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.

Finovate Alumni News

On Finovate.com

  • Personality Biometrics Specialist Neener Analytics Partners with American Express.
  • Infosys to Acquire Fluido for $76 Million.

Around the web

  • Avaloq upgrades open software architecture designed to make banks more agile.
  • PayPal announces global launch of Checkout with Smart Payment buttons.
  • TransPecos Banks selects NYMBUS to launch BankMD.com.
  • itBit selected as a custody provider for Voyager’s new crypto-brokerage service.

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 Global: Fintech News from Around the World

As Finovate goes increasingly global, so does our coverage of financial technology. Finovate Global: Fintech News from Around the World is our weekly look at fintech innovation in developing economies in Asia, Africa, the Middle East, Latin America, and Central and Eastern Europe.

Central and Eastern Europe

  • Central Banking’s FinTech & RegTech Global Awards names the Bank of Lithuania as the winner of its Catalyst Award.
  • Halyk Bank Georgia implements new omnichannel system from Asseco geared toward retail clients.
  • Global Finance sits down for a conversation with Tinkoff Bank VP Maxim Evdokimov.
  • Sberbank partners with 500 Startups to launch Russian fintech accelerator.

Middle East and Northern Africa

  • Abu Dhabi Global Market (ADGM) introduces funding rules for private financing platforms (PFPs).
  • Bank Al-Tamweel Wa Al-Inma (BTI Bank) in Morocco to deploy Path Solutions’ iMAL core banking system.
  • IT Web Africa looks at the technological and operational challenges of banking for the underbanked in North Africa.

Central and South Asia

  • Indian digital lending startup Kissht closes $30 million Series C.
  • Fintech Valley Vizag of India partners with Bizofit to launch $1 million startup challenge.
  • India Post Payments Bank to deploy payments technology from Financial Software and Systems.

Latin America and the Caribbean

  • PayPal’s Xoom partners with OXXO to add more than 17,000 new cash pickup locations in Mexico.
  • Argentina’s digital bank Wilobank picks Spanish technology provider Indra as implementation partner.
  • Forbes profiles Brazilian fintech Neon.

Asia-Pacific

  • UnionPay introduces cross-border mobile payments service in Hong Kong, Macau.
  • Thailand’s Bank of Ayudhya chooses NICE Actimize to transform its AML compliance capabilities.
  • Blockchain patent activity picks up in China.

Sub-Saharan Africa

  • South African payments startup Yoco picks up $16 million in funding.
  • Nigeria’s Paga raises $10 million in round led by Global Investment Fund (GIF).
  • Development finance company Financial Sector Deepening Africa estimates fintech’s contribution to Africa’s GDP at $150 billion by 2022.

Top image designed by Freepik

Finovate Alumni News

On Finovate.com

  • Fiserv Helps Bring Voice Banking to the Aloha State.

Around the web

  • PromonTech to unveil its new income engine, Income AI, next week.
  • PayPal introduces cashflow boosting solution for small businesses, Funds Now.
  • The Paypers interviews Ronnie Millar, PaySend’s Europe CEO.
  • Hedge fund manager John Hempton tells The Australian Financial Review that Xero could become a $100 billion business.
  • Insuritas teams up with 42,000+ member Enrichment Federal Credit Union.
  • Global Finance sits down for a conversation with Tinkoff Bank VP Maxim Evdokimov.

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

  • Onfido to Enhance New Customer Onboarding for Volopa. See Onfido at FinovateFall in New York, September 24-26.

Around the web

  • bpm’online recognized by CRM Magazine Market Awards 2018 in three categories: Midmarket CRM Suite, Sales Force Automation, and Enterprise CRM Suite.
  • Australian challenger bank Judo Capital to deploy Temenos’ T24 core banking system.
  • Fintech Futures interviews Serena Smith, international payments executive at FIS.
  • PayPal tops 250 million active account milestone.
  • Sai Sundaram, former COO of UBS ODC India, joins FixNix’s advisory board.
  • Smart Valor officially accepted as a financial intermediary.
  • PayPal’s Xoom partners with OXXO to add more than 17,000 new cash pickup locations in Mexico.
  • Kasasa‘s Free Kasasa Cash Rewards Checking offering goes live with Chief Financial Credit Union.

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

  • SigFig Buys SmartWealth from UBS.

Around the web

  • Compass Plus migrates Brazilian prepaid card issuer, BPP, to its platform.
  • UBS shutters its robo advisor, SmartWealth, selling technology to SigFig.
  • Azimo forges strategic partnership with African payments business, Interswitch Group.
  • BehavioSec unveils its Behavioral Biometrics Platform, which boosts security with invisible, continuous authentication.
  • PayPal’s Xoom partners with Ria Money Transfer to accelerate global expansion in 86 countries.
  • Bluefin and SoftPoint partner for comprehensive PCI-Validated P2PE solution for POS systems.
  • NCR appoints Andre Fernandez as Chief Financial Officer.
  • Kony teams with Payveris to help banks deliver digital money movement services.
  • Cryptoline News: Payfone’s technology now used to prevent SIM swap attacks.

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

  • PromonTech Announces Integration with FormFree’s AccountChek.

Around the web

  • Bpm’online wins multiple honors from the CRM Magazine’s 2018 CRM Market Awards.
  • PayPal introduces streamlined, simpler mobile app.
  • Bank Info Security interviews ThetaRay EVP James Heinzman on the role of machine learning in fighting fraud.
  • CryptoGlobe profiles digital asset transfer startup, Crypterium. See the company demo its technology live at FinovateFall next month.
  • NICE inContact launches new embedded analytics and omnichannel social capabilities.
  • Intuit names Marianna Tessel its new CTO.

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.