Today In Digital-First Banking: PNC Signs Onto TCH’s CHIPS Network; UK’s FCA Increases Caps On Contactless Payments

In today’s top news in digital-first banking, PNC Bank has joined The Clearing House’s CHIPS network, while the U.K.’s Financial Conduct Authority (FCA) is increasing the limits on contactless payments. Plus, Xendit has raised $64.6 million in a Series B funding round.

PNC Joins The Clearing House’s Network For Large-Scale Payments Processing

PNC Bank has become a part of The Clearing House’s CHIPS network to let it “clear and settle high-value and cross-border payments,” according to a press release. The Clearing House Interbank Payments System (CHIPS) handles checks and bills from member institutions. PNC Bank is said to be among the biggest diversified financial services institutions in the U.S.

UK’s Financial Conduct Authority Ups Limit For Contactless Payments

The FCA is heightening the caps on touch-free payments to 100 pounds (approximately $140) for single transactions and 300 pounds (approximately $420) for multiple transactions. “We are changing our rules to help the industry continue to respond to the changing ways in which people prefer to pay,” FCA Executive Director, Consumers and Competition Sheldon Mills said in a release.

Accel Leads Xendit’s $65 Million Fundraise For South East Asia’s Digital Payments

Xendit, the digital payments infrastructure company, has landed $64.6 million in an Accel-led Series B funding round. The infusion will be harnessed to further advance the expansion and uptake of digital payments in South East Asia. “Trying to build the businesses of tomorrow on yesterday’s infrastructure is holding Southeast Asia’s businesses back,” Xendit Co-Founder and CEO Moses Lo said in a press release.

Ethoca Relaunches Transaction Transparency Product, Renamed Consumer Clarity

Ethoca has relaunched and enhanced its purchase transparency offering for consumers, calling the revamped offering Consumer Clarity. The product provides consumers with in-depth data regarding their purchases such as purchase location particulars, contact information, embedded brand logos, retailer names and itemized digital receipts. In addition, the offering helps link merchants with shoppers via a new channel — their online bankings apps.