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Report: Bitcoin Unable to Solve Problems of Traditional Payment Systems

An expert from the Bank of Spain has issued a detailed report on cryptocurrencies, stating that Bitcoin will not have a significant impact on the finance sector. An official from Spain’s central bank, the Bank of Spain (BDE) believes that Bitcoin (BTC) is unable to resolve the problems faced by major payment systems. BDE’s Deputy General Director for financial innovations and market infrastructure, Carlos Colesa, gave his opinion on the leading cryptocurrency in a report published on Sunday, Feb. 17. The study dubbed "Bitcoin: a solution for payment systems or a solution in search of a problem?," is marked as an “occasional paper,” according to Cointelegraph en Español. This means that the Bank of Spain does not necessarily share the stance of the author. Colesa compared Bitcoin to traditional payment systems and financial intermediaries. First, he says that the Bitcoin blockchain processes only 250,000 transactions daily, which is a relatively small volume for a global system. For in..

Major Omani Bank Joins RippleNet Cross-Border Payment Network

Oman’s second largest bank BankDhofar is now using RippleNet technology for cross-border payments to India. Oman’s second largest bank by market value, BankDhofar, has begun using RippleNet technology for cross-border payments to India. The news was tweeted by the managing director of South Asia and MENA at Ripple, Navin Gupta, on Feb. 16. RippleNet is a global blockchain-based payment network of institutional payment providers, that was developed by technology company Ripple. In January, RippleNet expanded its network to over 200 customers, including such industry players as JNFX, SendFriend, Transpaygo, FTCS and Euro Exim Bank. Per the recent announcement, BankDhofar has become the first bank in the country and one of the first in the region to adopt RippleNet. The technology enables the bank to provide cross-border transfers via a mobile banking application “in less than 2 minutes,” thus allowing non-resident Indians living in Oman to conduct real-time payment transfers. BankDhofar..

Japan: E-Commerce Giant Rakuten’s New Payment App Appears to Support Crypto

According to a new report from e-commerce giant Rakuten, the new version of its payment app will support “all payment solutions” — evidently including crypto Japanese e-commerce firm Rakuten announced that a major update of its Rakuten Pay mobile app will be released on March 18, according to the firm’s 2018 earnings release, published on Feb. 12. The app’s new structure appears to indicate that it will support cryptocurrency payments in addition to fiat. According to the company’s presentation material for the fourth quarter and the full year of 2018, the new version of the app will feature “all payment solutions embedded into one platform.” As Cointelegraph reported in January, and the recent materials confirm, Rakuten — known informally as “Japan’s Amazon”— revealed a revision to its corporate structure. The restructured company includes the firm’s cryptocurrency exchange “Everybody’s Bitcoin” as part of a newly established payments subsidiary, Rakuten Payment. The payment subsidia..

Major Canadian Exchange Coinsquare Acquires Zero-Fee Payment Network StellarX

Canadian exchange Coinsquare has acquired StellarX, a Stellar-based zero-fee decentralized payment platform. Major Canadian crypto exchange Coinsquare has acquired StellarX, a Stellar (XLM)-based zero-fee decentralized payment network, according to a press release published on Feb. 14. According to the announcement, Bermuda-based StellarX will be a fully owned subsidiary of Coinsquare and will seek regulatory approval to operate and expand its service under Coinsquare’s compliance. The new acquisition has followed Coinsquare’s recent purchase of private Stellar wallet BlockEQ in December 2018, the press release notes. The firm is reportedly set to be rebranded to become the anchor wallet for the StellarX platform. Megha Bambra, co-founder of BlockEQ, will now lead StellarX and continue to develop the product roadmap announced by the network in 2018. Originally announced in July 2018, StellarX rolled out its full operation on Sept. 28, 2018. The company positions itself as fiat onramp,..

Expanding Apple Users’ Payment Options: Noah Pay Is Released on iOS

This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release. The crypto payment solution for customers and vendors Noah Pay is available on iOS now. The Noah Project, a recognized blockchain venture in the Asian region, has presented a new version of the application this week, thanks to which the company will be able to hit the market of more than 1.3 billion Apple users internationally. Noah Pay is a blockchain-based set of tools developed for both customers and merchants allowing them to make cryptocurrency transactions. The application has an intuitive and user-friendly interface that helps everybody to easily understand the ways of its use. The registration process is simple ..

World’s 5th Largest Bank Aims to Debut Blockchain Payment Network in...

The Global Open Network is a joint effort with a U.S. content delivery and cloud platform company. Japan’s Mitsubishi UFJ Financial Group (MUFG) has officially announced it will launch a new blockchain-based payment system, according to a press release published on Feb. 12. The world’s fifth-largest bank is working on the project in partnership with United States content delivery network Akamai, with the aim to launch in H1 2020. Dubbed the “Global Open Network,” the platform aims to utilize MUFG’s payment industry reach to cement its standing in the increasingly competitive blockchain payments market. MUFG and Akamai had first announced a partnership in May of last year, issuing an outline of what would become the Global Open Network and setting a launch date for the start of the 2018 fiscal year that has not been realized. “The new payment network will be a diverse payment service equipped with an interface that can be used as a communications network, and including functions for th..

FinTech Startup to Use Oracle Blockchain Platform to Boost Payment Processes

A fintech payment platform has partnered with Oracle to use blockchain technology in expediting payments processes. Finance platform SDK.finance has partnered with Oracle to use the Oracle Blockchain Platform to improve payments processes and remove intermediaries. The partnership was announced in a press release published on Feb. 12. SDK.finance is a European-based fintech startup that offers a payment platform for banks and financial institutions. In 2015, the company was reportedly recognized as the best fintech startup by the Central European Startups Awards, while in 2018 it overcame other major industry players in terms of application programming interface (API) endpoints. By integrating the Oracle platform, SDK.finance reportedly aims to boost payment processes, also making them more cost efficient and secure. The company is looking to replace intermediary financial institutions with the new system, which would purportedly result in reducing the time needed for cross-border tra..

Payment Processor Netpay to Integrate Blockchain-Based Tool: Report

Payment gateway service Netpay International partnered with Israeli firm BNC LedgerTech to integrate blockchain, according to Finance Magnates. Major global online payments firm Netpay International has partnered with Israeli firm BNC LedgerTech to integrate blockchain into its services, Finance Magnates reported on Feb. 12. Netpay International will reportedly become the fourth fintech firm to use BNC LedgerTech’s digital, blockchain-based banking solution “Ubanker.” By using the blockchain-based tool, Netpay International will reportedly cut operation costs. According to the report, BNC LedgerTech charges a fixed minimum fee, whereas banks generally charge a percentage of the total transferred amount. According to Finance Magnates, Ubanker complies with European Union central bank regulations, while BNC LedgerTech holds an electronic money institution license in the region. In turn, Netpay International has reportedly partnered with over 100 banks globally to date, according to the ..

UAE Exchange and Payment Platform Unimoni Join Ripple’s Payments Network

Finablr, a major payments and foreign exchange firm based in UAE, joins RippleNet to launch cross-border payments with Thailand. Finablr, a global payment platform and foreign exchange operator based in the United Arab Emirates, has joined Ripple’s (XRP) RippleNet blockchain network, a press release reveals on Feb. 11. Finablr's network brands, UAE Exchange and payment platform Unimoni, will use the blockchain-based platform provided by Ripple to complete real-time transactions to Thailand. The firm also reported it has plans to expand the services to other countries in future. As per the press release, the first partner in the service major Thai bank, Siam Commercial Bank, letting UAE Exchange and Unimoni customers globally send money to Thailand. The bank has been working with RippleNet since September 2018, when it became the platform’s first financial institution to trial a key feature dubbed “multi-hop.” Navin Gupta, Managing Director of South Asia and MENA at Ripple, believ..

Crypto Payment Processor CoinGate Adds Support for Ripple’s XRP

Cryptocurrency payment processor CoinGate hаs added Ripple’s native token XRP to its payment options for merchants. Cryptocurrency payment processor CoinGate has added Ripple’s native token XRP to its payment options for merchants, a company tweet revealed Feb. 1. According to the firm’s accompanying blog post, using the service “XRP coin owners can now use it as a means of payment at more than 4,500 shops online.” CoinGate notes that, by offering what it defines as the first native XRP payment processing service, it hopes “to significantly boost its utility.” The company’s customers using this service reportedly have the option of instant settlement in euros, Bitcoin (BTC), Ethereum (ETH) or XRP. In July 2018, CoinGate launched a pilot program for 100 merchants to test transactions on a Bitcoin Lightning Network version of their service. As Cointelegraph recently reported, United States merchant services provider Aliant Payments has announced it will offer free crypto transaction pro..
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