Welcome to Innovating Payments Top News Headlines for the Week of June 16. Nacha's Payments Innovation Alliance has updated its resources to educate the public and financial institutions on the widespread issue of elder financial exploitation and support account holders who may be victims. In a news release emailed to PYMNTS, Mastercard and Thought Machine announced they have expanded their partnership to deliver payments and core banking capabilities to financial institutions worldwide and help them shift from core banking systems and technologies to cloud-based ones. Finally, Apple announced enhancements to ApplePay, including a feature enabling banks to offer buy now and later installment payments via their cards loaded into users' Apple Pay wallets.
Read on to learn more.
1. Nacha's Payments Innovation Alliance Observes World Elder Abuse Awareness Day with New Resources to Combat Financial Exploitation of Older Americans (Nacha)
Nacha's Payments Innovation Alliance, a membership program bringing together diverse global stakeholders seeking to transform the payments industry, has updated tools to educate the public and financial institutions about the prevalence of elder financial exploitation and how to assist account holders who may have been targeted. (Read more.)
2. Mastercard and Thought Machine Partner to Deliver Core Banking Capabilities (PYMNTS)
Mastercard and Thought Machine have expanded their partnership to deliver payments and core banking capabilities to financial institutions worldwide. This collaboration brings together Mastercard's global network and digital solutions and Thought Machine's cloud-native core banking and payments platform, the companies said in a Monday (June 17) press release emailed to PYMNTS. Together, the companies aim to help financial institutions shift from legacy core banking and payment technologies to cloud-native ones, according to the release. (Read more.)
3. Apple Gives Banks a Bigger Bite of Its Payment Features (Yahoo Finance)
Announcements out of the tech company's latest product showcase included enhancements to Apple Pay, the digital wallet whose size and stature have rapidly expanded in recent years. They included a feature that will enable banks to offer buy now, pay later installment payments via their cards loaded into users' Apple Pay wallets. In the U.S., Citigroup, Synchrony Financial and Apple Pay issuers using Fiserv, a software provider to many banks, will be part of the initial rollout, Apple said. (Read more.)
What is your financial institution doing to combat the financial exploitation of older Americans? How might the partnership between Mastercard and Thought Machine to help financial institutions shift from legacy core banking and payment technologies to cloud-native ones impact the future of payments? What opportunities and concerns does Apple's announcement that it will enable banks to offer buy now, pay later installment payments via their cards loaded into users' Apple Pay wallets raise for your financial institution?
Check back soon for our next issue, highlighting the industry's most pressing and need-to-know developments. Until then, visit us online at Innovating Payments.
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AUTHOR: Joe Casali, AAP, NCP
Executive Vice President
As the EVP of Payments Innovation for NEACH, Joe focuses on exploring innovative solutions and technologies that will help position members for success, both now and in the future. Connect with Joe to read more of his blogs, articles, and posts.
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