Square, the fintech startup headed by Twitter founder Jack Dorsey, has finally made an official application with the Federal Deposit Insurance Corporation to become an Industrial Loan Company (ILC).

A UBS-led plan to develop a digital cash system was first thought of in 2015. The concept, based on blockchain technology, has won the support of Barclays, Credit Suisse, Canadian Imperial Bank of Commerce, HSBC, MUFG and State Street.

Customers have been using Zelle to make payments through their bank’s app or website for a few months now. Zelle, formerly known as clearXchange, has been launched as a standalone app now. Anyone can use the service through their Visa and Mastercard debit card accounts, regardless of their financial service provider.

Apple’s peer-to-peer payments feature will not be launched with iOS 11. The P2P payment will enable users to send money and get paid in Messages. Users can also use Siri to pay someone, using the credit and debit cards they already have in Wallet. In a statement on its website, Apple said the service would be “coming this fall” to iPhones and watches – the reason for the delay was not disclosed.

SBI Ripple Asia is a joint-venture company established by Japanese financial giant SBI Holdings and San Francisco-based FinTech startup Ripple. Ripple is to work with financial institutions in South Korea to bring enterprise blockchain solutions for cross-border payments with Japanese banks.

HSBC has launched facial recognition technology in China to enable customers to make payments with a selfie.