The US Faster Payments Council has released ‘Operational Considerations for Receiving Instant Payments’, a guideline for financial institutions on instant payments, including RTP and FedNow.

The Bangko Sentral ng Pilipinas (BSP) and the Department of Labor and Employment (DOLE) are urging labor and employer sector leaders to transition to digital wage payments, highlighting the benefits of safe and efficient payroll solutions.

The digital wallet promises to reduce remittance fees for underbanked employees in the UAE by enabling transfers to up to five people for the price of one.

The company projects it will process around $400 million in payments this year in the five countries in which it operate.

The partnership also focuses on designing and supporting cottage, micro, small, and medium enterprises.

By streamlining cross-border payments and reducing reliance on third-party currencies, initiatives like these promote financial inclusion and stability. 

FINLAC, a joint effort by the IDB, IDB Invest and IDB Lab, serves as a one-stop shop for advancing financial inclusion, supporting governments, accompanying firms, and igniting innovation in developing and implementing effective policies, reforms and business practices to create inclusive financial markets in the region.

PayPal is introducing a new offering that will enable small and medium-sized enterprises (SMEs) to accept a wider range of payments online.

This partnership is poised to significantly narrow the financial inclusion gap, streamlining the processes of money transfer, savings, and credit accessibility for individuals.

The initiative specifically addresses pressing challenges faced by emerging economies globally, such as financial inclusion hurdles, high inflation rates, limited banking access, exorbitant service fees, among others.