Finovate Alumni News

On Finovate.com

  • New Investment for LendUp Spurs Credit Card Spin Off.

Around the web

  • Klarna announces collaboration with classic watchmaker Daniel Wellington.
  • Legal & General to deploy NICE’s robotic process automation (RPA).
  • HP forges partnership with PayPal to provide payment processing for its new POS system, Engage One Prime.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

PayPal Chooses Core Banking Technology from Temenos

PayPal has selected Temenos T24 core banking system, delivered in the cloud, reports Henry Vilar of Fintech Futures (Finovate’s sister publication).

The system will support several of PayPal’s businesses across multiple geographies, namely the U.S., U.K., Germany, and Australia.

Temenos said this signing is important for the firm, as it highlights its momentum in the U.S. market with banks and disruptors. Earlier this year, it inked two deals with U.S. banking challengers, Varo Money and Grasshopper Bank.

It is understood that PayPal was first looking to get a new core system back in 2014, but halted the project as it spun off from eBay.

At that time, it was considering the FIS Profile system, according to FinTech Futures’ sources. (Incidentally, FIS has recently beat Temenos to a core banking tech deal at MUFG Union Bank in the U.S.)

In other recent news, the U.K.’s Competition and Markets Authority (CMA) is snooping around and says that PayPal’s takeover of Swedish start-up iZettle could lead to higher prices or reduce the range of services for customers.

Elsewhere, Volt, a new challenger bank in Australia, recently went live on Temenos T24. Happy days for the supplier.

PayPal made its most recent Finovate appearance at FinDEVr Silicon Valley 2014, presenting a workshop titled Making Payments Fun and discussing its PayPal/Braintree Developer program. Temenos is also an alum of our developer’s conference, introducing its B2B Financial Apps Marketplace as part of FinDEVr Silicon Valley 2015.

Both PayPal and Temenos have demonstrated their technologies on the Finovate stage: PayPal at FinovateEurope 2012 and Temenos at FinovateEurope 2015.

Finovate Alumni News

On Finovate.com

  • De Novo for the New Year: Mi BANK Teams Up with Fiserv.

Around the web

  • Sberbank enables users of its Sberbank Online app for Android to apply for loans without visiting a bank office.
  • National Bank of Kuwait (NBK) unveils SWIFT Global Payments Innovation (gpi) services courtesy of partnership with ACI Worldwide.
  • PayPal chooses Temenos T24 core banking in the cloud to support its operations in the U.S., the U.K., Germany, and Australia.
  • Russian MVNO Tinkoff Mobile now covers 43 regions.
  • Ping Identity reports that the top 12 U.S. banks by assets use its Ping Intelligent Identity Platform.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Finovate Alums Digital Onboarding, ForwardLane, and SizeUp Join MassChallenge’s 2019 FinTech Inaugural Program.
  • CB Alerts Portal from Ethoca Helps Carte Bancaires Merchants Fight Fraud.

Around the web

  • Agreement Express and TD Ameritrade Institutional deliver straight-through account opening to Veo Platform.
  • Gusto’s Flexible Pay is now available to employees directly in Texas through a newly created subsidiary Gusto Capital LLC.
  • AlphaPoint announces support for Stellar Lumens.
  • Lincoln Financial Group unveils new partnership with eMoney Advisor.
  • Sezzle hires former Target, TD Bank executive Jamie Kirkpatrick as its new Chief Risk Officer.
  • Averon co-founder and COO Lea Tarnowski earns finalist spot in Banking Technology Awards’ Women in Technology Leadership category.
  • Coinbase introduces instant PayPal withdrawals for U.S. customers.
  • Ripple and UAE Exchange team up to launch blockchain-powered cross-border remittance payment services in Asia in early 2019.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Temenos Acquires Avoka in $245 Million Deal.
  • More Than $400 Million Raised by 19 Alums in Q3 2018.
  • ShopKeep Closes $65 Million to Boost Small Business Financing Tool.

Around the web

  • The Open Bank Project wins Best Technology Provider for Open API Standards at Global Open Banking Awards.
  • InComm partners with Revolut to offer their prepaid cards at U.K. retail chain wilko.
  • U.K.’s Experian to buy Africa’s Compuscan.
  • First Data and China CITIC Bank International to join forces with launch of new merchant acquiring solutions.
  • PayPal launches Xoom International money transfer in Canada.
  • Docutech and Tavant integrate for digitally-focused loan origination process.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • MaxMyInterest Brings Intelligent Cash Management to Radius Bank.
  • SuperMoney Launches Student Loan Refinancing Marketplace.

Around the web

  • Payfone recognized for growth with Deloitte’s 2018 Technology Fast 500 Award.
  • Benzinga talks with Kabbage Co-founder Kathryn Petralia.
  • IndusInd Bank launches Dynamics-powered, interactive credit card with buttons.
  • PayPal completes acquisition of Hyperwallet.
  • Education technology pioneer Kinderlime selects Gusto as its exclusive payroll provider.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Identity Risk Scoring from Socure Helps Radius Bank Reduce Online Fraud.
  • Lending Club and Wealthfront Score Intuit Consumer Data.

Around the web

  • American Express and PayPal announced expanded strategic partnership to enhanced experience for U.S. Amex card members using PayPal and Venmo.
  • NCR to test age detection technology to improve efficiency in self-service checkouts.
  • Sberbank unveils its new Payment Schedules solution, enabling users to configure the interface of Sberbank Business Online into an event feed format.
  • Tinkoff Bank launches Tinkoff Junior mobile app for children and teenagers.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

PayPal’s Walmart Partnership Makes a Move for the UnderBanked

While many view Walmart as simply a retailer, millions of Americans rely on the company as their main source for financial products. Walmart offers a variety of debit and credit card options, as well as services such as money transfers, remittances, check cashing, tax preparation, and billpay. So it’s no surprise to see that PayPal has joined forces with the retailer today to fortify services for their joint customers.

As part of the partnership, PayPal users will be able to withdraw and deposit cash into their PayPal account at one of Walmart’s 5,000 brick-and-mortar stores. In addition, PayPal Cash Mastercard customers can access their cash balance using Walmart service desks, ATMs, and cash registers. This is the first time PayPal users have had the flexibility to transact in cash, but it comes at a cost. Each cash transaction is priced at a flat, $3 service fee. The parties have not disclosed how that fee is divided between Walmart and PayPal.

In a press release, Dan Schulman, President and CEO of PayPal said, “We consider this a key collaboration for both PayPal and Walmart. We are committed to working together to make it simple and easy for people to use PayPal cash in and cash out money services at every Walmart location in the U.S. We look forward to working hand-in-hand to help people and families with their financial services needs.”

PayPal’s mobile app offers many of the same features as a traditional banking app, including PFM and money management tools, peer-to-peer money transfer options, and investment opportunities via its partnership with Acorns. Qualifying borrowers also have access to a line of credit. Today’s partnership with Walmart is likely a move to stave off the threat from Amazon, which has been rumored to further its lineup of alternative banking options via partnerships with traditional U.S. banks.

Tying cash into PayPal’s existing robust mobile infrastructure is a key way to target the underbanked population. Now that Walmart is serving as PayPal’s brick-and-mortar “branch,” what’s next for the payments company– mortgages?

Starting today, PayPal users are able to deposit cash at Walmart. The cash out feature will be available at all U.S. Walmart locations next month. Founded in 1998, the alternative banking provider showcased its Instant Account Creation feature at FinovateFall 2012. PayPal’s market cap sits at $90 billion.

Finovate Alumni News

On Finovate.com

  • Fighting for Customers: Will Tech Giants or Big Banks Win the Data War?
  • PayPal’s Walmart Partnership Makes a Move for the UnderBanked

Around the web

  • UK payments startup SumUp launches a 3G-powered credit card reader.
  • Worldpay extends real-time payouts to 50+ countries.
  • TD Bank Group and Flybits expand Canadian banking technology relationship to provide TD customers enhanced, personalized mobile experiences.
  • BlueRush lands co-selling agreement with Valeyo’s network of more than 95 Canadian financial institutions.
  • Tradeshift teams with credit insurer Coface to ensure greater financial transparency between buyers and suppliers.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • PayActiv More than Doubles its Funding with Fresh $20 Million.

Around the web

  • IdentityMind Global selects Oracle Cloud Infrastructure to host its trusted digital identities regtech platform
  • Adobe launching Magento Payments with PayPal’s Braintree for payment processing.
  • Tangerine partners with Meniga for digital banking.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.