Banking & Payments DECODED
Previous edition: 17 May 2024
Share article
Get the full version straight to your inbox.
Exclusive access to our best-in-class data & intelligence
Subscribe now
BVNK enables PayPal USD
BVNK has announced that it has integrated the stablecoin PayPal USD (PYUSD). Paxos Trust Company is the sole issuer of PYUSD.
Businesses can access the US dollar-pegged PYUSD stablecoin on BVNK’s payments platform, alongside 14 of the most popular digital currencies, leading stablecoins and 25 fiat currencies. As an approved member of the PYUSD ecosystem, BVNK has direct access to create (mint) and remove (burn) PYUSD tokens for customers.
BVNK co-founder and VP Commercial Strategy Chris Harmse, said: “We’re building modern payments infrastructure to enable more businesses to operate across banks and blockchains and maximise financial flexibility. Stablecoins make up almost 90% of the payments we process, and they’re very important to our customers as a way to settle global payments efficiently. We’re thrilled to introduce PYUSD to our platform. As a stablecoin that connects into PayPal’s extensive payments network, it’s a valuable payment option for many businesses.”
A step forward for mainstream adoption of stablecoins?
Nick Robnett, Head of Asset Growth at Paxos, added: “As a dollar-pegged stablecoin that is issued by Paxos Trust Company, which is overseen by New York Department of Financial Services, PYUSD is bringing greater trust to digital assets. We're seeing growth every day as it’s rolled out across the PayPal ecosystem and we’re delighted to team up with BVNK to give more businesses access to PYUSD, and more options for how they move their money globally.”
With this new integration, BVNK customers can create PYUSD wallets, settle suppliers, pay contractors and employees around the world and accept consumer payments in PYUSD, through BVNK’s API, hosted payments page, or merchant portal. They can also settle PYUSD into fiat currencies like EUR and GBP.
Issued by Paxos Trust Company, which is overseen by the New York State Department of Financial Services (NYDFS), PYUSD is fully backed by US dollar deposits, short-term US treasuries and similar cash equivalents, and can be redeemed 1:1 for US dollars.
Latest news
What retail can teach financial services about improving customer interaction
Matt Ryan explores what financial institutions can learn from the retail sector to enhance customer engagement.
Half of young people left frustrated after finding their local branch has closed, says Nationwide
Half of people aged 16-24 have been left frustrated after finding their local branch closed when they needed it. The claim is made by Nationwide, the UK’s largest building society.
Card payments in Hong Kong to grow by 12.2% in 2024, forecasts GlobalData
The Hong Kong card payments market is forecast to grow by 12.2% to reach HKD1.3trn ($168.1bn) in 2024, supported by a constant consumer shift towards non-cash payments, according to GlobalData, publishers of EPI.
TD launches new generative AI pilots to help empower colleagues
TD Bank Group has announced two pilots to support more streamlined customer experiences in its contact centres and accelerate the coding workflow for its engineers.
Financial services giants withdraw job offers to international students, more will follow - immigration lawyers Fragomen
Banking and financial services giants Deloitte, KPMG and HSBC have reportedly withdrawn job offers to international students, blaming changes to skilled worker salary thresholds. This follows the government’s decision to increase the minimum salary thresholds for skilled worker visas. They are not the first and will not be the last, says international immigration law firm Fragomen, which advises businesses on global mobility.
Mastercard and Salesforce partner to transform transaction disputes
Mastercard and Salesforce have agreed a new integration to enhance trust across the ecosystem. The collaboration is designed to help customers speed up transaction disputes and reduce costs associated with resolving them.
Experts worry AI will make chargeback fraud easier
The current interest in generative artificial intelligence causes some to conclude we may see a new wave of AI-enabled fraud. However, the payments industry shouldn’t overestimate the abilities of large language models (LLM). Or underestimate the power of existing anti-fraud systems, says chargeback technology platform, Chargebacks911.
In our previous edition
Banking & Payments Decoded
Sexism in the City Inquiry
16 May 2024
Banking & Payments Decoded
Six steps to protecting data in financial services companies
15 May 2024
Banking & Payments Decoded
Q&A: Mitek and why soaring fraud remains dangerous in financial services
14 May 2024
Newsletters in other sectors
Aerospace, Defence & Security
Automotive
Travel and Tourism
Search companies, themes, reports, as well as actionable data & insights spanning 22 global industries
Access more premium companies when you subscribe to Explorer