Payment Systems News

Malaysian bank RHB has announced a tie up with US based money remittance business PayPal in a move that gives the US company access to a market where its dealings were in a grey area.

Following the issue of e-payment licences, the first major collaboration between a service provider and nine major Chinese banks is set to create a huge potential to jump cheques, taking advanced technology to even remote parts of the massive country.

Mobile payment systems provider is facing a nice day as venture capitalists value the little business at some USD1,000 million.

The concept of the Trusted Third Party (TTP) for online payments was flavour of the month in the late 1990s. Then, as a talked-about-topic, it fell by the wayside. It never really went away as a concept but similarly, it never had a major advocate that the public accepted en masse, other than PayPal. But Amazon.com's "Checkout By Amazon" might just be the impetus that the concept needs to at last bring it to full fruition. If it can be trusted: there is one niggling question.

Fifth Third Bank of Cincinnati, Ohio, USA is to deploy a person-to-person money transfer system from CashEdge, Inc. Called Popmoney, the service is described as "the first email and mobile person-to-person payments service to allow bank customers to send money from their on-line or mobile banking, simply using a recipient's email, mobile number or bank account information."

Ultrapay Limited, the Australian wireless payments services hardware supplier listed on ASX,this week went into liquidation. But behind the headlines is a story of how a company lost control of its subsidiary and became involved with some rather odd investors. It's a long story but a fascinating one in which financial services businesses have been victims and may have been in for an even more rough ride.

When a press release describes the subject company as "leading" it's usually puff and nonsense. In the case of WorldPay, which yesterday became independent of its former owner RBS and in the process lost the name RBS WorldPay, it's the truth. But the deal raises regulatory and supervisory issues. And marks a watershed in the UK banking industry.

Bank of New York Mellon and Standard Chartered have announced the launch of Standard Chartered's new Web-based remittance service, Transfer2HomeŽ. It allows customers in the U.S. to remit funds to accounts with Standard Chartered and other banks in India. The service is based on the Remit Worldwide solution provided by BoNY M Treasury Services.

Atlantic Station in Atlanta, Georgia has introduced a "pay by phone" service in its car parks.

Mondex is having another try to break into payment markets. There is logic in the latest venture.