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- JPMorgan Chase & Co. will within a few months begin testing its own cryptocurrency for wholesale payments between corporations and banks globally, according to CNBC. The new token, called JPM Coin, will be exchangeable at the rate of $1 each. The development may surprise some observers, given the harsh criticism of Bitcoin voiced at times by Jamie Dimon, Chase’s chief executive. While disdaining Bitcoin, however, the bank has expressed interest in the cryptocurrency’s underlying blockchain technology for payments.
- ATM manufacturer and financial-software provider Diebold Nixdorf Inc. said fourth-quarter revenues from bank customers in its Americas region increased 10% year-over-year to $429 million.
- A bill to open banking and financial services to marijuana businesses in states that have legalized cannabis got its first-ever hearing in a U.S. House subcommittee Wednesday.
- Printer and marketing specialist R.R. Donnelley & Sons Co. adopted an electronic bill-payment service from doxo Inc., whose service lets users receive and pay bills and schedule payments through a single interface with a single set of log-in credentials.
- The Western Union Co. announced a service that lets Amazon.com users in Kenya pay for purchases with their local currency. Western Union has already launched similar local-currency capability with Amazon in nine other countries.
- In related news, Western Union announced an alliance with JTB Corp., a service provider to educational institutions in Japan, to promote Western Union’s GlobalPay for Students option, a payments platform aimed at schools. Under the agreement, JTB will also function as an acquirer for credit card payments through GlobalPay.
- UATP, a payments platform for airlines globally, announced it will offer payment capability on virtual cards through an agreement with payment-technology provider Conferma Pay.
- ABC Financial Services, which provides payments processing and technology to the health-and-fitness business, named former Paycor Inc. executive Bill Davis president.
- EVO Payments Inc. said it will provide a plugin for business-to-business customers of Delego, which specializes in integrating digital payments for users of SAP applications.
- Marketing and fulfillment services provider Archway Marketing Services Inc. said it is merging with gift and loyalty card program provider New Teraco Inc. The combined business will operate under the Archway brand; terms of the deal were not disclosed.
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