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July 2, 2020

TOP POST

Companies

Venmo Launches Limited Pilot of New Tools for Sole Proprietors With the Introduction of Business Profiles

“Piloting to a limited number of users today, Business Profiles allows sole proprietors, casual sellers, and users with a side hustle to create an additional Venmo profile to accept payments for goods and services. Whether you’re an artist, selling homemade planters at a craft fair, serving up one-of-a-kind haircuts, selling floral arrangements or mowing lawns, you can now leverage the power of Venmo’s community of more than 52 million users to generate interest, referrals and awareness for your business.”

On The Web

Companies

The Apple Card Now Has a Website Where You Can Pay Your Bills

The Verge

“Apple has introduced a new web portal for managing its Apple Card credit card (including paying bills, viewing the current balance, and seeing past bill statements), which makes the experience as a whole less reliant on an iPhone or iPad, via AppleInsider. Previously, the only way to manage an Apple Card required having a compatible iOS device with the Wallet app installed, which made it far less easy to access than a traditional credit card (nearly all of which offer web portals to pay bills and check balances).”

Companies

SoftBank Seeks to End Partnership With Wirecard

Wall Street Journal (paywall)

“SoftBank Group Corp. is looking to distance itself from Wirecard AG, after the Japanese tech conglomerate helped arrange a $1 billion investment months before the German payments company went bust. One of the world’s largest technology investors, SoftBank is seeking to terminate a five-year partnership its investment arm formed with Wirecard in April 2019, according to people familiar with the matter.”

Domains

Remittances to Mexico Jump in May to Second Highest Level on Record

Reuters

“Mexico saw remittances, one of its main sources of foreign exchange, jump in May to its second highest level since records began in 1995, central bank data showed on Wednesday. Mexico received $3.38 billion in remittances in May, versus $2.86 billion the prior month and $3.28 billion in May 2019, the data showed. Most of the money sent to Mexico comes from the United States, which is home to millions of people of Mexican origin.”

Global

UPDATE 1-Euro Zone Banks Expect Pan-European Payments to Go Live in 2022

Reuters

“A group of 16 euro zone banks on Thursday said a “truly European” payments system was expected to be up and running in 2022 in a region where half of all retail payments are still in cash. European Union policymakers and central bankers have long sought a “home grown” rival to take on Mastercard and Visa from the United States, and more recently tech giants like Alipay and Google. But this has not happened even though real-time payments have been possible in the euro zone since 2017.”

Global

How the U.K.’s Rollout of Confirmation of Payee Combats Fraud Despite Delays

PaymentsSource

“The U.K.’s six major banking groups are now required to have implemented the new Confirmation of Payee (CoP) scheme for Faster Payments and Chaps as part of a regulatory push to tackle the rampant rise in Authorized Push Payment (APP) fraud. U.K. Finance recently revealed that APP fraud losses totalled a staggering £455.8 million in 2019, more than half of the total £824.8m losses to unauthorised card, remote banking, and cheque fraud. Consumer groups such as Which? have long campaigned for the CoP system to be adopted across the banking industry, following growing concerns that the lack of a clear validation tool when making payments was facilitating fraud.”

Risk

Stolen Credit Card Data Is Worth Much Less During the Pandemic

Fortune

“Marketplaces, even cybercriminal ones, are subject to the laws of supply and demand. Like more reputable merchants, purveyors of stolen goods have been hit by the coronavirus pandemic. As COVID-19 ravaged the world this year—forcing businesses to close and people to stay at home—demand for stolen credit card data has dropped on dark web shops.”

On The Wires

Companies

BNY Mellon to Deliver Real-Time Account Validation Services to Corporate and Bank Clients in the U.S.

“BNY Mellon today announced a collaboration with risk and payments solution provider Early Warning Services, LLC (EWS). Through this agreement, BNY Mellon will deliver real-time account validation services to clients, and offer the flexibility to tailor a solution to meet clients’ individual needs— whether through BNY Mellon directly, or through one of its Private Label Bank relationships. This collaboration marks another step in BNY Mellon’s strategy to provide digital payment services that support clients with all of their payment needs, both now and in the future.”

Deals

PSCU Completes Acquisition of Primax

PSCU, the nation’s premier payments credit union service organization (CUSO), today announced that it has completed the acquisition of the Primax business from T.K. Keith Company, Inc. Terms of the transaction were not disclosed. Based in Wakefield, Mass., Primax has been designing and providing support services for payment card programs for credit unions and community banks throughout the U.S. and the Caribbean for nearly 40 years.”

Domains

Currencycloud Announces Partnership With Ripple to Process Cross-border Payments on RippleNet

“Currencycloud, the global leader in providing embedded B2B cross-border payments for platforms of the future, today announced a partnership with Ripple, the enterprise blockchain solution for global payments. RippleNet, Ripple’s global financial payments network, makes it easy for its diverse network of financial institutions worldwide to enable faster, lower-cost payments around the world.”

Domains

Automation Continues to Drive Use of Electronic Payments by Businesses

MineralTree, a market-leading accounts payable (AP) and payment automation solution provider, today released its fifth annual State of Accounts Payable Report, a survey of over 1,300 finance executives and professionals in the middle market. The research looks at key trends, challenges, and opportunities in accounts payable operations. Annual B2B payment volumes in the US are estimated at approximately $25 trillion. The related business processes can be complex and high invoice volumes supported by under-staffed finance teams and manual methods can create significant operational challenges for middle-market companies. Each year, MineralTree looks at the progress middle-market companies are making in transforming their payable operations to overcome these obstacles and gain new business efficiencies and competitive advantage.”

Reports

Federal Reserve System White Paper Examines Mitigation of Synthetic Identity Payments Fraud

“The Federal Reserve today released the latest in a series of publications about synthetic identity fraud – a white paper titled Mitigating Synthetic Identity Fraud in the U.S. Payment System. A synthetic identity is created by using a combination of real information (such as a legitimate Social Security number) and fictitious information (which can include a false name, address or date of birth). Synthetic identities can be used to establish accounts that behave like legitimate accounts and may not be flagged as suspicious using conventional fraud detection models.”

July 1, 2020

On The Web

Companies

TransferWise to offer investment products but has ‘no plans’ to become a bank

TechCrunch

TransferWise, the London-headquartered international money transfer service recently valued at $3.5 billion , has secured an additional license with U.K. regulators to enable it to offer investment products in the future. This will mean that U.K. customers who have money deposited in a TransferWise multi-currency or so-called “borderless” account will be given the option to make that money work harder on their behalf. Total deposits currently sit at £2 billion, so there is quite a lot of customer cash potentially idle.”

Providers

US challenger bank Chime launches Credit Builder, a credit card that works more like debit

TechCrunch

“U.S. challenger bank Chime, now valued at $5.8 billion, is entering the credit card market with today’s launch of a new card designed to help consumers build their credit history by way of everyday transactions. With the Chime Credit Builder Visa Credit Card , users can control how much they want to spend by transferring funds from a “Spending Account” to their Credit Builder Secured Account, and can then charge up to this amount wherever Visa is accepted.”

On The Wires

Companies

PayPal Launches Installments in France

“PayPal is expanding its “buy now, pay later” solutions to France, with a new installments product that will enable customers to split purchases into four equal payments over three months, nearly anywhere PayPal is offered.  Online installments are incredibly popular with French consumers: 64 percent of users would have postponed or not completed their purchase without an installment option available, and 84 percent are more likely to shop again at a retailer who offers installments. The option to pay with installments will be automatically available as a funding mechanism in the PayPal wallet3 at all qualified PayPal merchants in France.”

Companies

Careem Partners With Visa to Accelerate Digital Payments Across the Region

“We’re always looking for ways to simplify and improve the lives of more people across the region. And today is a big one…We’ve partnered with Visa, the world’s leader in digital payments, to expand access to digital payments in the Middle East. By integrating Visa credentials into the Careem Pay Wallet , we’re able to help our Careem Captains overcome all the difficulties that come with cash. Our Captains will be able to access their earnings from daily trips in real-time as opposed to any time lags. They will also be able to use low-cost remittance solutions to send money back to their families.”

Domains

E-payment Adoption, Supplier Enrollment Hit Record Highs in the AvidPay Network

AvidXchange , the leading provider of accounts payable (AP) and payment automation solutions for the middle market, is experiencing record high e-payment adoption rates in the AvidPay Network as businesses look to pay bills remotely and reduce their reliance on shipping and mailing services. More than 300,000 of AvidXchange’s +680,000 suppliers are now accepting e-payments, and supplier enrollment in enhanced ACH option AvidPay Direct (APD) has increased more than 30 percent over the last two months as AP teams look for more secure, reliable ways to make and receive payments.”

Domains

O-CITY Joins the Visa Ready for Transit Program to Drive Contactless Payments for Mass Transit Systems Globally

“BPC’s smart city payment division, O-CITY, has joined the Visa Ready for Transit program for mass transit systems. Visa Ready for Transit program is designed for companies, like O-CITY, whose technology products and capabilities are helping transit agencies and riders realise the benefits of tapping to ride with a contactless card or digital wallet. Acceptance to the program means that O-CITY is a now certified partner and available to cities globally to accelerate their digital transformation.”

Global

JCB Expands Its Merchant Network With 3C Payment in Spain

“JCB International, Co., Ltd. (JCBI), the international operations subsidiary of JCB Co., Ltd., Japan’s only international payment brand, and 3C Payment, a leading global payment solutions provider, today announce the activation of JCB payment acceptance in over 85 locations of a well-established Hotel Group in Spain. This partnership strengthens JCB’s coverage across Spain and further enhances the payment brand’s goal to expand its network of 34 million merchant partners; and to provide a unique and seamless shopping experience to its 140 million global cardmembers.”

Risk

Credorax Partners With Feedzai for Innovative Anti-Money Laundering Solution

“Today, licensed bank and smart payments provider, Credorax, and risk management platform Feedzai announced a new partnership to provide Credorax merchants with advanced anti-money laundering (AML) and anti-fraud capabilities, leading to increased payment security, reduced operational costs and an improved customer experience. The partnership between Credorax and Feedzai first began in 2018, when Credorax elected to combine its merchant acquiring technology and services with Feedzai’s advanced machine learning capabilities to protect its customers from fraud. Since then, Credorax’s merchants have been protected in real-time from threats, while improving the overall customer experience.”

June 30, 2020

TOP POST

Domains

Wix Launches Extended eCommerce Solution

Wix.com , Ltd., the leader in website creation, announced today the launch of an extended eCommerce solution . The new Wix eCommerce solution provides merchants, entrepreneurs and retail brands of all sizes must-have features like customizable branded storefronts and carts, multi-channel sales, hassle-free dropshipping, native payment processing at competitive rates with Wix Payments, professional analytics and report creation, extensive shipping and fulfillment capabilities, and more.”

On The Web

Companies

Apple launches Path to Apple Card, a 4-month credit worthiness improvement program

TechCrunch

Apple is launching an interesting new Apple Card program for people who have their application declined. Declined Apple Card applicants may begin seeing notifications on their device later today that offer them the Path to Apple Card program. It’s an opt-in program that can run for up to 4 months. It leverages the information that Goldman Sachs used to determine their credit worthiness to outline why they were declined and to help them improve the specific financial markers that would make them more likely to get approved next time.”

Companies

Facebook, Cielo Ask Brazil’s Antitrust Watchdog to Reverse Decision on Payments Deal

Reuters

“Facebook Inc and card acquirer Cielo SA have asked Brazil’s antitrust watchdog Cade to reverse the suspension of an agreement they struck paving the way for WhatsApp to roll out a new payments system, according to a document. Both companies argued that their agreement was not exclusive and allowed rival card acquirers to forge deals with the U.S. social media giant’s WhatsApp messaging system. They also said they did not operate in the same business and had merely entered a financial services agreement, saying that meant the partnership would not offer risks in terms of market concentration.”

Deals

Mobile Money Gateway MFS Africa Has Acquired B2B Digital Payments Player, Beyonic

Quartz Africa

“MFS Africa, the pan-African payments gateway which connects wallets across different mobile money platforms through its API, has acquired Beyonic, a digital payments services provider for enterprises which operates in Ghana, Uganda, Tanzania, Kenya and Rwanda. As part of the acquisition, MFS Africa will absorb Beyonic’s entire team while Luke Kyohere, founder of Beyonic, will join MFS Africa’s leadership team. MFS Africa will also offer Beyonic’s enterprise-focused service as a product under its wider brand. The acquisition, terms of which are undisclosed, remains subject to regulatory approval by the Fair Competition Commission in Tanzania.”

Domains

South Africa’s MTN Allows Customers to Pay for Online Shopping Using Mobile Money

Reuters

“South Africa’s MTN is branching into the online shopping space by providing its customers with the option to pay for online purchases using mobile money payment instead of a bank card. The spread of COVID-19 has accelerated the adoption of mobile financial services, which are increasingly being recognised as a means to mitigate the use of bank notes and coins amid the pandemic. With demand for e-commerce growing rapidly in South Africa, MTN will launch mobile money (MoMo) Pay for online shopping this week, it said in a statement on Monday.”

Global

EU Says Card Fee Curbs Are Working, Retailers Want More

The New York Times

“Caps on the fees retailers pay to process debit and credit card transactions have helped push down prices, EU antitrust regulators said on Monday, but merchants called for even tighter limits. The Interchange Fee Regulation (IFR), which was triggered by a lengthy battle between retailers and payments groups including Visa and Mastercard, limits debit card fees at 0.2 percent of the transaction value and credit card fees at 0.3% of the transaction value.”

On The Wires

Companies

Wirecard North America Inc. Pursues Acquisition

“Wirecard North America Inc., a separate legal and business entity of Wirecard AG with over 20 years in the payments industry, today announced that it is seeking acquisition. An investment bank is coordinating the sale process. Wirecard North America is a self-sustaining entity that is substantially autonomous from Wirecard AG. Wirecard North America was formerly the Citi Prepaid Card Services business, which Wirecard AG acquired in 2016. Since the acquisition, Wirecard North America has remained a separate legal entity. Wirecard AG will continue to have no impact on decision-making and financials at Wirecard North America.”

Providers

InComm Launches American Express® Virtual Reward Card

InComm , a leading payments technology company, today announced the launch of the American Express® Virtual Reward Card, a flexible solution for any rewards program. The American Express Virtual Reward Card is a tool designed to assist businesses in engaging customers or rewarding employees. With this digitally delivered prepaid reward card, recipients can access their rewards instantly rather than waiting for a physical product to arrive. For businesses, the virtual reward card offers a safe, reliable network for instant delivery and redemption across the country.”

Providers

Capital on Tap Partners With Marqeta for Expansion to Spain

“Using Marqeta, Capital on Tap allows Spanish SMEs to access funding in a more streamlined and frictionless way. Its online onboarding processes mean customers don’t need to visit their bank and wait weeks for a response; instead, decisions on funding can be made within a day. In addition, Marqeta-powered credit cards provide more suitable lines of credit, while enabling greater customisation, expense tracking, and categorisations to meet the needs of small businesses.”

June 29, 2020

On The Web

Companies

Apple’s App Store Rules Scrutinized in U.S. Antitrust Probe

Bloomberg (paywall)

“About a year into a U.S. antitrust investigation of Apple Inc. , Justice Department lawyers are scrutinizing rules that require many app makers to use the company’s payment system, according to people familiar with the matter. Government lawyers have met with developers as recently as last week and are asking questions about Apple’s rules that require apps to use its App Store payment system for subscriptions, said the people, who declined to be identified discussing a confidential matter. Apple pockets up to a 30% cut when apps use the payment technology.”

Domains

Zimbabwe Suspends Stock Exchange, Mobile Payments Over ‘Economic Sabotage’

Reuters

“Zimbabwe on Friday suspended trade on the stock exchange and mobile phone-based payments to address what President Emmerson Mnangagwa’s government called “criminality and economic sabotage.” The decision to suspend mobile payments will hit the economy hard as more than 80% of all transactions are conducted on phones due to a shortage of banknotes, according to central bank data.”

Providers

Credit Card Industry Reins in Balance-transfer Offers As Banks From JPMorgan to Amex Fear Defaults

CNBC

“Banks have pulled back from a popular credit card promotion on concerns that borrowers struggling during the coronavirus crisis may leave them with defaulting loans. Balance transfer offers, which typically entice borrowers to move their debt to a new lender in exchange for a temporary 0% interest rate, have been sharply reduced at banks including JPMorgan Chase , Citigroup , Bank of America , Barclays and Capital One , according to people with knowledge of the matter at each firm. American Express took the most drastic step, dropping the product altogether, according to a company spokesperson.”

Providers

FDIC Considers Scrapping Quarterly Bank Reports

Wall Street Journal (paywall)

“The Federal Deposit Insurance Corp. is moving to boost the way it monitors for risks at thousands of U.S. banks, potentially scrapping quarterly reports that have been a fixture of oversight for more than 150 years yet often contain stale data. The FDIC on Monday is expected to kick off a competition among 20 data and technology firms to develop a new reporting prototype that could provide the agency with more timely and targeted data about banks’ credit exposures and deposit information.”

Systems

Travel Bans Take Shine Off Banks’ Premium Rewards Cards

Wall Street Journal (paywall)

“For more than 20 years, Laura Chapman routinely charged thousands of dollars a month on her American Express Co. Platinum card. The 57-year-old travel agent’s income and spending took a dive after coronavirus made the kind of business trips and vacations she booked all but impossible. She canceled the card when AmEx charged her the $550 annual fee.”

Systems

Casinos Consider Cashless Gambling to Fight Coronavirus

Wall Street Journal (paywall)

“The U.S. casino industry remains a bastion of cash in an increasingly cashless world, where high-security vaults storing millions of dollars have inspired heist movies and the living-large vibe of Las Vegas is ferried in bags bulging with currency. But the coronavirus pandemic has generated concern over bills circulating among hundreds of hands on the casino floor, and that is pushing casinos toward cashless technology after years of discussion.”

On The Wires

Companies

Stripe Launches Products to Support Platforms Powering the Economic Recovery

“Now, platforms powered by Stripe have access to an enhanced toolkit to help their own customers adapt to a fast-changing economic environment. By giving customers more control over their subscriptions and more options to pay with international bank debits, platforms can use Stripe’s infrastructure both to improve their end-customers’ experience and increase their own bottom line.”

Companies

PayPal Rolls Out QR Code Touch-Free Payments in Canada

“As much of Canada enters and progresses through Stage 2 of reopening, PayPal today launched QR code payments in Canada for small businesses to accept touch-free mobile payments from their customers using the PayPal app. From local stores to hair salons and farmers markets, this new functionality in the PayPal app allows customers to buy or sell in-person, safely and securely without needing to purchase any new equipment. To continue helping small businesses, PayPal is waiving the standard seller transaction fees incurred on sales conducted using a QR Code1 through September 30, 2020.”

Deals

WEX Announces a $400 Million Investment From Warburg Pincus and Amendment to the Credit Agreement

WEX Inc., a leading financial technology service provider, announced today it has agreed to a $400 million dollar investment from an affiliate of Warburg Pincus LLC (together with its affiliate, “Warburg Pincus”) which includes convertible notes in an aggregate principal amount of $310 million and $90 million in common stock through a private placement (the “Private Placement”).”

Domains

EedenBull and Mastercard Extend Strategic Partnership Into Asia Pacific

“Building on a partnership in Europe, the expanded relationship with Mastercard will support the rollout of Eedenbull’s new commercial cards platform to banks looking to tap into vast opportunities in the Asia Pacific business-to-business payments market. Based in Norway, Scotland and Singapore, EedenBull is a technology-agnostic innovation company built by banking, payment and technology professionals.”

Providers

Chargebacks911 Introduces Fi911, AI-Driven Payment Product Suite

“Chargebacks911, a global leader in the field of chargeback control and mitigation, has introduced Fi911, a new tool suite for banks and other financial institutions. Developed by Chargeback911’s experts, in collaboration with some of the world’s largest financial institutions and payments processors,Fi911 is designed to enable financial institutions to automate their procedures and deal efficiently with chargebacks.”

June 26, 2020

On The Web

Companies

Uber Pares Back Digital Wallet Ambitions, Head of Unit Quits

Bloomberg

Uber Technologies Inc. ’s financial services leader Peter Hazlehurst is calling it quits as the ride-hailing giant focuses on rides and food delivery, and ices plans to become a financial services company. In an email to staff on Thursday, Uber Chief Executive Officer Dara Khosrowshahi said that Uber will “deprioritize” several of its finance-related projects, which have included credit cards, a digital wallet and instant payments for drivers. Khosrowshahi wrote in the email to staff reviewed by Bloomberg that in light of the change in direction at the company, “I understand Peter’s decision to pursue something more aligned with his passion and initial ambitions.””

Companies

Wirecard Auditors Face Legal Action After Collapse of Scandal-hit Payments Firm

CNBC

Wirecard’s auditors are being faced with legal action after the collapse of the scandal-hit German payments firm. The German shareholders’ association SdK said Friday that it had filed a criminal complaint against auditors at EY. SdK’s complaint targets two current employees and one former employees of Wirecard’s long-time auditor.   The accountancy last week refused to sign off Wirecard’s 2019 books after discovering 1.9 billion euros ($2.1 billion) of cash had gone missing from its balance sheet.”

Domains

About $1.4 Billion in Stimulus Checks Sent to Deceased Americans

CNBC

“The federal government has sent stimulus checks of up to $1,200 to millions of Americans — including deceased individuals. A new report from the Government Accountability Office finds that about 1.1 million payments, totaling almost $1.4 billion, mistakenly have been sent to dead people as of April 30.   Those errors come as the U.S. government has rushed out stimulus payments to millions of Americans in recent months.”

Global

P27 on Track As Norway Commits Further and Community Banks Are Brought Into the Fold

Finextra

“A 40-plus priority project plan in full swing, Norway once again close to proceedings and ongoing discussions with all four countries’ financial authorities, project P27 is very much on track, P27 CEO Lars Sjogren assures, in a frank and candid interview with Finextra After Coronavirus brought the world temporarily to a halt, work behind the scenes on the world’s first real-time cross border multicurrency clearing and settlement platform, serving the four Nordic currency communities, has not faltered.”

Systems

Karat launches a credit card for online creators

TechCrunch

Karat is a new startup promising to build better banking products for the creators who make a living on YouTube, Instagram, Twitch and other online platforms. Today it’s unveiling its first product — the Karat Black Card. The startup, which was part of accelerator Y Combinator’s Winter 2020 batch , is also announcing that it has raised $4.6 million in seed funding from Twitch co-founder Kevin Lin, SignalFire, YC, CRV and Coatue.”

On The Wires

Companies

More Financial Freedom: SolarisBank and American Express Cooperate for Innovative Installment Product

“For the first time, members of a personal American Express Card in Germany will be able to use an installment option for card payments of EUR 300 or more. This is made possible thanks to a new cooperation with solarisBank. The technology company with a banking license has developed a new installment product “Splitpay”. This new service will go live in a pilot phase in July and will be available to all members of a personal American Express Card in the course of 2020.”

Domains

Boost Payment Solutions Collaborates With BMO Harris Bank to Deliver Automated B2B Payment Solutions to Its Corporate Card Clients

“Boost Payment Solutions, Inc., the leader in optimizing the use and acceptance of commercial cards, announced today a strategic collaboration with BMO Harris Bank. Boost will now provide straight-through processing (STP) technology to extend BMO Harris Bank’s Approve2Pay® Corporate Card solution with automated processing, enhanced remittance reporting, and operational efficiencies for both buyers and suppliers.”

Global

Boku Partners With LINE Pay Japan to Enable eWallet Payments to Merchants

Boku Inc, a leading global provider of mobile payment and mobile identity solutions, is pleased to announce a partnership with LINE Pay, one of Japan’s largest eWallet and QR code payment service providers. This partnership will allow more than 37 million LINE Pay users in Japan to pay for merchant digital goods and services through the Boku platform. This agreement furthers the extensive depth of payment options for Japanese merchants and consumers alike that no other local payment services providers can match.”

Providers

Galileo Instant Takes Aim at Growing 1099 Payment Landscape

Galileo today announced the full launch of Galileo Instant, a frictionless solution for gig-economy, marketplace, ecommerce, fintech and other businesses that want the speed and convenience of creating debit cards through a single point of contact—Galileo. Using Instant, qualified businesses can launch their debit card programs as early as 14 days—start to finish.”

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