The Paypers, Posted October 20, 2023

Vietnam-based Lien Viet Post Joint Stock Commercial Bank (LPBank) has selected Temenos to update its core banking platform for retail and corporate banking. 

Through this, LPBank replaces its existing system with Temenos’ technology platform, being able to manage customer accounts and transactions across its retail and corporate activities with enhanced performance and efficiency. Additionally, the bank can offer tailored products faster and at a decreased cost. 

The retail and corporate banking solution includes banking capabilities for lending and deposits, trade finance, foreign exchange, payments, data, and virtual accounts. Moreover, Temenos’ solution aims to support process automation, resulting in minimised operational errors, improved risk management efficiency, and the introduction of effective digital transformation.

By adopting Temenos’ Vietnam Country Model Bank, LPBank leverages pre-configured banking capabilities personalised to the local market, allowing faster, more cost-effective implementation. The bank also benefits from Temenos’ investment in its single code base and experience of working with 3000 banks across 150 countries. Through this signing, Temenos strengthens its position in Vietnam, with LPBank joining the 24 banks across retail, corporate, wealth, and private banking sectors, including MB, MSB, Sacombank, VPBank, and Techcombank, that also operate on the company’s banking platform.

#Fintech

The Paypers, Posted October 18, 2023

IPhilippine-based digital bank Tonik has partnered with life insurance company Sun Life Grepa Financial to roll out insurance for the former’s customers.

The focal point of this collaboration is the introduction of Payhinga, an inclusive bundle service designed to offer customers financial security in the face of life’s uncertainties. It also represents a credit life and disability insurance product, which will complement Tonik’s existing loan offerings and will be readily available to customers applying for loans.

Officials from Tonik said the alliance with Sun Life Grepa will significantly expand their suite of products, and insurance is a highly sought-after addition that their customers have been requesting.

#Digital bank

The Paypers, Posted October 16, 2023

India-based Hitachi Payment Services has launched the HPX programme to collaborate with fintech startups for long-term investment.

The launch of HPX aims to underline the company’s dedication to reshaping the payment industry by fostering enduring collaborations with fintech startups. Through HPX, Hitachi Payment Services aims to engage with new entrants within the fintech and payments arena, with a focus on supporting innovative solutions that have the potential to improve payment experiences for both businesses and consumers. Moreover, the programme seeks to assemble a diverse group of entrepreneurs who have been working on technology-driven solutions.

Participation in the HPX initiative offers a selection of benefits, including access to capital, expedited commercialisation of new payment solutions, industry partnerships, and an opportunity to expand influence beyond India’s borders.

#Payment Services

Singapore: Account Labs to Launch Google-Login Web3 Wallet After Raising $7.7M

Finextra, Posted September 26, 2023

TrueLayer has published new recommendations for the EU to deliver a European payment method based on Open Banking and instant payments, in a newly released report.

The report is entitled `Payments in the EU — Building better user experience through open banking & SEPA Instant` and it outlines the manner in which policymakers can build on these existing initiatives. The EU should optimise the possibilities for businesses and customers to access safer, more convenient, and faster payments by building on Open Banking rules detailed in the Payments Services Regulations (PSR), as well as following the Instant Payments Regulations (IPR). 

Included in the recommendations provided in the report are the process of lowering the cost of instant payments for clients by keeping fees low, as well as improving the competition around instant payments by allowing fintechs access to payment systems on a non-discriminatory and proportionate basis. At the same time, the companies should focus on designing improved user experiences by eliminating the challenges and obstacles in the Open Banking payment journeys, as well as removing IBAN discrimination in order to create a single European payments market. 

#Payments

Crowdfund insider, Posted October 17, 2023

Revolut, the global financial superapp with more than 35 million customers worldwide, has revealed a significant expansion to its Financial Crime (FinCrime) headcount, doubling its size since 2021.

Recognizing the critical role of human intelligence in fraud detection and prevention, alongside technology and AI, Revolut is committed “to tackling the rising threat of financial fraud with a 360 degree approach.”

In response to this threat, where over £1.12bn was “lost to fraud in the United Kingdom in 2022 (1), Revolut is investing in world-class talent to help tackle fraud.” Data disclosed by the company “revealed more than a third of Revolut’s workforce is now dedicated to fighting Financial Crime, with over 2,500 FinCrime experts across 6 markets, spanning key functions such as product development, data science, customer support, operations, and anti-money laundering.”

#Revolut

IBS Intelligence, Posted October 18, 2023

Marqeta (NASDAQ: MQ), the global modern card issuing platform enabling some of the world’s most innovative embedded finance solutions, today announced a new partnership with Scalapay, Southern Europe’s BNPL provider, “to leverage Marqeta’s platform to issue cards both online and in-store.”

Marqeta and Scalapay have signed a five year exclusive contract, where Marqeta will “issue virtual cards for online and in-person transactions, creating a more seamless payments experience for both merchants and consumers.”

Buy Now, Pay Later (BNPL) continues to “be a focal point of consumer interest globally.”

According to Marqeta’s fall 2022 State of Credit survey, “more than 1-in-3 people (35%) surveyed said they now use BNPL more than credit cards, showing continued engagement with this lending vertical.”

#BNPL

The Paypers, Posted October 17, 2023

UK-based TrueLayer has become the first European Open Banking payment option to be integrated into Stripe’s Payment Element.

This integration enables Stripe merchants operating in the United Kingdom and the European Union to offer TrueLayer as a payment method to their customers. The Stripe Payment Element is a user interface component that can be embedded on checkout pages and is utilised by numerous merchants worldwide. It facilitates the display of relevant payment options for customers and the collection of necessary transaction information. 

This development allows merchants to seamlessly incorporate TrueLayer’s Open Banking payment option into the Stripe checkout process. In essence, Stripe users now have the option to choose secure Open Banking payments as an alternative to conventional card payments, which often incur high interchange fees. 

When consumers opt for Open Banking payments during checkout, they are redirected to TrueLayer’s payment page. Here, they securely confirm their payment either through their banking app or online banking platform. TrueLayer’s payment page streamlines the process for businesses to accept instant bank payments without the need to establish or maintain their payment gateway.

#Payments

Ecommpay launches Open Banking Select

Payment expert, Posted October 17, 2023

UK-based international payments service provider Ecommpay has launched the Open Banking Select product to support online businesses.

This offering was designed to provide enhanced control and scalability for payment routing options, ensuring a consistent user experience, and incorporating all the features of Open Banking Advanced. According to the company press release, with the launch of Open Banking Select, Ecommpay becomes the inaugural payment provider to seamlessly orchestrate card payments and Open Banking transactions through a unified proprietary platform. 

Open Banking Select comes with integrations to premier Open Banking providers, including Token, Neopay, and Nuapay. For merchants interested in leveraging the benefits of Open Banking Select with existing partnerships, the option to unify their payment flows by integrating their trusted Open Banking partners, meeting Ecommpay’s strict criteria, is available. 

Ecommerce vendors also gain access to the fast bank rails in the EEA and UK, along with a dedicated local IBAN, requiring only one bank account to receive payments.

#Open banking

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North America Ranks First Globally for VC Fintech Funding – Report

Crowdfund insider, Posted October 17, 2023

New research has revealed that North America ranks first in the world “for Fintech venture capital funding.”

The new study, conducted by the researchers at Tipalti, “analyzed factors such as global fintech adoption rates, searches for Fintech by country and the regions that have the highest virtual capital funding to uncover the world’s biggest Fintech adoption hotspots.”

As noted in the update shared with CI, North America tops the ranking “as the region with the highest amount of venture capital funding into its fintech industry.” Of the global capital funding that has “gone into fintech in 2022, 56.3% has gone specifically to the North American fintech market.”

Following up in second place is Europe, “receiving the second highest proportion of venture capital funding in fintech. Europe is home to some of the most well-known disruptor banks in fintech, such as Revolut, Monzo and Starling Bank.” Of the venture capital funding into fintech in 2022, 22.2% “went into European markets.”

#Open Banking 

Mastercard inks open banking deals with Worldpay and Zip

Finextra, Posted October 19, 2023

Mastercard is stepping up its open banking activity through partnerships with merchant solutions business Worldpay and BNPL firm Zip.

The deal with FIS unit Worldpay means people can permission their data to be shared (not stored) seamlessly between trusted parties and securely pay bills directly from their bank account.

Mastercard says that its open banking technology removes the friction associated with manually typing in routing and account numbers each time. It also automates consumer onboarding for billers and merchants and reduces the risks and costs of storing bank account information.

“We are delighted to partner with Mastercard to leverage their open banking platform in the U.S. to offer secure and seamless account verification services, providing our customers with enhanced payment options and advance open banking around the world,” says Sudev Balakrishnan, chief product officer, Worldpay Merchant Solutions, FIS.

#Mastercard

Intuit Introduces QuickBooks Bill Pay

Finovate, Posted October 16, 2023

US-based Intuit has announced the launch of QuickBooks Bill Pay, in order to expand its money platform and deliver B2B payments with AP automation to small businesses.

Following this announcement, the new solution is set to be fully integrated within the Intuit QuickBooks suite of services, aiming to develop bill pay for businesses and to deliver account payable (AP) automation. 

QuickBooks Bill Pay was designed as a suite of financial and accounting tools that will focus on delivering benefits of simplicity, speed, and accuracy, optimising the manner in which businesses manage their money. In addition, with QuickBooks’ integrated AP automation offerings, small companies and enterprises will be enabled to save valuable time, with manual entry being reduced by 48%. 

By leveraging QuickBooks Bill Pay, small and medium-sized businesses (SMBs) will be enabled to access multiple new services, including time-saving automation, digitised record-keeping, advanced controls with roles and permissions for their team, secure payments and transactions, as well as overall simplified vendor and contractor management. 

#B2B payments

JP Morgan’s Pay-by-Bank product goes live

Finextra, Posted October 20, 2023

JP Morgan and Mastercard have announced the launch of their Pay-by-Bank solution, giving billers the ability to allow their customers to pay bills directly from their bank account, using traditional ACH banking rails.

The product draws on Mastercard’s open banking technology, and is hoped to improve the bank’s Payments’ ACH capabilities. The Pay-by-Bank partnership between JP Morgan and Mastercard began in November 2022, and is expected to not only offer improved customer experience, convenience and speed, but also reinforce security.

Billers whose customers already pay with ACH can enable the Pay-by-bank solution on their existing payments page. By selecting “Pay-by-bank,” consumers will be prompted to choose their bank and agree to securely share their bank account information through Mastercard’s open banking platform for recurring payments.

#JP Morgan

CFPB accelerates US open banking with new data rule

Finextra, Posted October 20, 2023

The Consumer Financial Protection Bureau (CFPB) has proposed its long-awaited open banking rule in the hopes of improving competition in the US banking and payments sector.

The proposed Personal Financial Data Rights rule activates the dormant Section 1033 of the Dodd-Frank Act, which was enacted by Congress more than a decade ago. This means consumer financial service providers are required to share data at the user’s direction with other companies in the ecosystem that offer more attractive products and services.

“With the right consumer protections in place, a shift toward open and decentralised banking can supercharge competition, improve financial products and services, and discourage junk fees,” said CFPB director Rohit Chopra. “Today, we are proposing a rule to give consumers the power to walk away from bad service and choose the financial institutions that offer the best products and prices.”

Under the proposed Personal Financial Data Rights rule, people would be able to share data about their use of checking and prepaid accounts, credit cards, and digital wallets.

#Open banking

Goldman Sachs Beats on Top Line, Bottom Line Declines

Finextra, Posted October 17, 2023

Goldman Sachs has reported Q3 earnings that delivered strong revenues but reversed on the bottom line in comparison to Q3 2022. Goldman reported revenues of $11.82 billion and net earnings of $2.06 billion for the quarter ending in September.

Earnings per share (EPS) were $5.47 for Q3 2023 compared with $8.25 for the third quarter of 2022 and $3.08 for Q2 of 2023. Year to date, the earnings came in at $17.39 compared with $26.71 for the first nine months of 2022.

Goldman highlighted some of the reasons earnings fell short, including the recently announced sale of online lending GreenSkye along with “historical principal investments” and “modest ongoing losses in connection with the firm’s residual Marcus loans portfolio and operating Personal Financial Management.”

#Goldman Sachs

The Paypers, Posted October 12, 2023

Global provider of payments and financial services technology Fiserv has acquired Skytef to broaden its network of partners in Brazil. 

Through this acquisition, Fiserv aims to strengthen its distribution network in the country, adding relationships with more than 600 ISV partners and approximately 27,000 merchants, bringing its total number of associates to more than 1,000.

Fiserv also includes capability with Traditional Terminal, Android Point of Sale (APOS), and multi-merchant solutions that allow terminal applications to be shared by multiple merchants using the same device. The company’s partners receive operational efficiency and expansion of the range of products and services that can be provided to add business value.

The integration of the two companies and the addition of new associates enables Fiserv to broaden its capacity to support large clients with complex after-sale demands. Fiserv wanted to work with Skytef due to its broad range of capabilities across payment and commerce channels and for its inclination to offer Software Express services to the drugstore, food service, and clothing sectors, among others.

#Fintech

Nubank applies for a banking licence in Mexico

The Paypers, Posted October 20, 2023

Nu Mexico, a Nubank subsidiary, has announced that it has applied for a banking licence with the National Banking and Securities Commission (CNBV), the local regulator. As per the press release, this move aims to provide a broader and more robust regulatory figure. In this way, Nu will be able to provide its customers with a wider range of products and benefits, including investments, payroll portability, and higher deposit limits. Nu Mexico intends to continue to innovate, grow, and invest in the country, contributing to the advancement of the financial sector, and increasing financial inclusion. 

Furthermore, the press release goes on to highlight that Nubank follows the local regulations of each of the countries in which it operates. While it has a global strategy for the company, it is very conscious of tailoring it to each market’s characteristics, regulatory framework, and customer needs. While Nubank is now able to create and launch products at a much faster pace, it also needs to ensure an adequate regulatory framework to unlock growth in Mexico. Thus, the company stated that the banking licence is the right fit for its long-term roadmap. 

#Nubank

Nubank Begins Testing with Generative AI to Enhance CX with Credit

Crowdfund insider, Posted October 19, 2023

Nubank is starting to test this week a new solution that applies generative artificial intelligence as a virtual assistant to further enhance customer service.

In this initial stage, the AI solution will “focus on presenting personalized possibilities related to credit granting within the Nubank ecosystem and portfolio.”

This includes understanding the “use of the credit limit on the card, exploring possibilities of collateralized credit, using NuPay without consuming the credit limit, and even personal loans, depending on the customer profile and eligibility.”

In the first few months, the solution will “be available only to members of NuCommunity, the company’s virtual community dedicated to dialogue with customers.”

The first version was developed “using ChatGPT4, as well as other data models and proprietary structure and insights tools from Nubank, and will undergo a learning evolution as customers use it.”

#Fintech