit Roy, head of consumer and business banking products at U.S. Bank, told Bank Automation News. “Given Edward Jones’ footprint, with more than 15,000 branch offices in the U.S., this partnership will extend our geographic reach beyond our 26-state branch network.”
The strategic alliance allows Edward Jones to deeply integrate customers into its ecosystem while U.S. Bank can increase its deposit base and grow customer acquisition, Roy said.
Edward Jones entered into an agreement with Citi in August 2023 to provide the same services to its Edward Jones’ clients but Citi backed out of the deal, declining to provide details to BAN.
Surety Bank selects Apiture for digital banking
DeLand, Fla.-based Surety Bank has selected fintech Apiture to improve its digital and mobile banking, according to an Aug. 22 Apiture release.
Apiture will deliver the Apiture Digital Banking Platform to Surety Bank via APIs and will include features like online account openings, money transfers and checking balances, Jennifer Dimenna, Apiture’s senior vice president of product, told BAN.
Apiture’s API infrastructure also allows it to provide Surety Bank with services from more than 200 fintech partners, including a family banking and financial literacy tool from Greenlight and a real-time fraud detection solution from DefenseStorm, Dimenna said.
“We’re seeing strong demand [for digital banking tools] from both community and regional banks and credit unions as they seek to level the playing field with the largest banks,” Dimenna said. “Consumers and businesses are fueling this demand, expecting the same modern, personalized and intuitive experience in banking as they encounter in other digital experiences.”
Digital account opening and financial wellness capabilities that enable consumers to manage spending and monitor their credit score as well as instant payment services like Zelle are some of the most sought-after digital banking services, Dimenna said.
It will take Apiture six to nine months to bring Surety Bank onboard, and the bank is expected to be live on the platform by the end of October 2024, Dimenna said.
Adyen joins forces with InvoiceASAP for B2B payments
Global payments service provider Adyen has joined forces with invoicing and B2B payments provider InvoiceASAP to offer its customers the ability to generate and pay invoices from a single platform, according to Adyen’s Aug. 21 release.
The Adyen for Platform solution and Adyen’s Cash Out feature will allow customers to make payments and instantly access funds, reducing the multiday waiting period, the release stated.
The solutions will be provided via API and will include a fraud detection and prevention solution powered by network-wide insights and machine learning technology, an Adyen spokesperson told BAN.
“Businesses are always on the lookout for faster and more efficient ways to move money,” Davi Strazza, president of Adyen North America, told BAN. Adyen’s instant payments are one of the main selling points for InvoiceASAP and a growing trend that Adyen is seeing with current and prospective customers, he said.
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