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Posts Tagged ‘ Money Transfers ’


 

Bank Negara Malaysia (BNM) has announced that by October 2017, standards for the electronic Know-Your-Customer (e-KYC) are expected to be finalized.

 

BNM will be issuing proposed regulatory parameters for the conduct of e-KYC processes for remittance transactions. Thus, the existing requirements for face-to-face verifications for onboarding new customers would be removed for companies that received approval to conduct e-KYC. Commenting on BNM’s initiative on e-KYC, the Malaysian Association of Money Services Business President said the move would help the money services business (MSB) industry to grow faster.

 

The central bank considers important regulatory changes as they facilitate innovation; furthermore BNM strives to provide an environment that encourages innovation in the financial industry, including in the MSB sector, according to bank’s representative.

 

In May 2017, BNM Governor, was reported by Daily Express as saying the central bank hoped to operationalise an industry-wide implementation of e-KYC for the onboarding of customers by 2018.

 

PayPal has announced a new deal with Skype that will allow users in 22 countries worldwide to send money to other Skype users through an updated version of the Skype mobile app.

 

This extends PayPal’s potential reach by a sizable amount – the Skype app has been downloaded over a billion times to date, and has approximately 300 million monthly active users.

 

To use the feature, users will need to be on the latest version of the Skype mobile app. Then select “Find” on the top bar while in conversation with a friend or family member, and choose the “Send Money” add-in, just type in the amount to send, confirm the payment, and hit send to complete the transaction.

 

The feature is designed for sending money between friends and family – not payments for goods or services from a business. And like PayPal’s peer-to-peer payments on other platforms, the rates are the same. That is, sending is free when you use your PayPal balance or debit card in the US If you choose to use a credit card instead, the fee is 3.4 percent of the transaction amount plus USD 0.30.

 

This is the latest in a series of partnerships PayPal has announced in recent months, as it works to solidify its position. The company has also recently announced integrations with Samsung Pay, Android Pay, and Baidu; and extended its partnership agreements with Citi and Chase. And on the technology side of things, PayPal has introduced instant bank transfers, Siri integration, support for payments in iMessage, Slack, and Microsoft’s Outlook.com.

 

The full list of supported markets includes: the US, the UK, Austria, Belgium, Canada, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, Netherlands, Portugal, San Marino, Slovakia, Slovenia and Spain.

 

 

WhatsApp will soon facilitate instant money transfer via the Unified Payments Interface (UPI) transaction system, shows a new beta update by the mobile messaging platform.

 

According to a blog website WABetaInfo, WhatsApp was finally giving shape to its plans towards bank-to-bank transfer using the UPI system.

 

In the new version ‘2.17.295’ through the Google Play Beta Programme, it says: “WhatsApp Payments: the immediate bank-to-bank transfer with UPI.”

 

The official “WhatsApp Payments” section for Android is still under development. “In order to use WhatsApp Payments, you will have to accept the WhatsApp Payments and Bank Terms and Privacy Policy,” the blog added.

 

Launched by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI), UPI facilitates the instant fund transfer between two bank accounts on the mobile platform. With over 200 million monthly active users (MAUs), WhatsApp has been in the news for working towards a UPI-based interface in its platform.

 

According to media reports, WhatsApp is already in talks with the NPCI and a few banks to facilitate financial transactions via UPI.

 

Some mobile messaging platforms like WeChat and Hike Messenger already support UPI-based payment services.