Categories: Digital-First Banking

Today In Digital-First Banking: SWIFT To Retool Platform For RTP; VSoft Rolls Out Bread Merchant Payment Network

In today’s top news in digital-first banking, SWIFT has announced that its international platform will be updated to let financial institutions (FIs) provide instant transactions, and VSoft has rolled out its new Bread merchant services network. Plus, Acumatica has introduced features for its Acumatica Cloud ERP technology, including electronic banking feeds.

SWIFT to Create New Cross-Border Real-Time Rails

SWIFT announced that its cross-border infrastructure will be revamped to let FIs provide real-time transactions. The cooperative said the effort will offer transaction management services. It is anticipated that the next-generation digital platform will harness an application programming interface (API) and cloud technology.

VSoft Debuts Merchant Network for Real-Time B2B Payments

VSoft has launched its novel Bread merchant services network to allow small and medium-sized businesses (SMBs) to have faster and less costly transactions. Payments on the network are directed between institutions, while a middleman does not hold the funds. Instead, funds are moved directly from a sender to a receiver’s account once a Bread user pays.

Acumatica Debuts Automated Spend Management Tools

Acumatica has launched the Acumatica Advanced Expense Management and Electronic Bank Feeds for the Acumatica Cloud ERP technology. The cloud technology firm will provide safe connections with over 11,000 FIs with different authentication processes and tokenization technology for the electronic banking function. Live activity downloads will be available, in addition to smart-matching to current transactions.

Jonathan Vaux Named General Manager of i2c Europe

i2c Inc. has brought Jonathan Vaux on board as general manager of its operations in Europe. The new general manager will report to the firm’s President James McCarthy, and will work to create alliances with FinTechs, FIs, payment service providers and retailers across the continent. Vaux previously worked at Visa for more than 20 years, where his work was geared toward commercial payment offerings and generated growth, prior to joining i2c.

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The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.