FinTech Futures: Top five news stories of the week – 24 May 2024
Our pick of the top fintech news stories this week includes JP Morgan Chase, Citi, BBVA, OpenAI and more.
Payments
CFPB says BNPL firms must comply with credit card consumer protection rules for billing disputes and refunds
BNPL firms will now be required to investigate disputes, refund returned products and provide billing statements.
ICYMI fintech funding round-up: Kudos, Teal, WeMoney and more
A handy round-up of the recent funding endeavours of fintech companies across the globe.
OUCU Financial Credit Union to migrate to Tyfone’s nFinia digital banking platform
The $483 million-asset credit union is also making use of Tyfone’s Skip-a-Pay and Quick Pay solutions.
FinovateSpring 2024: Mobile payments and understanding Gen Z dominate day two
FinovateSpring 2024 sustained its momentum over day two with a line-up of informative debates and keynotes.
Payments fintech Vitesse raises $93m Series C funding to fuel US expansion efforts
Vitesse has also appointed former 10x Banking chief Curt Hess as its new US executive president.
Mercado Pago enters talks with regulators for banking licence in Mexico
Mercado Pago GM Pedro Rivas says the firm’s ambition is to become “the largest 100% digital bank in Mexico”.
FinovateSpring 2024: GenAI and future fraud strategies in focus on day one
Industry leaders convened in San Francisco on Tuesday to kick off FinovateSpring 2024.
UK’s PSR says Visa and Mastercard face “no effective competition” for core scheme and processing services
The findings are from the regulator’s newly published interim report on scheme and processing fees for cards.
Cooperative Bank of Oromia in Ethiopia partners Mastercard for prepaid cards and Community Pass
The bank’s CEO says the partnership will deliver “secure and adaptable financial tools” to consumers.
Santander and Iberpay in Spain join EPC’s OCT Inst scheme as inaugural participants
Iberpay will serve as the clearing and settlement mechanism, through Santander, for OCT Inst transactions.
Visa seeks to “revolutionise the card” with array of new product launches
New products include a Passkey service, Visa data tokens and the Visa Flexible Credential for payments.
Saudi Arabian paytech Geidea names Abdulrahman Almutairi as new group CTO
Almutairi previously served as CTO at STC Pay for nearly five years.
eBook: Future-proof your fintech – strategies to succeed in 2024 (and beyond)
Download this free e-book to unlock fintech success: optimize CX, boost retention, and drive profit with innovative strategies.
Paytech start-up Aeropay raises $20m Series B for platform and partnership development
The US-based start-up has also introduced its new “homegrown bank aggregator” called Aerosync.
FinTech Futures: Top five news stories of the week – 17 May 2024
Our pick of the top fintech news stories this week includes BBVA, Deutsche Bank, Lemonway and more.
French fintech Lydia launches digital banking app Sumeria
Lydia says it plans to pump over €100 million into Sumeria over the next three years.
Commerce Bank goes live with instant payment service FedNow through Temenos Payments Hub
The bank has also tapped Temenos’ US Model Bank to “meet the unique business needs of the US market”.
Avidbank partners Corserv to launch commercial credit card programme
The bank will utilise Corserv’s Account Issuer solution to power its new credit card offering.
French paytech Lemonway appoints new CTO and CFO
Céline Bayer and Nicolas Vigier have been named Lemonway’s new CFO and CTO respectively.
Bradwin Roper to step down as fintech CEO of MTN South Africa
Roper, who joined the company last year, is set to depart in October.
What the FinTech? | S.5 Episode 8 | The evolution of the UK’s crypto landscape
In this episode of the podcast, we’re joined by Bivu Das, UK Managing Director at Kraken.
New UAE-based open banking start-up Thimsa launches in beta
Thimsa will initially launch its payments platform in beta in the UAE and Bahrain.
Bankart migrates payment processing to Diebold Nixdorf’s Vynamic Transaction Middleware
The integration is to replace Bankart’s legacy payment processing platform provided by ACI Worldwide.
Mexican BNPL fintech Aplazo bags $70m in equity financing
Aplazo has now secured over $100 million in equity financing since its formation in 2020.
New paytech Wink Pay launches in Lebanon in partnership with Visa and Codebase Technologies
Wink Pay offers an instant card issuance service for Visa prepaid virtual cards.
What are the strengths, weaknesses and concerns around open banking?
The industry must ensure that open banking tech serves the strategic needs of consumers and institutions.
Corpay to purchase AP automation platform Paymerang from Aldrich Capital for $475m
The transfer of Paymerang from Aldrich Capital to Corpay is expected to close this quarter.
TerraPay appoints network head amid new partnership with MultiPass
Hassan Chatila has been named as VP and global network head, joining from Western Union.
New US paytech Fractal launches with aim to become “SaaS companies’ preferred payment method”
The start-up’s solution seeks to provides SaaS firms with a pre-built embeddable payment service.
A1 Bank goes live with Avaloq’s core banking platform
The implementation of the platform was carried out by Avaloq’s partner Synpulse.
FinTech Futures: Top five news stories of the week – 10 May 2024
Our pick of the top fintech news stories this week includes Monzo, NAB, GoTyme Bank, and more.
CFPB fines Chime $3.25m for customer refund delays
Chime is to also pay “at least $1.3 million in redress to harmed consumers”.
WaFd Bank to deploy Fiserv’s CashFlow Central for small business customers
The digital payment and cash flow management solution is the result of Fiserv’s partnership with Melio.
Mangopay appoints Meta product lead Ariel Shoham as VP of risk product
The European payment infrastructure provider is seeking to expand its fraud prevention solutions.
PayTech Awards USA 2024 nominations are now open!
Submissions for the PayTech Awards USA 2024 are now open, with the entry deadline set for 12 July 2024.
NAB partners UK fintech Banked to boost merchant adoption of A2A payment solutions
NAB says the first group of business clients to adopt A2A payments will go live “in the first half of 2024”.
Turkish fintech Iyzico acquires Paynet in $87m deal
Iyzico plans to integrate Paynet’s B2B payments and collections solutions.
Reimagining the future of money: freedom-bearing, human-centric
Protecting privacy is critical for digital money and CBDCs in order to obtain public trust.
FINRA fines SoFi $1.1m after consumer identification flaws led to multi-million dollar heist
SoFi Money – the unit targeted by fraudsters – was ultimately closed by the fintech in June 2022.
