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Societe Generale to Acquire Majority Stake in PayXpert

By Julie Muhn (@julieschicktanz) Posted on September 30, 2022
Categories: Daily news, Mergers & Acquisitions

Societe Generale will become a majority stakeholder in U.K.-based payment processor PayXpert. The acquisition will help Societe Generale adapt to new consumer behavior stemming from the use of new technologies such as Buy Now, Pay Later. In turn, PayXpert’s merchant clients will benefit from additional payments, financing, and insurance solutions.

France-based investment bank Societe Generale announced today it will become a majority stakeholder in U.K.-based payment processor PayXpert.

The acquisition aims to help Societe Generale adapt to new consumer behaviors stemming from new technologies and tools such as Buy Now, Pay Later and integrated insurance services. "Societe Generale constantly adapts its offering and innovates to address new customer journeys," the company said in a blog post announcement.

Specifically, PayXpert's technologies will help Societe Generale broaden its offering for retail and online merchants and continue in its quest to be a leading player in payment acceptance in Europe. As a…

New Acquisition Takes Billtrust Private For $1.7 Billion

By Julie Muhn (@julieschicktanz) Posted on September 29, 2022
Categories: Daily news, Mergers & Acquisitions

Private Equity Firm EQT has agreed to acquire B2B accounts receivable and payments company Billtrust. The deal is expected to close in the first quarter of next year for $1.7 billion. This move will take Billtrust back to a privately-held company, following its public debut on the NASDAQ in 2020 after closing a SPAC merger.

B2B accounts receivable and payments company Billtrust announced today it has agreed to be acquired by EQT Private Equity for $1.7 billion. The transaction is expected to close in the first quarter of 2023.

Once finalized, the deal will take Billtrust from the public markets. The company went public in 2020 in a SPAC merger valued at approximately $1.3 billion. Billtrust is currently listed on the NASDAQ and has a market capitalization of $1.52 billion.

"This transaction marks the beginning of an exciting new chapter for Billtrust, our customers and employees while providing shareholders an…

Why Quick and Easy Integration is Essential to Unlock Value from Fintech Technologies

By Charlie Burgess Posted on September 29, 2022
Categories: InterSystems, Sponsored

To ensure innovation success, it’s vital that financial services organizations can easily leverage and provision new fintech services and applications by seamlessly integrating with their existing production applications and data sources. But the true value and potential of fintech solutions can’t be unleashed until integration is quick and easy.

PNC Bank Turns to Blend to Digitally Optimize its Mortgage Application Process

By David Penn Posted on September 28, 2022
Categories: Alumni News, Blend, Daily news

Blend and PNC Bank announced a strategic partnership to help the bank digitally optimize its online mortgage process. The partnership between Blend and PNC Bank comes in the wake of Blend's Instant Home Equity product, launched in August. Blend made its Finovate debut in 2016 and is also an alum of Finovate's developer conference, FinDEVr.

A strategic partnership between PNC Bank and cloud banking software company Blend will help the financial institution digitally optimize its online mortgage application process. With its new mortgage application platform, PNC will enable its customers to digitally apply for a mortgage and import information such as bank and payroll data directly into the application simply by providing their credentials. Customers further will benefit from a single portal for tracking the status of their mortgage application, completing any additional tasks, as well as reviewing and electronically signing loan documentation. The portal also allows PNC's mortgage…

Nova Credit Lands $10 Million from HSBC to Build Borderless, Consumer-Permissioned Credit Data

By Julie Muhn (@julieschicktanz) Posted on September 28, 2022
Categories: Daily news, Funding

HSBC has tapped Nova Credit to integrate the company's Credit Passport, a cross-border credit data product. As part of the partnership, Nova Credit received a $10 million investment, bringing its total funding to more than $79 million. HSBC deployed Nova Credit's Credit Passport at HSBC Singapore in May and plans to expand its use of the solution later this year to cover more country bureaus.

Consumer-permissioned credit bureau Nova Credit received $10 million in funding this week. The investment, which boosts the California-based company's total funds to over $79 million, came from HSBC Ventures.

Under the strategic partnership, Nova Credit will provide HSBC with access to Credit Passport, its cross-border credit data product. Credit Passport essentially translates consumer credit across geographical borders, providing residents who are new to a country with access to financial products that require credit, such as loans or mortgages.

By leveraging Credit Passport, HSBC…

Pinwheel Launches Product to Leverage Real-Time Consumer Earnings Data

By Julie Muhn (@julieschicktanz) Posted on September 27, 2022
Categories: Daily news

Payroll data company Pinwheel launched a tool called the Pinwheel Earnings Stream. The new product offers data on past, current, and projected income. According to Pinwheel, the data is most useful for earned wage access (EWA) offerings, but can also be used for financial wellness tools, underwriting, and more.

Income and employment data innovator Pinwheel announced its newest launch today. The company unveiled the Pinwheel Earnings Stream, a tool that offers up-to-date historical, current, and projected income data.

Pinwheel leverages machine learning and pay stub data to determine net earned wages for any work completed to create an accurate view of accrued and projected earnings. Earnings Stream uses analytics and intelligence to help make sense of this data.

Earnings Stream offers organizations three main benefits: accrued earnings, which shows wages a customer has earned so far in the current pay period; projected earnings, which estimates the earnings a…

Bank of America Unveils QR Code Sign-in for CashPro

By David Penn Posted on September 27, 2022
Categories: Bank of America, Daily news

Bank of America launched a new QR code sign-in for its CashPro offering. Paired with biometrics, the new sign-in option takes advantage of the trend in favor of QR code technology as a verification and log-in solution. Bank of America's CashPro has received recognition from Celent, Global Finance magazine, The Asian Banker, and Treasury Management International (TMI).

One of the surprising fintech trends of the past few years has been the deployment of QR codes as an option to facilitate payments in an increasingly wide range of contexts. Today, Bank of America announced that it has launched a new QR code sign-in for its CashPro solution. This will enable Bank of America's 500,000 CashPro users to scan a QR code with their mobile device and use their biometric information via the CashPro App in order to access the CashPro website. The new option will also alleviate the need for…

Finovate, Hispanic Heritage Month, and Fintech Innovation in Latin America

By David Penn Posted on September 27, 2022
Categories: Able, Alumni profile, Diversity in Fintech, IMPESA, Incognia, InfoCorp, Masterzon, Nufi, Rillavoice, Snap Compliance, Symbiotic

This week's Finovate Alumni Profile is a salute to Hispanic Heritage Month, an opportunity every year to recognize the achievements of Americans whose ancestors came from Central and South America, as well as Spain, the Caribbean, and Mexico.

Here are some of the Latino and Hispanic fintech leaders who have demonstrated their company's innovations on the Finovate stage since our return to live events in the fall of 2021. We're also taking this opportunity to highlight recent Finovate alums that are headquartered in Latin America and the Caribbean.

Able (FinovateFall 2022) empowers commercial lenders to quickly collect data from borrowers, streamline the loan process, and book loans faster. The company was founded in 2020 and is headquartered in San Francisco, California. Co-founder Diego Represas led the company's demo at its Finovate debut earlier this month at FinovateFall.

Incognia (FinovateSpring 2022) is a privacy-first, location identity company…

Square Taps Visa for Instant Transfers in Canada

By Julie Muhn (@julieschicktanz) Posted on September 26, 2022
Categories: Alumni News, Daily news, VISA

Visa is expanding its integration with Square's instant transfer feature into Canada. Square's Canadian merchant clients can access their funds in real time, instead of waiting for the next business day. Instant transfers are enabled by Visa Direct, a VisaNet processing capability that facilitates real-time delivery of funds.

One of the themes at FinovateFall earlier this month was how organizations can leverage real time data. When it comes to the movement of money, timing is everything. So it's no surprise to see Visa's announcement this week that it will expand its integration with Square's instant transfer feature into Canada.

Under the new integration, Square's Canadian merchant clients can now access their funds faster than the next business day. When they link an eligible debit card, Square's Canada-based merchant clients can transfer funds instantly to an external bank account.

Used for rapid merchant settlement, Square's instant transfers are enabled by Visa…

Which Fintech Trend Should We Be Paying Attention To?

By Julie Muhn (@julieschicktanz) Posted on September 26, 2022
Categories: FinovateFall 2022, Julie's Column, Thought Leadership

Fintech is a broad industry, and with the breadth of its sub-sectors comes a large range of trends that change year after year. But with all of the new, hot trends to follow, it's impossible for banks and fintechs to focus on everything at once.

That's why our team set out at FinovateFall earlier this month to ask people from across the industry what trend we should be paying attention to. We received a large range of answers, but here were the top picks:

Fraud mitigation and security Business intelligence Money movement and payments Consumer-permissioned data Processing data using AI Financial inclusion Embedded payments and embedded banking Detailed transparency in machine learning solutions Customer obsession and customer experience

Check out the full video below, which includes explanations and reasonings behind each of these trends:

https://www.youtube.com/watch?v=GLOv_YuFp1Y

We have several people to thank for answering this very broad question, including Gregory Wright,…

Ethoca and ChargebackZero Team Up to Help Merchants Minimize Chargebacks

By David Penn Posted on September 26, 2022
Categories: Alumni News, Daily news, Ethoca, MasterCard

Ethoca announced a partnership with India's ChargebackZero to help merchants eliminate chargebacks. The collaboration will integrate Ethoca's chargeback alert technology into ChargebackZero's Intelligent Dispute Prevention & Management Solution (iDPMS). Ethoca made its Finovate debut in 2015 at FinovateFall. The company was acquired by Mastercard in 2019 for an undisclosed sum.

Ecommerce fraud and chargeback prevention company Ethoca has teamed up with India-based ChargebackZero to help merchants minimize chargebacks. The partnership will also bring greater transparency to consumer transactions, and make it easier for merchants to share the details of confirmed fraud and dispute incidents.

The collaboration will enable merchants to rely on a chargeback alert system that notifies them in the event of an impending chargeback. Notifications are made via the ChargebackZero dashboard, which combines a variety of alert types from card issuers with ChargebackZero's dispute management tools. The alerts allow merchants to identify and revolve customer disputes with…