The Paypers, Posted January 19, 2024

IT infrastructure services provider Kyndryl has announced its collaboration with Canara Bank, aiming to optimise the latter’s operations.

Through this partnership, Kyndryl aims to improve Canara Bank’s end-to-end IT operations and simplify service delivery across core banking, IT infrastructure, applications, and network operations. Additionally, the company’s solution focuses on offering the bank an end-to-end view of its business services, risk mitigation leveraging advanced capabilities and tools, and improved service availability while enhancing reliability. The collaboration supports Canara Bank in developing the customer service experience.

#Fintech

The Paypers, Posted January 19, 2024

Mastercard has launched a medical claim payment solution based on virtual card technology for healthcare and insurance providers in India.

The healthcare industry faces challenges due to slow, fragmented payments. Legacy systems cause delays, impacting providers’ cash flow. Health tech platforms have made steps to improve connectivity, but a gap persists: payments remain disconnected, hindering seamless claim settlement.

Officials from Mastercard said that the healthcare industry is at an inflection point, with evolving digital-first expectations challenging industry norms. Around the world, they’ve been working closely with healthcare organisations to better serve their partners and patients with a range of products and services well-tuned to drive simplicity, convenience, and efficiency in payments and beyond.

#Fintech

Financial Express, Posted January 18, 2024

The DMI Group (DMI) announced the acquisition of the ZestMoney platform (Zest). DMI Finance, the NBFC arm of DMI, will be a preferred lender on the Zest platform, it said. 

Through this acquisition, DMI will have the exclusive right to the use of all Zest brands. This acquisition will enable DMI to widen its engagement with current and potential customers by adding the ZestMoney checkout financing platform to its product suite. DMI will also bring its customer base, balance-sheet strength and significant risk-management experience to drive growth across Zest’s online and offline merchant network.

#Fintech

GHL Systems Goes Green With Roll Out of Digital Receipts

Finextra, Posted January 18, 2024

UK retail giant Sainsbury’s is to wind down its banking division, having already offloaded is mortgage book to Co-operative Bank in the summer.

The move will see the retailer undertake a phased core withdrawal from the market, instead offering financial services products to its customers through affiliations with third parties. This is similar to its strategy in the insurance business line.

“Financial services products that we continue to offer in the future will be provided by dedicated financial services providers through a distributed model,” says the grocer in a statement. “We already do this successfully with our insurance products. Over time this will result in a phased withdrawal from our core Banking business. There will be no immediate changes to the products or services that we provide to our customers.”

#Sainsbury’s

Finextra, Posted January 12, 2024

Global Payments and Commerzbank are to launch a joint venture company catering to the digital payment needs of small and medium sized enterprise in germany.

The new entity, Commerz Globalpay GmbH, is expected to launch in the first half of 2024 and will provide a one-stop shop of omnichannel payments and software options for merchants.

Commerz Globalpay will offer Global Payments’ smartphone-based payment applications and card terminals for instore operations and online sales. Business customers wil also have access to a variety of value-added services, including cloud-based point-of-sale software, customer loyalty programmes and an analytics and customer engagement platform.

Based in Frankfurt, Global Payments will hold a 51 percent stake in the company and Commerzbank the remaining 49 percent.

#Payments

The Paypers, Posted January 18, 2024

UK-based mobile payment system TrustistTransfer has added Apple Pay and Google Pay to its payments platform.

The integration of Apple Pay and Google Pay means that users of TrustistTransfer can now enjoy a frictionless payment experience directly from their mobile devices, with the benefit of enhanced payment protection through advanced encryption and authentication methods.

Executives from TrustistTransfer said that as one of the innovators in the use of QR codes in payments, their company is a true visionary in meeting the security and convenience needs of consumers. Integrating with Apple Pay and Google Pay is a key milestone for their users.

As well as bringing augmented security and convenience to users through TrustistTransfer’s mobile payment platform with Google Pay and Apple Pay, support is accessible to users around the world, contributing to a borderless and inclusive digital payment ecosystem.

#Fintech

Altfi, Posted January 19, 2024

Netherlands-based ‘buy now, pay later’ (BNPL) Billink has secured €29.5m from German Varengold Bank.

The payments provider, which has amassed three million users since launching in 2012, describes itself as a ‘local hero’, operating in Belgium, the Netherlands and Luxembourg.

It was founded in 2009 and launched BNPL in 2012 and now more than 3,000 web shops offer its payment service.

“We have been active in the payment market in the Benelux for over a decade and understand the challenges of our web shop owners,” Billink CEO Frank Waagmeester said.

“We see this reflected in, among other things, a high customer retention and satisfaction score and a 4.7 Trustpilot rating, the highest in the market. With this great foundation, we are ready to take the next step.”

The fintech will use the funding to expand to Germany and increase its offering to the top-50 largest Benelux web shops, as it aims to make shopping online fairer by providing both users and shops the same level of assurance as they have in in-person transactions.

#BNPL

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Payroll credit fintech Kashable raises $25.6 million

Finextra, Posted January 19, 2024

Kashable, a finech platform that offers credit to employees through a company’s payroll system, has bagged $25.6 million in a Series B capital raise.

The round was co-led by Revolution Ventures and Moneta Ventures, with participation from EJF Capital and Krillion Ventures.

Kashable integrates with employer Human Resource Information System and payroll systems — enabling immediate access to loans that are automatically repaid through salary deductions.

The firm also provides employees with access to free financial education resources including credit monitoring, individual financial coaching, and budgeting tools.

Since its founding in 2013, the company has extended access to credit to hundreds of thousands of individuals through 250+ employers such as Cigna, Reid Health, Huntington Ingalls, Alight Solutions, and more.

#Fintech

Trump promises to block CBDC

Finextra, Posted January 19, 2024

Donald Trump has vowed to prevent the creation of a central bank digital currency if he wins the US presidential election, calling a digital dollar a “dangerous threat to freedom”.

Speaking at a campaign stop in New Hampshire, the former president and Republican party leadership race front-runner told a crowd: “As your president, I will never allow the creation of a central bank digital currency.”

JUST IN: Donald Trump says “As your president, I will never allow the creation of a Central Bank Digital Currency. Such a currency would give our federal government absolute control over your money.”

#CBCD

X plans P2P payments this year

Finextra, Posted January 10, 2024

Social media platform X, formerly known as Twitter, says it will introduce peer-to-peer payments this year.

Over the last year, the firm has busy applying for payment processing licenses, securing the vital approval in 13 US states by December.

In a blog outlining plans for 2024, X says: “We will launch peer-to-peer payments, unlocking more user utility and new opportunities for commerce, and showcasing the power of living more of your life in one place.”

The plan is less ambitious than X owner Elon Musk’s boast in October that he wants the platform to manage users’ “entire financial life” so that they “won’t need a bank account” by the end of 2024.

#Payments

The Future of Global Fintech: CCAF Presents Report at Davos

Crowdfund Insider, Posted Posted January 18, 2024

The Cambridge Centre for Alternative Finance (CCAF) was at Davos, Switzerland, today to present their latest findings on the Fintech revolution at the World Economic Forum.  The Future of Global Fintech: Towards Resilient and Inclusive Growth was published this month and introduced today, outlining the strength and resilience of Fintech while noting the challenges.

CCAF is the leading independent research entity for the world of Fintech – including blockchain, online capital formation, banking, Regtech/Legaltech and more.

n a statement issued alongside the research, Bryan Zhang, Executive Director and co-founder of CCAF, said it is imperative that the pace of regulatory and supervisor innovation matches Fintech innovation:

“This report highlights the importance of having an appropriate and adequate regulatory environment that is conducive to the scalable and sustainable development of Fintech. The study findings also indicate the enormous potential of digital financial services to widen access to finance for consumers and SMEs by providing more accessible, affordable, and personalized financial products and services.”

#Payments

Current, the US Fintech Platform, Teams Up with Column Tax

Crowdfund Insider, Posted January 18, 2024

Current, the U.S. fintech platform dedicated to empowering Americans in pursuit of a brighter financial future, announced a partnership with Column Tax, the embedded tax provider offering next generation tax products.

This partnership will aim to “save millions of Americans much-needed money this tax season through a highly accessible and affordable embedded tax filing experience.”

At Current, nearly 50 percent of members reportedly “worked at least two jobs last year, which not only can make filing taxes complicated, but also more costly.”

Now, through this new embedded filing integration “with Column Tax, members can file their taxes for free directly in the Current app, and most can file in under 20 minutes, regardless of how many jobs they have worked.”

Every return is backed “by Column Tax’s maximum refund and accuracy guarantees.”

Current members also receive their refunds “on Current up to five days faster than traditional banks.”

#Fintech

Payhawk Is Now a Licensed E-Money Institution (EMI) in the UK

Crowdfund Insider, Posted January 18, 2024

Payhawk, a global spend management solution, is now a licensed Electronic Money Institution (EMI) in the UK.

The Financial Conduct Authority reportedly granted the license “after extensive due diligence into Payhawk’s compliance, financial, and operational processes.”

The new UK EMI license will allow Payhawk to “directly issue electronic money, facilitate digital payments and provide card issuance and payment solutions to new and existing UK customers.”

In addition to the EMI license in the UK, Payhawk holds “an EMI license covering the EEA, is a principal member of Visa Europe, is accredited by ICAEW’s Technology Accreditation program, and maintains PCI DSS Level 1, SOC 2, and ISO 27001 certifications.”

#Payhawk

CFPB proposes rule to end bank overdraft loophole for large banks

The Paypers, Posted January 18, 2024

The Consumer Financial Protection Bureau (CFPB) has proposed a rule to curb excessive overdraft fees charged by large financial institutions.

CFPB’s new rule proposal would bring an end to an outdated loophole that exempts overdraft lending services from longstanding provisions of the Truth in Lending Act and other consumer financial protection laws.

For a long time, financial institutions have been able to issue highly profitable overdraft loans, which have garnered them billions of dollars in revenue annually. Under the new proposal, large banks would be free to extend overdraft loans if they complied with longstanding lending laws, including disclosing any applicable interest rate. Alternatively, banks could charge a fee to recoup their costs at an established benchmark – as low as USD 3, or at a cost they calculate, if they show their cost data.

Regulator have stated that decades ago, overdraft loans got special treatment to make it easier for banks to cover paper checks that were often sent through the mail. Now, they are proposing rules to close a longstanding loophole that allowed many large banks to transform overdraft into a massive junk fee harvesting machine.

#Amazon

Finextra, Posted January 18, 2024

Pomelo, an Argentinian payments infrastructure firm, has raised $40 million in a Series B funding round led by VC Kaszek.

Monashees, Index Ventures, Insight Partners, Endeavor Catalyst, S32, TQ Ventures and Alter Global joined the round, which brings Pomelo’s total funding to $103 million since its founding in 2021.

Built by Mastercard, Mercado Pago and Naranja X veterans, Pomelo helps clients launch credit, debit or prepaid card businesses in multiple countries, in weeks, with a single technological integration.

The company operates in Colombia, Argentina, Brazil, Chile, Mexico and Peru and has hundreds of corporate clients including banks, multinational companies and technology startups such as Rappi, Bitso, Stori, Lulobank, Nomad, Payjoy, Ripio, and AstroPay.

#Payments

PayPal and Samsung back LatAm fintech Prometeo

Finextra, Posted January 17, 2024

PayPal and Samsung have joined a $13 million funding round in LatAm embedded banking vendor Prometeo.

PayPal and Samsung were joined by lead investor Antler Eelevate with support from DN Capital and existing backers Comete and Magma Partners.

Prometeo’s embedded banking software platform provides its clients with automated access to bank information and payments from more than 283 financial institutions in 10 countries throughout Latin America via a single API.

#Fintech

Nu Mexico lets customers receive payments from US via WhatsApp

Finextra, Posted January 11, 2024

Nubank customers in Mexico can now receive money from the United States via WhatsApp thanks to a partnership between the digital banking giant and Felix Pago

To use the service, customers generate a money request link within the Nu app, which comes pre-loaded with essential details about the recipient’s savings account product in Mexico. Then, they share the link with the sender via WhatsApp.

The sender interacts with the Felix chatbot directly within WhatsApp. Felix Pago is responsible for sending the money from the US to Mexico. Once the sender completes the operation, funds will arrive instantly in Mexican pesos through SPEI in the savings account, called Cuenta Nu.

#Nubank