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Token Enables Bank Direct Payments for Paymentworld

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Token Enables Bank Direct Payments for Paymentworld

Token Enables Bank Direct Payments for Paymentworld

Enables European EMI to harness the power of open banking – lowering costs, improving UX, and enabling value-added services

Turnkey open banking platform provider Token today announces that it is enabling Paymentworld Europe Ltd. to provide a bank direct payments facility to its business and consumer customers.

Paymentworld’s portfolio of payment services includes a payment gateway with 400+ payment options in 160 countries, an EWallet that enables B2B, B2C and C2C transactions, independent payment processing and value-added services such as loyalty and bonus programmes.

Integration with Token’s platform benefits Paymentworld’s gateway customers by enabling bank direct payments and lowering the cost of transactions – as well as being a chargeback-free solution when used at checkout. It also improves the end-user experience by allowing individuals and merchants to make payments and check their balance in-app, without redirecting to banking portals.

Jens Podewski, CEO, MD and Founder of Paymentworld, explains, “Our aim is to enable our customers to quickly and easily initiate and receive payments in whatever form best suits them, wherever they are in the world. Adding bank direct payments to our payment gateway and EWallet solutions via Token’s platform is the next logical step and establishes us as early market-leaders in the new era of open banking.”

For businesses looking to maximise the opportunities offered by open banking, like Paymentworld, Token is the only open banking solution that covers the entire value chain. Unlike other service providers, Token has a single API to access all banks for payments and data. This enables Paymentworld to offer instant, bank direct payments to its customers and solves the integration pain being felt across the industry caused by multiple proprietary bank APIs. Additionally, its cloud-based Smart Token technology enables flexibility and scalability in creating and handling transactions by using a unique security model.

Paymentworld has recently partnered with marketplace KAUFinBW.de (www.kaufinbw.de), which brings together local merchants and consumers in Baden-Wuerttemberg, Germany. Paymentworld’s  EWallet will use Token to enable merchants that may not be eligible to onboard with traditional payment processors due to their start-up status, size or business model. This is a key benefit of open banking for these players because they no longer suffer a commercial penalty for being new to the game.

Consumers that use the EWallet will be able to make payments without being redirected to banking portals, substantially improving their experience.

“The marketplace already supports traditional payment methods, but the addition of Token’s bank- direct payments will be a game changer for merchants,” Podewski continues. “By providing them with access to instant, chargeback and risk-free payments without the need to follow restrictive card scheme rules, even cryptocurrencies can’t compete with this on flexibility or cost.”

Marten Nelson, Co-Founder and CMO, Token, adds, “Our vision is to enable all transacting businesses to harness the power of open banking to simplify, accelerate and reduce the cost of transacting globally. Token is the shortest, fastest and least expensive path for banks, merchants and other financial service providers to expand into payments and data aggregation services via a single standardised open banking platform. Crucially, this platform also provides a great environment for third parties like Paymentworld, because these are the businesses that will make open banking really fly by creating the payment services that end-users want.”

Token is seeing demand from a range of industries and is actively engaged with customers to help them capitalise on open banking through a variety of different use cases. Banks, merchants and developers interested in accessing any bank via a single API should contact Token at token.io/contact.

Visit Token at Money 2020 Europe in Amsterdam 4-6th June. Contact the team at [email protected] to arrange a meeting.

 

 

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Oil prices hit 11-month highs on tighter supplies, Fed assurance on low rates

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Oil prices hit 11-month highs on tighter supplies, Fed assurance on low rates 1

By Florence Tan

SINGAPORE (Reuters) – Oil prices rose for a fourth straight session on Thursday to the highest levels in more than 11 months, underpinned by monetary easing policies and lower crude production in the United States.

Brent crude futures for April gained 19 cents, 0.3%, to $67.23 a barrel by 0400 GMT, while U.S. West Texas Intermediate crude for April was at $63.30 a barrel, up 8 cents, 0.1%.

Both contracts touched their highest since January earlier in the session with Brent at $67.44 and WTI at $63.67.

An assurance from the U.S. Federal Reserve that interest rates would stay low for a while boosted investors’ risk appetite and global financial markets.

“Comments from Fed Chairman, Jerome Powell, earlier in the week relating to the need for monetary policy to remain accommodative have probably helped, but sentiment in the oil market has also become more bullish, with expectations for a tightening oil balance,” ING analysts said in a note.

A rare winter storm in Texas has caused U.S. crude production to drop by more than 10%, or 1 million barrels per day (bpd) last week, the Energy Information Administration said. [EIA/S]

Fuel supplies in the world’s largest oil consumer could also tighten as its refinery crude inputs had dropped to the lowest since September 2008.

The Organization of the Petroleum Exporting Countries and their allies including Russia, a group known as OPEC+, is due to meet on March 4.

The group will discuss a modest easing of oil supply curbs from April given a recovery in prices, OPEC+ sources said, although some suggest holding steady for now given the risk of new setbacks in the battle against the pandemic.

Extra voluntary cuts by Saudi Arabia in February and March have tightened global supplies and supported prices.

(Reporting by Florence Tan)

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Australian media reforms pass parliament after last-ditch changes

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Australian media reforms pass parliament after last-ditch changes 2

By Colin Packham and Swati Pandey

CANBERRA (Reuters) – The Australian parliament on Thursday passed a new law designed to force Alphabet Inc’s Google and Facebook Inc to pay media companies for content used on their platforms in reforms that could be replicated in other countries.

Australia will be the first country where a government arbitrator will decide the price to be paid by the tech giants if commercial negotiations with local news outlets fail.

The legislation was watered down, however, at the last minute after a standoff between the government and Facebook culminated in the social media company blocking all news for Australian users.

Subsequent amendments to the bill included giving the government the discretion to release Facebook or Google from the arbitration process if they prove they have made a “significant contribution” to the Australian news industry.

Some lawmakers and publishers have warned that could unfairly leave smaller media companies out in the cold, but both the government and Facebook have claimed the revised legislation as a win.

“The code will ensure that news media businesses are fairly remunerated for the content they generate, helping to sustain public-interest journalism in Australia,” Treasurer Josh Frydenberg and Communications Minister Paul Fletcher said in a joint statement on Thursday.

The progress of the legislation has been closely watched around the world as countries including Canada and Britain consider similar steps to rein in the dominant tech platforms.

The revised code, which also includes a longer period for the tech companies to strike deals with media companies before the state intervenes, will be reviewed within one year of its commencement, the statement said. It did not provide a start date.

The legislation does not specifically name Facebook or Google. Frydenberg said earlier this week he will wait for the tech giants to strike commercial deals with media companies before deciding whether to compel both to do so under the new law.

Google has struck a series of deals with publishers, including a global content arrangement with News Corp, after earlier threatening to withdraw its search engine from Australia over the laws.

Several media companies, including Seven West Media, Nine Entertainment and the Australian Broadcasting Corp have said they are in talks with Facebook.

Representatives for both Google and Facebook did not immediately respond to requests from Reuters for comment on Thursday.

(Reporting by Colin Packham in Canberra and Swati Pandey in Sydney; Writing by Jonathan Barrett; Editing by Leslie Adler, Stephen Coates and Jane Wardell)

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OPEC+ to weigh modest oil output boost at meeting – sources

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OPEC+ to weigh modest oil output boost at meeting - sources 3

By Ahmad Ghaddar, Alex Lawler and Olesya Astakhova

LONDON/MOSCOW (Reuters) – OPEC+ oil producers will discuss a modest easing of oil supply curbs from April given a recovery in prices, OPEC+ sources said, although some suggest holding steady for now given the risk of new setbacks in the battle against the pandemic.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic. As of February, it is still withholding 7.125 million bpd, about 7% of world demand.

In January OPEC+ slowed the pace of a planned output increase to match weaker-than-expected demand due to continued coronavirus lockdowns. Saudi Arabia made extra voluntary cuts for February and March.

Three OPEC+ sources said an output increase of 500,000 barrels per day from April looked possible without building up inventories, although updated supply and demand balances that ministers will consider at their March 4 meeting will determine their decision.

“The oil price is definitely high and the market needs more oil to cool the prices down,” one of the OPEC+ sources said. “A 500,000 bpd increase from April is an option – looks like a good one.”

A rally in prices towards $67 a barrel, the highest since January 2020, the rollout of vaccines and economic recovery hopes have boosted confidence the market could take more oil. India, the world’s third biggest oil importer, has urged OPEC+ to ease production cuts.

Saudi Arabia’s voluntary cut of 1 million barrels per day (bpd) ends next month. While Riyadh hasn’t shared its plans beyond March, expectations in the group are growing that Saudi Arabia will bring back the supply from April, perhaps gradually.

Some OPEC+ members also anticipate that the Saudis will be willing to ease cuts further, but it was not clear if they had had direct communication with Riyadh.

Saudi Arabia has warned producers to be “extremely cautious” and some OPEC members are wary of renewed demand setbacks. One OPEC country source said a full return of the Saudi barrels in April would mean the rest of OPEC+ should not pump more yet.

“The Saudi voluntary cut will be back to the market,” the source said. “I’m personally with no more relaxation, not until June.”

Russia, one of the OPEC+ countries which was allowed to boost output in February, is keen to raise supply and a source last week said Moscow would propose adding more oil if nothing changed before the March 4 virtual meeting.

(Additional reporting by Rania El Gamal and Nidhi Verma; Editing by Elaine Hardcastle)

 

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