Daily news

Globalization Partners Taps Wise to Lower the Cost of Global Contractor Payments

Globalization Partners Taps Wise to Lower the Cost of Global Contractor Payments
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, TransferWise, Wise
  • International hiring and employment platform Global Partners (G-P) has tapped cross-border money transfer company Wise for its payment tools.
  • Under the agreement, G-P will embed Wise’s international payment tool in its Contractor platform with an aim to simplify worker disbursements.
  • With Wise, businesses will be able to use their payment method of choice to pay contract workers, while the contractors will be able to select their preferred payout method.

International hiring and employment platform Global Partners (G-P) has turned to cross-border money transfer company Wise to help its business clients to pay some of their workforce.

G-P was founded in 2012 to help businesses quickly hire contract and freelance workers across borders in a compliant manner while solving for legal, tax, and HR issues. Under the partnership, Wise will enable G-P’s business customers to access Wise’s payment solution directly from the G-P Contractor platform. As a result of the integration, G-P will offer their customers more flexible payment options, as well as more transparency into the payments process.

“Together with Wise we are creating a world that is unhindered by traditional financial systems, providing customers and contractors an ethical and transparent employment and payment process for all talent through our Global Employment Platform,” said G-P Chief Product and Strategy Officer Nat Rajesh Natarajan. “At G-P, our mission is to create a borderless and equitable world of work. Delivering flexible payment options is critical to delivering on that mission and meeting the needs of today’s professionals.”

Wise was founded in 2011 under the name TransferWise and has since helped 13 million people and businesses send money across international borders. The company offers a multi-currency account that enables users to hold up to 50 currencies and get account details to receive money in 10 currencies. TransferWise prides itself on its transparency by showing fees up front and charging the mid-market rate for money transfers.

With Wise, G-P Contractor clients will be able to use their payment method of choice. They’ll also benefit from batch payments for invoices in the same or different currencies, and will be able to see payment summaries that show a breakdown of costs. Additionally, contract and freelance workers receiving payment via G-P’s platform will have their choice of payout method, including bank transfer, virtual card, digital wallet, ACH, wire and international wire.

Photo by Markus Spiske

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DirectID Secures $9.5 Million in New Funding

DirectID Secures $9.5 Million in New Funding
By David Penn Posted on
Categories: Alumni News, Daily news, Direct ID, Funding
  • DirectID, a credit risk assessment and decisioning platform based in Scotland, has raised $9.5 million (€9 million) in funding.
  • The funding was led by Ingka Investment, the investment arm of Ingka Group – which is the world’s largest IKEA retailer.
  • DirectID will use the new capital to accelerate the launch of its predictive credit and risk models built using open banking data.

Credit risk assessment and decisioning platform DirectID has raised $9.5 million (€9 million) in funding from Ingka Investments, the investment arm of Ingka Group. The company will use the additional funding to help fuel the launch of its predictive credit and risk models built using open banking data. DirectID also plans to bring its credit risk solutions to new markets, as well as accelerate its development of models for each stage of the credit lifecycle – from originations to portfolio management to collections.

“We are excited to be shaping a new global standard in credit scoring that enhances people’s lives by enabling access to products they need in an affordable way,” DirectID founder and CEO James Varga said. “Our coverage, advanced insights, and predictive models provide a unique opportunity to achieve this by creating the world’s first real-time, inclusive, credit score based on open finance data.”

The funding takes DirectID’s total equity capital to more than $23 million. No valuation information was provided in the company’s funding announcement.

Headquartered in Scotland, DirectID is the current incarnation of a project that began in 2016, when Varga rebranded his company miiCard to The ID Co. The move was intended to reflect the growth of the company’s B2B embedded, integrated verification solution, DirectID. Four years later, the company took the Direct ID name in a move Varga said was necessitated by the fact that “data has become such an important part of our offering.”

Ingka Group is the world’s largest IKEA retailer, representing approximately 90% of IKEA’s retail sales. Ingka Investments, the company’s investment arm, has $21.2 billion (€20 billion) in assets under management. The firm’s investment activity is oriented around three “key strategic movements”: financial resilience, business development, and sustainability. Peter van der Poel, who is the managing director for Ingka Investments, credited DirectID for its ability to “complement and disrupt the traditional credit and risk market”. He noted that the company’s efforts promote greater financial inclusion for consumers and will “add value to Ingka’s financial services proposition” going forward.

DirectID closed out 2022 by forging a partnership with U.K.-based SME capital provider Got Capital. The alliance will facilitate the digitalization of the application process for small businesses seeking financing. Since inception, Got Capital has provided more than $362 million (£300 million) to more than 12,000 small businesses in the U.K. Also late last year, DirectID’s Varga was one of 13 business leaders named as the first “Scottish Export Champions” by the Department for International Trade (DIT). The organization also named DirectID as the new “FinTech Champion for Scotland.”

“Whether it’s working with other industry figures to promote the U.K. as a place to do business, or sharing knowledge of our experience exporting to multi-national organizations, I’m proud to be supporting the growth of the £11 billion U.K. fintech economy,” Varga said.

Photo by Isaque Pereira

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Mizuho International Taps SymphonyAI to Bolster AML

Mizuho International Taps SymphonyAI to Bolster AML
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news
  • Mizuho International selected SymphonyAI’s Sensa to enhance AML detection within its European Capital Markets Division.
  • Sensa’s machine learning models– including changes in behavior, risk similarities, anomaly detection, and hotspot identification– help organizations detect money laundering activity.
  • Sensa operates under SymphonyAI, which acquired the company in 2019.

Mizuho International selected SymphonyAI’s Sensa to bolster its fight against Anti-Money Laundering (AML). Specifically, the London-based securities and investment banking arm of Mizuho Financial Group will use Sensa to enhance AML detection within its European Capital Markets Division.

Sensa leverages advanced machine learning models that include changes in behavior, risk similarities, anomaly detection, and hotspot identification. The company combines these models with its set of scenario rules to help firms detect money laundering risk. With 46 patents and $100 million in research and development, Sensa’s technology won Aite-Novarica Group’s 2021 Fraud & AML Impact Innovation Award and is a top 10 DARPA innovation. The company was founded in 2008 and has since garnered $106 million in funding from the likes of Kleiner Perkins, Khosla Ventures, and others.

“We are thrilled to be deploying industry-leading AML transaction monitoring (TM) capabilities. Our next-gen AML TM strategy sought a more refined rule detection and advanced AI solution to find real AML risk and reduce false positives and analyst review times by holistic scoring. We needed a solution that helps analysts, through user interfaces, to deliver all the information needed to expedite investigations,” said Mizuho EMEA’s Chief Compliance Officer Dinesh Joshi. “SensaAML will make a significant difference in our long-held fight against money laundering. Our financial crime team will be empowered and more effective.”

SymphonyAI, the company behind Sensa, offers AI SaaS solutions for enterprises across a range of verticals, including retail, consumer packaged goods, finance, manufacturing, media, and IT/enterprise service management. Founded in 2017, the California-based company acquired Sensa in 2019 for an undisclosed amount.

The topic of AI– specifically generative AI– has received a lot of attention since Open AI launched its consumer-facing ChatGPT tool late last year. The fraud and financial crime space is prime for AI enhancement, especially generative AI enhancement. As Bain Capital Ventures Partner Sarah Hinkfuss explained in a recent blog post, “Generative AI can produce new training data to train and re-train fraud models. One of the challenges with piracy and fraud has been the cat and mouse game of security providers building to address the latest exploited weakness, only for fraudsters to find the next weakness. Training models on yet-unseen examples of fraud generated by generative AI provides the opportunity to stay one step ahead.”

Photo by Karim MANJRA on Unsplash

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Payoneer Earns E-Money License from the U.K.’s FCA

Payoneer Earns E-Money License from the U.K.’s FCA
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Payoneer
  • Payoneer received its e-money license from the U.K. Financial Conduct Authority.
  • The license will enable the digital commerce company to continue serving its U.K.-based customers.
  • Having earned the license, Payoneer now plans to grow its footprint in the U.K. region.

Global digital commerce company Payoneer received its e-money license from the U.K. Financial Conduct Authority (FCA) this week. The license will enable Payoneer to continue to provide its e-money services to U.K.-based businesses.

“The FCA traditionally sets the tone of financial regulation globally and therefore we are extremely proud to be receiving our e-money license in the U.K., said Payoneer Payment Services CEO and SVP of Payoneer Europe James Allum. “We’re excited to be able to continue serving our customers in the U.K. and with our relationship with the FCA. Our customers in the UK now have confidence in Payoneer’s consistent ability to provide regulated financial services of the highest standard.”

With the new U.K. money license, Payoneer will grow its footprint in the region, offering its digital money services to U.K.-based businesses.

Payoneer was founded in 2005 and offers multi-currency accounts to five million customers ranging from marketplaces, sellers, freelancers, gig workers, manufacturers, banks, suppliers, and buyers. With a mission to “democratize access to financial services and drive growth for digital businesses of all sizes from around the world,” Payoneer helps users pay, get paid, and manage funds on a global scale. The company also offers working capital– providing advances to Amazon and Walmart sellers, as well as to small businesses.

In 2021, Payoneer went public via a SPAC merger with FTAC Olympus Acquisition Corp. The company listed on the NASDAQ in June 2021 under the ticker PAYO. Scott Galit is CEO.

Photo by Pixabay

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Market Data Firm QUODD Acquires Competitor Xignite

Market Data Firm QUODD Acquires Competitor Xignite
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Mergers & Acquisitions, Xignite
  • QUODD has agreed to acquire fellow market data company Xignite.
  • Combined, the two companies will serve more than 2,200 firms, ranging from large banks and wealth management platforms to smaller digital investment tools.
  • Financial terms of the deal were undisclosed.

Two market data firms are combining this week, as QUODD Financial Information Services acquires Xignite. Financial terms of the deal were not disclosed.

QUODD said the purchase reinforces its commitment to become “the premier cloud-based global financial market data and content provider.” Company CEO Bob Ward added, “Xignite is well known for being an early adopter of delivering high-quality market data solutions via the cloud as well as for its extensive API-driven data catalog. I look forward to working with Stephane Dubois, CEO of Xignite, and his team to help us fuel our next chapter of growth delivering the most accessible and reliable data for our customers.”

Combined, Xignite and QUODD will serve more than 2,200 companies, ranging from large banks and wealth management platforms to smaller digital investment tools. QUODD will leverage Xignite’s technology to enhance its QUODD Fuel, which will integrate Xignite’s content catalog; and Universe+, which will leverage Xignite’s market data.

QUODD’s technology enables clients to stream, embed, look up, and download pricing data for global equities, fixed income, indices, options, futures, and end-of-day pricing for global mutual funds. The company is owned by NewSpring Holdings’ Financeware, a probability-analysis technology and marketing strategies provider, which acquired QUODD in 2019 for an undisclosed amount.

NewSpring Holdings has lofty ambitions for the Xignite buy. “Our goal for the combined organization is to create the industry’s leading provider in centralized market data augmented with superior customer service, anchored in the strength of long-standing relationships and supported by leading technologies, which is why this transaction was a perfect fit,” said NewSpring Holdings General Partner Jim Ashton. “2022 was another year of strong organic growth for QUODD and, combined with Xignite, we are continuing to raise the bar in transforming the digital adoption of financial data for market participants.”

Founded in 2000, Xignite offers market data APIs to its brokerage, wealth management, and fintech clients. The company’s APIs offer a range of market data– including real-time stock prices, historical stock prices, options prices, futures prices, mutual fund prices, ETF prices, foreign exchange rates, bond prices, and more. Combined, the company’s customers use Xignite’s APIs more than half a trillion times each month.

Photo by Pixabay

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PhonePe Raises $100 Million at $12 Billion Valuation

PhonePe Raises $100 Million at $12 Billion Valuation
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding
  • PhonePe raised $100 million in funding from Ribbit Capital, Tiger Global, and TVS Capital Funds, bringing its total funding to $2.2 billion.
  • The investment values the company at $12 billion.
  • PhonePe will use the funds to scale its existing payments and insurance businesses and to enter new financial services sub-sectors.

Digital money app PhonePe just raised $100 million in funding from Ribbit Capital, Tiger Global, and TVS Capital Funds. The investment follows a $350 million round PhonePe received last month and brings the India-based company’s total funding to $2.2 billion.

Today’s round, which values PhonePe at $12 billion, contributes to the company’s $1 billion capital raise target. Within six weeks of benchmarking the $1 billion goal, PhonePe is almost halfway there. The company has already raised $450 million and “expects further investments from leading global, as well as prominent high net worth Indian investors in due course.”

The mobile payments innovator will use the investment to scale its existing payments and insurance businesses. The funds will also fuel PhonePe’s entry into new businesses like lending, stockbroking, ecommerce, and account aggregators, which it plans to begin pursuing in the next few years.

“Our investment in PhonePe reinforces our conviction on backing best in class Founders while betting on the financial digitization of the next 450 million Indians,” said TCF Chairman and Managing Director Gopal Srinivasan. “We view this more as an opportunity in a population scale business for New India, driven by an outstanding management team with razor sharp focus, as driven by execution.”

PhonePe was founded in 2015 and now facilitates payments for its 440+ million registered users. The company’s end-to-end payments solution offers businesses a no-code payment gateway platform and provides consumers with a payment app where they can pay bills, send money, buy gold, invest, and shop online and in-person.

The company, which was acquired by Walmart-owned Flipkart in 2016, distanced itself from the Flipkart brand in 2020 via a financing round that dropped Flipkart’s ownership of PhonePe from 100% down to 87%. Earlier this month, the company began facilitating international transactions through Unified Payments Interface (UPI), enabling Indian travelers to make UPI transactions to foreign merchants using PhonePe platform.

Photo by Michael Skok on Unsplash

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Digital Asset Platform Bakkt Bets on B2B, Pivots from Consumer Crypto

Digital Asset Platform Bakkt Bets on B2B, Pivots from Consumer Crypto
By David Penn Posted on
Categories: Alumni News, Alumni profile, Bakkt, Daily news

The decision by digital asset platform Bakkt to pivot toward B2B technology solutions and away from consumer-based crypto products appears to be part of the greater re-evaluation that many fintechs are doing in the wake of the crypto crash of 2022. The company, which made its Finovate debut at FinovateFall last September, announced this week that it was turning the page on its consumer-facing app, launched in March 2021. Instead, the Alpharetta, Georgia-based fintech will focus on helping businesses provide crypto and loyalty experiences to its customers via SaaS and API solutions.

“As we continue to gain traction with our B2B2C strategy, we are laser focused on providing our partners and clients with seamless solutions that best serve their needs,” Bakkt President and CEP Gavin Michael said. “The discontinuation of the app ensures we are supporting the relationship our partners and clients have with their customers. With this move, we are focusing our investment on our core solutions that have product-market fit and are positioned to scale quickly.”

Bakkt’s decision to shutter its consumer-based crypto app comes in the wake of the company’s agreement to acquire crypto trading platform Apex Crypto from Apex Fintech Solutions back in November 2022. With more than 30 fintech partners and more than five million customers, Apex Crypto is expected to help support Bakkt’s B2B2C strategy of bringing more crypto-based solutions to clients in a range of verticals.

Bakkt’s consumer crypto app is set to sunset just over one month from now, on March 16. Current users of the app will continue to be able to access their crypto and cash on the platform courtesy of a new online, device-agnostic solution. The new experience will enable users to check crypto balances, as well as access transaction reports for tax purposes.

Founded in 2018, Bakkt demoed its Crypto Connect technology at FinovateFall last year. The solution helped consumers use their current financial services institution’s mobile app to buy, sell, and hold cryptocurrencies in a secure, trusted environment. In December, Bakkt laid off 15% of its exempt employee base in a bid to better control costs as the cryptocurrency downturn and FTX scandal soured the much of the public – as well as investors – on the space.

A publicly traded company on the New York Stock Exchange since the fall of 2021, Bakkt is listed under the ticker “BKKT.” The firm has a market capitalization of $433 million.

Photo by RODNAE Productions

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FIS Breaks Off Merchant Solutions, Plans to Restore Worldpay Brand

FIS Breaks Off Merchant Solutions, Plans to Restore Worldpay Brand
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, FIS, WorldPay
  • FIS is letting go of its Merchant Solutions business, along with the Worldpay brand, which it originally acquired for $34 billion in 2019.
  • The company states that Worldpay needs a different capital allocation strategy to enable the brand “to pursue more aggressive investment opportunities, including M&A.”
  • The spin-off is expected to take 12 months.

FIS acquired Worldpay for $34 billion in 2019, and after rumors of a break-up swirled last week, the Florida-based firm announced plans to let go of and restore the Worldpay brand. Specifically, FIS is spinning out the Merchant Solutions business it created from the Worldpay acquisition.

Jeffrey A. Goldstein, FIS Chairman of the Board, said that “… the spin-off of Worldpay will unlock shareholder value by improving both companies’ performance, enhancing client services, and simplifying operational management. We are confident that this is the right time for the separation of Worldpay.” Goldstein added that the Merchant Solutions business requires “increased investment in growth and a different capital allocation strategy” than FIS.

In its press release announcing the change, FIS explained that this different capital allocation strategy will enable Worldpay “to pursue more aggressive investment opportunities, including M&A.” The long-term goal of the spin-off is for Worldpay to expand geographic coverage of its eCommerce tools, strengthen its enterprise offerings, and shift toward software-led payments.

After the split, which is expected to be completed in the next 12 months, FIS and Worldpay will retain strong ties. As a result, FIS’ Merchant Solutions business will take on the Worldpay brand, which will be restored. Originally founded in 1971, Worldpay conducted $2 trillion in payments volume in 2022. Charles Drucker, who was Worldpay CEO from 2004 until the acquisition in 2019, will oversee the spin-off and will once again serve as the company’s CEO when the separation is finalized.

Founded in 1968, banking technology company FIS has acquired a total of 17 companies, two of which were purchased after the Worldpay acquisition in 2019. The company offers 450+ solutions and processes more than 110 million transactions each day. FIS is publicly listed on the NYSE and has a current market capitalization of almost $40 billion.

Photo by Monstera

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Paytech HUMBL Launches Mobile Wallet

Paytech HUMBL Launches Mobile Wallet
By David Penn Posted on
Categories: Daily news
  • Paytech HUMBL unveiled its new mobile wallet this week.
  • The new offering enables users to buy, sell, and hold digital assets, and includes a search engine and a social media platform.
  • Currently available for Apple users, an Android version of the wallet is expected “soon.”

California-based paytech HUMBL is the latest company to launch a mobile wallet with more than just money in mind. The company’s HUMBL Wallet offering not only enables users to buy, sell, and hold digital assets; it also serves as a search engine and a social media platform with independently verified user profiles and brands.

“The HUMBL Wallet allows global customers to quickly search, verify, and transact with each other in new ways in the digital economy,” HUMBL CEO Brian Foote explained. “As consumers move from Web 2 onto Web 3 via HUMBL, we believe that digital wallets, as well as verified people and products, will start to become a fundamental expectation of future customers.”

The iOS version of the wallet is now available in the Apple App store in more than 140 countries. For Android users, the Wallet and the company’s social media platform HUMBL Social are currently available as separate applications in the Google Play Store and will be merged together “soon.” The company noted that it will continue to bring new capabilities to the wallet, including the ability to accept SMB/merchant payments.

The addition of a search engine in the wallet makes it easy for users to find news, images, and videos online without having to leave the platform. But the technology also provides a blockchain-based search capacity to find verified NFTs across Ethereum, Polygon, BLOCKS, and more. The wallet can be used to store NFTs as well as connect to Web 3 social media platforms like Collab.Land. HUMBL Social, accessible via the wallet, offers a social media alternative that enables verified users to connect with other verified accounts.

The addition of HUMBL Social is designed to help users avoid the “fake profiles, ratings, reviews, and merchandise” of Web 2, according to Foote. Adding the problem of fake bots accounts and ad click fraud to the mix, Foote said that the HUMBL platform is designed to give online users an alternative. “The HUMBL platform is being built to help solve for those issues on Web3, using blockchain and other new technology solutions, such as KYC/KYB profile verification and decentralized blockchain registries for faster payments, goods, and services authentication,” Foote said.

Founded in 2019, HUMBL ended 2022 by raising $20 million in an equity financing agreement with GHS Investments. Also last year, the company entered into a strategic technology partnership with food delivery company Great Foods2Go, and acquired digital wallet BizSecure for an undisclosed sum.

Photo by Godisable Jacob

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Visa Partnership Fuels Wirex Crypto Card Issuance

Visa Partnership Fuels Wirex Crypto Card Issuance
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, VISA
  • Wirex deepened its partnership with Visa.
  • The new agreement enables Wirex to issue its crypto debit and prepaid cards to more than 40 countries.
  • The company is working on finalizing another partnership that will facilitate card issuance in Australia.

Cryptocurrency payments company Wirex unveiled a strategic partnership with Visa this week. The agreement makes Wirex a member of Visa in the U.K. and in the Asia Pacific region and will enable the fintech to issue its crypto debit and prepaid cards to more than 40 countries.

The two players began their partnership at Wirex’s launch in 2015, when the U.K.-based company unveiled its crypto-enabled Visa card. The payment card enables users to buy, hold, exchange, and sell 150 currencies– from traditional to cryptocurrencies. Additionally, Wirex customers can use their Visa card to spend their currency holdings at live rates at more than 80 million locations where Visa is accepted.

In addition to the live crypto-to-fiat conversion, Wirex offers free international ATM withdrawals, zero monthly fees, free fiat-to-fiat exchanges, and up to 8% back in crypto rewards on every purchase.

“It’s great to strengthen our partnership with Visa, who have played an important role in allowing us to bridge the gap between the traditional and digital economies,” said Wirex APAC Regional Managing Director Svyatoslav Garal. “Visa’s proven commitment to safety, security and innovation will help us to continue developing a next-generation app and card.”

The partnership aligns well for payments giant Visa, which is working to position its brand in the Web3 space. “Visa wants to bring more payment options to consumers by connecting digital currencies with our network of banks and merchants,” said Visa Head of Digital Partnerships, Asia Pacific Matt Wood. “We’re excited that Wirex is expanding their focus on Asia Pacific, making it easy and seamless for people to spend their crypto balance at the millions of merchants that accept Visa in the region.”

Wirex was founded 2014 by Pavel Matveev and Dmitry Lazarichev. Since then, the company has raised $27.8 million in funding and facilitated more than $20 billion in crypto transactions. Wirex, which expanded to the U.S. last year, said it plans to make a partnership announcement “in the coming weeks” that will facilitate card issuance in Australia.

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Tazapay Raises $16.9 Million for Cross-Border Payments

Tazapay Raises $16.9 Million for Cross-Border Payments
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Funding
  • Cross-border payments company Tazapay raised $16.9 million in Series A funding.
  • The investment, which brings the company’s total funding to $21.9 million, was led by Sequoia Capital Southeast Asia.
  • Tazapay processes “hundreds of  millions” of dollars each year in card and local, real-time payment methods.

Singapore-based cross-border payments company Tazapay closed $16.9 million in Series A funding for its cross-border payments technology today. Today’s round, when combined with the company’s Seed rounds, boosts Tazapay’s total funding to $21.9 million.

Investors include Sequoia Capital Southeast Asia, which led the round, along with new investors EscapeVelocity (escp.vc), PayPal Alumni Fund, and angel investor Gokul Rajaram; and existing investors Foundamental, January Capital, RTP Global, and Saison Capital.

Commenting on the investors, Tazapay CEO and co-founder Rahul Shinghal said, “These partners will help us realize our vision to be the foremost cross border infrastructure for global platforms as we double down on growing our market presence and consolidating every real-time banking network in the world under one API. We are grateful to both our new and existing investors for acknowledging the evolving needs of our ecosystem and supporting our aspirations.”

Tazapay will use today’s investment to scale across Asia, expand in the Middle East and Europe. enhance its core capabilities, and add more local payment methods for cross-border e-commerce, education technology, Software-as-a-Service, and travel.

Founded in 2020, Tazapay facilitates card and local, real-time payment methods for businesses and consumers. The company’s API offers access to a global network of 170+ markets for its card coverage and 85 markets and processes “hundreds of  millions” of dollars each year.

The investment comes at a time when both interest in and development of real-time payment technologies are on the rise across the globe. PhonePe, one of India’s largest fintechs, recently announced it will make its UPI payments available in the UAE, Singapore, Mauritius, Nepal and Bhutan. And in the U.S., the Federal Reserve’s FedNow payment scheme is nearing completion. In fact, banking-as-a-service provider Finzly just unveiled a new API yesterday that offers connection to the U.S. FedNow Service in a sandbox environment.

Photo by Tatiana Syrikova

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Finzly’s New API Offers Access to FedNow Payment Rails

Finzly’s New API Offers Access to FedNow Payment Rails
By Julie Muhn (@julieschicktanz) Posted on
Categories: Alumni News, Daily news, Finzly
  • Finzly has released an API connection to the U.S. FedNow Service.
  • The API enables developers to test out the new set of payment rails in a sandbox environment.
  • FedNow, the U.S. Federal Reserve’s real-time payment rails, is set to launch later this year.

Banking-as-a-service provider Finzly released its new API that offers connection to the U.S. FedNow Service in a sandbox environment.

Through its sandbox, Finzly enables fintech, bank, and third party developers to use its API to build real-time payment experiences via the FedNow’s pilot version.

“The future of the economy is connected and real-time. Insurance payouts, government benefits, healthcare payments, online commerce, subscriptions, point of sale, investment, lending, treasury, and several other platforms are expected to connect to the new FedNow Service for an integrated, cardless, bank-to-bank, instant payment experience,” said Finzly Founder and CEO Booshan Rengachari. “Finzly APIs and its direct connection to the FedNow service will accelerate the adoption of instant payments in several use cases. We are excited about being the world’s first player to offer access to FedNow service via an API.”

Launching later this year, the U.S. Federal Reserve’s FedNow Service is a set of new, real-time payment rails. The service will facilitate instant money transfers to and from any U.S. financial institution at any time of day, on any day of the week for both commercial and retail customers.

Today’s news comes a little over two years after Finzly announced it was among 110 other organizations participating in the FedNow pilot program, a beta test of the new rails. Other non-bank pilot participants include ACI Worldwide, Finastra, Jack Henry & Associates, and Q2 Software.

Founded in 2012, Finzly offers banking-as-a-service tools via Finzly OS— which it demoed at FinovateSpring last year– that enable users to launch a modern bank from scratch. The company offers an API that connects to all U.S. payment rails, including Fed ACH, Fedwire, RTP, SWIFT, and now FedNow. Formerly known as SwapsTech, the North Carolina-based company recently added a handful of clients, including Veritex Community Bank, Coastal Community Bank, First Internet Bank, and ICBA Bancard. Finzly recently

Photo by Benjamin Svobodny

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