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Finstar PR Department
The Paypers, Posted June 22, 2023
The International Finance Corporation has announced its partnership with Bangko Sentral ng Pilipinas and World Bank to launch the Open Finance PH Pilot.
Following this collaboration, the financial institutions will focus on developing the Open Finance ecosystem for Philippine-based companies and customers. The initiative aims to improve the way clients that lack documentation and the needed information for leveraging financial services build a financial profile, a credit history, and access loans and other products. The Open Finance PH Pilot was designed to voluntarily undertake financial institutions to co-develop an open and scalable ecosystem that offers customers the opportunity to take more control over their financial data. Furthermore, it also enables them to access a wide range of financial solutions from different providers.
Altfi, Posted June 26, 2023
Google is to open its global fintech operation centre in India’s first “greenfield smart city”, as it invests $10bn in India’s digitisation fund.
The announcement was made by Google CEO Sundar Pichai after meeting Indian PM Narendra Modi in Washington on Friday last week.
The operation centre will be located in Gujarat International Finance Tec-City (GIFT City), which is a central business district and “smart city” under construction in the Indian state of Gujarat, India’s fifth biggest state.
During the meeting, Pichai spoke positively about the PM’s vision for Digital India, which is a key plank of the Modi government.
“It was an honour to meet PM Modi during the historic visit to the US. We shared with the Prime Minister that Google is investing $10 billion in India’s digitisation fund. We are announcing the opening of our global fintech operation centre in GIFT City, Gujarat,” news agency ANI quoted Pichai as saying.
Crowdfund insider, Posted June 25, 2023
A provider of digital payment solutions in the Asia Pacific, AsiaPay has announced the partnership with PayMe by HSBC in Hong Kong “to help local merchants provide more flexible payment options in a single device and enhance the purchase experience for consumers.”
The partnership will “enable merchants to offer PayMe to their customers when they check out online and offline.”
It also allows merchants “to connect with more than 3 million PayMe users through AsiaPay’s payment gateway—PayDollar and leverage flexible features to fit the needs of their business. Besides consumers can now pay with minimal effort on their mobile devices, making transactions quicker and more expedient.”
Brad Jones, Head of PayMe, HSBC, said:
“We will not be complacent about our user base of 3 million. Our goal is to be the mobile wallet for all in Hong Kong. As we continue to expand the PayMe tribe, we are also building a critical mass of merchants to meet the diverse consumption needs of our users. AsiaPay is a premier digital payment service provider in the region. The partnership will support PayMe’s mission to promote electronic payment in Hong Kong as part of its long-term quest to be a leading smart city in the region.”
Moreover, empowered by AsiaPay PayDollar’s data analytics platform, merchants can also access real-time PayMe transaction reports digitally “via the AsiaPay PayDollar Merchant Portal and process instant refunds with a few buttons.”
AML Intelligence, Posted June 26, 2023
The Bank of Lithuania has terminated the electronic m6oney institution (EMI) license of UAB Payrnet. The bank said the license was revoked due to “serious, systematic and multiple violations of legal act. The company allegedly violated the Law on Electronic Money and Electronic Money Institutions, the Law on the Prevention of Money Laundering and Terrorist Financing, as well as the Law on Payments.
PayrNet Ltd was a part of Railsbank (Railsr) in the UK, which filed for bankruptcy earlier this year. Railsr was then purchased by a consortium led by D Squared Capital.
There have been reports regarding concerns that some issued payment cards will not be redeemable.
The Bank said it will apply to the courts for the initiation of bankruptcy proceedings again UAB Payrnet as well as contact law enforcement.
UAB Payrnet is now restricted in its activity, and clients of the firm may apply to receive a refund.
According to the Bank of Lithuania, the institution did not control how and to whom intermediaries provided the services of the institution, how they performed the money laundering and terrorist financing functions delegated to them and failed to comply with the requirement for training of intermediaries, and audits of their activities.
Crowdfund insider, Posted June 23, 2023
PayPal Holdings, Inc. and KKR, a global investment firm, announced the signing of an exclusive multi-year agreement “for a €3 billion replenishing loan commitment under which private credit funds and accounts managed by KKR will purchase up to €40 billion of buy now, pay later (BNPL) loan receivables originated by PayPal in France, Germany, Italy, Spain, and the United Kingdom.”
Under the terms of the agreement, KKR’s private credit funds and accounts “will acquire substantially all the European BNPL loan portfolio held on PayPal’s balance sheet at the close of the transaction and will also acquire future originations of eligible BNPL loans.” PayPal will “remain responsible for all customer-facing activities, including underwriting and servicing, associated with its European BNPL products.”
IBS Intelligence, Posted June 30, 2023
CaixaBank has launched FXWallets, a service that lets users open, immediately, intuitively, and with no opening or maintenance costs, virtual accounts to send and receive international payments in more than 50 currency pairs.
CaixaBank says it is the first bank in Spain to offer a virtual account service for currencies to all types of companies. The service is available in June in pilot mode for a select group of companies and, starting in September, it will be available to all interested customers. The service is accessed via CaixaBank’s website and app, which will feature the FXNow currency market platform.
The new FXWallets service is bringing to international payments all the advantages and security of traditional accounts, with the added benefits of significant advances in user-friendliness and immediacy. In fact, users can open a wallet in the desired currency with just two clicks and use it right away.
Reuters, Posted June 27, 2023
Britain and the European Union signed a long-delayed post-Brexit cooperation pact in financial services on Tuesday, but the rapprochement is unlikely to restore EU access for the City of London anytime soon.
The memorandum of understanding on regulatory cooperation was part of Britain’s deal in exiting the European Union but put on ice amid clashes with Brussels over trading arrangements in Northern Ireland, since resolved by the Windsor agreement.
“I think it’s fair to say we have turned a page in our relationship based on the Windsor Framework,” EU financial services chief Mairead McGuinness told a press conference where she and UK finance minister Jeremy Hunt signed the MoU.
The first meeting of the new regulatory forum is due in the autumn, allowing both sides to discuss regulatory changes, international developments or risks to markets, she said.
Fintech Futures, Posted June 29, 2023
French telecommunications giant Orange Group is in exclusive negotiations with BNP Paribas to take on its Orange Bank customers as the firm looks to withdraw from the retail banking market.
Orange Group’s board of directors have given the go-ahead to work out a partnership with BNP Paribas for Orange Bank’s two-million-strong customer portfolio in France and to develop financing solutions for mobile devices. The pair will also negotiate terms for a takeover of Orange Bank’s Spanish business.
The talks with BNP Paribas form part of Orange’s wider intention to progressively withdraw from the retail banking market in France and Spain following a strategic review of its banking business that was launched several months ago.
Crowdfund insider, Posted June 26, 2023
Financial tech provider Finastra says it has been approved for the new FedNow Service launching in the next few weeks. FedNow is a US government initiative to power real-time payments. The service will be integrated into Finastra’s Payments To Go platform and will later be added to its Global PAYplus solution. Finastra participated in the FedNow pilot programming expediting the certification process.
Finastra said its customer Amarillo National Bank will be an early user of their FedNow offering.
Barry Rodrigues, EVP of Finastra’s Payments Business Unit, said it is important for the company to stay ahead of market developments and the FedNow Service improves upon existing options.
“With our many years of experience innovating in the instant payments space across the globe, we are pleased to be a FedNow certified provider and look forward to equipping our customers with this new tool so they can be successful for years to come.” Finastra points to research that indicates instant payments are an opportunity for growth as there is significant demand. The research claims that 76% of respondents see legacy payment systems are an obstacle to rolling certain services. Cloud implementations, and Payments-as-a-Service (PaaS) solutions in particular.
The Paypers, Posted June 29, 2023
Square has announced the launch of new banking and spend management solutions for US sellers, including new credit tools and features to simplify cash flow management.
The Square Credit Card, running on the American Express network, gives sellers a new, yet familiar tool that provides them with more spending flexibility when they need it and a rewards programme that helps them reinvest back in their business. With no late or annual fees, the Square Credit Card features a credit limit determined by the sales a seller processes through Square, growing as their business grows, and rewards them with free card processing every time they spend.
Square is also broadening the functionality of its popular Square Loans product. To better serve large sellers, Square is providing these businesses with loans that can be repaid on a fixed monthly schedule, rather than through daily repayments – offering a more predictable repayment schedule – as well as the optional ability to use external data to improve loan offer size.
Both Square Credit Card and the new loan options are currently in beta but have seen strong usage already, including among upmarket sellers. Since these products entered beta, 25% of Credit Card spend and 30% of originations from loans with fixed monthly payments have come from upmarket sellers, the company says.
The Paypers, Posted June 29, 2023
Visa has signed a definitive agreement to acquire Pismo, a cloud-native issuer processing and core banking platform, for USD 1 billion in cash.
Pismo’s cloud-based platform for financial institutions hosts over 70 million accounts and transacts more than USD 200 billion per year, enabling clients to issue Visa and Mastercard cards.
By acquiring Pismo, Visa will be positioned to deliver core banking and issuer processing capabilities to customers via cloud-native APIs for debit, prepaid, credit, and commercial cards. Pismo’s infrastructure will also allow Visa to facilitate and link financial institution clients to developing payment rails like Pix in Brazil.
According to media accounts, Visa was merely one of the numerous corporations competing for the startup, which was not looking to be purchased or even raise funds.
Pismo will maintain its present management team as part of the purchase, which is slated to finalize by the end of the year. The acquisition is scheduled to completion by the end of 2023, subject to regulatory clearances and other standard closing conditions.
Business Wire, Posted June 20, 2023
US-based J.P. Morgan has announced its investment in the artificial intelligence and machine learning platform Cleareye.ai to further develop its solutions.
Cleareye.ai provides its customers and clients with the digital trade finance solution ClearTrade, designed to offer digital automation of trade compliance and operations. The platform also gives users a smart interpretation of data and documents in trade in order to identify TBML and Sanctions risks, automating expert manual checking processes. The service is powered by a document digitalisation engine that has the ability to extract, validate, as well as to accurately classify unstructured data.
In addition to the investment, Cleareye.ai is set to work with JP Morgan’s Trade and Working Capital to continually improve the company’s offerings and capabilities. The focus will be on meeting the needs, preferences, and demands of customers and clients while offering banks and financial institutions benefits for their development processes.
Crowdfund insider, Posted June 29, 2023
Mastercard announced the launch of the Multi Token Network (MTN), a set of core capabilities designed to make transactions within the blockchain and digital asset ecosystems secure, scalable and interoperable – enabling payment applications and trade more efficiently.
A new solution for the industry, the MTN that Mastercard is starting “to test was designed under four pillars of trust” and seeks to meet the four main needs of the industry:
Counterparty Trust: Effective identity management and permissions are essential to building trusted networks. The Mastercard Crypto Credential , announced in April, will be leveraged across all MTN interactions to provide a common set of standards and verification infrastructure, enabling trusted interactions between consumers and businesses using blockchain networks. Several partners are already working with us on an initial project to enable transfers on public chains, and our recent work on theAustralian CBDC uses the same technology to secure CBDC transactions.
Trust in the Digital Payment Asset: Stable, regulated and scalable payment tokens are essential to power payment applications. Last year, we tested the use of tokenized commercial bank deposits between various financial institutions, settling through our existing network. We also joined a group of market participants to explore a tokenized deposit platform through a concept called the Regulated Liability Network . MTN will support and complement these efforts by enabling regulated payment tokens to power financial applications.
Trust in technology: The scalability of blockchain networks and the interoperability between them are critical technologies needed for secure transfers of tokens and assets. Our work with the Reserve Bank of Australia (RBA), partnering with Cuscal Payments and Mintable on their CBDC pilot demonstrates how CBDCs issued by the RBA can be used to make seamless purchases of assets from entities listed on the public blockchain. MTN seeks to offer these features across all supported tokens and payment networks in a scalable manner.
Confidence in Consumer Protection: MTN will build on our years of experience in developing standards and rules for our card network to provide a common framework for a community of users with shared interests. This includes clear rules that prioritize strong consumer protections, stability and regulatory compliance.
Crowdfund insider, Posted June 28, 2023
Sendwave, the remittance brand making sending money across borders easy and affordable, announces Sendwave Pay.
Sendwave Pay is a banking product “available to select Sendwave customers based in the United States.”
Sendwave Pay provides existing Sendwave users “access to a FDIC-insured bank account with an accompanying debit card.” This reportedly makes Sendwave “the only major remittance provider with such an offering in the US.”
Account holders will have:
a bank account with no hidden account creation, maintenance or minimum balance fees;
access to up to 0.4% improvement on exchange rates and up to 25% savings on transaction fees on remittances to various countries when using the funds in their accounts account funds;
a Sendwave Pay debit card to use on every day transactions;
reimbursements for international transaction fees when using their Sendwave Pay debit card outside of the US;
earn up to 0.51% APY on the money held in their Sendwave Pay account
For migrants, opening a bank account is “an important step to establishing themselves and helps to achieve financial autonomy.”
The Paypers, Posted June 27, 2023
Analytics software company FICO has announced a partnership with Open Finance data and payments platform Belvo set to expand credit access in Latin America.
Per the press release, the two companies are developing an interpretable and explainable machine learning (ML) model that will provide a score based on consumer permissioned transaction-level data, targeted at increasing credit access for consumers, improving banks’ risk management, and enabling lenders to create personalised financial experiences for their customers. The score is set to be available in Brazil later in 2023. Developed by FICO’s AI Innovation and Development team leveraging AI techniques of the likes of interpretable neural networks, the Belvo Open Finance Score is set to produce a credit risk score based on Open Finance transactions from numerous financial accounts (credit, debit, current accounts, savings, investments etc) permissioned by the customers and processed through Belvo’s Open Finance infrastructure in a secure manner.
The Paypers, Posted June 26, 2023
Puerto Rico-based Segura Bank has partnered with Temenos to launch a new digital bank aimed at Latin American customers.
As part of this collaboration, Segura Bank will integrate with the Temenos banking platform on Microsoft Azure to create banking services at a lower cost and at a higher speed. The goal is to provide enhanced digital experiences while maintaining scalability as the bank expands across the continent.
The Office of the Commissioner of Financial Institutions (OCIF) has licenced Segura Bank as an International Financial Entity. In order to protect customers from potential currency fluctuations and devaluation, the upcoming digital bank will offer services in USD, a move that will also support international transactions and provide access to global markets denominated in USD.
According to the official press release, by tapping into the cloud-native core banking capabilities of the Temenos platform, Segura Bank will be able to support efficient transaction processing and will gain the ability to manage customer accounts while ensuring compliance with robust KYC capabilities. Improved automation and digitised workflows will also help improve overall operational efficiency while accelerating time to market. The new digital bank is expected to go online in the following months.
Crowdfund Insider, Posted June 27, 2023
Nubank, one of the largest digital financial services platforms in the world, has just surpassed the milestone of three million PJ customers.
In the segment for almost four years, the company currently “has the largest number of PJ users with an open bank account in the country, with a 60% growth in the last year and leadership in the competitive NPS (Net Promoter Score – Source: NPS Prism benchmark report) ranking of customer relationships in this sector in the second half of 2022.”
Livia Chanes, leader of Nubank’s operations in Brazil, said:
“Nubank exists to eliminate complexity, and we know that this is a latent pain among the entrepreneurial public, which seeks ease of mind to focus on their business without unnecessary concerns with bureaucracy and abusive fees that could be used to advance the business. With this in mind, we started to develop services for this segment. We want to be true partners in this entrepreneurial journey and help facilitate the routine of business owners.”
In a survey conducted in May this year, 58% of PJ customers said they “use Nubank as their primary account.”
In addition, the company currently “has about 10 million entrepreneurs in its total customer base.” Of its three million current PJ users, 76% “are MEI (individual microentrepreneurs), and the rest comprise other types of businesses, such as micro and small enterprises.”
oost in revenue.
Altfi, Posted June 29, 2023
Visa is buying a Brazilian payments platform for $1bn as the US card giant looks to increase its presence in Latin America.
Pismo is a payment processor and core banking platform with operations in Latin America, Asia Pacific and Europe.
The Brazilian startup, founded in 2016, has seen explosive growth in recent years.
It now processes $40bn in transaction volume annually, compared to less than $1bn per month in 2021.
Sao Paulo-based Pismo, which provides the technology through which clients can issue Visa and MasterCard cards, powers nearly 80 million accounts in total.
Its clients include Revolut, N26, Nubank and Citi.
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Finstar PR Department