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Finovate Blog
Tracking fintech, banking & financial services innovations since 1994
TransUnion is partnering with Credit Sesame to launch a freemium credit education platform.
The new platform will give U.S. consumers daily access to their credit score, tailored financial offers, and premium credit monitoring services.
By leveraging Credit Sesame’s expertise in the freemium credit space, TransUnion expects to increase consumer engagement and grow its direct-to-consumer business.
Credit protection platform TransUnion and consumer credit management company Credit Sesame have teamed up this week. TransUnion has tapped Credit Sesame to launch a direct-to-consumer, freemium credit education solution for US users.
TransUnion is positioning the new credit education solution as an “experience” that will be integrated with premium credit monitoring services. The new tool will bring consumers their daily credit score and report from TransUnion and offer them access to third-party financial offers that are tailored to their individual goals and credit profile.
TransUnion’s US consumers will have access to the new platform beginning in the first half of 2025.
“Personal empowerment is a key component of our commitment to Information for Good,” said TransUnion President of US Markets Steve Chaouki. “By providing a free-first experience that includes financial offers, we engage with more consumers, enabling them to better understand their financial situations and take action to manage their financial futures. By integrating our freemium offering with our enhanced premium credit and identity monitoring services, we expect to deliver a more expansive product offering to consumers and position our direct-to-consumer business for sustainable growth.”
Credit Sesame was founded in 2010 to show consumers their daily credit score, credit report summary, and credit monitoring alerts. In 2020, the California-based company launchedSesame Cash, digital banking tools, including a pre-paid debit card and credit builder solution.
Headquartered in Chicago, Illinois, TransUnion provides tools to help businesses and consumers assess creditworthiness, detect fraud, and make informed financial decisions. The company operates in more than 30 countries, helping organizations manage risk and empowering consumers with access to credit and wealth-building tools.
“We’re committed to empowering consumers to take charge of their financial health,” said Credit Sesame CEO Adrian Nazari. “We have a track record of success in the freemium credit space, helping millions of Americans effectively manage their credit and create better opportunities for themselves and their families. By leveraging our Sesame platform, we expect that TransUnion will be able to deeply engage consumers and support them in achieving their financial goals.”
Corporate payments company Corpay launched multi-currency accounts.
The new multi-currency accounts allow businesses to receive, hold, and pay in 12 currencies through dedicated accounts.
Corpay joins a long list of fintechs, including Wise and Revolut, that offer multi-currency accounts.
New York-based corporate payments company Corpayannounced it has added multi-currency accounts to its business offerings. The new offering will enable businesses to expand globally and manage their foreign currency from a single place.
Corpay offers accounts payable automation tools, commercial card solutions, and cross-border tools such as multi-currency risk management and global invoice automation. The company serves 800,000 businesses and organizations across a range of industries. Today’s launch will help businesses transacting in foreign currencies simplify their treasury management in a single place instead of opening and managing multiple foreign bank accounts.
“Our goal is to continuously develop solutions that transcend borders, allowing for seamless international operations,” said Corpay Cross-Border Solutions Chief Product & Digital Innovation Officer Tim Watson. “After meticulous development that integrates our customers’ feedback and industry insights, our centralized account solution caters to the needs of businesses engaging in overseas markets across diverse jurisdictions and currencies. It streamlines account opening and management across multiple currencies and countries, simplifying complexity and allowing our customers to focus on their business first.”
The multi-currency accounts allow companies to receive and pay out in 12 currencies via a dedicated account in their business’ name. On the backend, the business will see a unique account assigned to each currency that the accountholder trades. This simplifies the payments and receivables process and lowers the barriers to enter global markets.
Corpay is launching the new multi-currency accounts after completing pilot testing and adjusting the tool based on customer feedback. “The development of Multi-Currency Accounts has been a collaborative effort with our customers, and their buy-in and willingness to provide feedback has been instrumental,” said Corpay Cross-Border Solutions Group President Mark Frey. “Through our ongoing commitment to client centricity and addressing their needs, we have dedicated ourselves to continuous industry research and competitor analysis, while also constantly gathering invaluable feedback from our customers. Ultimately, our goal is not only to create a best-in-class product, but also to enhance the future success of our clients.”
Launching multi-currency accounts places Corpay in the company of Wise, Revolut, Payoneer, Airwallex, Finzly, and others who also offer multi-currency accounts. Unlike many of the competitors, however, Corpay differentiates itself by offering a wide range of treasury management solutions.
Founded in 1992, Corpay is publicly traded on the New York Stock Exchange under the ticker CPAY with a market capitalization of $25.5 billion. In addition to its corporate payments arm, the company also offers products and services in vehicle payments and lodging payments.
Experian is integrating ValidMind’s AI governance and risk management tools into its Ascend Platform to help banks automate and streamline AI compliance.
The collaboration enables financial institutions to automate model validation, risk tracking, and audit readiness.
The combined solution will not only simplify AI adoption in financial services, but will also ensure compliance with key regulations like SR 11-7, E-23, SS1/23, and the EU AI Act.
Today’s environment of ever-changing regulations and technological developments in AI is making it difficult for banks to stay on top of AI compliance. To help banks manage these challenges, Experian is integrating its Ascend Platform with AI governance and risk management platform ValidMind.
Experian Ascend helps organizations make better decisions by providing them with access to extensive data and advanced analytics tools. The tool combines information from various sources, including credit and market data, and leverages AI and machine learning to offer insights to help firms better understand their customers, manage risks, and identify new opportunities.
Integrating ValidMind will help Experian automate model development and validation documentation using customizable, pre-built templates for credit, fraud, and other models. It will also enhance risk governance with robust racking, monitoring, and audit readiness features, ultimately enhancing regulatory compliance.
“Our collaboration with ValidMind complements our Ascend Platform and offers our customers innovative technology to automate and accelerate their model risk management processes,” said Experian Software Solutions President Keith Little. “This partnership empowers financial institutions, insurance companies, and fintech organizations to meet regulatory challenges with confidence and agility.”
The new combined solution, which meets compliance requirements including SR 11-7, E-23, SS1/23, and the EU AI Act, integrates AI into templates to ensure that banks generate consistent, high-quality documentation organized to streamline regulatory submissions.
“This partnership is poised to establish a new industry standard for scalable, automated model risk management,” said ValidMind CEO Jonas Jacobi. “Together, we can help financial institutions reduce risk, improve efficiency, and accelerate the adoption and implementation of AI, Gen AI and statistical models.”
California-based ValidMind was founded in 2022. The company’s enterprise platform helps organizations document, validate, and govern models at scale. ValidMind also offers statistical models, AI models, and GenAI models to streamline documentation, simplify compliance, future-proof existing models, and unlock new business models in a transparent way. The company raised just over $8 million in its first funding round last year.
Is anyone else having difficulty keeping up with all of the changes that have taken place since the new administration took office last month? Over the course of the last 18 days, sweeping shifts have reshaped regulations, agency leadership, and key financial policies— creating both uncertainty and opportunity for businesses navigating this evolving landscape.
While many of these changes will have broad implications for U.S. citizens and organizations operating in the country, I’ve distilled the most significant updates on the White House’s website impacting financial services. Below, I break down the four most critical developments that banks, fintechs, and other financial institutions need to watch closely.
Imposing a regulatory freeze
On January 20, President Trump signed an executive order to halt new rulemaking and review pending regulations across federal agencies. It also calls for the withdrawal of any rules that have been sent to the Office of the Federal Register but not published yet. The administration plans to use the pause to reassess both existing and proposed regulations so that they align with its policy objectives.
For banks and fintechs, this makes it challenging to prepare for future regulatory requirements. It may impact firms’ compliance timelines and will likely confuse financial services companies’ strategic planning efforts.
Strengthening hold on digital assets
On January 23, President Trump issued an executive order titled “Strengthening American Leadership in Digital Financial Technology.” The order prohibits the establishment of US central bank digital currencies (CBDCs). It also establishes a working group to propose a regulatory framework for digital assets within 180 days and allows individuals and entities to access and use open public blockchain networks.
This may present opportunities for banks and fintechs to engage in the stablecoin economy, especially when it comes to cross-border transactions and digital payments. Additionally, governmental protection of an open blockchain may spark the creation of new blockchain-based products and services.
Removing barriers to AI
Also on January 23, President Trump issued an Executive Order titled Removing Barriers to American Leadership in Artificial Intelligence that aims to enhance the US’s position in AI. The order removes existing AI policies and directives that are considered barriers to innovation. Within 180 days, officials are tasked with creating a plan to sustain and enhance America’s global AI dominance.
This emphasis on reducing regulatory barriers may lead to both banks and third party fintechs adopting AI technologies at a faster rate. However, as AI is a double-edged sword, the relaxed regulatory environment may create uncertainty as organizations wait for new guidelines to develop.
Implementing the DOGE workforce optimization initiative
On February 11, President Trump issued an Executive Order titled Implementing The President’s ‘Department of Government Efficiency’ Workforce Optimization Initiative, which intends to streamline the federal workforce and enhance operational efficiency. Controversially, the order gives Elon Musk and his team direct access to data held at the US Treasury Department. As a result, a coalition of more than a dozen US states is planning to file a lawsuit to block access in order to protect the personal data of US citizens.
By reducing staffing at federal agencies that oversee financial institutions, the order may impact the efficiency and thoroughness of regulatory examinations and compliance enforcement. The instability could also cause uncertainty for banks, disrupting strategic planning and compliance efforts.
Other actions
There are two other actions not yet listed on the White House’s official news release page, but each is significant.
Earlier this week, the Associated Press unveiled that the Trump administration ordered the Consumer Financial Protection Bureau (CFPB) to suspend all of its activities. Finovate Analyst David Penn reported on the details of the situation, including what the CFPB can still do and who may take over the agency if it continues to exist.
Today, the Wall Street Journal exclusively reported that the Trump administration is also considering folding the FDIC into the Treasury Department. Experts cited that this is unlikely to transpire, however, as Congress is unlikely to pass such a measure. “This idea would pose an enormous risk of terrifying Americans about the safety of their deposits and triggering bank runs,” Former Federal Regulator Patricia McCoy told CNN.
FIS is partnering with Affirm to enable banks using its debit processing services to integrate Affirm’s BNPL payment options.
FIS clients can now offer consumers pay-over-time solutions including both biweekly interest-free installments and longer-term financing plans.
Offering BNPL tools can help smaller financial institutions stay competitive, improve their digital offerings, and meet evolving consumer demands.
Payment, banking, and investment systems provider FIS and buy now, pay later (BNPL) player Affirm have teamed up this week. The partnership will allow FIS to enable its debit processing bank clients to integrate Affirm’s BNPL solution into their existing debit card program.
Affirm offers two different payment products, Pay in 4 and Monthly Installments. With Pay in 4, shoppers can split up purchases ranging from $50 to $1,000+ into four interest-free installments paid every two weeks. The Monthly Installments tool is a more traditional borrowing product that allows consumers to finance purchases ranging from $50 to $5,000+ over the course of three to 60 months with a rate of 0% to 36% APR.
FIS anticipates that integrating Affirm’s tools into banking products will help its clients meet evolving consumer demands, ultimately fostering customer loyalty and boosting growth. The company’s debit processing clients can offer their eligible customers biweekly and monthly payment plans via the bank’s existing debit card programs. Banks can also leverage Affirm’s traditional financing offers, funded by Affirm’s 335,000+ merchant partners.
“Customer conversion and retention have become major priorities for card-issuing banks in our increasingly digitized economy, where consumers have endless options,” said FIS Co-president of Banking Solutions Jim Johnson. “Consumers today are looking for innovative and user-friendly experiences that give them flexibility and control over their money and optimize how their money is put to work. That’s why so many of them choose to pay with Affirm. This new program will deliver Affirm’s leading-edge technology, flexible and transparent payment options, and extensive merchant network to our banking clients, enabling them to continue meeting these needs and offer more competitive, differentiated services through their own banking channels.”
This move is particularly significant for FIS’ smaller financial institution clients, such as credit unions and community banks, as it provides a straightforward way to offer BNPL tools to their customers. By integrating these options, institutions can enhance the customer experience with greater payment flexibility while positioning themselves as more tech-savvy and innovative. This distinction can be crucial in attracting and retaining customers in a competitive landscape.
“Millions of consumers prefer using a debit card from their trusted financial institution, and we believe they should have easy access to exceptional credit options through their preferred payment method. That’s why, for the first time, we’re bringing Affirm’s proprietary underwriting technology and full suite of pay-over-time solutions to third party issuers in partnership with FIS,” said Affirm Chief Revenue Officer Wayne Pommen. “This new program will expand access to Affirm’s wide range of payment options, giving more consumers a responsible way to pay over time. It will also connect them directly to Affirm’s vast and growing merchant network – delivering an even more valuable and differentiated experience.”
Established in 1968 and based in Florida, FIS serves 15,000 clients across the globe. The company’s product suite includes payment solutions, risk management services, and customer communication tools. Its technology supports the processing of $50 trillion in transactions annually and oversees assets totaling $16 trillion.
Financial data company Perfios has acquired Clari5 to enhance its fraud prevention and risk management capabilities using Clari5’s real-time financial crime management platform.
Clari5 offers AI-driven fraud detection tools, including customer-looped alerts, identity resolution, trade-based AML, and real-time transaction monitoring across multiple channels.
Perfios anticipates that the acquisition will strengthen its presence in India, the Middle East, North Africa, and Southeast Asia.
Financial data analysis company Perfios has agreed to acquire Clari5 (also known as CustomerXPs). India-based Perfios will use Clari5 to strengthen its own fraud and risk management capabilities. Financial terms of the deal were not disclosed.
Clari5 was founded in 2006 to help protect banks against fraud and money laundering. Among the company’s tools for fighting fraud are a customer-looped alert management service, payments fraud reporting, identity resolution, trade-based anti-money laundering, an inbound scam detection solution, and more. Additionally, Clari5 uses AI-driven analytics and machine learning to improve the detection of fraud patterns. The company monitors transactions in real-time across multiple channels to ensure that financial services organizations can quickly detect and prevent fraud.
“Joining forces with Perfios marks a new chapter of growth and innovation for Clari5,” said Clari5 CEO Rivi Varghese. “With Perfios’ deep expertise in the financial technology ecosystem and our advanced real-time financial crime management platform, we are creating a powerful synergy to redefine fraud prevention, risk intelligence, and AML compliance at scale. This partnership enables us to expand our reach, accelerate product innovation, and strengthen our ability to help financial institutions combat evolving financial crime with unmatched speed and precision. Perfios’ scale, global presence, and stability position us to serve the largest banks worldwide, enabling us to deliver impactful solutions to financial institutions of all sizes and complexities.”
Founded in 2008, Perfios builds customized solutions for financial services firms to make data-based, real-time decisions in lending, wealth management, embedded finance, insurance, and KYC. The company serves over 1,000 lenders in India, including each of the top 10 banks.
Perfios anticipates that adding Clari5 will help it build its leadership in the financial sector in India. The company also plans to use the move to strengthen its presence across its key geographies, including the Middle East, North Africa (MENA), and Southeast Asia (SEA).
“The acquisition of Clari5, a leader in EFRM and AML, marks a significant milestone in our journey to build the most comprehensive fraud and risk management ecosystem,” said Perfios CEO Sabyasachi Goswami. “Clari5’s real-time financial crime management platform, trusted by marquee financial institutions worldwide, perfectly complements Perfios’ mission to deliver secure, scalable, and tech-first solutions. Together, we are set to redefine fraud prevention, risk intelligence, and AML compliance, empowering financial institutions to stay ahead of evolving threats while powering financial security to billions across the globe.”
When regulatory changes are a moving target, it can be difficult for financial services companies to keep up. In 2025, several key regulatory updates across Europe will demand attention, from changes to MiFID II and PSD3 to new directives on anti-money laundering (AML) and artificial intelligence (AI). These shifts vary in scope by country, but all require companies to adapt to ensure compliance.
While many of these updates are an inconvenience and require organizations to implement new processes and workflows, they will ultimately improve transparency, security, innovation, and enhance the end user experience. Financial services companies that stay ahead of the curve will be better positioned to meet these challenges.
For deeper insights, FinovateEurope, which is taking place in London on February 25 and 26 (register today and save!), will host a diverse group of experts who will explore the region’s regulatory shifts in detail, offering valuable guidance on how firms can best prepare for 2025. Below, we’ve highlighted some of the most important changes that are likely to impact financial services organizations this year.
ESG compliance
The Sustainable Finance Disclosure Regulation (SFDR), which was introduced in 2021, required firms to complete more detailed and standardized reporting on sustainability practices. As a result, many needed to invest in systems to track and report ESG metrics more accurately and transparently. In 2025, the European Commission and European Supervisory Authorities (ESAs) is expected to update the legislation to improve definitions, simplify disclosures, add more mandatory disclosures, and more.
Additionally, in 2025, the Corporate Sustainability Reporting Directive (CSRD) is expected to see a significant expansion to its scope. More companies will be required to report under the CSRD, firms will be required to disclose detailed information about their sustainability impacts, the reporting measure will need to be fully integrated into a company’s business strategy and decision-making processes, and more.
While these shifts may be challenging, many organizations will likely benefit from improving their ESG transparency because it will help attract investors who prioritize sustainability and may improve their firm’s reputation.
Digital Operational Resilience Act (DORA)
The Digital Operational Resilience Act (DORA) went into effect in January of 2023 and began to require compliance last month. DORA aims to enhance the IT security of financial services companies including banks, insurance companies, and investment firms. The regulation requires firms to regularly test their systems, create contingency plans, and ensure that their third-party providers are also in compliance with security standards. The three European Supervisory Authorities– the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA)– anticipate that DORA will reduce the risk of systemic disruptions and improve financial stability.
EU AI Act
Established in 2024, the European AI Office is implementing the EU AI Act to create regulatory framework for artificial intelligence in Europe. Ultimately, the regulation seeks to ensure that AI applications are transparent, accountable, and ethical. The first requirements under the EU AI Act went into effect earlier this month to ban the use of AI systems that involve prohibited AI practices. There are eight categories of prohibited practices, as law firm DLA Piper details in the graphic below.
European Data Governance Act (DGA)
The European Data Governance Act is designed to enhance consumer trust in voluntary data sharing to help businesses innovate and grow. The act establishes a framework for data sharing and sets standards for data altruism and data intermediaries.
In 2025, the primary update to the EU DGA is the upcoming enforcement of the Data Act, which will impact how businesses manage and share data and their personal information, by specifying data access and usage. The new legislation will take effect in September of 2025.
AML compliance
Anti-money laundering (AML) regulations are set to become even stricter with the introduction of new directives in 2025. Specifically, the EU AML Package, which is launching this year, establishes a new supervisory authority called the Anti-Money Laundering Authority (AMLA). Based in Frankfurt, the AMLA will implement stricter compliance measures for financial institutions, especially high-risk firms, to help combat money laundering and terrorist financing across the EU.
While complying with the AML regulations will require firms to rework their existing strategy and perhaps create new systems, it will help reduce financial crimes, protect firms from reputational damage, and reduce regulatory penalties.
Payment Services Directive 3
Payment Services Directive 3 (PSD3) is the third iteration of the EU’s Payment Services Directive. Changes to the directive coming in 2025 are expected to further enhance open banking capabilities and offer third-party providers greater access to consumer financial data while improving security and user consent mechanisms. The new iteration will also further protect consumers by providing clearer guidelines on payment methods, transaction rules, and dispute resolution processes. The updated standards are expected to increase the speed, transparency, and security of payments, while providing customers with a more seamless and trustworthy payment experience.
Crypto regulation and the MiCA framework
2025 will bring the full implementation of the Markets in Crypto-Assets (MiCA) framework, which will introduce regulation for cryptocurrencies and digital assets across the European Union. Financial services companies that engage with crypto will need to comply with new licensing and operational requirements.
Originally drafted and proposed by the European Commission in September 2020, MiCA aims to provide clarity for businesses and investors by establishing clear rules around the trading, issuing, and holding of crypto assets. This transparency is expected to provide stability and foster trust in the crypto market.
Anti-Tax Avoidance Directive (ATAD III)
The Anti-Tax Avoidance Directive (ATAD III), which aims to reduce tax avoidance by implementing stricter rules to combat aggressive tax planning and ensure that companies pay taxes, is slated to go into effect in 2025. The new directive requires financial services companies to adjust to their tax structures and increase their scrutiny of cross-border transactions. Ultimately, ATAD III should help promote fairness in the EU’s tax system by addressing loopholes used for tax avoidance.
Spreedly and Trustly have partnered to offer Spreedly’s merchant clients pay-by-bank capabilities through its Open Payments platform.
Adding the new payment option will help merchants enhance payment flexibility, conversion rates, and consumer insights.
Pay-by-bank adoption is growing in 2025 due to lower fees and faster settlement times for merchants. To encourage its use, some merchants offer monetary incentives at checkout.
Open payments platform Spreedly has teamed up with pay-by-bank expert Trustly this week. The two are collaborating to offer Spreedly’s merchant clients access to Trustly’s pay-by-bank capabilities.
Under the partnership, Trustly will take charge of the pay-by-bank tools in Spreedly’s Open Payments platform. Spreedly anticipates that merchants who use the new pay-by-bank tools will see improved conversion rates without having to overhaul their existing payments infrastructure. The company also envisions that the new capabilities will empower merchants with more payment flexibility and further insight into consumer habits.
“Our collaboration with Spreedly represents a significant step towards a unified payments experience becoming the industry standard,” said Trustly VP of Enterprise Growth Ross McFerrin. “By integrating Trustly’s pay-by-bank offerings with Spreedly’s orchestration platform, we’re providing merchants an all-in-one solution that allows them to choose the best payment methods to offer their customers while simplifying the complexity of payment integrations.”
Sweden-based Trustly’s pay-by-bank network currently processes over $42 billion in transaction volume each year. The company offers Trustly Pay for open banking payments and Trustly Payouts for payouts. It also provides open data tools like Trustly Connect for data retrieval, Trustly ID for identity verification, and Trustly Insights for real-time underwriting decisions. In 2018, Nordic Capital bought Trustly for an undisclosed amount, and since then, Trustly has acquired three companies of its own, including SlimPay, Ecospend, and PayWithMyBank. The company anticipates that partnering with North Carolina-based Spreedly will increase its market reach in the U.S.
Spreedly was founded in 2007 to help merchants build their payments stack on a single platform. The company’s payment orchestration stack offers merchants more than 140 gateway connections of more than 40 payment methods. Spreedly also offers fraud prevention, payment optimization tools, and more.
“Spreedly has long demonstrated its ability to securely vault and orchestrate payments across card networks, and by partnering with Trustly, we are excited to extend these benefits by embedding pay-by-bank flows directly into our Open Payments platform,” said Spreedly VP of Global Partnerships and Business Development Rose Francois. “Together, we’ll enhance payment flexibility and security, empowering merchants to meet the growing demand for efficient, data-driven payment solutions, while driving stronger outcomes for the broader payments ecosystem.”
Pay-by-bank has been cited by analysts as one of the top trends to watch in 2025 as consumer and merchant adoption continues to grow. Merchants often favor pay-by-bank because of the lower fees and faster settlement times. And while consumers may be hesitant to ditch their credit cards in favor of pay-by-bank, some merchants offer a monetary incentive at the point of purchase to promote using pay-by-bank.
Its 2025, and while the concept of embedded finance is not new, it continues to evolve, offering fresh opportunities for growth. Embedded finance is making it easier for consumers and businesses to interact with financial services companies by helping to streamline payments, offer in-app credit, and provide insurance offerings within apps. Ultimately, embedded finance is creating convenience and efficiency for both end users and the financial institutions themselves. However, as this sector matures, so too do the complexities surrounding competition, partnerships, and regulatory compliance.
At this year’s FinovateEurope event, taking place February 25 through 26 in London (book now to save!), we’re bringing in experts to discuss a wide range of pressing topics impacting banks and fintechs across the globe. And since embedded finance is still high on the list of hot trends this year, we are featuring two sessions dedicated to exploring opportunities in the space.
In our executive briefing titled, “How financial institutions can capture the huge opportunity of embedded finance & embedded banking in both retail & commercial banking,” the panel will look at opportunities for banks to expand their distribution footprint, the role of non-banks, competition, risk, and more. Panelists include:
Rashee Pandey, Associate Director of Membership and Growth at Innovate Finance
Sadeque Ahmed, Executive Director of Product Management at J.P. Morgan
Vivien Cheung, Head of Financial Partnerships EMEA at Airwallex
Andrew Crocombe, Head of Embedded Banking Propositions at ClearBank
Jose Luis Navarro, Head of Open Banking Strategy at BBVA
Jakob Pethick, Chief Commercial Officer at YouLend
We’ll also host Mbanq Co-Founder Vladimir Lounegov, as he delivers a special address titled, “Want to print money? How embedded finance turns brands into banks.” Lounegov will share how embedded finance empowers non-financial brands to generate new revenue streams, build customer loyalty, and gain a competitive edge by integrating financial services seamlessly into their products or services.
Don’t miss these sessions, and others, at FinovateEurope. Whether you’re a bank, fintech, analyst, or VC, this show will be your opportunity to learn from top thought leaders in the space and shape your 2025 strategy. Register today and be part of the action!
Worldpay plans to acquire AI-driven fraud detection company Ravelin.
The acquisition will help Worldpay enhance its e-commerce offerings by adding fraud prevention technology and improve business clients’ authorization rates.
Ravelin’s cloud-based platform helps merchants combat online fraud, secure accounts, and improve payment authorization rates through partnerships with data providers like Ekata and Ethoca.
Payments and banking services company Worldpayannounced plans today to acquire fraud detection company Ravelin. Financial terms of the deal were not disclosed. The acquisition is expected to close later this quarter.
“Our acquisition of Ravelin aligns with our strategy to invest in innovation and AI technology, enhancing the value we provide customers and accelerating our e-commerce growth,” said Worldpay CEO Charles Drucker. “In today’s online world, equipping merchants with next-generation AI-powered fraud prevention products is vital, and we believe Ravelin’s technology and expertise will significantly enhance Worldpay’s overall value proposition to the marketplace. We look forward to partnering with Ravelin’s leadership and their talented team to help our customers address their most complex challenges.”
Ohio-based Worldpay anticipates that buying Ravelin will complement and enhance its existing portfolio of solutions. The company will also leverage Ravelin’s cloud-based AI platform to help its merchant clients improve authorization rates.
Worldpay was founded in 1971 and enables merchants of all sizes to grow faster and protect their businesses as fraud activity accelerates globally. The company offers processing solutions that allow businesses to take, make, and manage a variety of payments, including online, in-person, and embedded payments. The company processes over 50 billion transactions each year across 146 countries and 135 currencies.
Fraud prevention and payments optimization company Ravelin helps ecommerce merchants combat online payments fraud, implement account security, accept returns while blocking fraudsters, and set limits on promotional redemptions. The company also performs 3D Secure identification. Ravelin works with third parties including Ekata, Ethoca, and Chargebacks 911 to bring a wealth of data and disputes, and can integrate with other external data sources, as well.
“Ravelin is thrilled to be joining Worldpay, a true global leader in the payments industry,” said Ravelin Co-Founder and CEO Martin Sweeney. “Worldpay’s scale and reach, including processing approximately $2.5 trillion in payments volume and more than 50 billion transactions in 2024, will be an immense asset as we accelerate Ravelin’s momentum and advance our mission to eradicate fraud from the internet. Together, we will be able to deliver innovation at scale, driving the adoption of our industry-leading fraud solutions to customers as they respond to increasingly sophisticated threats and rising fraud-related costs.”
In a world where consumers are demanding faster payments, fraud is taking place at a faster rate, as well. The methods of fraud are also evolving as AI tools become more advanced, making fraud more sophisticated and harder to detect. By integrating Ravelin’s fraud prevention tools with its payment processing services, Worldpay will provide businesses with the ability to protect themselves against fast-moving fraud.
FIS is now certified to offer send capabilities for FedNow.
Adding FedNow send capabilities enhances FedNow’s real-time payment services for bank clients and enables instant credit transfers.
As of late last year, 60% of FedNow participants can receive payments, only 40% have adopted sending capabilities.
Payment, banking, and investment systems provider FISannounced today that it is now certified to enable send capabilities for FedNow instant payment credit transfers.
FIS was an early adopter of FedNow, and was one of the first institutions to enable its customers to receive FedNow payments after the technology launched in July of 2023. Adding send capabilities, along with real-time transfer alerts, allows FIS to bring its bank clients a more comprehensive payments experience.
“As money moves between banks, consumers, businesses, and beyond in a complex cycle, credit and debit cards continue to play a leading role in the payment experience,” said FIS Head of Cards and Money Movement Chris Como. “However, slow or delayed transfers can harm customer loyalty when they need to pay loans, rent, or time-sensitive bills on any given day. Giving the end user direct access to send payments instantly using FedNow marks a huge milestone in our efforts to enable a harmonious payments experience for our clients and the customers they serve.”
This announcement comes after it was reported that only 40% of firms have signed up to send payments using FedNow, as of late last year. In comparison, close to 60% of the financial institutions on board with FedNow are able to receive payments. As of last month, more than 1,000 financial institutions have enrolled in the FedNow Service. The Federal Reserve maintains a list of participating financial institutions on its website.
The lack of banks willing to send payments over FedNow may be caused by a handful of factors. Implementing the necessary infrastructure to send payments requires more technological investment and operational considerations than simply receiving payments. Additionally, faster payments leads to faster fraud, including authorized push payment (APP) fraud, where fraudsters trick users into sending money to them. Also, at a time when banks are seeking to increase their deposits, it doesn’t benefit them to make it easy for customers to send money.
Founded in 1968, FIS is headquartered in Florida. The firm, which counts 15,000 clients across the globe, offers a wide range of products and solutions, including payment capabilities, risk management tools, customer communications products, and more. FIS-powered tools process $50 trillionannually and hold $16 trillion in assets.
Moneyhub is partnering with Money Squirrel to provide open banking technology for Money Squirrel’s new small business financial management app.
Money Squirrel’s new app is aimed to automate VAT savings and optimize cash flow.
The collaboration comes as regulations like PSD2 continue to shape the open banking landscape across Europe.
Data and payments fintech Moneyhubunveiled this week that it has been selected by Money Squirrel to power its new small business financial management app.
Launched last month, Money Squirrel’s app aims to help businesses manage their finances and optimize their cashflow. The UK-based company will leverage Moneyhub’s open banking-enabled API technology to power the platform. Money Squirrel’s tools allow businesses to automate saving for future VAT payments. Once businesses connect their savings accounts, Money Squirrel places incoming funds into high interest rate accounts to maximize returns on sedentary cash, according to the business’ preference.
“Having Moneyhub’s API technology has been critical to launching our app, but it’s also encouraging to be aligned with them on the aim of making open banking and open finance more inclusive,” said Money Squirrel Founder and CEO Andreea Daly. “Having founded a business, I’ve experienced the frustrations of managing cash flow – spending countless hours calculating VAT and budgeting for future expenses. Therefore, we know firsthand how having the technology to remove these frustrations can unlock so much potential for businesses.”
Founded in 2023, Money Squirrel was selected to participate in the SHIFT open finance community’s dedicated fintech incubator, Ignite. The program provides financial support, expert guidance, and industry networking opportunities.
Moneyhub was founded in 2014 and sells personal finance technology tools, open data APIs, decisioning solutions, and payments capabilities. The company helps businesses leverage open data to enhance the financial wellness of their customers, communities, and businesses.
“Collaborating with Money Squirrel is a significant step in making open banking technology accessible to both SMEs and larger institutions,” said Moneyhub MD of API Kim Jenkins. “We are thrilled to help simplify financial management and unlock growth opportunities for smaller businesses by powering Money Squirrel’s app with our API. This partnership highlights our commitment to driving financial inclusivity and innovation across the board.”
As regulations like PSD2 continue to evolve across Europe, businesses are increasingly adopting open finance solutions to gain better control over their financial operations. By automating tasks such as VAT planning and cash flow optimization, fintechs like Money Squirrel can help businesses reduce administrative burdens, improve liquidity management, and make more data-driven financial decisions.
Moneyhub has demoed its technology at FinovateEurope 2015 and FinovateEurope 2017. This year’s FinovateEurope event is just a few weeks away. Learn more about this year’s demoing companies and register to attend to take part in the action.
