| Part of a series on financial services |
| Banking |
|---|
 |
BRICS PAY or BRICS Pay is a distributed payment messaging mechanism system by BRICS member states. It is similar to Europe's SWIFT and India's Unified Payments Interface. [1] The project is a joint venture between states to receive and make payments in own local currency. [2] [3] [4] [5]
The Society for Worldwide Interbank Financial Telecommunication (Swift), legally S.W.I.F.T. SC, is a Belgian banking cooperative providing services related to the execution of financial transactions and payments between limited banks worldwide. Its principal function is to serve as the main messaging network through which limited international payments are initiated. It also sells software and services to financial institutions, mostly for use on its proprietary "SWIFTNet", and assigns ISO 9362 Business Identifier Codes (BICs), popularly known as "Swift codes".
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial users, for which it charges a fee.
Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near-field communication (NFC) for making secure payments. The embedded integrated circuit chip and antenna enable consumers to wave their card, fob, or handheld device over a reader at the Point-of-sale terminal. Contactless payments are made in close physical proximity, unlike other types of mobile payments which use broad-area cellular or Wi-Fi networks and do not involve close physical proximity.
mBank SA, set up in 1986, and originally BRE – Bank Rozwoju Eksportu, is Poland's fourth largest universal banking group in terms of total assets and loans, and fifth by deposits at the end of September 2016. It offers retail, corporate and investment banking as well as other financial services such as leasing, factoring, insurance, financing of commercial real property, brokerage operations, wealth management, corporate finance and advisory in the scope of capital markets.
Fidelity National Information Services, Inc. (FIS) is an American multinational corporation which offers a wide range of financial products and services. FIS is most known for its development of Financial Technology, or FinTech, and as of Q2 2020 it offers its solutions in three primary segments: Merchant Solutions, Banking Solutions, and Capital Market Solutions. Annually, FIS facilitates the movement of roughly $9 trillion through the processing of approximately 75 billion transactions in service to more than 20,000 clients around the globe.
Alipay is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma. In 2015, Alipay moved its headquarters to Pudong, Shanghai, although its parent company Ant Financial remains Hangzhou-based.
ABB, the largest bank in Azerbaijan, is an open joint-stock company whose shares are owned by the Azerbaijan state. Its head office is located in Azerbaijan.
Worldpay Group plc was a payment processing company. It was formerly listed on the London Stock Exchange until 16 January 2018 when it was acquired by Vantiv. The combined company then took the name Worldpay, Inc. Worldpay, Inc. was acquired by FIS in July 2019 for $43 billion.
Payoneer Global Inc. is an American financial services company that provides online money transfer, digital payment services and provides customers with working capital.
BRICS is an intergovernmental organization comprising Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Iran and the United Arab Emirates. Originally identified to highlight investment opportunities, the grouping evolved into a cohesive geopolitical bloc, with their governments meeting annually at formal summits and coordinating multilateral policies since 2009. Bilateral relations among BRICS are conducted mainly on the basis of non-interference, equality, and mutual benefit.
ACI Worldwide Inc. is a payment systems company headquartered in Miami, Florida. ACI develops a broad line of software focused on facilitating real-time electronic payments. These products and services are used globally by banks, financial intermediaries such as third-party electronic payment processors, payment associations, switch interchanges, merchants, corporations, and a wide range of transaction-generating endpoints, including automated teller machines ("ATM"), merchant point of sale ("POS") terminals, bank branches, mobile phones, tablet computers, corporations, and internet commerce sites.
Worldpay, Inc. was an American payment processing company and technology provider. In June 2019 it was acquired and merged into Fidelity National Information Services (FIS). Before its acquisition, it was headquartered in the greater Cincinnati, Ohio area. Worldpay, Inc., was the largest U.S. merchant acquirer ranked by general-purpose transaction volume.
Ripple Labs, Inc. is an American technology company which develops the Ripple payment protocol and exchange network. Originally named Opencoin and renamed in 2015, the company was founded in 2012 and is based in San Francisco, California.
The Cross-Border Interbank Payment System (CIPS) is a Chinese payment system that offers clearing and settlement services for its participants in cross-border renminbi (RMB) payments and trade. Backed by the People's Bank of China (PBOC), China launched the CIPS in 2015 to internationalize RMB use. CIPS also counts several foreign banks as shareholders, including HSBC, Standard Chartered, the Bank of East Asia, DBS Bank, Citi, Australia and New Zealand Banking Group, and BNP Paribas.
Mir is a Russian card payment system for electronic fund transfers established by the Central Bank of Russia under a law adopted on 1 May 2017. The system was developed by Belgian digital payments company OpenWay and is operated by the Russian National Card Payment System, a wholly owned subsidiary of the Central Bank of Russia. Mir does not itself issue cards, extend credit or set rates and fees for consumers; rather, Mir provides financial institutions with Mir-branded payment products that they then use to offer credit, debit, or other programs to their customers. The development and implementation of Mir was spurred by the imposition of international sanctions against Russia in 2014 to circumnavigate the reliance on the likes of Visa and Mastercard, which were blocked in Russia at the time. Mir created its own digital wallet for contactless payments.
Affirm Holdings, Inc. is an American public company founded in 2012. It is a financial technology company with a buy now, pay later service for online and in-store purchases. Affirm leads the buy now, pay later sector in the U.S., and reports serving 16.9 million customers and over 266,000 merchants, as of 2023.
Dedollarisation refers to countries reducing reliance on the U.S. dollar as a reserve currency, medium of exchange or as a unit of account.
Digital renminbi, or Digital Currency Electronic Payment, is a central bank digital currency issued by China's central bank, the People's Bank of China. It is the first digital currency to be issued by a major economy, undergoing public testing as of April 2021. The digital RMB is legal tender and has equivalent value with other forms of renminbi, also known as the Chinese yuan (CNY), such as bills and coins.
Russia defaulted on part of its foreign currency denominated debt on June 27, 2022, its first such default since 1918. Before that, on 2 June, Russia defaulted on the 30-day interest, incorrectly not counting interest for the grace period, but a failure to pay $1.9 million was not sufficient to trigger a cross-default across other instruments, because the minimum threshold is an amount of at least $75 million, according to documents for other Russian eurobonds. The default occurred due to technicalities as the payment in dollars was impossible due to the sanctions by US and EU authorities, but did not mark an actual lack of capability to pay its debts.
The SWIFT ban against some Russian banks is one of several international sanctions against the Russian regime imposed by the European Union and other western countries as a result of its invasion of Ukraine, aimed at weakening the country's economy to end the invasion by hindering Russian access to the SWIFT financial transaction processing system.
 | This finance-related article is a stub. You can help Wikipedia by expanding it. |
