Latest news with #paymentSystems
Zawya
15-07-2025
- Business
- Zawya
Jordan: 21,300 returned cheques in June worth $159mln — JoPACC
AMMAN — The value of returned cheques rose to JD113 million in June, compared with JD93 million in May, representing 8.2 per cent of the total value of cheques circulated, according to statistics from the Jordan Payment and Clearing Systems Company (JoPACC). The total number of returned cheques in June reached 21,300, of which 69.8 per cent worth JD76.5 million were returned for financial reasons, and 32.4 per cent worth JD 36.7 million were returned for technical reasons, according to data reviewed by Al Mamlaka TV. The number of cheques in circulation increased by 26.9 per cent in June to 562,000, compared to 443,000 in May. The total value of cheques circulated in Jordan last month hit JD3.35 billion, marking an increase of 8.2 per cent compared to the previous May. The value of cheques circulated in Jordan in the first six months of 2025 reached JD19.59 billion. The number of cheques circulated in Jordan in 2024 amounted to 6.51 million, with a value of JD40.3 billion. © Copyright The Jordan Times. All rights reserved. Provided by SyndiGate Media Inc. (
Yahoo
03-07-2025
- Business
- Yahoo
EU Central Bank Commits to Distributed Ledger Technology Settlement Work
The European Central Bank (ECB) Governing Council has approved research efforts that will use central bank money to settle distributed ledger technology (DLT) transactions, as the body looks to make its payment systems more efficient. One short term approach is called "Pontes" which will link DLT platforms with Eurosystem TARGET services that ensure the flow of cash and securities across Europe. A pilot will be launched by the third quarter of 2026. A more long term solution called "Appia" will facilitate global operations and analyze DLT-based solutions, the post said on Tuesday. "The decision is in line with the Eurosystem's commitment to supporting innovation without compromising on safety and efficiency in financial market infrastructures," the release said. The ECB has been exploring how to utilize DLT technology to boost payments settlement, something which central banks across the world have been looking at. It conducted exploratory work on wholesale central bank money settlement between May and November 2024. A report on the results of this work was also published on Tuesday that identified DLT having benefits such as reducing costs and countering credit and settlement in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
02-07-2025
- Business
- Yahoo
EU Central Bank Commits to Distributed Ledger Technology Settlement Work
The European Central Bank (ECB) Governing Council has approved research efforts that will use central bank money to settle distributed ledger technology (DLT) transactions, as the body looks to make its payment systems more efficient. One short term approach is called "Pontes" which will link DLT platforms with Eurosystem TARGET services that ensure the flow of cash and securities across Europe. A pilot will be launched by the third quarter of 2026. A more long term solution called "Appia" will facilitate global operations and analyze DLT-based solutions, the post said on Tuesday. "The decision is in line with the Eurosystem's commitment to supporting innovation without compromising on safety and efficiency in financial market infrastructures," the release said. The ECB has been exploring how to utilize DLT technology to boost payments settlement, something which central banks across the world have been looking at. It conducted exploratory work on wholesale central bank money settlement between May and November 2024. A report on the results of this work was also published on Tuesday that identified DLT having benefits such as reducing costs and countering credit and settlement risks.
Arabian Business
22-05-2025
- Business
- Arabian Business
'It's not rocket science': Mahmoud Abuebeid on fixing cross-border payments
Mahmoud Abuebeid didn't come from fintech. He wasn't coding in his teens, or raising seed rounds in his twenties. He was in construction – until 2020, when the world stopped, and he started again. 'I had a lot of time to explore another opportunities in terms of improving my knowledge. I had a Harvard course… Harvard Business School was one of the key factors to change my mindset.' That mindset shift – shaped by case studies from Citibank and JPMorgan – planted the seed for a new path: financial technology built to serve, not just scale. Today, Abuebeid is CEO and co-founder of GSS Group, an Emirati software company building payment systems and open banking solutions for financial institutions across the UAE. His company is now a critical partner in the country's National Payment Systems Strategy (NPSS), with technology embedded across the real-time payments infrastructure. UAE fintech sector to hit $6.43bn by 2030 A future built on interoperability When the Central Bank of the UAE launched its Financial Infrastructure Transformation (FIT) programme in 2021, GSS was ready. 'We basically had a robust solution, and it was very good for the banks,' says Abuebeid. 'But the challenges were that some of the systems were legacy systems, and our solution were up to date. We had to integrate… in a kind of challenging way.' That friction – between legacy institutions and next-gen systems – is where GSS thrives. And it's where Abuebeid sees the greatest opportunity. 'Some people were really looking forward to digitalise and improve their system,' he adds. 'As of such, there is nothing more that would be a challenge.' Financial inclusion as a right, not a feature Abuebeid speaks with conviction about the potential for fintech to serve underserved communities. 'To serve the blue collar workers, I believe it's their right as a human, to have an access to different ways of finance,' he says. 'Where they can have a loan as low as probably $2,000… where they can send their money to their back home in a faster way with almost zero fees… where they can probably buy something on an instalment.' He's equally focused on SMEs. 'They don't have enough access to the financial products in the bank… whether it's facilities, supply chain, finance and others.' This belief system feeds directly into his view of open finance and cross-border payments: 'Cross-border payments is very important for the people. We are in the UAE, we have more than 200 nationalities… it's not rocket science.' Leadership is impact For Abuebeid, leadership is about outcomes. 'Strategic leadership is basically when you do a difference for the others, and you make life easier for the others.' But it's also about continuity. 'When you teach and you have different seminars… two might start their own company… This is, by itself, the true success.' This principle – of building something that outlives the individual – underpins his commitment to knowledge-sharing and mentorship across the fintech sector. What comes next Looking ahead, Abuebeid sees consent-driven data access – particularly through AI-powered KYC – as the next frontier. 'It is very important where everyone will have an access, or the entities can have an access to your data with your consent.' He credits the UAE Central Bank for creating the space for innovation. 'The Central Bank of the UAE has transformed a lot in the last five years… They invited different fintechs to the country where they can have their own financial license.' His prediction is bold – but measured. 'I believe a lot of fintechs will come to the UAE… it will lower the interest rate eventually, because you have different products, you have different options… I believe the UAE will be one of the top countries in terms of financial hubs in the next three or four years. Now we are the leaders in AI. Abu Dhabi is investing heavily in AI, and it's going to be called the capital of AI.' The human infrastructure of fintech Abuebeid's story is not a narrative of disruption. It's one of reconstruction. He isn't just inserting software into legacy systems – he's inserting purpose into financial technology. In a region redefining what modern finance should look like, Mahmoud Abuebeid is proving that progress doesn't start with code. It starts with conviction – and a willingness to build something that works better for everyone.
