This work will consider upcoming US regulatory considerations for payments stablecoins, ensuring compliance for organisations that choose to launch their own.

And here, GFT has form that highlights its credentials. Specifically, it can flag up its success in launching decentralised finance projects across Latin America, Europe and Asia.

Examples include GFT’s work with Standard Chartered Bank via its innovation, fintech and ventures arm SC Ventures and Deutsche Bank to complete the first proof-of-concept digital currency transfer on the Universal Digital Payments Network (UDPN).

That track record has informed the launch of its new US-based offering.

According to Christopher Ortiz, Region Manager North America, APAC and UK at GFT, there is a growing promise for a framework that will reduce the risk of launching stablecoins.

Stablecoins have experienced substantial growth across the globe over the past year, reaching an adjusted transaction volume of $6trn, a 63% year-over-year increase. While banks like JP Morgan are venturing into decentralised payments technology to enhance transaction efficiency, for most banks, building stablecoins within the context of existing technology is tricky due to the vast array of technologies to choose from – even with the promise of federal regulation that will reduce risk.

GFT works in tandem with the bank’s existing core banking and payments ecosystems, such as Thought Machine, to launch compliant stablecoin products that not only meet their current needs but also scale for the future.

Ortiz tells EPI that GFT will now enable US banks to:

• Select the right decentralised financial technology to meet their needs before launching, within their current ecosystem;
• Implement the technology in a way that meets current GENIUS Act policy expectations and evolve it as future changes emerge, and
• Build their stablecoin products with scalability to meet future transaction volume increases.

EPI: What is the significance of the GENIUS Act?

Christopher Ortiz, Region Manager North America, APAC and UK, GFT (Ortiz)

The GENIUS Act recently passed the US Senate, indicating that a regulatory framework for stablecoins is likely on the horizon to define and govern them for payments. The regulation has several key components. It stipulates that stablecoins must be backed by a reserve that is equal in value to the stablecoin, ensuring a level of stability for stablecoins, as the name suggests. The regulation also stipulates what type of organisations can launch a stablecoin and what governing bodies regulate stablecoins. Among other aspects of the regulation, it creates a framework which reduces the risk of launching stablecoins.

While stablecoin regulation has passed in certain states, this is the first time the US federal government has made substantial progress on the matter. Even though the regulation has not become law yet, it indicates a move towards regulated stablecoins.

Stablecoins such as the PayPal USD (PYUSD) have existed for some time, but they were not clearly protected by law or widely used. Now, with a clear legal definition at the federal level about what a stablecoin is, who can issue a stablecoin, what they can be used for and more, there is an indication that issuing and using stablecoins will involve less risk.

EPI: How is GFT supporting banks’ stablecoin roll out?

Ortiz:

Even though stablecoins are still in their infancy in the US, other countries have more mature stablecoin ecosystems and we have been working with companies in those regions to support their roll out. For example, in Europe, we are working with a consortium of banks who are coming together to launch a stablecoin. Additionally, we’ve launched the Universal Digital Payments Network (UDPN) Digital Currency Sandbox and worked with organisations including Standard Chartered Bank via its innovation, fintech and ventures arm SC Ventures and Deutsche Bank to complete a digital currency transfer on the system.

These are just two examples. Over the past several years GFT has been working alongside organisations to help them launch, manage and transact stablecoins. Now, GFT is leveraging all of this experience and bringing a new offering to the US market.

Specifically, banks in the US want to launch stablecoin products and offerings compliant with upcoming regulations. The problem is that many of the bank’s internal legacy systems are configured to transact fiat currency on standard payment rails such as ACH.

This is where we come in, with our new US based offering. We are helping banks undergo the digital transformation necessary to launch stablecoin products that drive value for businesses. This includes helping the bank identify what technology solutions are best to achieve their goals and integrate new products with their legacy systems. As implementation partners, we can then work with the bank to ensure compliance with upcoming regulations and scale to meet future transaction and volume needs.

EPI: What is the business benefit of launching a stablecoin?

Ortiz:

Some banks like JP Morgan are already using digital currencies similar to stablecoins internally to move money 24/7 globally for their clients. The biggest benefit of stablecoins, compared to traditional rails, is that they are faster and, in some cases, more cost-effective.

Additionally, stablecoins are stable by design because stablecoins are pegged to reserve assets and can be redeemed at a 1:1 ratio. Using stablecoins for internal money movement and treasury management is one of the more immediate business benefits.

On the B2B side, there is also the potential to use stablecoins to pay suppliers, anywhere in the world, faster and cheaper than with traditional payment rails that can take days to settle into an account. This use can also be extended to peer-to-peer transactions. These external use cases are still a few years away – but most banks are already thinking that far down the line.

EPI: What are the risks and drawbacks of not participating in the stablecoin ecosystem?

Ortiz:

Banks that choose not to participate in stablecoins risk falling behind their peers. As with the adoption of any new technology and business model, there will be a learning curve that is unique to each bank. This means that starting now will give banks the opportunity to test stablecoin use cases within their environment and slowly roll them out. Delaying ideation and testing will ultimately leave banks behind their peers who will build new business models shrinking margins for late entrants.

When banks start rolling out stablecoin use cases to their customers, customers will ultimately choose the bank that provides the best service at the lowest cost. This may lead to losing customers to more innovative competitors.

The post GFT: Guiding US banks’ stablecoin ambitions while maintaining compliance appeared first on Electronic Payments International.

The plaintiffs alleged that the companies conspired to prevent competition and caused merchants to incur higher transaction fees. 

The plaintiffs had accused Apple of accepting what they termed a “very large and ongoing cash bribe” from Visa and Mastercard to prevent it from entering the market, an arrangement that allegedly led to higher fees for merchants on transactions. 

Dugan, however, found the evidence presented by the merchants to be insufficient, describing their case as reliant on “a slew of circumstantial allegations.”  

While the judge allowed for the possibility of amending the lawsuit to present a stronger argument, the current claims were not upheld. 

The defendants, including Apple, Visa, and Mastercard, have denied the allegations.  

They had previously called for the dismissal of the lawsuit, asserting that no anti-competitive conduct took place. 

Apple, which launched its Apple Pay service in 2014, allows iPhone users to make payments at businesses where the service is accepted.  

Apple contended that the complaint did not demonstrate any concrete plans or intentions by the company to enter the payments network market. 

In his ruling, News agency further quoted him as saying: merchants’ allegations “completely ignore the difficulties, costs and time, risks, and potential for failure associated with such an endeavour.” 

Representatives for Mastercard and the plaintiffs have declined to comment on the ruling. Apple has not issued a comment, and Visa has not responded to a request for comment by Reuters. 

Last month in UK, the Competition Appeal Tribunal ruled that Visa and Mastercard’s default multilateral interchange fees (MIFs) violate UK and Irish competition law. 

The post US Judge drops anti-competitive lawsuit against Apple, Visa, Mastercard   appeared first on Electronic Payments International.

Through this alliance with Visa, an associate member, Weavr will enable SaaS businesses to incorporate Visa-supported financial tools into their systems, initially targeting employee benefits. 

Weavr CEO and co-founder Alex Mifsud said: “Our membership with Visa signifies a shift in the deployment of embedded finance: it’s not just about adding payments, but about enabling entire propositions and business models in sectors like HR tech.  

“By joining Visa, we can provide SaaS platforms with the confidence and capability to launch card-based employee benefits, supported by trusted infrastructure ready to scale.” 

Weavr’s approach integrates multiple financial partners into a unified platform, offering extensive regional reach and diverse financial products via a single agreement and integration process. 

With Visa’s involvement, B2B SaaS platforms can now provide embedded features, including the issuance of various payment cards, real-time budget monitoring, and expenditure management.  

This collaboration offers HR tech platforms a straightforward solution for delivering Visa-backed benefits cards, allowing employers to offer tailored employee benefits without the need for manual processes like spreadsheets, receipts, or delays. 

Visa UK & Ireland product and solutions VP Mark Wilcocks stated: “Weavr is paving the way for HR platforms to simply integrate these solutions, and we’re excited to enhance this offering with our Visa-powered products.”  

Weavr’s platform is engineered to facilitate the embedding of financial products into B2B SaaS offerings, including employee benefits, expense management, and accounts payable. 

Last month, Spreedly upgraded its open payments platform by integrating Just-In-Time Card Updates for Visa Cards, enabled by Visa Account Updater (VAU). 

The post Weavr, Visa partner to provide embedded card solutions for HR tech platforms  appeared first on Electronic Payments International.

Central to the system is Mastercard Move, which supports OnePay users in sending money overseas with traceable transactions, clear fee structures, and defined delivery times. 

Funds dispatched from a OnePay account can reach recipients in multiple markets in near real-time, facilitating timely support for families. 

Darren Deal, SVP fintech, government & digital partnerships, UKI at Mastercard said: “By embedding Mastercard Move into OnePay’s account and card solution, people have a faster, safer, and more transparent way to send money home.”  

The solution also offers a OnePay card and digital account, designed for individuals without access to conventional banking.  

No credit checks are needed to open an account, and users receive a contactless Mastercard prepaid card.  

Workers can handle their finances through the ‘My OnePay’ app or a multilingual online platform, accommodating various nationalities and languages. 

This payment solution is particularly relevant for seasonal and migrant workers, addressing their domestic wage payments and the ability to remit earnings to their home countries.  

OnePay CEO Lee Hartley stated: “By integrating Mastercard Move into our solution we are not only making it faster and easier for our customers to support their families back home, we are giving them greater control and peace of mind.”  

As of the current date, the partnership has supported more than 800,000 workers and have resulted in the processing of more than £4bn in transactions, which includes a substantial £1.4bn in ATM withdrawals. 

The post OnePay unveils new payment system with Mastercard for cross-border transfers  appeared first on Electronic Payments International.

As margins shrink and tech demands rise, consolidation has become the name of the game. Banks, processors, software giants, and payment gateways are all scrambling to future-proof their businesses. The goal? As PwC explains, bigger scale, tighter integration, and deeper customer relationships. If you’re not moving, you’re falling behind.

Acquirers on the hunt: Why scale is a survival strategy

Merchant acquiring is right at the heart of this consolidation wave—and the stakes are getting higher by the quarter. Look no further than Worldline, which has been snapping up regional players like Axepta Italy and Eurobank Merchant Acquiring to extend its European footprint. These aren’t just vanity acquisitions; they’re strategic power plays that lower unit costs on essentials like KYC/AML compliance, fraud mitigation, and network integration.

Why it matters: In today’s margin-compressed environment, scale isn’t just a benefit—it’s a lifeline. PwC has even warned that processors commanding “super majority” volumes may lose their edge unless they evolve beyond price competition and start offering bundled, end-to-end solutions that add real value.

Translation? Mid-size regional gateways with strong merchant relationships are sitting ducks for acquisition. If they can’t grow, they’ll get bought—or left behind.

Software giants embed payments—and tighten their grip

The line between software and payments is disappearing fast. Shopify, QuickBooks, and Salesforce have all embedded payments into their platforms. As one expert points out, Stripe is leading the charge, treating payments as just one feature in a much bigger merchant toolkit.

And PayPal’s move to acquire iZettle helped it break out of the browser and into the real world of small businesses and POS terminals.

This isn’t just feature creep—it’s a takeover strategy.

By owning the payment flow, these platforms become stickier, smarter, and more indispensable to their users. It also helps merchants simplify vendor management and get more out of their software investments.

Why it matters: Payment capabilities are becoming table stakes for platforms. That means smaller, standalone gateways that can’t integrate or offer added-value services like fraud detection, reconciliation, or analytics are at risk. They’ll either partner up, sell out, or get boxed out.

Banks are getting bold: Turning payments into profit

Banks have historically viewed payments as plumbing—necessary but not exactly glamorous. That’s changing fast. According to PwC, forward-thinking banks now see payments as a revenue driver and a powerful way to keep customers engaged across multiple channels.

By acquiring or building their own merchant acquiring arms, banks are taking control of the entire transaction lifecycle. Imagine a local bank offering a card terminal to a small café—and then layering on rewards programmes, business loans, and data analytics. Suddenly, payments aren’t a cost—they’re a customer touchpoint and cross-sell engine.

Why it matters: Banks are turning themselves into two-sided ecosystems. They own the data. They own the rails. Now, they want to own the merchant relationship too. That spells opportunity for small acquirers with local roots—and serious competition for traditional processors.

What comes next: Watch these hot zones

The winners in this new landscape will be those who combine size with smarts. It’s not just about being bigger. It’s about being better connected, more innovative, and ruthlessly efficient.

Here’s where to keep your eyes:

• Mid-tier PSPs and regional acquirers: Prime takeover targets or consolidation catalysts.
• Software platforms acquiring gateways: To keep control of payments and deepen user engagement.
• Banks building or buying merchant services: To turn a cost centre into a growth engine.

But let’s not pretend this is without risk. When big players dominate, innovation can take a back seat. Regulators will be watching—and so will merchants who don’t want to be locked into closed ecosystems.

Still, the direction is clear: strategic consolidation offers a way to cut costs, unlock new revenue streams, and respond to merchants’ demand for simplified, seamless solutions. Those who adapt will lead the next era of payments. Those who don’t? They’ll be left behind.

Roger Alexander serves as a key advisor to Chargebacks911’s Advisory Board and its CEO, Monica Eaton, assisting the company with its expansion initiatives

The post The great payments shake-up: Why consolidation Is reshaping everything appeared first on Electronic Payments International.

Launched in 2016, Efficacy was designated a clearing system participant in 2021, becoming the second fintech in the country to achieve this status. 

The acquisition enables Efficacy to provide card acquiring services directly to merchants as a Designated Clearing System Participant (DCSP).  

This status allows direct provision of card acquiring services to merchants, bypassing the traditional need for intermediary financial institutions. 

Additionally, Stitch Group can now offer merchants a card product, managing the full lifecycle of card transactions and it includes direct connections to major card networks such as Visa and Mastercard. 

It provides enterprise merchants with potential improvements in transaction conversion rates due to optimised communication with card networks.  

Stitch Group, now among the few South African fintechs offering direct card clearing for both online and in-person transactions, gains full control over the end-to-end card product lifecycle. This allows merchants to work with a single provider handling technical, compliance, financial, and operational requirements. 

Stitch president and co-founder Junaid Dadan said: “We’re excited to welcome the Efficacy team into the Stitch Group and offer this critical solution to the merchants we work with.  

“Card processing is an essential requirement for businesses in South Africa, and we’ve seen a lot of room for improvement when it comes to conversion, recon capabilities and access to the latest technology. We’re excited to see the impact this will have on the way our merchants collect card payments from their customers.” 

This acquisition follows Stitch Group’s purchase of ExiPay, which marked the company’s entry into the in-person payments arena earlier in the year.  

The post Stitch Group purchases Efficacy Payments  appeared first on Electronic Payments International.

The partnership establishes a closed-loop payment system, linking EazyPay, its merchants, and Beyon Money Business to facilitate an efficient transaction process for businesses. 

The new POS terminal combines Beyon Money Business’s Flexi Wallet functionality with EazyPay’s established POS infrastructure.  

Beyon Money CEO Bruce Rayner said: “Our collaboration with EazyPay is a strategic step forward in enabling digital-first commerce for Bahrain’s business sector.  

“By combining our advanced wallet infrastructure with EazyPay’s robust acquiring capabilities, we’re offering merchants a future-ready solution that simplifies operations and enhances their bottom line.” 

Beyon Money Business stated that the device will support various payment options, enabling merchants to offer customers “fast, secure, contactless payments”. 

A real-time, data-focused dashboard accompanies the POS terminal, giving businesses clear insight into their transaction activities.  

The terminal includes a “user-friendly” interface and detailed analytics, allowing merchants to review performance, observe sales patterns, and make decisions with increased efficiency. 

The solution also features a simplified onboarding and settlement process.  

According to the company, it offers quicker settlement periods, reducing the need for conventional banking systems and supporting better cash flow management. 

EazyPay founder – MD & CE0 Nayef Tawfiq Al Alawi added: “We are proud to partner with Beyon Money Business on this groundbreaking solution.  

“It reflects our shared commitment to advancing Bahrain’s fintech agenda and delivering high-impact services to the business community.” 

The post Beyon Money Business, EazyPay to launch co-branded POS device in Bahrain  appeared first on Electronic Payments International.

This marks the first instance of the Bank of England penalising a financial market infrastructure firm. 

In 2021, the central bank directed Vocalink to address identified weaknesses in its systems and controls through a remediation programme, with a deadline of 28 February 2022. 

However, the Mastercard-owned company failed to fully comply due to an ineffective risk management framework, coupled with deficiencies in its controls, governance, and escalation processes, the regulator said. 

BoE deputy governor for financial stability Sarah Breeden said: “Vocalink fell short of its obligation to have adequate risk management and governance arrangements when responding to the Bank’s Direction. Its failure to comply with that Direction in full has resulted in a significant fine.” 

The investigation pinpointed a lack of a sufficiently integrated risk management framework as the root cause of Vocalink’s non-compliance.  

This flaw hindered the ability to properly understand, monitor, and communicate risks associated with the remediation programme. 

Furthermore, the bank identified failures in escalating key risks and information to senior committees, which compromised Vocalink’s capacity to meet the regulatory expectations. 

In response to the investigation’s findings, Vocalink has undertaken significant investments to address the issues that prompted the issuance of the direction and the subsequent non-compliance. 

In a statement, Vocalink spokesperson said: “We are pleased to resolve this matter which related to issues identified in 2020. Since then, we’ve delivered a number of improvements. 

“The historic issues related to internal systems and controls and had no impact on the service we delivered to UK consumers and businesses.” 

Vocalink is a UK-based company that designs, builds, and operates infrastructure for payment systems.  

Its technology is integral to the functioning of the UK’s real-time payment, batch payment, and cheque image clearing services, as well as a vast network of ATMs across the country. 

The post Mastercard’s Vocalink fined £11.9m by BOE over compliance lapses  appeared first on Electronic Payments International.

Fraud in financial services is specifically defined as the intentional act of deception for personal or financial gain, typically involving misrepresentation, concealment of information, or unauthorised actions.

Regulators such as the FCA (UK), MFSA (Malta), and the Bank of Lithuania adhere to international standards from the Financial Action Task Force (FATF), EU Anti-Money Laundering (AML) Directives, and other frameworks. They emphasise that fraud must involve criminal intent and cause actual harm. It is a serious offence with legal consequences, not simply a transactional dispute or an administrative issue.

Yet despite this, under the card scheme’s chargeback frameworks, such cases are routinely processed as fraud. According to the card schemes, friendly fraud represents 50–75% of all fraud-related chargebacks in certain sectors. It’s a staggering figure that reveals how often cardholders exploit dispute mechanisms not because of criminal fraud, but because of convenience or regret.

Card schemes are misusing the term ‘fraud’

The card schemes’ policies force cardholders to falsely label legitimate transactions as fraudulent. For example, when a cardholder forgets to cancel a subscription and wants a refund, but the transaction was protected by 3D Secure (3DS), the only way to initiate a chargeback is by declaring it as fraud. This manipulative structure invites dishonesty into the system and misrepresents what fraud actually means.

Even worse, merchants have no opportunity to dispute or contest these fraudulent claims. The cardholder’s assertion is treated as the absolute truth, regardless of the merchant’s evidence, the contract, or the service terms.

There is no requirement for the issuer to collect any substantive proof, nor is there a legal requirement to report the alleged fraud to law enforcement. A criminal offence can be registered simply by pressing a button, and no one, not even the supposed fraudster, is investigated or held accountable.

So who’s responsible?

If these fraud cases were actual criminal offences, why are the supposed fraudsters not investigated or prosecuted?

Both card issuers and acquirers conduct rigorous Know Your Customer (KYC) due diligence. The full identity of every cardholder and merchant is known – verified through passports, utility bills, residency documents, and company ownership records. If card payment fraud were truly a crime, arresting and prosecuting these individuals would be a straightforward matter.

The truth is that the overwhelming majority of these so-called frauds are not fraud at all. And ironically, the true fraudulent activity is increasingly committed by the cardholders who initiate false claims, enabled by a system that not only tolerates friendly fraud but actively encourages it.

In such cases, the card schemes and issuers are complicit, facilitating and legitimising false claims for the sake of user convenience or to shift liability away from themselves.

VAMP is creating an unfair system

Take, for example, Visa’s Acquirer Monitoring Program (VAMP), which is now penalising acquirers and merchants for excessive fraud levels – fraud that is often just mislabelled as friendly fraud.

VAMP’s design is actually a form of competitive discrimination, as it measures an acquirer’s fraud ratio as a percentage of total volume. Large acquirers with massive volumes can absorb fraud without surpassing thresholds. Smaller acquirers, however, are disproportionately affected and far more likely to be non-compliant, leading to assessment fees, reputational damage, or restrictions on their operations.

Acquirers serving subscription-based merchants are especially vulnerable. These merchants naturally experience higher chargeback rates due to recurring billing, trial periods, and consumer forgetfulness. Yet, regulators often fail to understand that these so-called frauds are not crimes. Instead, they may wrongly view the acquirers as risky or non-compliant, potentially restricting or revoking their financial services licenses.

This is a systemic misrepresentation of risk and fraud, driven by flawed definitions and enforced through punitive programs like VAMP. It damages honest businesses while failing to address the root cause of the issue. While there’s a lot of good that Visa is doing right now for both small and large acquirers, it needs to rectify this problem as soon as possible.

A better way forward

Rather than penalising merchants and acquirers, the industry must rethink how it handles consumer disputes and defines fraud, for example, with any of the following:

• Enable cancellation of subscriptions directly in banking apps or card issuer portals.
• Create a new chargeback category for “consumer disputes” that does not require labelling transactions as fraud.
• Require supporting evidence for fraud claims, including optional police reports or formal declarations under penalty of perjury.
• Allow merchants to respond to fraud claims and provide context, especially in cases involving digital goods, subscriptions, or recurring services.
• Encourage regulatory oversight of card schemes to ensure compliance with legal standards and fairness principles.

Friendly fire

The card schemes’ fraud programmes are built on a distorted definition of fraud. It punishes acquirers for chargebacks that arise from cardholder behaviour, while providing no meaningful recourse to the affected merchants. It creates regulatory confusion, distorts competition, and undermines the trust between financial institutions and their customers.

The financial authorities across Europe and the card schemes need to rethink how fraud in the payments world is handled and find ways to prevent the misuse of fraud classifications. A new framework must be established—one that distinguishes between criminal fraud and consumer disputes, respects the rights of all parties, and holds the real bad actors accountable.

Without this, card schemes will continue to shift blame to the wrong side of the transaction. Regulators may continue to unknowingly support a system that incentivises fraud, punishes innovation and discriminates against smaller players

Johannes Kolbeinsson is CEO and co-founder of PAYSTRAX

The post Friendly fraud: The broken system fuelling a silent crisis for merchants appeared first on Electronic Payments International.

The service allows software providers to integrate payment processing capabilities directly into their platforms to simplify financial transactions for developers and merchants. 

It aims to address the complexities associated with financial services by facilitating the creation of native software experiences, enabling automated reconciliation and providing a single point of service support. 

Worldpay for Platforms head Matt Downs said: “As business software tools converge into unified experiences, we’re investing in embedded payments to help SaaS providers become the everything platforms for their users.  

“We are committed to serving our current software platforms and new clients in the key geographies where they do business by making embedded solutions easier to integrate and elevating the experiences they provide their users.” 

In the Canadian market, CampLife, an accommodation platform, is cited as an early adopter of this service. 

Worldpay for Platforms is characterised by a fully managed payments service that purports to mitigate risk and streamline compliance processes for platform providers.  

The service manages payment processing through a “centralised” system.  

The service’s API architecture is engineered to offer a single point of integration for a variety of payment methods, including credit and debit cards, direct debit, digital wallets, among others.  

Worldpay international platforms SVP and GM Alison Morris stated: “By offering integrated payment experiences that are trusted, secure and designed around the end-customer, vertical software providers can unlock new revenue streams, increase retention and strengthen loyalty.  

“By launching across these new geographies, we’re helping our partners deliver more value, grow faster and stand out in increasingly competitive markets.” 

This month, Worldpay introduced domestic acquiring capabilities in Thailand, extending Asia Pacific reach. 

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