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Fintech Rundown: A Rapid Review of Weekly News

Fintech Rundown: A Rapid Review of Weekly News
By David Penn Posted on
Categories: Backbase, Daily news, Fintech Rundown, TransferTo

This week’s Fintech Rundown begins with a handful of stories about partnerships in wealth management and lending, as well as moves by banks to bolster their fraud prevention capabilities. Check back all week long for updates and more fintech news!

Wealth management & investing

1 fs Wealth, a global wealth intelligence provider, announces a strategic partnership with Apex Group.

OneChronos secures $32 million.

Lending & credit

Secured finance technology provider Lendscape teams up with Express Trade Capital.

Arc launches AI platform for private credit industry.

Fraud prevention

CommBank introduces three new security features on its app to help users defend themselves against scams.

Westpac unveils new resources — Westpac Verify and SaferPay — to make it easier for customers to report fraud.

Finix and Sift introduce advanced fraud monitoring, enabling no-code, AI-powered transaction security.

Digital banking

Vietnam’s Maritime Commercial Joint Stock Bank deploys Backbase’s Engagement Banking Platform.

Santander’s Openbank debuts in Mexico.

Crypto

Acuity Trading forges strategic partnership with multi-licensed broker, OneRoyal.

Xapo Bank introduces bitcoin beneficiary solution.

Payments & cards

TransferTo inks Memorandum of Understanding with pan-African financial institution, Ecobank Group.

Payment processing platform Solidgate launches its AI Dispute Representment solution to automate the dispute management process

Trust Payments introduces new Chief Executive Officer Laurence Booth.

U.S. Bank launches new travel booking platform for its cardholders to reserve hotels, flights and rental cars.

Priceline selects Affirm as its pay-over-time provider for Priceline Partner Solutions.

ValidiFI selected by PDI Technologies to Streamline Pay-by-Bank Enrollments with Consumer Choice.

PayPal to allow partners to use its stablecoin, PayPal USD, to settle cross-border money transfers made with Xoom.

ValidiFI selected by PDI Technologies to streamline pay-by-bank enrollments.

Worldpay partners with Mastercard to introduce virtual card program for travel agents.

Factor4 partners with InComm to deliver integrated gift card solutions.

Nayax launches automated self-service in El Salvador.

Pomelo launches secure international money transfer product.

Insurance

Luma Financial Technologies and iPipeline collaborate to streamline annuity and life insurance solutions for financial advisors and agents.

Small business financial management

Enigma launches small business financial health data on Databricks marketplace.

Fiserv and ADP team up to empower small business success.

Photo by Pixabay

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TrueLayer and Thunes Team Up for Open Banking

TrueLayer and Thunes Team Up for Open Banking
By Julie Muhn (@julieschicktanz) Posted on
Categories: Daily news, Thunes, TransferTo
  • Open banking platform TrueLayer is partnering with cross-border payments company Thunes.
  • Thunes will integrate TrueLayer’s open banking technology into its platform, making open banking available as a payment method.
  • TrueLayer helps 100,000 merchants across the U.K., Europe, and Australia power open banking payments experiences that connect payments, data, and identity.

In the U.K., open banking is the rule, rather than the exception. So today’s partnership between open banking platform TrueLayer and cross-border payments company Thunes is targeting the right geography. Through today’s partnership, the two firms aim to streamline and improve the payment experience of consumers in the U.K. and Europe.

“Open banking payments are gaining momentum not only in the U.K. but also in the rest of Europe, and we really believe that this strong partnership with TrueLayer, a leader in the field, will help to move forward and make this new definition of smart payment a reality for all,” said Thunes Managing Director Christophe Bourbier.

Thunes will integrate TrueLayer’s open banking technology into its platform, making open banking available as a payment method for its 100,000 merchants. TrueLayer’s open banking payment technology bypasses traditional card networks and their associated fees, which helps merchants offer a faster and more cost-effective payments experience that reduces both fraud and chargebacks.

“Open banking is rapidly moving to the mainstream, as more merchants adopt account-to-account payments thanks to their ability to deliver significant cost savings, enhanced security, and speed of settlement when compared to other payment methods,” said TrueLayer Head of Payment Partnerships Mariko Beising. “Thunes has a track record of adopting and optimizing the latest payments options for its customers, so they can focus on running their business. Implementing open banking is the next logical step and we believe that together we can deliver significant value to merchants across Europe through a trusted partner.”

Thunes was founded in 2016 as TransferTo and rebranded to Thunes in 2019. The company offers a cross-border payments and collection network that supports 79 currencies, enables payments to 130 countries, and offers 300 payment acceptance methods. Among the company’s use cases are cross-border payments, business payments, virtual payments, and virtual account issuance. Headquartered in Singapore, Thunes also has offices in London, Paris, Shanghai, New York, Dubai, Nairobi, Arizona, and Barcelona.

TrueLayer helps businesses across the U.K., Europe, and Australia power open banking payments experiences that connect payments, data, and identity to help people spend, save, and transact online. The company was founded in 2016 and is connected to thousands of financial institutions across the U.K. and Europe. Last September, TrueLayer landed a $130 million investment that boosted the company’s total funding to $272 million.

Photo by Alex Andrews

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TransferTo Rebrands as DT One and Thunes

TransferTo Rebrands as DT One and Thunes
By David Penn Posted on
Categories: TransferTo

Cross-border mobile payments firm TransferTo has rebranded as two separate company brands, logos and identities, reports Antony Peyton of Fintech Futures (Finovate’ sister publication).

Its mobile top-up and rewards business, founded in 2005, has now changed its name to DT One.

According to TransferTo, last year this business delivered more than a 30% increase in both revenue and transaction volume.

In parallel, the cross-border payments business, which started in 2016, has branched off to operate independently from DT One and has been renamed to Thunes.

This business will focus on providing interoperability between payment systems and supplying solutions for emerging economies.

In 2018, this business saw nearly 900% growth in revenue and processed over $2 billion worth of transactions.

Peter De Caluwe, DT One CEO and Thunes executive chairman, said: “The industry is continually evolving and we see this change as an important next step to better position ourselves to capitalise on the growth opportunities in this rapidly changing market.”

The use of new brands is effective immediately and will be fully implemented in both businesses across Q1 2019.

TransferTo says – perhaps its final words – that its network interconnects more than 550 mobile operators across 160 countries.

The DT One team is headquartered in Singapore with regional offices in Dubai, Miami and London.

The Thunes team is headquartered in Singapore with regional offices in London and Miami.

TransferTo demonstrated its Mobile Money Hub at FinovateFall 2015.

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Finovate Alumni News

By David Penn Posted on
Categories: Artivest, Bill.com, Entersekt, Fenergo, Insuritas, iProov, Mambu, TransferTo, Voleo

On Finovate.com

  • Bill.com Bans Wire Transfer Fees for Small Businesses.
  • TransferTo Rebrands as DT One and Thunes.
  • SaaS Banking Specialist Mambu Scores $34 Million in Funding.

Around the web

  • Real Business profiles biometric authentication solution provider – and FinovateEurope Best of Show winner – iProov.
  • Artivest partners with Sudrania Fund Services to provide shadow fund accounting services for its line of mutual fund products.
  • Social investment platform Voleo is featured in the Financial Post.
  • Insuritas teams up with Truliant FCU (+$2 billion in assets) to launch digital insurance agency.
  • Entersekt SVP of North American Operations, Sherif Samy, named to One World Identity’s Top 100 Influencers in Identity roster.
  • Fenergo introduces Rules as a Service (RaaS), a cloud-based regulatory rules offering.

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.

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Finovate Alumni News

By David Penn Posted on
Categories: CardFlight, Cortera, Entersekt, Finicity, iSignthis, Jack Henry, Lendio, PayNearMe, Persado, ProfitStars, TransferTo

On Finovate.com

  • Finicity Teams Up with Capsilon to Modernize Mortgage Origination.
  • CardFlight’s New Release Adds Paper Receipt Printing, Advanced Security, and More.

Around the web

  • iSignthis acquires core banking technology provider Probanx.
  • Entersekt taps Christian Ali as new country manager for Canada.
  • Jack Henry & Associates’ ProfitStars division unveils new online, anti-fraud monitoring and reporting technology.
  • Chris Savides named new global Chief Operating Officer at TransferTo.
  • Cortera announces partnership with Moody’s Analytics in new RiskCalc SMB solution.
  • PayNearMe powering Buildium’s Retail Cash Payments, a feature that allows residents to pay rent in cash.
  • Lendio Franchising has helped facilitate $16 million in financing to 500+ SMBs and reports a 111% percent increase in loans funded quarter over quarter.
  • Persado announces Persado for Salesforce on Salesforce AppExchange.

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.

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Finovate Alumni News

By David Penn Posted on
Categories: ACI Worldwide, Arxan Technologies, Currency Cloud, Figure Eight, IdentityMind Global, Infosys, Prosper, TransferTo, Zooz

On Finovate.com

  • Figure Eight (formerly CrowdFlower) Collaborating with Google Cloud on Machine Learning.
  • Zooz Acquired by PayU in Deal Valued at More than $80 Million.

Around the web

  • Currencycloud announces new CRO Nick Cheetham.
  • Rabobank to leverage ACI Worldwide’s ACI Issuer to manage and modernize its card portfolio business.
  • TransferTo teams up with distributed, open-source blockchain platform, Stellar.org to make cross border money transfers easier.
  • Infosys Finacle to power Ayeyarwaddy Farmers Development Bank’s digital transformation.
  • The Silicon Review names Arxan and IdentityMind Global among 50 best companies to watch in 2018.
  • Prosper moves from providing investors estimated return data to historical return data.

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.

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Finovate Global: Fintech News from Around the World

By David Penn Posted on
Categories: Daon, Equifax, Finovate Global, Revolut, Samsung, Tinkoff Credit Systems, TransferTo, TransferWise

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

  • Revolut announces recruitment initiative in Kraków, Poland to hire 100 new workers in a single day employment in its offices in Eastern Europe.
  • Forbes features Tinkoff Bank in look at Russia’s efforts to develop its digital economy.
  • Polish financial group Aforti Holdings to launch non-bank lender for SMEs and startups in Romania.

Asia

  • Banks in South Korea to introduce blockchain based identity verification for mobile and online logins. The technology is reportedly built on a private blockchain system developed by Samsung SDS.
  • Daon Partners with Tradelink to Bring Biometrics to Dah Sing Bank.
  • Bank of Thailand is developing and testing blockchain apps in its regulatory sandbox.

Middle East and Northern Africa

  • Financial technology services firm, One Global, discusses plans for expansion into Egyptian market.
  • ADGM Reglab reports record number of fintech applications for its third cohort.
  • Abu Dhabi Securities Exchange turns to Equifax for advice on development of new technologies to improve operational efficiency.

Africa

  • TransferTo, Orange Money Botswana, and EcoCash partner to support digital money transfers between Zimbabwe and Botswana.
  • IMF review of South Africa suggests “increased focus on the role fintech …” could access to credit for SMEs and promotion broader financial inclusion.
  • Nigerian startup, Piggybank.ng, raises $1.1 million to further develop its online savings platform.

Latin America

  • Diario Financiero interviews Ángel Sierra, executive director of La Asociación Fintech Chile, on digital innovation (video in Spanish).
  • TransferWise initiates service in Argentina.
  • PayU goes live in Colombia with its PayU te fía (PayU You Trust) solution that enables borrowers to extend repayment terms (in Spanish).

Top image designed by Freepik

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Finovate Alumni News

By David Penn Posted on
Categories: 280 Cap Markets, Baker Hill, BeSmartee, Bpm'online, Covered Security, CUCollaborate, cyberProductivity, Dwolla, Eltropy, PayPal, Project Finance, Q2, Q2 Holdings, Q2ebanking, Quovo, SoFi, SynapseFi, TransferTo

On Finovate.com

  • BeSmartee Integrates with FormFree’s AccountChek Asset Verification Service.
  • 280 CapMarkets Unveils 280 Advisor Services.
  • Quovo Unveils New Solutions for Loan Originators and Servicers.

Around the web

  • cyberProductivity joins DBS Accelerator in Hong Kong.
  • PayPal, Safaricom, and TransferTo team up to make it easier for Kenyans to transfer money between their M-PESA and PayPal accounts.
  • Former Goldman Sachs executive, Michelle Gill, named new SoFi CFO.
  • Bpm’online partners with ChessIT for smart CRM and business processes.
  • Dwolla enhances Transport Layer Security.
  • Baker Hill updates NextGen Omni-Channel Marketing to include P2P normative analysis to identify the most profitable cross-sell opportunities.

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.

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Finovate Alumni News

By David Penn Posted on
Categories: Baker Hill, Coinbase, Entersekt, Finicity, Kensho, Ripple, Temenos, TransferTo

On Finovate.com

  • FinovateEurope Best of Show Winners Announced.
  • Welcome to Day Three of FinovateEurope.

Around the web

  • Ripple partners with Japanese banking consortium to launch mobile payments app, MoneyTap.
  • S&P Global to acquire Kensho in cash and stock deal valued at $550 million.
  • Banque du Caire to deploy core banking technology from Temenos.
  • TransferTo and Sentbe team up to provide real-time money transfers from South Korea to more than 60 countries.
  • Coinbase unveils new index fund to provide investors with exposure to all digital assets on its GDAX exchange.
  • Entersekt launches Connekt, a digital commerce enablement solution that makes it easy to add new payment services to banking apps.
  • Finicity partners with MortgageHippo to streamline and accelerate the verification process in mortgage lending.
  • Baker Hill announces strategic alliance with Built Technologies, a Tennessee-based construction lending software 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.

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TransferTo Adds Digital Wallet to Payments Network via Cellum Partnership

TransferTo Adds Digital Wallet to Payments Network via Cellum Partnership
By David Penn Posted on
Categories: TransferTo

Courtesy of a new strategic partnership, European mobile wallet provider Cellum will provide its international money transfer services by way of TransferTo’s cross-border mobile payments network. “Cellum is always looking at ways to expand its portfolio with meaningful services that allow us to offer even more value to our partners,” Cellum CEO János Kóka said. “Our strategic partnership with TransferTo strengthens our position as the one-stop mobile wallet provider of choice in Southeast Asia and beyond.”

“We are happy to collaborate with Cellum and open the doors for their partners to reach our global network, and look forward to the opportunity of expansion by adding further digital wallet providers,” TransferTo CEO Peter De Caluwe added.

Founded in 2006, TransferTo enables FIs and digital financial service providers around the world to offer international mobile airtime top-ups and money transfers to and from emerging countries. TransferTo’s real-time network reaches more than 135 countries, connecting mobile money operators, wallet providers, and money transfer operators with banks, FIs, NGOs, and e-commerce merchants.

The company demonstrated its Mobile Money Hub at FinovateFall 2015. Last month, TransferTo and banking software provider Fern Software were awarded a grant from the United Nations Capital Development Shaping Inclusive Finance Transformation (SHIFT) Challenge Fund. The goal of the fund is to use remittances to improve the financial lives of women in Cambodia, Lao PDR, Myanmar, and Vietnam. Also in November, TransferTo announced the hire of a new VP for Business Development, Djibril Diallo, to lead operations in West and Central Africa, and added a new Chief Financial Officer, Dan Gardner, who is a former executive at Transfast and Payscout.

This fall, TransferTo reported 8x revenue growth in international money transfer transactions over the past six months with more than six million transactions. The company partnered with South East Asia’s leading mobile ride-hailing platform, Grab, to facilitate real-time earnings payouts for Grab drivers, and teamed up with IN Switch to support international money transfer services in Latin America.

TransferTo has raised $6.5 million in funding and includes STC Ventures and Ingenico Healthcare/e-ID among its investors. Peter De Caluwe, the company’s current CEO, joined the company in May as global Chief Operating Officer and was promoted to chief executive in August when TransferTo founder Eric Barbier transitioned to the role of President and board member. The company is headquartered in Singapore with offices in Dubai, London, and Miami.

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Finovate Alumni News

By Julie Muhn (@julieschicktanz) Posted on
Categories: Azimo, CK Mack, GoodData, NCR Corporation, Passport, Patch of Land, Pindrop Security, Realty Mogul, ThreatMetrix, TransferTo, TSYS

On Finovate.com

  • TSYS to Acquire Cayan for $1.05 Billion
  • TransferTo Adds Digital Wallet to Payments Network via Cellum Partnership

Around the Web

  • GoodData appoints James Smith as chief marketing officer.
  • Passport and TransLink partner to develop and launch Park&Go, an app for Vancouver Park and Ride payments.
  • Tucson FCU implements NCR’s Interactive Teller software to allow members to bank face-to-face with a live teller from their cars.
  • Azimo introduces near-instant, 24/7 money transfers to Nigeria.
  • ThreatMetrix exceeds 45% Annual Growth.
  • The Real Estate Crowdfunding Review ranks CK Mack, Realty Mogul, & Patch of Land in its list of top 100 real estate crowdfunding sites.
  • Fortune features Pindrop’s AI voice recognition.

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.

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TransferTo and Fern Software Receive Grant from UN Capital Development Fund

TransferTo and Fern Software Receive Grant from UN Capital Development Fund
By Julie Muhn (@julieschicktanz) Posted on
Categories: Fern Software, TransferTo

 

 

 

 

 

Cross-border mobile payments network TransferTo and banking software provider Fern Software have both been awarded a grant as a part of the United Nations Capital Development’s Shaping Inclusive Finance Transformation (SHIFT) Challenge Fund.

The goal of the SHIFT Challenge Fund is to leverage remittances to improve the economic power of women in Cambodia, Lao PDR, Myanmar, and Vietnam. TransferTo and Fern Software have been summoned to deliver seamless money transfer solutions to underbanked individuals in this region. The two will use the funds to combine TransferTo’s global network, which links mobile operators, money transfer operators, digital wallet providers, financial institutions, NGOs, and merchants, with Fern Software’s global microfinance solution software. Ultimately, the companies plan to accelerate TransferTo’s entry into Cambodia, Lao PDR, Myanmar, and Vietnam and enable microfinance institutions to become money transfer recipients on TransferTo’s cross-border money transfer network.

TransferTo CEO, Peter De Caluwe said that the company is “fortunate” to bring its payment system into the new regions. “Our goal is to enable access to digital financial services, especially for women who represent over 50% of the population in these markets, yet lack access to traditional banking … we can drive financial inclusion and women’s economic empowerment across the region, and globally,” he said.

Fern Software Managing Director APMEA, Debbie Watkins said, “The valued support of UNCDF in connecting the TransferTo Network to ours will enable migrant workers for the first time to send transfers directly to microfinance institution loan or savings accounts, giving them control in how their hard-earned salaries are put to use and increasing accessibility for their family members.”

TransferTo most recently demonstrated its Mobile Money Hub at FinovateFall 2015. Earlier this month, the company was selected by driver service Grab to power real-time earnings payouts for Grab drivers. In June, TransferTo partnered with the MallforAfrica to provide African shoppers with access to retailers in Europe and the U.S. TransferTo was founded in 2005 and has raised $6.5 million.

Founded in 1979, Fern Software demoed BayTree, a scalable “Pay as you Grow” API Banking CRM software service, at FinovateFall 2015. Earlier this year, the company made its platform available in Russian. Eamon Scullin is CEO and founder.

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