Tue.Mar 26, 2024

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Visa, Mastercard reach landmark credit card settlement

Payments Dive

The two biggest U.S. card networks agreed to cap interchange fees for five years, among other terms, to settle merchant litigation that has lasted nearly two decades.

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Robinhood’s new credit card goes after Apple Card with ability to invest cash-back perks

TechCrunch Fintech

Eight months after acquiring credit card startup X1 for $95 million, Robinhood announced today the launch of its new Gold Card, with a list of features that could even give Apple Card users envy. Robinhood, better known for its brokerage app aimed at the everyday investor, is touting all sorts of benefits with its new […] © 2024 TechCrunch. All rights reserved.

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Spotlight On: HUMAN Security, a New Principal Participating Organization

PCI Security Standards

Welcome HUMAN Security, a new Principal Participating Organization (PPO) at the PCI Security Standards Council! In this special spotlight edition of our PCI Perspectives Blog, HUMAN Security’s Senior Director of Product Management, Client-side Defense & Compliance Jeff Zitomer introduces us to his company and how they are helping to shape the future of payment security.

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Asset managers embracing AI but need to go further - survey

Finextra

While almost all asset managers are already using artificial intelligence (AI) in their investment process, only a handful are using the tech for more advanced tasks, according to a recently published study.

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From Start to Scale: Driving Growth Through Seamless Payments Implementation

Speaker: Michael Veatch, Senior Director, Implementations & Ella Aguirre, Director of Solution Consulting

Embedding payments can be a transformative step for software companies looking to enhance their platform capabilities, boost customer satisfaction, and drive long-term growth. However, the success of payments hinges on a single thing: implementation. Drawing on real-world insights and experiences, payments implementation experts Michael Veatch and Ella Aguirre will explore actionable strategies that can lead to a transparent, friction-free launch and mitigate potential challenges like technical

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The digital pound: A critical analysis of its evolution and future

The Payments Association

Conversations around a digital pound are growing louder as the weeks roll by. With use cases popping up around the globe, is it time Britain followed suit? In a similar fashion to the way coins largely made way for banknotes, digital currency is the next natural progression in the evolution of money, whether consumers like the idea of it or not.

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Visa and Mastercard reach $30bn interchange fee settlement with merchants

Finextra

After nearly 20 years of litigation, Visa and Mastercard have reached a settlement with US merchants lowering and capping credit card interchange rates in a deal that could save the merchants $30 billion over five years.

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Russia-linked fintechs hit with US sanctions

Finextra

The US government has imposed sanctions on 13 fintechs for offering crypto-based services to Russian firms looking to evade the economic restrictions in place since the outbreak of war in Ukraine.

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How Insurers Leverage Fintech Solutions to Bridge the Digital Divide: Tapoly, FICO, SageSure, bolttech, Mylo, Planck

The Fintech Times

This March, The Fintech Times is shifting its spotlight towards insurtech, exploring the potential impact of blockchain technology on insurance processes and its role in instilling trust in digital transactions. As insurers strive to meet the evolving needs of a digitally-savvy customer base while addressing the persistent challenge of financial inclusion, they are increasingly turning to fintech solutions.

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Worldpay partners Mastercard to fight payment fraud

Finextra

Worldpay is set to offer Mastercard’s Ethoca Alerts to its one million merchants worldwide, helping them resolve transaction disputes faster and with fewer chargebacks.

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Dwai Reveals How Trust Bank Singapore is Winning Customers Over

Fintech News

In the dynamic arena of fintech, Trust Bank Singapore stands out as a pioneering entity, marking a significant shift in the digital banking landscape under the leadership of banking veteran Dwaipayan Sadhu, commonly referred to as Dwai. Within a span of less than two years, Trust Bank has carved a distinct identity, positioning itself as a trendsetter in Singapore with its unique ecosystem offering, and illustrating a blueprint for its own path in digital banking.

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15 Modern Use Cases for Enterprise Business Intelligence

Large enterprises face unique challenges in optimizing their Business Intelligence (BI) output due to the sheer scale and complexity of their operations. Unlike smaller organizations, where basic BI features and simple dashboards might suffice, enterprises must manage vast amounts of data from diverse sources. What are the top modern BI use cases for enterprise businesses to help you get a leg up on the competition?

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Robinhood co-founder steps down

Finextra

Baiju Bhatt, the co-founder and chief creative officer of online stock trading firm Robinhood, has resigned from the company to "pursue other entrepreneurial interests".

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Decrypting the UK Cryptoasset Landscape

The Payments Association

As the crypto market continues to innovate and grow, governments and regulators around the world are struggling to keep pace. The constantly shifting policy and regulatory landscape is also challenging for crypto businesses to navigate—particularly for firms seeking to operate in the UK where cryptoasset rules remain in flux. On a recent Thistle Initiatives webinar, in conjunction with law firm Fox Williams, Thistle’s Head of Financial Crime Jessica Cath was joined by Fox Williams’ Financial Ser

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What is an Online Terminal and Why Do Merchants Need One?

Stax

The landscape of commerce has been drastically transformed in the digital age. Online payment systems are the standard. Globally, one-third of people do their shopping through eCommerce sites. In the US, that amounts to $3,428 per capita spent online. Online terminals (sometimes referred to as virtual terminals) power various types of transactions, including eCommerce and payments made over the phone.

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To meet customer expectations, PSPs must prioritise end-to-end reconciliations

The Payments Association

PSPs must enhance their end-to-end reconciliations to deliver seamless, efficient payment services and stay competitive in the rapidly evolving fintech landscape Read more

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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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Sumsub and Binance to Streamline Travel Rule Compliance in Crypto Transactions

Fintech News

Sumsub, a global verification and compliance provider, announced its partnership with crypto exchange Binance to integrate its Travel Rule solutio n through the Global Travel Rule (GTR) Alliance. This collaboration aims to facilitate secure cryptocurrency transactions by connecting Binance’s extensive user base of over 183 million with Sumsub’s network of Virtual Asset Service Providers (VASPs), financial institutions, and fintech companies.

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Understanding Tokenization for Banking Professionals

Fi911

Tokenization is a security measure that swaps sensitive data with a random number or “token.” This token holds no traceable connection to the real data, offering optimal data security for merchants and cardholders alike. Payment card tokenization secures customer’s private data in a digital vault, separate from merchant’s systems. Meanwhile, sensitive cardholder data is swapped with a unique, single-use token.

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Worldpay Taps Mastercard’s Ethoca Alerts to Reduce Payment Fraud, Chargebacks

Fintech News

Mastercard and global acquirer Worldpay have announced a partnership aimed at mitigating payment fraud and reducing the prevalence of chargebacks. Chargebacks, which are refunds requested by consumers disputing transactions, are on a steep rise, with projections indicating a surge to 337 million instances by 2026, marking a 42% increase from 2023. The collaboration between Mastercard and Worldpay introduces the Ethoca Alerts system to Worldpay’s clientele of over one million merchants glob

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Synctera is the latest banking-as-a-service startup to lay off staff

TechCrunch Fintech

Banking-as-a-service startup (BaaS) Synctera has conducted a restructuring that has resulted in a staff reduction, the company confirmed to TechCrunch. While Synctera did not share how many employees were impacted, a report in Fintech Business Weekly pegs the number to be about 17 people, or about 15% of the company. Doing the math, that means […] © 2024 TechCrunch.

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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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Qoala Raises US$47M for AI-Powered Transformation and Regional Expansion

Fintech News

Indonesian insurtech startup Qoala has closed its Series C funding round led by PayPal Ventures and MassMutual Ventures to raise US$47 million. This brings Qoala’s total raised capital to over US$130 million. The round was also joined by MUFG Innovation Partners, Ohana Holdings, and returning investors Flourish Ventures, Eurazeo, and AppWorks.

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Capital One pledges to give Discover’s network a boost

Payments Dive

Dominated by Visa and Mastercard, card network markets “sorely need an injection of competitive rivalry,” Capital One argued in its application to regulators to purchase Discover.

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13 Fintech Giants Back Programme Sirius to Promote MSME Sustainability in APAC

Fintech News

Programme Sirius has been launched to support Micro, Small, and Medium-Sized Enterprises (MSMEs) in the Asia-Pacific region on their path towards sustainability. With the backing of 13 fintech industry leaders from 11 economies, the programme aims to bolster MSMEs’ efforts in aligning with the United Nations Sustainable Development Goals by enhancing their sustainability practices through digital platforms.

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ZayZoon raises $15m for earned wage access platform

Finextra

ZayZoon, an earned wage access provider for SMEs has raised $15 million in a Series B extension led by Viola Fintech.

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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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Meet the 40 Fastest Growing Fintechs in Asia Pacific According to the Financial Times

Fintech News

In the sixth annual compendium of 500 burgeoning companies across the Asia Pacific (APAC) by the Financial Times and Statista , technology enterprises constitute nearly a third of the 2024 roster, with 8% of the APAC’s fastest-growing entities being fintech companies. The World Bank flagged in October 2023 that the region’s burgeoning economies would decelerate to 4.5% growth rate in 2024, amid China’s subdued dynamics and diminished productivity elsewhere across APAC contribut

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Next-gen Financial Document Processing: A Must for Modern Banking

Bank Automation

Document processing is a routine task in the finance industry, but does it have to be manual? In an era where the banking sector is grappling with a growing volume of documents, the need for efficient, accurate, and swift document processing systems has never been more critical.

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PCI Compliance Checklist: Easy Steps to Become Compliant

Basis Theory

Going live with a PCI-compliant product or service can become cumbersome for merchants. On top of understanding and adhering to the Payment Card Industry Data Security Standard (PCI DSS) 12 requirements, merchants must demonstrate their compliance annually.

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KeyBank focuses on gen AI COE

Bank Automation

KeyBank is establishing a generative AI center of excellence to navigate the new technology before it is regulated. “One of the things we’re hyper-focused on now is really establishing a COE,” Dominic Cugini, chief transformation officer at KeyBank, said March 19 at Bank Automation Summit U.S. 2024 in Nashville, Tenn.

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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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FCA warns FS firms and finfluencers to keep social media ads lawful

Finextra

As it warns firms and so-called 'finfluencers' to keep their social media ads lawful, the UK's Financial Conduct Authority has published guidance for memes, reels and gaming streams promoting financial services.

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Libyan Digital Lab Launches Innovations Map to Foster Nationwide Digital Transformation

The Fintech Times

The Digital Lab, a Libyan initiative fostering innovation and digital transformation, has launched an innovations map platform to connect innovators, entrepreneurs and researchers, as well as investors, across Libya. The platform, showcased at a ceremony in Tripoli, highlights ongoing initiatives and offers opportunities for knowledge sharing and collaboration, positioning Libya as a hub for digital innovation.

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US Treasury imposes sanctions on Russian fintech operations

The Paypers

The US Treasury has announced that it imposed sanctions on Russian financial services and technology participants for providing services in virtual assets intended to evade Ukraine.

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Over 2,000 Copycat Banking Sites Reported in 2023; Which? Urges Government to Act

The Fintech Times

Consumer champion Which? is calling for new laws to force domain registrars to do more to prevent scam banking ‘copycat’ websites appearing in the first place; after it revealed that over 2,000 of these suspected sites were reported in 2023. For many years, banking copycat websites have been masquerading as real banks, hoping to trick unsuspecting consumers into sending their money to scammers.

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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.