Author: Julie Muhn (@julieschicktanz)

Collabria Financial Services Taps Trulioo for Digital Identity Verification

Collabria Financial Services Taps Trulioo for Digital Identity Verification
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Alumni profile, Trulioo

Credit union credit card issuer Collabria Financial Services has teamed up with digital identity verification fintech Trulioo. The Canada-based card issuer will leverage Trulioo to streamline the verification process for new cardholders.

With Trulioo’s verification capabilities, Collabria will enhance its ability to provide fast, compliant, and automated onboarding experiences. Trulioo will fully automate Collabria’s Know Your Business (KYB) review process, complementing its existing Know Your Client (KYC) workflows.

This is particularly impactful given Collabria’s vast reach, serving 98% of Canadian credit unions, which means the benefits of this partnership will extend to millions of credit union members

“The partnership with Trulioo marks a pivotal step forward in enhancing our security measures, while delivering a more streamlined, customer-centric process,” said Collabria CEO Jean-Marc Handfield. “With their cutting-edge technology, we’re elevating our measures against fraud and ensuring a faster and most importantly, safer, more secure experience for our cardholders.”

Trulioo helps organizations verify over 5 billion people by providing real-time verification for a range of identification documents and business entities. Its platform supports more than 13,000 ID documents and 700 million business entities across 195 countries. Additionally, Trulioo conducts checks against over 6,000 watchlists to ensure comprehensive verification.

“At Trulioo, our focus is on providing industry-leading solutions that meet the evolving needs of the payments industry,” said Trulioo CEO Steve Munford. “By combining our intelligent technology with Collabria’s expertise, we’re confident in our ability to enhance their verification processes, improve onboarding outcomes, and open windows of possibilities for their partners and members.”

Earlier this year, Trulioo partnered with Mastercard to integrate Mastercard’s identity solutions into its Person Match and Risk Intelligence products. This collaboration provides Trulioo with access to identity and risk scores through a customizable, user-friendly dashboard, expanding its offerings beyond API-based products and further streamlining its onboarding processes.

Headquartered in Canada and founded in 2011, Trulioo has raised $475 million. The company has demoed at 10 Finovate events, most recently showcasing its identity platform at FinovateEurope 2023.

Photo by cottonbro studio

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Back to the Future with Global Payments Trends

Back to the Future with Global Payments Trends
By Julie Muhn (@julieschicktanz) Posted on
Categories: Report series

Global payments have been gaining popularity in fintech over the past few months. There is increasing demand for faster, safer, and cheaper payment opportunities as cross-border trade activity escalates.

As McKinsey points out, however, payments are becoming disconnected from users’ accounts as platform-as-a-service (PaaS) and embedded payments models rise in popularity. These models, which often provide a more seamless and tailored customer experience, may pose a challenge for banks. That’s because, in many cases, banks may need to build new businesses to keep their existing customers.

In its latest report, McKinsey offers data highlighting the growth of global payments revenues and details six trends that will define the next five years in the global payments landscape. While the report is full of valuable stats. Here are the points that I found most notable.

Historical unicorns prove promising

Over the past 10 years, the number of payments unicorns grew from 39 to 384, a group that boasts a combined valuation of $1 trillion. Though decreased funding and downrounds have slowed the growth of new payments unicorns, their track record has proven that, when the fintech sector begins to boom again, we will likely see a boost in high-value payments fintechs.

Growth of global payments revenue

Last year, the global payments industry processed 3.4 trillion transactions worth $1.8 quadrillion that generated $2.4 trillion in revenue. While this revenue figure has grown 7% each year since 2018, McKinsey estimates the growth will slow to 5% per year for the next five years.

Cash usage tanks

Since 2019, cash usage across the globe has dropped by 20%. The report notes that global cash usage continues to decline at 4% a year, but developing economies are experiencing a faster rate of decline than that of the U.S., where card usage has long been popular. While this report doesn’t mention it, countries with government-led payment schemes such as India (with UPI) and Brazil (with PIX) are also seeing a major decline in cash payments. In India, while cash payments still account for 60% of consumer expenditure, digital payments have doubled in the past three years.

CBDCs are more relevant than ever

According to the report, “More than 90% of central banks are pursuing or considering central bank digital currency (CBDC) projects, and more than 30 have rolled out pilots.” This figure was quite surprising, as I haven’t looked into CBDC projects since 2021, when only 43 countries were exploring the use of a CBDC. Despite U.S. hesitation to pilot a CBDC, I think we’ll see more discussion on the topic in 2025 as crypto grows and the environment becomes more crypto-friendly.

We know fraud is up, but by how much?

McKinsey’s report estimates that losses from global payment card fraud will reach $400 billion over the next ten years. Regulators have stepped up their efforts by increasing pressure on banks to comply, and as a result AML fines reached an all-time high, soaring past $6 billion last year.

Check out the entire McKinsey report for a better picture of today’s global payments landscape. With trends like embedded payments, declining cash usage, the increasing relevance of CBDCs, and the ever-present threat of fraud, players in the payments industry will need to not only innovate, but also to collaborate to remain competitive.

Photo by Aslı Yılmaz on Unsplash

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Revolut Earns U.K. Trading License from the FCA

Revolut Earns U.K. Trading License from the FCA
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Revolut
  • Revolut has received FCA approval to offer U.K. and E.U.-listed stock and ETF trading.
  • The new service is expected to roll out in 2025 for its nine million U.K. customers.
  • Revolut’s U.K. stock trading offering will allow it to compete with established platforms like Trading 212, Freetrade, Hargreaves Lansdown, and AJ Bell.

Global challenger bank Revolut announced today that the U.K. Financial Conduct Authority (FCA) has granted it a license to offer trading services on U.K. and E.U.-listed stocks and ETFs.

Revolut, which cemented its reputation as Europe’s most valuable fintech after receiving a $45 billion valuation, launched in 2014. The company initially launched stock market trading capabilities for U.S. stocks in 2019.

Revolut’s U.K. trading service will roll out in 2025 for its nine million U.K. customers. Once the service is launched, the company will compete against Trading 212, Freetrade, Hargreaves Lansdown, and AJ Bell; which all offer U.K. trading stock trading services.

Today’s news comes three months after Revolut received its banking license from the U.K. Prudential Regulation Authority (PRA). The long-awaited license allows the fintech to take and hold deposits, as well as sell financial products such as loans, credit cards, overdraft protection, and savings accounts to U.K. consumers.

Previously, Revolut was able to offer an investment service to its U.K.-based traders which allowed its 650,000 users to trade U.S. stocks through fractional shares using Revolut’s app. That service was made possible via a partnership with DriveWealth, a U.S.-based fintech that facilitates investing-as-a-service for third party companies.

U.K.-based Revolut chose to launch equities trading in the U.S. over the U.K. likely because of the higher demand for U.S. stocks such as Apple, Amazon, and Tesla. These companies have captured the attention of global retail investors because of their significant growth. By prioritizing U.S. equities, Revolut capitalized on this demand and aligned its offering to suit the interests of its tech-savvy user base.

Adding U.K. trading will offer Revolut another cross-sell opportunity, helping it to further compete with traditional financial institutions that are able to help users manage multiple facets of their clients’ lives. The move not only diversifies its product portfolio but also strengthens its position in an increasingly competitive fintech market.

Photo by energepic.com

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Visa Expands its Flexible Credential Card to the U.S.

Visa Expands its Flexible Credential Card to the U.S.
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, VISA
  • Visa’s Flexible Credential card is now available in the U.S. and U.A.E., offering cardholders flexibility to pay from multiple account funding sources.
  • In the U.S., Affirm will integrate VFC into its buy now, pay later (BNPL) Affirm Card, while UAE-based Liv will leverage VFC to enable multi-currency transactions through a single card.
  • The VFC is similar to Curve’s multi-payment card offerings, however, Visa’s VFC requires users to select the payment type before transactions.

Payments giant Visa announced earlier this week it has expanded its Visa Flexible Credential (VFC) payment card to launch in both the U.S. and the U.A.E. The unique credit card allows users to pay from different account funding sources, ultimately offering cardholders more options and greater control over how they pay.

In the U.S., VFC will roll out in partnership with buy now, pay later (BNPL) company Affirm. The BNPL company will use VFC for its Affirm Card. With 1.4 million consumers, the Affirm Card offers consumers flexibility to pay at the time of their transaction or pay over time in the Affirm app.

“We’re excited about the partnership we’ve formed with Visa,” said Affirm CEO Max Levchin. “Since our founding, our mission has remained the same — build honest financial products that improve lives. Part of building better financial products also means giving consumers more control and flexibility, which has always been a key feature of the new Affirm Card. We look forward to bringing millions more people a product that seamlessly brings debit and credit together, without late or hidden fees.”

In the U.A.E., the VFC card will launch in partnership with digital banking platform Liv, which will enable cardholders to access multiple currency accounts from a single card. The VFC will automatically route the transaction to the account with the selected currency. Cardholders can use the Liv mobile app to move money between local and foreign currency accounts.

“At Liv we stay true to our promise of providing the most innovative products to our customers,” said Emirates NBD Chief Digital Officer, Retail Banking and Wealth Management, Pedro Sousa Cardoso. “As the UAE’s first digital bank, we are pleased to collaborate with Visa to offer our customers a simple, flexible card solution that better serves their evolving financial needs.”

“Working with innovative partners like Affirm, Liv and SMCC helps us turn that idea into a reality. Together we’re enabling more ways to pay and adapting to the unique needs of consumers – wherever they are in the world, or in their financial journey,” said Visa Chief Product and Strategy Officer Jack Forestell.

VFC first launched just over a year ago in Japan through a partnership with Sumitomo Mitsui Card Company (SMCC), which uses VFC to power its Olive card. Today, SMCC has more than three million cardholders using the Olive card, 70% of which use the card to toggle between different account funding sources like debit, credit, and prepaid.

Visa plans to roll out its VFC to other geographies in the future.

Overall, there are not many card companies competing on Visa’s VFC. COIN, a digital smart card that promised to replace all of the cards in consumers’ wallets, tried and failed in 2016.

Today, the strongest competition in the multi-payment type card market comes from U.K.-based Curve, which offers a credit card that allows users to toggle between different payment cards. Unique to Curve, users can spare themselves from embarrassment at the point of sale with the Anti-Embarrassment mode that allows the payment to go through even if the card is declined (with restrictions). Curve also offers a Go Back in Time feature that enables users to change which card is used for a transaction up to 30 days after the fact. 

With Visa’s VFC, however, cardholders must choose the funding source or payment type for their transaction before they initiate the purchase. It does not allow them to retroactively change the payment type or card type after a transaction is completed.

Photo by Rann Vijay

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Streamly Snapshot: Upgrading Your Digital Knowledge Management

Streamly Snapshot: Upgrading Your Digital Knowledge Management
By Julie Muhn (@julieschicktanz) Posted on
Categories: Interview, Streamly

With digital rising to the preferred channel for audiences across the globe, it is more important than ever for firms to manage their brands’ digital presence. Organizations no longer need to just worry about sending out consistent messaging, they also need to ensure that the information that search platforms are sharing about them is correct and consistent in order to uphold their reputation

Earlier this fall, Finovate Research Analyst David Penn spoke with Stuart Greer, VP of Enterprise Sales at digital presence platform Yext to get an idea of how the company not only helps brands manage their reputation, but also with managing information on data aggregators about their physical locations, setting up , and more.

“One of the biggest things I’d say that large enterprise financial services companies deal with… is their online presence across all of the platforms, said Greer. “Yext is a digital presence platform that essentially helps multi-location businesses. When you think about multi-location businesses, you can think of banks, ATMs, wealth advisors, insurance agents– anyone who has that presence online.”

Yext was founded in 2006 to help brands with multiple locations manage their digital presence. Companies can leverage Yext’s platform to ensure they deliver accurate, consistent information, while connecting with customers across the globe via digital channels. The New York-based company leverages AI to automate workflows at scale and provide actionable insights to do everything from enhance SEO to manage social media reputations. Michael Walrath is CEO.

Photo by KATRIN BOLOVTSOVA

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Payfinia Receives $4.5 Million from Star One Credit Union to Launch CUSO

Payfinia Receives $4.5 Million from Star One Credit Union to Launch CUSO
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Payfinia has launched a new Credit Union Service Organization (CUSO) to help credit unions modernize their payments experience.
  • The CUSO is launching in partnership with Star One Credit Union, which invested $4.5 million in the organization.
  • Payfinia’s IPX platform will play a key role in the CUSO, helping organizations leverage FedNow to offer instant payments while providing fraud prevention.

Payfinia, which was recently spun out of digital banking tools provider Tyfone, unveiled it has launched a Credit Union Service Organization (CUSO) called the Payfinia CUSO. The aim of the new Payfinia CUSO is to “support payments modernization solutions and embedded fraud controls through an open payments platform for credit unions and industry partners.”

The launch comes in partnership with California-based Star One Credit Union, which invested $4.5 million in the organization. Star One Credit Union originally partnered with Payfinia parent company Tyfone to build Instant Payment Xchange (IPX), a payments-as-a-service (PaaS) framework to send and receive instant payments via FedNow.

Interestingly, Star One Credit Union used IPX’s direct integration with Tyfone’s nFinia Digital Banking Platform to send the $4.5 million in Seed funding. Payfinia used IPX’s fraud prevention capabilities to tailor user controls and permit higher transaction limits, allowing the funding to be sent in $500,000 increments to its account at U.S. Bank. Each transaction settled in less than five seconds.

“Star One is proud to support Payfinia and its vision of making instant payments accessible to all account holders in the U.S.,” said Star One CEO Gary Rodrigues. “The IPX solution empowers our members to take control of their cash flow. So far, the IPX solution has displaced 25% of same-day ACH transactions, with 53% fewer fraud losses compared to same-day ACH and an 83% reduction in operational overhead for P2P payment networks.”

The IPX platform was originally launched by Tyfone in July of 2023 in conjunction with the Federal Reserve’s FedNow instant payment service. Since launch, IPX has converted nearly 30% of same-day ACH credit transactions into send transactions on push instant payment systems, routing existing payment solutions through networks like FedNow.

As part of today’s announcement, Payfinia is also partnering with firms— including core processors, third-party digital platform providers, and fintechs— to help them leverage IPX to embed instant payment capabilities within their digital offerings.

“Limited resources, legacy systems, fraud mitigation, and costs to implement new payment services are primary challenges that hinder community-based institutions from adopting instant payment capabilities,” said the Payfinia CUSO General Manager Keith Riddle. “Payfinia is building an ecosystem that overcomes these limitations, enabling an open-provider approach that meets the diverse needs of community financial institutions. The IPX platform provides institutions with scalable, effective and affordable payment solutions.”

The launch of the Payfinia CUSO is a valuable addition to the CUSO landscape, as it will address the growing demand for instant payments and payment modernization among credit unions. Historically, credit unions have faced challenges in adopting real-time payment capabilities due to limited technological resources, legacy systems, and the high costs that come with upgrading technology.

Because Payfinia’s CUSO is an open payments platform, it offers credit unions an approachable and affordable path to instant payments. The open-provider approach differentiates Payfinia’s CUSO from other CUSOs because it facilitates collaborations among core processors, digital platform providers, and fintechs.

Photo by fauxels

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Paychex Launches Alternative Lending Product

Paychex Launches Alternative Lending Product
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Paychex launched Paychex Funding Solutions, expanding its offerings into small business lending to give SMBs quick access to funds via invoice factoring.
  • Paychex Funding Solutions supports B2B companies by providing capital based on customer creditworthiness to help them cover payroll, vendor payments, and growth needs.
  • Paychex had previously offered small business funding in partnership with Biz2Credit.

Payroll, benefits, and HR company Paychex announced its expansion into small business lending. Called Paychex Funding Solutions, the new offering gives small-and-medium-sized businesses (SMBs) fast access to the funds they need.

The new lending product will offer businesses capital based on their total assets through invoice factoring. The solution is aimed to help B2B-focused companies meet payroll, pay vendors, and fuel growth. Applicants do not need to be a Paychex payroll client to qualify.

“Lack of capital is the top reason that small organizations go out of business – and meeting payroll obligations can be one of the biggest hurdles, regardless of the economic climate,” said Paychex Senior Vice President of Operations and Customer Experience Liz Roaldsen. “Quick access to capital when a company needs it can be the difference between a business being able to remain open or closing its doors.”

Paychex Funding Solutions offers an alternative to traditional bank loans, which often have difficult approval processes and restrictive obligations. The company’s streamlined underwriting and approval process makes decisions partially on the creditworthiness of a business’s customers. By leveraging the data around applicants’ customers, Paychex is able to service businesses that might not normally qualify for traditional loans.

In addition to using unique data in its underwriting process, Paychex will also offer its small business lenders a one-on-one consultation to evaluate their goals and finances, access to a funding specialist for customized solutions, and a team to offer guidance and support on funding options.

This is not Paychex’s first dip into the small business financing world. The company already offers users access to funding via a partnership with Biz2Credit, a revenue-based financing platform with a network of more than 1,200 lenders. Additionally, Paychex has a Paychex Promise membership service that provides payroll protection, business credit building tools, and more.

Photo by Ketut Subiyanto

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5 Facts About Klarna’s Long-Awaited IPO

5 Facts About Klarna’s Long-Awaited IPO
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Klarna, List series

After what seems like years of speculation, buy now, pay later (BNPL) leader Klarna has filed for its IPO with the U.S. Securities and Exchange Commission.

The Sweden-based company is being quiet about details, however. Klarna released a five-sentence press release with very little color. “This press release is being made pursuant to, and in accordance with, Rule 135 under the Securities Act of 1933, as amended (the “Securities Act”), and shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities,” the release plainly stated. “Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act.”

Given its presence in the BNPL space, as well as its lofty valuation, which peaked at almost $46 billion in 2021, there has been a lot of interest in Klarna’s IPO plans. Here are five key things to know about Klarna’s IPO, what it signals for the market, and what it could mean for both investors and customers alike.

The IPO has been in the works for years

Klarna was founded in 2005 and first hinted at an IPO in 2019 in an interview with Bloomberg. At the time, company CEO Sebastian Siemiatkowski mentioned that the company was considering an IPO within the next one to two years, depending on market conditions.

Since then, Klarna has seen significant growth. The company added to its BNPL tools in 2020 with the launch of its own shopping platform that hosts half a million retail partners who list goods across a range of categories. Today, Klarna’s retail site counts 150 million shoppers– 40 million of which are U.S. based– who make two million transactions on its platform each day. Overall, the company facilitates two million transactions per day for its 85 million active customers.

Klarna’s valuation peaked at $46 billion, but won’t reach that figure at its IPO

Klarna’s valuation has fluctuated over the past four years. At its peak, the company was valued at $46 billion in June 2021, making it the most valuable private fintech company in Europe. In 2022, however, the company’s valuation dropped to $6.7 billion.

While Klarna has not disclosed the valuation it plans to reach for its pending IPO, Fortune estimates the company could earn a valuation of about $14.6 billion. This figure is based on a move that Klarna shareholder Chrysalis Investments made in October to increase the value of its stake in the company to £120.6 million ($154 million).

Some of Klarna’s competition has already gone public

Klarna’s eventual IPO will follow in the footsteps of some of its competitors in the BNPL space who have already made their public debuts. California-based Affirm went public on the NASDAQ in early 2021 and now holds a market capitalization of $17.7 billion, while Australia-based Afterpay was acquired by Square (now Block, Inc.) in a 2022 deal valued at $29 billion. Sezzle, which originally went public on the Australian Stock Exchange, listed on the NYSE in 2023. Block also owns BNPL pioneer Afterpay, which went public on the Australian Securities Exchange in 2016 before the $29 billion acquisition.

Klarna’s regulatory heat will likely increase

All across the globe, BNPL is not without its criticism. The payments technology has faced backlash because of its propensity to promote irresponsible spending habits. This has led to formal regulation in multiple countries, including the issuance of an interpretive rule from the U.S. Consumer Financial Protection Bureau earlier this year.

As a public company, Klarna will be subject to a higher standard and will face greater scrutiny to not only comply with evolving regulations, but also to create and uphold higher standards of its own to protect its customers. Klarna is already ahead of regulation, however, as the company has already implemented features incluing spending caps, a transparent fee structure, and financial wellness tools.

An IPO offers potential for growth

Going public will offer Klarna access to additional capital that the company can use to fuel expansion. This is particularly important in the U.S., where it competes with Afterpay, Affirm, and PayPal’s BNPL offerings.

The IPO may also enable Klarna to create additional revenue streams by launching more traditional products and personal financial management tools. This expansion could position Klarna into a global financial power player.

Photo by appshunter.io on Unsplash

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Western Union Launches Media Network

Western Union Launches Media Network
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Western Union
  • Western Union has launched its Media Network to help brands reach and engage with its diverse, multicultural customer base.
  • In addition to providing brands with valuable insights and audience segmentation tools, the Media Network also allows companies to advertise through Western Union’s website, mobile app, in-store screen network, and digital channels.
  • As part of a larger industry trend, Western Union joins Chase and PayPal in offering a media network, with each focusing on unique insights.

Global money transfer platform Western Union unveiled plans for its Media Network business today. The new offering will allow companies to connect and engage with Western Union’s millions of diverse, multicultural users.

“For more than a century and a half, people around the world have trusted Western Union as their means to connect across borders through the power of money movement,” said Western Union CMO Bob Rupczynski. “Our intimate knowledge and long-tenured relationships with our customers are unique differentiators and a driving force behind our new Media Network business.”

The Western Union Media Network provides marketers with valuable insights into its clients, offering visibility into buyer personas and enabling the creation of targeted audience segments. By delivering multicultural brand messaging, the Media Network empowers brands to use this intelligence to engage consumers more effectively and enhance their products or services.

Companies that tap into Western Union’s Media Network will have the opportunity to collect and analyze data about Western Union customers. Using this data, Western Union can create key targeting strategies, including customized data pulled from its Agent network, and data regarding customers’ cultural ties, to improve ad efficiency and build addressable audience segments.

In addition to being able to access customer data, the Media Network will also allow brands to engage Western Union’s customers via the Colorado-based company’s website, mobile app, and at its digital out-of-home (DOOH) screen network that can be found at select retail locations. Audiences can also be reached through Western Union’s digital displays, online video ads, as well as commercials shown on TV networks and streaming services.

“We are excited to offer this opportunity to brands as an extension to their existing marketing efforts, providing a new way to actively engage with consumers, enhance brand affinity, and unlock revenue. And for our customers, I am proud that we are able to provide compelling offers from relevant brands in channels they trust,” Rupczynski added.

This isn’t the first time a financial services company has tapped customer data to launch a media network. Chase unveiled its Media Solutions arm earlier this year, while PayPal launched PayPal Ads last month. Part of a growing trend, each of these networks uses its reach and access to consumer data and insights to help brands target their preferred audiences.

However, each differs in its specific approach and value proposition. For example, while Western Union is focused on offering data about users’ cross-border payment habits and preferences, PayPal’s ad network is more valuable for brands looking to reach online shoppers with a high intent to purchase. Chase Media Solutions’ ad network is a bit more similar to that of PayPal’s in that it uses first-party data from Chase cardholders to help brands create highly targeted campaigns. In contrast, Chase brings insight into customers’ purchasing behaviors across both online and offline settings, allowing brands to target based on spending categories and habits.

Western Union is not a firm I would have expected to be the next to launch a media solutions network. However, with decades of data and a strong physical presence across the globe, it makes a lot of sense. Not only will the launch prove profitable for the company, but it will also position Western Union as more tech-savvy and digital-first than its competitors.

Photo by Pixabay

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Travelex Selects NCR Atleos to Revamp ATMs

Travelex Selects NCR Atleos to Revamp ATMs
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, NCR Corporation
  • Travelex is partnering with NCR Atleos to upgrade 600 ATMs across eight countries.
  • Travelex will replace its old machines with NCR Atleos’ SelfServ ATMs equipped with advanced software and Vision, a SaaS monitoring tool.
  • NCR Atleos will also facilitate Click and Collect functionality, which allows U.K. customers to pre-order currency online for fast, in-person pick-up at select airport ATMs.

Foreign exchange and travel services company Travelex announced today it has selected NCR Atleos to replace a set of its ATMs. The new machines will replace Travelex’s old ones in locations across the U.K., Netherlands, Switzerland, Germany, Italy, Czech Republic, Australia, and New Zealand.

In an effort to refresh its international ATMs, the U.K.-based company is swapping out the hardware and software of its 600 ATMs across eight countries. In their place, Travelex will put NCR Atleos’ SelfServ ATMs loaded with the company’s software and Vision, a SaaS monitoring tool.

“Travelex is dedicated to simplifying our customers’ access to international money, however and whenever they choose, and our expanded partnership with Atleos directly supports this mission,” said Travelex Chief Customer Officer Simon Jackson. “By relying on the experts at NCR Atleos for the implementation of modern ATM technology, we gain efficiencies and streamlined operations while adding value for our customers, ensuring travellers across the globe have reliable, secure and easy access to their cash.”

The new ATMs will not only be able to support domestic currency transactions, but they will also offer enhanced capabilities that leverage the machines’ touch screens and barcode readers. Some areas will also offer ATMs with contactless readers, which enable customers to make withdraws by tapping a card or an NFC-enabled phone or smartwatch.

The SelfServ ATM also supports Travelex’s Click and Collect, a function to help U.K. customers pre-order foreign currency online at a favorable rate, then pick it up at one of 50 of Travelex’s airport ATM locations in the U.K. “We are making it possible for travelers to access currency exchange via self-service,” explained NCR Atleos Executive Vice President, Global Sales Diego Navarrete. “We are proud to support Travelex in enhancing their ATM infrastructure, ultimately continuing to expand financial access for consumers around the world.”

This is not the first time the two have teamed up. NCR Atleos has powered Travelex ATMs in other markets in the past. NCR Atleos previously supported Travelex ATMs in other geographies at airports and travel hubs.

Founded as NCR Corporation in 1881, the firm spun out NCR Atleos in October of 2023 to run as an independent company focused on ATMs. Headquartered in Atlanta, Georgia, NCR Atleos employs 20,000 people across the globe to facilitate hardware, software, and service for line of ATM-related technology.

Travelex’s integration of features like contactless transactions, touch screens, and barcode readers will set a new standard for ATMs. This reflects the industry’s focus on both improving efficiency and enhancing the customer experience.

Photo by Te lensFix

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Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Fintech Rundown

The last couple of weeks have been full of merger and acquisitions. Will fintech continue its M&A streak this week? Stay tuned to find out. We’ll be adding the latest fintech news throughout the week as the space evolves.

Payments & cards

Tencent partners with Visa to bring palm payment to Singapore.

UBS pilots new blockchain-powered payment system.

FOMO Pay teams up with Mastercard to enable contactless card acceptance through FOMO SoftPOS.

Viamericas launches real-time domestic cash-to-account transfer service in the U.S.

FIS and Oracle enhance utility billing experience.

Zelle and LAFC “Saves for the Community” program raises over $100,000 for Latinos for Education.

Mesa launches premium credit card designed for homeowners.

Open banking

American Express and MX announce customer-permissioned data sharing agreement.

Business management tools

Procure-to-pay platform Vroozi appoints Dave Norton as President.

Agicap receives $48 million to grow its cash flow management platform.

Thomson Reuters expands partnership with Oracle with turnkey embedded e-invoicing capabilities.

Ascen taps workforce payments platform Branch to provide faster payment solutions for staffing firms. 

ATMs and hardware

Coinstar launches digital wallet.

Travelex selects NCR Atleos to revamp ATMs.

Open banking

Fintech infrastructure company Lean Technologies secures $67.5 million in Series B funding.

Personal financial management

SmartBank lands $26 million for its personal finance management app.

Debt

National Debt Relief partners with Docsumo to fastrack debt settlements with AI.

Lending and credit

Sunbit secures a $355 Million debt warehouse facility led by J.P. Morgan, Mizuho Bank, and Waterfall Asset Management.

Credit risk solutions company Carrington Labs unveils integration with Salesforce Sales Cloud.

Regtech

Arcesium unveils new regulatory reporting solution.

Digital identity

Socure unveils Graph Intelligence Module to bring visibility into connections across its Network Identity Graph.

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BNZ Snaps Up Open Banking Fintech BlinkPay

BNZ Snaps Up Open Banking Fintech BlinkPay
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • BNZ has acquired open banking payments company BlinkPay to enhance its focus on real-time, bank-to-bank payment solutions across New Zealand.
  • Financial terms of the acquisition were not disclosed.
  • BlinkPay will maintain its original leadership and culture, with company Co-founder Adrian Smith appointed as CEO.

BNZ announced today it has acquired fellow New Zealander BlinkPay, an open banking focused payments company. Terms of the deal were not disclosed.

Under the agreement, BlinkPay Co-founder Adrian Smith will become the fintech’s CEO. BlinkPay will retain its original leadership and culture.

“As a Māori-led business, we bring a unique perspective to financial innovation. BNZ understands and values this – and they’re backing our vision while enabling us to retain our startup DNA,” said Smith. “Our kaupapa [strategy] has always been about making financial services work better for all New Zealanders. BNZ’s support gives us the resources to accelerate our mission and help grow the open banking ecosystem across Aotearoa [New Zealand].”

BlinkPay was founded in 2016 to offer seamless, secure, and instant bank-to-bank transfers by leveraging open banking. The company helps businesses provide their own customers with a more efficient way to make payments directly from their bank accounts. BlinkPay’s platform connects with major New Zealand banks via APIs that support real-time payments without the need for credit cards or other intermediaries.

With 250,000 customers, BNZ was an early leader in open banking. The bank first implemented open banking principles in 2018. Bank CEO Dan Huggins anticipates today’s investment will further BNZ’s open banking reputation and expertise.

“This represents the next phase in our journey,” said Huggins. “With BNZ supporting BlinkPay’s innovation and agility, we can accelerate the development of new products and services that will benefit all New Zealanders. We’re proud to be investing in a team that has proven their ability to innovate and deliver.”

Working together, BNZ and BlinkPay will create new open banking capabilities to improve the customer experience for both retail and commercial banks across New Zealand.

Photo by Suzy Hazelwood

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