Real-Time Payments: When a Moment Makes All the Difference

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Real-time payments have been a significant goal of the industry for some time, and they are fast becoming a reality. As we approach this innovation milestone, it’s worth taking a step back and trying to understand more about what real-time payments mean and their potential impact on e-commerce.Continue Reading

China’s PBOC Keeps Visa and MasterCard in Limbo

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The decision to open up Chinese bank card payment clearing market, which came into effect on June 1, 2015, follows, to a certain extent, a complaint the U.S. filed with the World Trade Organization in 2012. The U.S. argued that, per WTO rules, member countries of the organization should treat foreign credit and debit card issuers on par with domestic issuers and therefore required the Chinese government to open up the market for “bank clearing services” to foreign and domestically-invested companies incorporated in PRC. In addition, the PBOC will allow banks in China to issue Visa and MasterCard payment cards independently of UnionPay.Continue Reading

ISO 20022: We’re Just Getting Started

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Recently, a working group composed of payments processing experts completed work on a first draft of the ISO 20022 standards. These guidelines are aimed at encouraging the implementation of real-time electronic payments between financial institutions through standardized messages. This draft has already been circulated for review. The feedback from this review will be discussed at the upcoming International Swift banking conference, Sibos, which is being held next month in Singapore.Continue Reading

Embracing the Digital World

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We often talk about how we are living in a “digital world” or how this is the “digital era”. The word “digital” no longer simply refers to a group of ones and zeros that store a huge amount of the world’s data.Continue Reading

ePower 2.0: One-Click Payment Processing is No Longer a Dream

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Credorax is creating a revolution in the global e-commerce sphere through our Smart Acquiring business approach: We have been able to break down these barriers to entry for merchants into the global e-commerce marketplace, regardless of their demographic or location. Continue Reading

New EU Anti-Money Laundering Rules Come Into Effect

 

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It’s been in the works for a while, but new European anti-money laundering rules finally came into effect in late June.

The European Union’s 4th Anti-Money Laundering (AML) Directive was approved by European Parliament in late May and came into effect in late June but member states will have two years from then to create national laws based on the directive’s rules.Continue Reading

Credorax UNIFY Panel on the Future of Payments: Part I

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At our UNIFY event in London on June 16th, we heard many great speakers talk about the future of payments. Benny Nachman, our CEO discussed the inspiration behind Credorax and Moshe Selfin, our COO, unveiled the company’s exciting new product, the enhanced platform ePower 2.0. In addition to these and other thought leaders, we also had a panel discussion that focused on a few key issues that are influencing the payments industry.Continue Reading

Credorax Addresses the ‘Truly Global and Borderless Digital Economy’ at UNIFY 2015

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We are back from last week’s very successful UNIFY event in London and we have a lot to report. Our UNIFY conference was designed to bring together a wide range of perspectives from industry thought leaders, market analysis and new insights into an era of a truly global, borderless economy.Continue Reading

5 Steps to a Perfect Merchant Onboarding Application

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In general, merchant onboarding to an acquiring bank can take up an enormous amount of time, due to reams of paperwork that need to be filled out. One important way to smooth out the process is to make sure your application contains all the critical information the bank will need in order to process your application in a timely manner.Continue Reading

Payments in the Age of Digital Disruption

 

Yves Mersch, a member of the Executive Board of the European Central Bank, spoke recently at the joint European Central Bank/Suomen Pankki Conference in Helsinki. His speech included some very compelling points about innovation, trust and regulation in retail payments. One of the central themes of his speech was how online content digitalization has not only disrupted creative media industries like music and publishing, but such digitalization is now banging on the door of the payments industry as well.Continue Reading