Today In Digital-First Banking: Zelle Exceeds 1B P2P Payments; China’s Digital Yuan Tests Process 4M+ Transactions

Digital Banking: Zelle Exceeds 1B P2P Payments

In today’s top news in digital-first banking, digital payments network Zelle crossed over the one-billion transaction mark, while China’s tests of a digital yuan have processed over four million transactions. Plus, Bloomberg clients will now have the capacity to use the company’s terminal to look at Credit Benchmark’s risk data.

Zelle Says P2P Payments Top One Billion Transactions

Zelle exceeded the one-billion transaction threshold over the past year, with the pandemic leading to higher demand. The digital payments network said it crossed the billion-payments mark in the year concluding in September, which also marked the end of its Q3. Arizona-based Zelle processed 323 million transactions valued at $84 billion in Q3.

China’s Tests of Digital Yuan Have Processed Over Four Million Transactions

People’s Bank of China (PBOC) Governor Yi Gang said, per a published report, that the experimental effort for the digital yuan has performed well, with more than two billion yuan ($299 million) used in more than four million transactions. The news comes as during Hong Kong FinTech Week, FinTech firms have certain “key advantages” over traditional banks when it comes to building out a client base and cutting down on risk.

Bloomberg to Incorporate Credit Risk Data

Bloomberg clients will now have the ability to harness the firm’s terminal to examine Credit Benchmark’s risk data, which comes from the risk views of the biggest financial institutions in the world. Credit Benchmark Co-founder Mark Faulkner said in a release that the tie-up with Bloomberg “offers a welcome opportunity to provide much-needed credit transparency in areas such as securities finance, client onboarding and supply chain risk management.”

Everlink, FINTAINIUM Team up to Offer Real-Time B2B, B2C Payments

Everlink Payment Services is collaborating with workflow solutions firm FINTAINIUM to provide B2B and B2C payments in real time, harnessing the ISO 20022 worldwide standard. Business banking platforms, small companies, corporations and government bodies can access the service, which will let them send or ask for real-time bulk payments.