FinTech Futures: Top five stories of the week – 7 July 2023
Here’s our pick of five of the top news stories from the world of finance and tech this week.
Partnerships
FIS confirms deal to sell majority stake in Worldpay to GTCR for $11.7bn
The transaction is expected to close by Q1 2024, subject to regulatory approvals and closing conditions.
US fintech Clair lands $25m equity funding to power on-demand pay
The start-up has also secured a $150 million consumer lending program with banking partner Pathward.
Rimes supports digital transformation of Jana with Matrix solution
Jana has gone live with the solution in an effort to streamline and automate its operational processes.
SumUp taps Form3 for access to UK Faster Payments, appoints CPO
SumUp has also appointed Anna Kuriakose as its new chief product officer (CPO).
Video: Strands and Akbank at Money20/20 Europe – Business financial management for SMEs
Strands and Akbank discuss how they are working together to support SMEs with their banking needs.
Britcoin privacy preserved as Bank of England taps Nuggets for identity layer
The layer will maintain user privacy and offer protection from fraudulent activity and money laundering.
Nine UK banks tap Mastercard for new AI-powered fraud risk solution
Lloyds Bank, NatWest, Monzo and TSB are some of the UK banks partnering with Mastercard for its latest offering.
Indonesia’s Allo Bank taps Tencent Cloud to enhance digital banking services
Tencent Cloud will deploy its database management system TDSQL, to help the bank manage data efficiently.
Mbanq’s BaaS offering supports US debut of SME-focused Cheqly
Cheqly’s services include business accounts, physical and virtual Visa cards, ACH payments and wire transfers.
Mascoma Bank implements OnView deposit suite with VSoft partnership
Mascoma Bank will utilise VSoft’s Teller Deposit, Branch Deposit and ATM Deposit solutions.
LendInvest secures £500m funding partnership with Chetwood Financial
LendInvest says the funding will fuel its buy-to-let and residential mortgage products.
Wise to offer its infrastructure to help fintechs issue accounts and cards
Wise Platform will roll out the new features in Australia initially, and has already signed two clients.
Honouring the innovators: PayTech Awards 2023 winners revealed
Celebrating exceptional achievements and talent in payments industry worldwide.
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Featuring Orange Bank, Visa, Pismo, Robinhood, and more.
Risk and compliance fintech Unit21 bags $45m Series C
The company says the funding has fueled the growth of its Fintech Fraud DAO consortium, launched last fall.
Capital Union Bank taps Avaloq for new online banking platform
The bank’s CEO says Avaloq’s solution will enable its clients to have “even more control over their assets”.
Orange in exclusive negotiations with BNP Paribas as it looks to exit retail banking market
The move follows a strategic review of Orange’s banking business launched several months ago.
UK signs financial services cooperation agreement with EU
The MoU aims to establish an “ongoing forum” to discuss voluntary regulatory cooperation.
State Employees Credit Union taps Apiture for digital banking upgrade
The credit union will utilise Apiture’s Consumer Banking and Business Banking solutions.
Aussie fintech Stables launches APAC’s first stablecoin virtual card
Stables’ CEO says the company wants to simplify stablecoin usage and drive its global adoption.
Star One Credit Union taps Tyfone to implement instant payment solution
The solution is certified for FedNowSM, the Federal Reserve’s new instant payment offering launching in July 2023.
Danske Bank taps Infosys for digital transformation
As part of the partnership, Infosys will also acquire Danske Bank’s India IT hub, employing over 1400 people.
Novobanco taps Feedzai for fraud protection and enhanced CX
Novobanco will deploy Feedzai’s Digital Trust (DT) and Transaction Fraud for Banking (TFB) solutions.
ICYMI fintech funding round-up: Mypinpad, Navadhan, TransBnk & more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
UK paytech Ryft introduces in-person card payments to St Helena
Ryft says the small, remote island has “historically struggled” to access international payment platforms.
PayPal to sell up to €40bn of European BNPL loans to KKR
The transaction, subject to certain conditions, is expected to close in the second half of 2023.
Puerto Rico’s Segura Bank taps Temenos to power new digital bank offering
The new digital banking platform for Latin Americans is expected to go live in the coming months.
Jordan Ahli Bank launches social payment app Qawn powered by Thought Machine
Qawn runs on Thought Machine’s cloud-native core banking platform, Vault Core.
What the FinTech? | S.4 Episode 10 | Collaboration and transformation
In this episode of the podcast, we speak with Simon Boonen, fintech partnership lead at ING.
Demystify Podcast: Engine by Starling Bank with CCO Nick Drewett
Demystifiying the rationale behind Starling’s strategic shift to Banking-as-a-Service (BaaS).
Colombia’s central bank taps Ripple to test blockchain use cases
The central bank plans to test Ripple’s CBDC platform in a controlled environment.
Intesa Sanpaolo’s Isybank goes live on Thought Machine core
The digital bank has gone live 12 months after it first initiated the deal with Thought Machine.
Citi TTS taps Pismo to strengthen demand deposit account solutions
Citi will initially deploy Pismo’s cloud-based core solutions in the US market.
Mastercard and Bankiom to launch virtual prepaid cards across the GCC
With the partnership, Mastercard aims to drive digitalisation in the GCC payments landscape.
Payments Canada further delays launch of real-time payment system
During the next three months, Payments Canada will review the risks identified in the delivery of the Real-Time Rail.
Keytrade Bank in core banking tech overhaul with Infosys Finacle
Keytrade Bank chose Infosys Finacle due to its “worldwide expertise, implementation plan and price offering”.
FIA Tech raises additional $25.4m in funding round
The fresh funding brings its total capital raised to almost $70 million.
India’s Fino Bank taps Hubble to launch spending account
The spending account will be integrated with Fino Bank’s digital savings app, accessible on its mobile app FinoPay.
Netherlands first to launch contactless public transport payments system nationwide
OVpay, the open loop payments system, will now be accepted at all modes of public transport across the country.
