Tue.Jul 30, 2024

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Salaam Somali Bank and Mastercard Launch Innovative Digital-First Multi-Currency Prepaid Card

Fintech Finance

In a significant move towards enhancing digital financial inclusion, Salaam Somali Bank , in collaboration with Mastercard , has announced the launch of a digital-first co-branded multi-currency prepaid card designed to revolutionize digital payment solutions. This strategic collaboration aims to cater to the growing needs of international travellers and diaspora communities by providing secure and convenient means of conducting digital payments across the globe.

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Ghana pilots blockchain-based credentials and CBDC for global trade

Finextra

The Bank of Ghana (BoG) has completed a proof-of-concept into the use of digital credentials for international trade and CBDC-based cross-border payments.

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M-DAQ Acquires Malaysian B2B Payments Provider to Expand ASEAN Presence

Fintech News

M-DAQ Global, a fintech company based in Singapore, has announced the acquisition of Easy Pay Transfers Sdn. Bhd. , a licensed B2B payments service provider in Malaysia. This move follows a challenging financial year where M-DAQ reported a consolidated net loss of S$26.5 million (approximately US$19.7 million) for 2023, as detailed in regulatory filings, despite achieving a 22.5% increase in revenue to S$59.04 million (US$43.9 million).

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Transforming cross-border payments in the UK: The road ahead

The Payments Association

The realm of cross-border payments is rapidly evolving, with the UK positioned at the forefront of this transformation. As globalisation intensifies and digital economies expand, the need for efficient, cost-effective, and secure cross-border payment solutions has never been greater. So with this in mind we delve into the future of cross-border payments in the UK, examining the driving forces behind this evolution, emerging trends, and the potential impact on businesses and consumers.

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eCommerce in 2025: How Customer Experience Drives Online Retail Success

Speaker: Jennifer Wright and Nick Barron

2025 is right around the corner, and with it comes a new wave of consumer expectations, competitive pressures, and operational challenges. Success lies in finding the balance between operational flexibility and creating experiences that keep customers coming back. The future of retail belongs to those who can stay ahead of shifting customer preferences and marketing trends. 🔮 In this session, we’ll dive deep into what it takes to keep customers engaged and your operations nimble, no matt

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Credit Card Surcharge Guidance: A State-by-State Overview of Surcharging Laws

Stax

Credit cards are incredibly convenient as a payment method. The modern-day merchant simply can’t afford not to accept them at their business. Unfortunately for them though, credit card payments come with a cost. For perspective, US businesses paid a staggering $100.77 billion in fees for accepting Mastercard and Visa credit cards in 2023. This was, in fact, the first time that swipe fees for these two card networks crossed $100 billion.

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New fraud services from Thistle Initiatives

The Payments Association

We are excited to announce the expansion of our Financial Crime services to support with Fraud challenges. Fraud continues to be a major risk to all firms, regulated and non-regulated, not just through monetary loss but also regulatory and reputational risk. Download our new Fraud Services brochure to find out more.

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Surfboard Payments Announces Partnership With Cardstream Group to Deliver Innovative Payment Solutions

Fintech Finance

Surfboard Payments is pleased to announce a dynamic partnership with Cardstream Group, the UK’s largest independent provider of white-label payment Fintech. This collaboration aims to bring an unprecedented embedded payment solution to the UK and other markets, offering a white-label multi-channel platform for ISVs, ISOs, PayFacs and their merchants to make in-person and remote transactions.

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Charles Wong Departs as GXS Bank CEO After Four-Year Tenure

Fintech News

Charles Wong, who has served as CEO of GXS Bank for four years, announced his decision to step down from the role, transitioning to an advisory position. During his tenure, Charles Wong led the launch of GXS Bank, a digital bank supported by Grab Holdings and Singtel, in August 2022. Charles also led the development of key products like the GXS Savings Account and GXS FlexiLoan.

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UBS and CIBC execute intraday FX swap transaction on Finteum DLT platform

Finextra

UBS and CIBC have executed a world-first intraday FX swap transaction on the DLT-enabled Finteum Platform.

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Mastercard Ghana Fintech Forum Advocates Cybersecurity and Contactless Payments to Drive Fintech Growth

Fintech Finance

Mastercard hosted the second annual Mastercard Ghana Fintech Forum in Accra, bringing together key stakeholders and thought leaders in the fintech industry to discuss critical developments and foster collaboration. Building on the success of last year’s inaugural event, this year’s gathering emphasized the importance of cybersecurity and the growing adoption of contactless payments.

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7 Essential Criteria for Choosing the Right Payments Partner

Speaker: Brad Pinneke, VP of Business Development at Payrix and Worldpay for Platforms

In this webinar, Brad Pinneke, Vice President of Business Development at Payrix and Worldpay for Platforms, will dive into the 7 must-have criteria for evaluating payments partners, helping you maximize both efficiency and the long-term value of your investment. From assessing technology capabilities to leveraging business development opportunities, this session will give you a clear, actionable strategy to select the right partner for scaling your business.

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PayPal CEO leans on big-name clients for growth

Payments Dive

Alex Chriss, appointed to lead the digital payments business last year, noted the company is benefiting from ties to companies like Facebook parent Meta.

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Brite Payments Builds Momentum with Market Expansion and Key Executive Appointments Amid Industry Accolades

Fintech Finance

Swedish fintech, Brite Payments , continues to solidify its position as a leader in account-to-account (A2A) payments, also known as ‘Pay by Bank’, with a number of milestones in the first half of 2024 amid widespread industry recognition. Brite Payments appointed its first Chief Commercial Officer , Luke Trayfoot, in April 2024, and the company’s commercial function is growing strongly, in line with future expansion plans.

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PayPal focuses on omnichannel capabilities for long-term growth

Bank Automation

PayPal is investing in its platforms and capabilities to keep up with consumer demand for digital payments. “Today, we operate in a massive, $6 trillion plus, global e-commerce market that benefits from the ongoing digitization of payments,” PayPal President and Chief Executive Alex Chriss said during today’s second-quarter earnings call.

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AppBrilliance Brings Real-Time Frictionless Payments to Closed Loop Digital Wallets With RTP & FedNow

Fintech Finance

AppBrilliance , a pioneer in real-time payment solutions with its cutting-edge Money API platform, is leveraging a recent rule change by The Clearing House to expand use-cases for Real Time Payments (RTP) to closed-loop digital wallets in the US. Companies like Starbucks , CVS , Dunkin ’, Chick-fil-A and many other successful businesses have long provided engaging customer payment experiences with their closed-loop wallets, but had to rely on funding those accounts with conventional paymen

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Loyalty 101: How To Turn Browsers Into Buyers For Lasting Engagement

Speaker: Shaunna Bruton, Danielle Wyllie, and Kailey Holmes

Say goodbye to one-size-fits-all retail, and say hello to experiences that keep your customers coming back for more! Customer loyalty isn’t just earned - it’s cultivated through meaningful engagement with the help of data. This webinar will take you behind the scenes of how top retailers turn customer data into personalized experiences that drive engagement and retention.

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Stripe buys software rival Lemon Squeezy

Payments Dive

The San Francisco payments giant bought the 4-year-old Salt Lake City startup as it continues its global expansion.

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WorldFirst World Account Enables Instant Cross-Border Business Payment Function in Over 200 Markets

Fintech Finance

WorldFirst , a one-stop digital payment and financial services platform for global businesses, especially serving SMEs in international trade, has launched a function to enable real-time payment between holders of its flagship multicurrency business account World Account as WorldFirst continues to increase speed and efficiency of secure international business payment.

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Fintech Funding: Startup funding jumps 11% YoY

Bank Automation

Fintech funding saw a rebound in the second quarter as global funding increased to $8.9 billion, up 11% year over year. The U.S. saw the most fintech funding during the quarter at $4.8 billion across 324 deals, followed by Europe with $1.

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Bybit Introduces Digital Rupee (eRupee) as the New and Secure INR Payment Method

Fintech Finance

Bybit , the world’s second-largest crypto exchange by trading volume, is excited to launch the Digital Rupee (eRupee) as a new payment method for its INR users. This innovative wallet-based mobile payment solution is now live, offering a secure and convenient way for users to transact on the platform. In response to feedback from Bybit’s INR merchants, the introduction of Digital eRupee aims to address their concerns regarding the security of traditional banking transactions.

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Enhance Customer Value: Unleash Your Data’s Potential

The complexity of financial data, the need for real-time insight, and the demand for user-friendly visualizations can seem daunting when it comes to analytics - but there is an easier way. With Logi Symphony, we aim to turn these challenges into opportunities. Our platform empowers you to seamlessly integrate advanced data analytics, generative AI, data visualization, and pixel-perfect reporting into your applications, transforming raw data into actionable insights.

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Daniele Tonella named ING CTO

Bank Automation

Daniele Tonella was named ING’s chief technology officer July 29, succeeding interim CTO Marnix van Stiphout. His appointment is effective Aug. 5. Tonella previously served at group chief information officer and chief executive of UniCredit Services and held roles at AXA Group, Evalueserve and Swiss Life, according to ING’s July 29 release.

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New Research: 58% of Fintechs Now Offer Open Banking Payments as Adoption Rates Continue to Surge

Fintech Finance

New findings show that adoption rates of Open Banking payments are increasing, with more than 58% of fintechs now offering this type of payment for financial services products. The report , published by payments solutions provider Access PaySuite , part of the Access Group , highlighted the importance of providing customers with a range of options, including Open Banking payments, to meet their evolving expectations.

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Bank of Valletta’s Wolska to speak at Bank Automation Summit Europe 2024

Bank Automation

Bank of Valletta Project Manager of Portfolio Delivery Agata Wolska will speak at Bank Automation Summit Europe 2024 on the state of AI regulation. The summit takes place Oct. 7-8 at Hilton Frankfurt in Frankfurt, Germany, bringing together industry experts to discuss AI, regulation, automation and data.

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Bank of England calls for input on payments innovation

Finextra

The Bank of England is seeking input from the private sector on its roadmap for innovation in money and payments.

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Top Strategies to Future-Proof & Sustain Your Merchant Services Portfolio

Build a sustainable merchant services portfolio with practical strategies to ensure long-term success. Diversify across industries to spread risk and stabilize income, balancing high-risk and low-risk clients for a robust mix. Combine large and small merchants to create a resilient payment portfolio, leveraging each type's strengths. Foster long-term relationships through exceptional service and personalized support.

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Payac and Nexi to Deliver Instant Payments to Credit Unions

Fintech Finance

Nexi, the European PayTech, signs an historic agreement with Payac Services CLG , a credit union owned payment services provider, to deliver SEPA Instant payments to all participating credit unions in the Republic of Ireland. As a result of this partnership, 176 credit unions of all sizes will use Nexi’s Instant Payments platform which will allow credit union members to make instant money transfers.

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Deutsche Börse invests in capital markets fintech Primary Portal

Finextra

Primary Portal, a digital platform that aggregates and digitises equity capital market processes for banks and asset managers, has completed the first stage of its £7.5 million Series A funding round led by the venture capital arm of Deutsche Börse.

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This Week in Fintech: TFT Bi-Weekly News Roundup 23/07

The Fintech Times

The Fintech Times Bi-Weekly News Roundup takes a look at the latest fintech stories from around the world on Tuesday 30 July 2024. Appointments Xsolla, a global video game commerce company, announced the appointment of Cathleen Nilson as the company’s chief financial officer. She has over a decade of finance executive experience at major brands in the technology and gaming industries such as Samsung and Turing.

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Airwallex taps GoCardless for direct debits

Finextra

Airwallex, a leading global payments and financial platform for modern businesses, has selected GoCardless to provide direct debit to its customers across several key markets.

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Deliver Mission Critical Insights in Real Time with Data & Analytics

In the fast-moving manufacturing sector, delivering mission-critical data insights to empower your end users or customers can be a challenge. Traditional BI tools can be cumbersome and difficult to integrate - but it doesn't have to be this way. Logi Symphony offers a powerful and user-friendly solution, allowing you to seamlessly embed self-service analytics, generative AI, data visualization, and pixel-perfect reporting directly into your applications.

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The evolution of bank impersonation scams in Main Street banking

BioCatch

Bank imposter schemes emerged as an asymmetric threat for fraud managers following the rapid consumer uptake of real-time peer-to-peer (P2P) channels starting in 2019. It was accepted that taking on a real-time P2P payment capability would create significant fraud exposure. But because it also elevated a necessary modern payments channel in a highly competitive environment, many financial institutions held their nose and pursued this P2P option, diving headfirst into the fraud trenches with vary

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Bancolombia Capital to implement behavioural tech from Oxford Risk

Finextra

Behavioural finance experts, Oxford Risk are partnering with Colombian-based Bancolombia Capital to drive better financial outcomes for the leading bank’s customers and investors.

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AI is a Cause for Celebration But Also a Growing Fear for Firms as They Deal With Data Breaches

The Fintech Times

The cost of data breaches has been on a steady incline for the past decade. During this time, firms have had to pay 30 per cent more, as costs rose from $3.5million in 2014 to $4.45million in 2024. However, evidence from IBM , a multinational tech firm, suggests that in the next 10 years, breaches could cost a lot more as we just experienced the highest year-on-year jump in cyber attacks (10 per cent).

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GeoWealth scores $18 million invvestment from BlackRock

Finextra

GeoWealth, a proprietary technology and turnkey asset management platform (TAMP), today announced that it has closed a $18 million growth investment led by BlackRock (NYSE: BLK).

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Secure SaaS Success: Embedded Finance as a Competitive Advantage

Speaker: Ian Hillis, SVP of Growth at Payrix and Worldpay for Platforms

Join us for an exclusive webinar hosted by Ian Hillis, SVP of Growth at Payrix and Worldpay for Platforms, where he’ll explore the significant impact of embedded finance on the software industry! This session is designed to provide you with the strategic insights needed to navigate the future of SaaS successfully, all while gaining a deeper understanding of how these trends can enhance your competitive edge, boost revenue, and deepen customer loyalty.