Today In Payments: SWIFT gpi Instant Goes Live In The UK; UK Revolut Customers Get Access To Early Payday Option
In today’s top news, SWIFT launched gpi instant for real-time cross border payments, and Revolut introduced an early payday option for U.K. users. Plus, Cyber Monday brought in a record total of $10.8 billion in sales.
Belgium-headquartered payments solution provider SWIFT is introducing a new service for real-time cross-border payments and transfers called gpi Instant. It enables banks to use existing infrastructure to provide better service 24/7, with faster speeds, clarity on fees and predictability on when an end beneficiary’s account will be credited.
London-based FinTech Revolut is introducing a new feature in the U.K. that will give its more than 3 million customers access to direct deposits a day early. The benefit will be powered by the payments platform Modulr — Revolut’s payment partner that has direct access to the Bank of England.
Cyber Monday consumers rang up $10.8 billion in sales for the holiday, smashing records for the biggest online shopping day ever, according to Adobe Analytics. Adobe adjusted its online sales forecast to $184 billion for the entire holiday season (down from $189 billion), a 30 percent hike over 2019.
Stripe is enabling online platforms to offer financing to their business customers through Stripe Capital, providing an “end-to-end lending API.” That enables platforms to offer an additional service for online merchants in need of a quick infusion of cash or some working capital without having to build their own lending solution.
The world of trust between business and consumers has been rocked by the pandemic. Mitek Systems CEO Max Carnecchia tells Karen Webster that digital identity can help solve the problem, but that the pace of progress must accelerate.
Clothing retailers looking to bounce back from sales declines are hoping for a Christmas miracle this holiday shopping season by offering flexible installment payment plans. In the Buy Now Pay Later Tracker, Daniel Demsky, co-founder of all-wool clothing retailer Unbound Merino, details how his company is leveraging BNPL to help make high-end items more accessible to consumers — and high cart totals more palatable.
Earned-wage access products are gaining ground as employees seek to bring the paycheck into the digital-first economy. The U.S. Consumer Financial Protection Bureau has issued a new ruling that states the practice is not an extension of credit. We break it down.