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The Bank for International Settlements (BIS), together with several European central banks, has successfully demonstrated how wholesale payment systems like RTGS can interoperate for foreign exchange transactions using new technologies, including distributed ledger technology (DLT). The joint initiative included the BIS, Bank of England, Banque de France, Bank of Italy, Bundesbank, and the European Central Bank. Its core objective was to enable synchronized settlements where asset transfers occur simultaneously, following the “payment-versus-payment” (PvP) model. At the heart of the Meridian FX project is a synchronization operator — a technically neutral interface designed to coordinate the exchange between payment systems. The project connected a synthetic version of the UK RTGS system with three experimental DLT platforms developed by the Eurosystem: DL3S — developed by Banque de France TIPS Hash-Link — developed by Bank of Italy Trigger Solution — developed by Bundesbank In each case, the synchronization operator successfully executed PvP settlements. Meridian FX also explored value-added features such as liquidity-saving...

According to CoinDesk sources, payment giant Visa is set to join the Global Dollar Network (USDG) — a stablecoin consortium initiated by U.S.-regulated digital asset firm Paxos. Current members of USDG include major players in crypto and fintech such as Robinhood, Kraken, Galaxy Digital, Anchorage Digital, Bullish (owner of CoinDesk), and Nuvei. Visa will be the first traditional financial institution to join the consortium. So far, the company has not commented on the decision. Paxos also declined to confirm, citing confidentiality around potential partners. The stablecoin sector is increasingly seen as highly profitable, especially amid growing regulatory clarity. Standard Chartered predicts that if legislation passes in the U.S., the market size could surge from $236.2 billion to $2 trillion by 2028. Such explosive growth may trigger demand for U.S. Treasury bills worth up to $1.6 trillion — or around $400 billion annually — potentially making stablecoin issuers the largest buyers of government debt. Currently, the stablecoin market is dominated by two issuers: Tether (USDT), which retains profit from reserves Circle (USDC), known for...

According to the latest Consumer Fraud Report by Revolut, over one-third of scams tracked by the neobank now originate from just two encrypted messaging platforms: WhatsApp (21%) and Telegram (18%). The sharp rise in fraud through these apps has raised concerns about their perceived safety. The second half of 2024 witnessed a dramatic spike in scam cases linked to encrypted messengers. Telegram-related fraud surged by 121%, while WhatsApp saw a 67% increase. Revolut points out that scammers are quickly adapting, exploiting platforms that users wrongly assume to be secure. Despite these numbers, Meta-owned platforms — Facebook, Instagram, and WhatsApp — remain the primary breeding ground for scams globally, accounting for 54% of all cases reported to Revolut. It’s the third consecutive report placing Meta at the top of this undesirable ranking. Revolut is calling for tougher accountability from social media giants, urging them to share responsibility for scams occurring on their platforms and contribute to victim reimbursements. Woody Malouf, Head of Financial Crime at Revolut, stated: “Scammers are evolving fast, shifting to encrypted...

A recent report published by Genesis Analytics on behalf of Mastercard projects that Africa’s digital payments market will reach $1.5 trillion by 2030, driven by increasing internet access and financial inclusion. To support this growth, Mastercard aims to onboard 15 million users to its Community Pass platform over the next five years, focusing on small businesses and underserved populations. One of the key initiatives is the MADE Alliance: Africa (Mobilizing Access to the Digital Economy), launched in collaboration with the African Development Bank. It targets 100 million individuals and businesses for digital integration over the next decade. Internet penetration across the continent is expected to rise by 20% annually, while financial inclusion is projected to grow by 6%. Mastercard is also strengthening ties with regional banks like Access Bank, Equity Bank, and Bank of Africa to streamline cross-border transactions. The report highlights Morocco, where 75% of consumers already use modern payment methods. Statista estimates the country’s digital payment volume could exceed $8.46 billion by 2028. Source:...

Visa has announced that its newly formed fraud-fighting division has successfully intercepted fraudulent activity worth more than $350 million in 2024 alone. Operating within Visa’s Payment Ecosystem Risk and Control (Perc) unit, the team consists of AI engineers, data analysts, ex-law enforcement professionals, military intelligence experts, and cybersecurity specialists — all collaborating to dismantle complex fraud schemes. “Over the last five years, we’ve invested more than $12 billion in security technologies — but our people are our greatest strength,” said Paul Fabara, Visa’s Chief Risk and Customer Experience Officer. He emphasized the importance of combining proprietary tools with human insight. Using generative AI for correlation mapping and deep data visualization, the team recently uncovered a vast phishing scheme involving fake ID verification pages on dating websites. Victims were lured into providing sensitive information, which enabled recurring unauthorized charges. By linking transactions with IP data and using advanced analytics, Visa traced and dismantled the entire network — shutting down nearly 12,000 websites and...

Belvo, a prominent provider of financial infrastructure across Latin America, has introduced Biometric Pix — a breakthrough solution aimed at enhancing Brazil’s instant payment ecosystem through biometric authentication. With this system, users can authorize payments using a fingerprint or other biometric methods, eliminating the need for passwords or banking apps. The result is a faster, more secure, and seamless transaction experience. Biometric Pix is fully compatible with digital wallets, enabling consumers to pay with a simple touch at any point-of-sale terminal. The service also includes account tokenization, allowing credentials to be stored securely for future use without re-entry. Belvo offers this service under an infrastructure-as-a-service (IaaS) model, which makes implementation cost-effective for companies. OneKey Payments became the first client to adopt this technology and enhance their instant payment...

USA Introduces '$5M Golden Card': New Opportunities for Business and Investors The U.S. government has introduced a new investment immigration program – the "Golden Card", a premium alternative to the traditional green card. The initiative aims to attract substantial investments into the country and stimulate economic growth through job creation. Under the program, foreign investors can obtain U.S. citizenship by investing at least $5 million in the economy. A key condition is that the investment must contribute to creating or preserving jobs for American citizens. Permanent U.S. citizenship without standard visa restrictions. Access to the largest economy in the world and full business freedom. Tax incentives for investments in priority industries. Simplified banking and financial service access. Eligibility to participate in government contracts and tenders. The program details will be clarified soon, and businesses should prepare accordingly to maximize its...

The U.S. Internal Revenue Service (IRS) has officially announced the beginning of the 2024 tax filing season. Over 140 million individual tax returns are expected to be submitted before the April 15, 2025 deadline. Taxpayers are encouraged to file their returns electronically and use direct deposit to speed up the refund process. The IRS estimates that those who file electronically can expect their refunds within 21 days. Filing deadline: April 15, 2025. Filing methods: electronic filing or paper return. Benefits of e-filing: faster processing, reduced risk of errors, and quicker refunds. Penalties for late filing: 5% of the unpaid tax amount per month of delay. Taxpayers who owe taxes to the IRS may also face additional penalties and interest charges for late payments. More information is available on the official IRS...

As of January 1, 2025, new personal income tax (PIT) rates have come into effect in Latvia. This government decision aims to increase tax revenues and ensure a fairer distribution of tax burdens among citizens with different income levels. Up to €105,300 per year – the base tax rate has increased from 23% to 25.5%. From €105,300 to €200,000 per year – the rate is now 33%. Over €200,000 per year – an additional tax of 3% applies. How will this impact citizens and businesses? For employees with an average income: the increase to 25.5% may result in lower net wages after tax deductions. For high-income individuals and entrepreneurs: the new rates may lead to higher tax burdens, prompting businesses to adjust their financial strategies. For foreigners working in Latvia: non-residents earning income in Latvia should take these new tax rates into account. What’s next for Latvia’s tax policy in 2025? The Latvian government states that these changes aim to create a more sustainable tax system and boost budget revenues. However, the business community fears that this may negatively impact the country’s...