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October 19, 2021

TOP POST

On The Web

Deals

SoftBank, Amazon, Accel Invest $108 Mln in Banking Platform Pismo

Reuters

“Brazilian banking and payments tech platform Pismo raised $108 million in an investment round led by Japan’s SoftBank Group Corp (9984.T) , Amazon.com Inc (AMZN.O) and global venture capital firm Accel, it announced on Tuesday. According to Pismo, which was founded in 2016, its second funding round is aimed at fueling the company’s global expansion and accelerating the development of banking technologies.”

Global

Cybersource and Ebanx Partner in Brazil for Global E-commerce Merchants

Finextra Research

“Cybersource, a Visa solution, and Ebanx, global payments fintech company that specializes in Latin America, announced a new partnership for payments in Brazil. From now on, Cybersource’s clients around the world will be able to access EBANX’s payment solutions for Brazil, and offer their customers in the country the ability to pay online for products and services with local payment methods, including domestic debit cards, credit cards and installments.”

Security

Hacker Steals Government ID Database for Argentina’s Entire Population

The Record by Recorded Future

“A hacker has breached the Argentinian government’s IT network and stolen ID card details for the country’s entire population, data that is now being sold in private circles. The hack, which took place last month, targeted RENAPER , which stands for Registro Nacional de las Personas, translated as National Registry of Persons. The agency is a crucial cog inside the Argentinian Interior Ministry, where it is tasked with issuing national ID cards to all citizens, data that it also stores in digital format as a database accessible to other government agencies, acting as a backbone for most government queries for citizen’s personal information.”

Systems

Facebook’s Novi Taps Paxos, Coinbase Ahead of Diem Rollout

CoinDesk

“Facebook’s Novi wallet is ready to launch – but it won’t be launching with the Diem (formerly Libra) stablecoin. Novi, Facebook’s digital wallet subsidiary, will go live in the U.S. and Guatemala in a pilot program, allowing users to start trading the Paxos Dollar (USDP), the social media giant announced Tuesday. Crypto exchange Coinbase will provide custody services for the program. Users can purchase USDP through Novi, and Novi will deposit the funds with Coinbase, according to a Coinbase blog post.”

On The Wires

Providers

HSBC to Launch Banking As a Service

“HSBC is to launch a Banking as a Service (BaaS) offering that will enable customers to create and provide business banking services through their own platforms. HSBC and Oracle NetSuite, one of the leading cloud Enterprise Resource Planning (ERP) systems with over 27,000 customers worldwide, are working together to provide international payments and expense management services embedded into NetSuite’s new SuiteBanking solution. NetSuite customers will be able to automate accounts payable, accounts receivable and reconciliation processes, making it fast and simple to pay bills, send invoices, get paid and gain full cash flow visibility, all from within a unified system.”

Systems

ACH Network Volume Up 7.7% in Third Quarter; Strong B2B Growth Continues As Healthcare Claims Pass 100M Mark | Nacha

“With business-to-business (B2B) showing particularly strong growth, and healthcare claim payments setting a record, the modern ACH Network recorded a 7.7% increase in payment volume during the third quarter of 2021.  There were 7.3 billion payments on the ACH Network in the third quarter, 520 million more than a year earlier. The value of those payments, $18.1 trillion, reflects a rise of 13.8%. As it has throughout the pandemic, B2B volume continued its strong growth. There were 1.4 billion B2B payments, an increase of 18.7% from the same time in 2020.”

Systems

X1 Card, the Smartest Credit Card Ever Made, Launches for a New Generation of Cardholders

X1 Card , the smartest credit card ever made, is now officially available in the U.S. X1’s debut was met with excitement and anticipation , attracting the fastest growing fintech waitlist of all time with more than 350,000 people. Now, after being in a private beta for the last six months, the X1 Card is officially rolling out to the public, starting with its waitlist. X1 Card reimagines the credit card from the ground up. It harnesses the power of technology to offer smart credit limits, an unparalleled rewards program, and automated features that will transform the way you shop and spend.”

Systems

Cryptocurrency Innovators Invest in New Card Solutions, With Marqeta’s Modern Card Issuing Platform Powering Growth of New Category

Marqeta (NASDAQ: MQ), the global modern card issuing platform, announced today that it is powering cryptocurrency spending and rewards products for Coinbase, Fold, Shakepay and Bakkt, with the company seeing rising interest in new card products in this rapidly evolving category. Use of cryptocurrencies has grown considerably in the United States, with data from the Gemini Exchange estimating that 14% of the US currently owns some form of crypto. As a category leader in modern card issuing, Marqeta has opened up new applications of its platform, to allow cryptocurrency to be spent at the point of sale, or allow consumers to earn rewards in cryptocurrency from debit and credit card spending.”

Tech

Intuit Introduces Money by QuickBooks, Mobile Banking Designed for Small Businesses

“Intuit (Nasdaq: INTU) today announced Money by QuickBooks , the latest addition to a comprehensive and ever-expanding suite of QuickBooks offerings that power small businesses with the ability to get paid and manage their cash flow. The Money by QuickBooks mobile app available for free on iOS and Android is designed to give entrepreneurs, freelancers and sole proprietors just starting their business journey complete control over their money with the ability to accept payments and manage expenses with features including debit card and bill payment capabilities.”

October 18, 2021

On The Web

Companies

Visa’s Latest Debit Card Perk Is Eligibility for ReadyLink, Its Prepaid Reload Network

Digital Transactions

“In a move aimed in part at accommodating digital-only financial institutions, Visa Inc. on Saturday opened its ReadyLink prepaid top-up network for the first time to debit cards. “The expansion makes Visa ReadyLink available to all consumer and business debit cards. The service is optional and issuers need to opt-in,” notes a spokesman for the network. ReadyLink is Visa’s prepaid card load network for the U.S. market. It offers cash top-ups at more than 60,000 merchant locations. The addition of debit cards represents a rule change for the network.”

Global

Music Streamers Turn to Telcos to Make Africa Pay

Reuters

“Africa, with its internationally recognised musical talent – and growing mobile phone use – is central to Swedish music streamer Spotify’s (SPOT.N) plans to extend its reach to a billion customers. As African artists such as Nigeria’s Burna Boy and South Africa’s Black Coffee are streamed across the world, the continent was seen as an obvious choice and is the home to more than a third of the company’s 85 new markets. The problem is payment on a continent where many people are more likely to have a mobile phone than a bank account.”

Global

Nigeria’s Central Bank Is Tightening Control of Its Identity Database to Check Fraud Better

Quartz

“Online payments reached record heights in Nigeria in the third quarter of 2020, when the value of transactions increased to $116 billion from $68.3 billion in the same period in 2019. But this welcome jump came with a staggering increase in financial fraud. Between January and September 2020, fraudsters made over 46,000 attempts on customer accounts, three times the level for the same period the year before. 91% of those attempts succeeded. In the 9 months between January and September 2020, fraudsters stole 5 billion naira ($12 million) from customer accounts (pdf), the equivalent of 173,000 Nigerian workers’ minimum wage for a month.”

Risk

Suspected Ransomware Payments Nearly Doubled This Year, Treasury Says

Wall Street Journal

“The volume of suspected ransomware payments flagged by U.S. banks has surged this year, on pace to nearly double last year’s, the Treasury Department said Friday, highlighting the scale of a problem that governments across the world have described as a critical national security threat. Nearly $600 million in transactions were linked to possible ransomware payments in so-called Suspicious Activity Reports financial services firms filed to the U.S. government in the first six months of this year, according to a Treasury Department report. That is more than 40% more than the total for all of 2020.”

Systems

Jack Dorsey’s Square Plans to Build an Open-source Bitcoin Mining System

Cointelegraph

“Dorsey believes that further decentralizing the Bitcoin network will be critical for securely settling the transactions “well after the last bitcoin is mined.” Moreover, Square’s system aims to deliver energy-efficient mining solutions by innovation in silicon, software and integration. The initiative will be led by Jesse Dorogusker, Square’s hardware lead, who previously helped launch Square’s hardware wallet and custody service . According to Dorsey, the company will build the mining system following a similar collaborative approach that was used to develop its “assisted custody” BTC hardware wallet.”

Systems

Tether Will Pay $41 Million Over “Misleading” Claims It Was Fully Backed by US Dollars

The Verge

“Tether will pay $41 million to settle allegations by the US Commodity Futures Trading Commission (CFTC) that it made untrue or misleading statements when it claimed its stablecoins were fully backed by fiat currencies. The CFTC said in a statement Friday that between June 2016 and February 2019, Tether misrepresented to customers and the cryptocurrencies markets that it had “sufficient US dollar reserves” to back every token when, in fact, its reserves were not fully backed the majority of the time.”

Systems

Supply-Chain Crisis Is Bad for iPhones, Great for Gift Cards

Bloomberg

“Americans love gift cards. For younger generations, they’ve become their favorite gift. Which is good, because they’re about to get lots of them. In an economy hamstrung by all types of global supply-chain snarls, mounting product shortages — even Apple is reportedly slashing production — are making giving gift cards a fail-safe way to ensure there are presents under the Christmas tree. Shoppers plan to boost spending on them by 27% this holiday season to about $270 per person, according to a survey by payment service Blackhawk Network. Those gains will push cards to about 40% of their total gift purchases.”

On The Wires

Deals

Fiserv to Expand Digital Storefront Capabilities With Acquisition of BentoBox

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today announced that it has signed a definitive agreement to acquire BentoBox, a digital marketing and commerce platform provider that delivers a frictionless diner experience dedicated to accelerating growth and helping restaurants seamlessly connect with their guests. This transaction expands the company’s Clover® dining solutions and industry-leading commerce and business management capabilities, which enable nearly 200,000 restaurants of all sizes to deliver unique and differentiating diner experiences, from quick and casual to full service.”

Domains

Mastercard and Previse Speed Business Payments Globally

Mastercard and Previse today announced the integration of Mastercard Cross-Border Services – a global push payments platform that enables funds to be sent seamlessly, securely and with certainty to any account – into Previse’s InstantPay platform. The collaboration will enable instant payments to suppliers in over 100 markets globally. In today’s environment, cash flow is critical – particularly for small and medium-sized businesses (SMBs). Over one third of SMBs in North America report facing cash flow issues due to late payments and slow processing times for cash and checks.”

Providers

Klarna Expands and Strengthens UK Offering Including Launch of ‘Pay Now’ Immediate Payments

“Klarna, the leading global retail bank, payments and shopping service, today announces a package of changes to expand and strengthen its UK offering to give consumers more choice, clarity and control over how they pay. ‘Pay Now’ ensures UK consumers can always pay immediately and in full, wherever Klarna is available, with the same payment experience whether they choose to pay now or later.”

October 15, 2021

On The Web

Deals

Nigeria’s Flutterwave in Talks to Triple Valuation to $3 Billion

Bloomberg

Flutterwave Inc. , a Nigerian payments firm, is seeking fresh funding at a valuation of $3 billion or more, a figure that would roughly triple its last valuation, according to people with knowledge of the matter…Also in March, Flutterwave said it will collaborate with PayPal Holdings Inc. to enable the U.S. giant’s global customers to pay African merchants using Flutterwave’s platform. The startup enables the creation of virtual Mastercard and Visa cards, among other payments services, according to its website.”

Global

Thai Digital Payments Surge From Pre-coronavirus Level

Reuters

“Digital payments in Thailand have quadrupled from pre-pandemic levels, the central bank said on Monday, as the Southeast Asian country’s longest-running wave of infections accelerates demand for online services. Thailand’s latest outbreak started in April, accounting for more than 98% of its COVID-19 cases and deaths, prompting tougher restrictions in July and August that reduced mobility.”

Users

JPMorgan Debuts Payments Service Targeting Small Businesses

American Banker

“JPMorgan Chase serves more than 4 million small businesses and in 2020 processed more than 27 billion transactions with a value of $1.4 trillion — but these days, that’s simply not enough. When the actual payment is commoditized, merchants care less about how big their provider is and more about what it can do. By combining Chase Merchant Services with WePay , a fintech the bank purchased in 2017, Chase is pairing its traditional payment acceptance services with newer digital tools that address merchants’ other business needs. The new line of business, called Chase Payment Solutions, launches Thursday.”

On The Wires

Domains

MagicCube Announces $15 Million Investment Round Led by Mosaik Partners, Advancing the Software-Based Security Paradigm Shift

“MagicCube, the startup that created the Software Defined Trust (SDT) category, announced today a $15 million round of investments led by Mosaik Partners, with participation of Bold Capital, Epic Ventures, cardreader maker ID Tech, and individual investors in the fintech space. Funds raised in this round will be used to accelerate deployment of the company’s unmatched software-based security solutions aimed at replacing security chips used today as the standard to safely store sensitive data and authenticate whoever needs access to it.”

Domains

Federal Reserve System and Business Payments Coalition Announce Two Industry Efforts to Propel B2B Payments Toward Modernization

“The Federal Reserve and the Business Payments Coalition (BPC) today announced 73 organizations have joined an industry effort to stand up an operational pilot exchange framework to enable businesses of all kinds to exchange electronic invoices (e-invoices). Another 42 organizations will strive to assess whether a similar exchange framework can facilitate electronic delivery of remittance information across all payment types. The E-invoice Exchange Market Pilot and the Remittance Delivery Assessment Work Group are two industry efforts aimed at catalyzing the modernization of business-to-business (B2B) payments in the United States.”

Providers

Financial Institutions Can Grow Small Business Relationships With Fintech-Powered Lending Offering From Fiserv

Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, is enabling financial institutions to build their small and midsize business (SMB) programs through the launch of a cloud-based, digital lending and credit platform. The latest Fiserv offering, leveraging the Atlas Platform from fintech StreetShares, allows financial institutions to manage the full lending lifecycle from digital document capture, underwriting, offer management and closing – delivering against the expectations of both staff and customers.”

October 14, 2021

TOP POST

Risk

Welcome to Britain, the Bank Scam Capital of the World

Reuters

“The country’s super-fast payments infrastructure, relatively light policing of fraud-related crime, plus its use of the world’s most widely used language English, also made it an ideal global test bed for scams, the banks and specialists added. A British record of 754 million pounds ($1 billion)was stolen in the first six months of this year, up 30% from the same period in 2020, according to data from banking industry body UK Finance, and up more than 60% from 2017, when it began compiling the figures.”

On The Web

Deals

European Point of Sale Provider SumUp Acquires Customer Loyalty Startup Fivestars for $317M

TechCrunch

SumUp , a European-based competitor to Square, PayPal/iZettle and others that provide mobile-powered card readers and other sales technology to merchants and small businesses, has made an acquisition in the U.S. to dig deeper into that market, and to expand the kinds of services that it provides to customers globally. The company has acquired Fivestars , which provides loyalty, marketing, payments and other services to small merchants, used by some 70 million consumers and 12,000 businesses in the U.S.. London-based SumUp said it will be paying $317 million in a combination of cash and stock for the San Francisco startup.”

Deals

Corporate Travel and Expense Management Platform TripActions Raises $275M

VentureBeat

“It has been a trying 18 months for many industries — but the travel sector, arguably, has been hit the hardest by the global pandemic. This is exactly why it is particularly remarkable that the corporate travel management platform TripActions is not only surviving, but is now thriving. The Palo Alto, California-based company today announced that it has raised $275 million in a series F round of funding, at a $7.25 billion valuation. This follows its $155 million raise just nine months ago , which valued the firm at $5 billion.”

Providers

Mindbody Acquires ClassPass in All-stock Deal and Secures $500 Million Investment

TechCrunch

ClassPass , the subscription-based fitness marketplace most recently valued at $1 billion, is today announcing that it has been acquired by Mindbody. Mindbody is a bit like the OpenTable of the fitness world. Its booking software is used by studios, gyms and other experience-based service providers — the company recently signed a global agreement with Blo blowdry bar, for example — for customers and organizations to book their appointments, classes, etc. ClassPass helps fill classes, while Mindbody provides the software that helps fitness centers run their business.”

Providers

Shopify Enlists Microsoft, Oracle for Business Tools on App

Reuters

“Canadian e-commerce platform Shopify Inc (SHOP.TO) is teaming up with top cloud companies including Microsoft Corp (MSFT.O) and Oracle Corp (ORCL.N) to help merchants streamline their business operations. Business owners on the platform can now access Enterprise Resource Planning (ERP) tools including Microsoft Dynamics 365 Business Central, Oracle NetSuite and Infor on the Shopify app. Earlier, they had to rely on third-party applications to connect to Shopify their ERP tools ranging from financial trackers to inventory management systems.”

Systems

Digital Pound Foundation Launches to Promote CBDC Development in the UK

Cointelegraph

“The Digital Pound Foundation (DPF), a group of technology, innovation, and regulatory experts, has announced its launch as an independent non-profit organization in the U.K. According to a release issued on Thursday, the DPF will work to promote the implementation of a central bank digital currency (CBDC) in the country. Indeed, as previously reported by Cointelegraph , the U.K. government in April established a CBDC task force to explore preliminary matters related to the creation of a national digital currency. The DPF, as part of its stated mandate, will carry out research and engage in collaboration with stakeholders to support the U.K.’s CBDC project.”

Use

Higher Growth to Enable Cannabis Business Banking

DISPENSARY NEWS

“California’s North Bay Credit Union partnered with Austin Capital Trust Company and Silicon Valley FinTech MRBD to create the Credit Union Service Organization (CUSO) HigherGrowth, the Credit Union Times reported. The new CUSO, which has been in development for more than two years, will enable credit unions and community banks to provide financial services to cannabis companies without those firms having to meet strict federal and state compliance requirements to have a commercial bank account, the report said.”

On The Wires

Domains

SWIFT Go Builds Momentum As 100+ Banks Sign Up for Service That Powers SME and Consumer Payments

“SWIFT today announces that 100 banks around the world have signed up for SWIFT Go since it went live in July, underscoring strong demand for the service that enables small businesses and consumers to send fast, predictable, highly secure and competitively priced low-value cross-border payments from their bank accounts. Ten banks are already live with SWIFT Go, most recently Deutsche Bank, JPMorgan Chase, and China Minsheng Bank, representing 41 million low-value cross-border payments a year.”

Domains

Synchrony And Fiserv Expand Strategic Partnership With Payment Options For Merchants And Their Customers Via Clover

“Synchrony (NYSE: SYF ), a leading consumer financing company, today announced an expanded strategic partnership with Fiserv, Inc. (NASDAQ: FISV ), a leading global provider of payments and financial services technology solutions. Small businesses will now be able to access Synchrony products and services and accept private label credit card payments via the Clover® point-of-sale and business management platform from Fiserv, accelerating growth for small businesses and offering more flexibility and choice in how consumers make purchases.”

Domains

Veem Partners With Visa to Enhance Domestic and Cross Border Money Movement

Veem, the global payment network for small-to-midsize businesses, today announced a collaboration with Visa, the world’s leader in digital payments. Now, over 400,000 of Veem’s customers will have access to a new SMB Visa card program1 and digital money movement capabilities through Visa Direct, Visa’s real-time2 push payments platform. Veem clients will have the ability to immediately generate and issue virtual Visa payment cards that can be used for business payments to third parties like suppliers, or for general business expenses.”

October 13, 2021

On The Web

Domains

MTA Adds Physical Omny EMV Card for Closed Loop Transit Ticketing in New York

NFCW

“The New York Metropolitan Transportation Authority (MTA) has launched a physical Omny EMV payments card to enable passengers travelling on the city’s subway and bus services to make closed loop contactless ticketing payments. The MTA is rolling out the reloadable Omny card as an additional tap-and-go option for passengers who do not have — or do not wish to use — a bank card or digital wallet to pay their fares on the transit authority’s open loop contactless payment system.”

Global

Eftpos Partners With Major Aussie Banks and Retailers to Launch QR Code Payments Platform | ZDNet

ZDNet

“Eftpos has partnered with Commonwealth Bank of Australia, National Australia Bank, Coles, Woolworths, Azupay, Beem It, and Merchant Warrior to launch its new QR code payments platform it’s calling eQR. To begin rolling out as a new consumer payment option before Christmas, eQR has been described by Eftpos CEO Stephen Benton as a system that will become the “QR equivalent” of the company’s tap and pay feature on its debit cards.”

Tech

UK Contactless Payments Limit Is Rising to £100 – Should You Be Worried?

the Guardian

“It’s a financial revolution that began quietly in September 2007. That is when the first contactless bank cards were introduced in the UK, allowing people to “wave and pay” for low-value items such as a cup of coffee or a newspaper. At the time, spending was capped at £10. Fourteen years on, with at least 135m contactless cards in circulation and the technology accounting for 9.6bn payments a year and rising, the limit is about to go up to £100 . This change, which takes effect on Friday 15 October, will more than double the current £45 cap.”

On The Wires

Deals

Global Processing Services Raises Over US$300 Million to Accelerate Technology Development and Global Growth

Global Processing Services (“GPS”), the leading global payment technology platform, today announced it has raised over US$300 million from Advent International (“Advent”) and Viking Global Investors (“Viking”), who will co-control the company. The investment by Advent will be funded through Advent Tech and Sunley House Capital, an affiliate of Advent. GPS’ API-first payment technology platform enables innovative card programmes for the world’s leading fintechs, digital challenger banks and embedded finance providers. Its platform has helped scale multiple unicorns and powers a vast array of prominent fintechs across Europe, Asia-Pacific, and the Middle East, including Revolut, Curve, Starling Bank, Zilch, WeLab Bank and Paidy.”

Domains

Federal Reserve System and Business Payments Coalition Announce Two Industry Efforts to Propel B2B Payments Toward Modernization

“The Federal Reserve and the Business Payments Coalition (BPC) today announced 73 organizations have joined an industry effort to stand up an operational pilot exchange framework to enable businesses of all kinds to exchange electronic invoices (e-invoices). Another 42 organizations will strive to assess whether a similar exchange framework can facilitate electronic delivery of remittance information across all payment types.”

Domains

TD Bank Adds Free Invoicing Function to Its Business Simple Checking Accounts To Help Small and Micro Businesses Get Paid Faster

“TD Bank, America’s Most Convenient Bank® announced today that it has expanded its collaboration with Autobooks to add invoicing as a feature to its TD Business Simple Checking, making it easier for Small and Micro Businesses to process invoices and get paid faster. With this collaboration, TD Bank is one of the first major financial institutions to provide this tool and make it a standard part of the digital banking experience.”

Global

JazzCash and Mastercard Introduce New Solutions to Transform Pakistan’s Digital Payment Ecosystem | Middle East/Africa Hub

“Pakistan’s leading mobile account provider, JazzCash, in collaboration Mastercard, is strengthening the country’s digital payments ecosystem. JazzCash users will now be able to apply for a physical or virtual Mastercard Debit Card and make payments to merchants accepting Mastercard QR payments. The new Mastercard Debit Card will be available to all JazzCash users via a hassle-free application process through the mobile app, call center or by dialing *786#.  The card can be used to pay at over 67,000 point of sale merchants and over 2,000 local online merchants. It also provides access to cash withdrawals at over 16,000 automated teller machines (ATM). Customers will also be able to get Mastercard Virtual Cards instantly through the JazzCash app and then immediately use it for secure online payments.”

Providers

Temenos Selected by Green Dot to Help Build and Power the Digital Bank and Fintech’s Cloud-Based Processing Platform

“Temenos (SIX: TEMN), the banking software company, today announced that Green Dot Corporation (NYSE: GDOT) has enlisted The Temenos Banking Cloud as its platform of choice to power its direct digital bank and banking platform services (or “BaaS”) partners, enabling more feature-rich, secure and streamlined banking and payment experiences for customers, as well as scalable growth. Temenos’ robust and scalable cloud platform will power Green Dot’s technology stack, enabling the leading Banking Platform Services (BaaS) provider’s partners to embed financial services – including credit, payment, lending, DDA accounts and other features – into their ecosystems.”

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