Finovate is part of the Informa Connect Division of Informa PLC
This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
Around the web
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.
Around the web
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.
On Finovate.com
Around the web
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.
Visa will create a fully white-labelled omnichannel payment management platform for merchants and acquirers after acquiring Payworks, reports Jane Connolly of Fintech Futures (Finovate’s sister publication).
The news follows a 2018 strategic partnership and investment Visa made in Payworks, a Munich-based provider of next-generation payment gateway software for point of sale (POS).
Visa will integrate its CyberSource digital payment management platform with Payworks’ cloud-based software for in-store payment processing, allowing merchants and acquirers to accept face-to-face transactions across multiple POS terminal types.
The platform will provide a unified payment experience for in-store, in-app and online purchases.
“For the past two years, we have partnered closely with Payworks to deliver cutting-edge integrated commerce solutions for CyberSource’s clients worldwide,” said Carleigh Jaques, SVP, global head of digital merchant products at Visa. “As these solutions become mainstream, aligning more closely with Payworks and combining our businesses is a natural extension of our relationship.”
Christian Deger, CEO and co-founder of Payworks, added: “Integrated commerce is an accelerating opportunity for Payworks and its clients. By combining our POS technology with CyberSource’s digital commerce capabilities, we can bring our joint solution to merchants and acquirers across the globe at an accelerated pace. We are excited about joining the Visa family and integrating our capabilities to deliver innovative, differentiated integrated-commerce solutions.”
Research has shown that creating an omnichannel fulfilment strategy is among the top priorities for 94% of retailers.
Payworks demonstrated its platform at FinovateEurope 2014. Headquartered in Munich and founded in 2012, the company began this year with the launch of the first Android-based smart terminal, which was added to its portfolio of pre-certified payment terminals on its Pulse gateway.
This April, the company extended its partnership with worldwide POS software provider Lightspeed. In May, Payworks inked a deal with Hubtel to give merchants in Ghana and Kenya broader access to Payworks’ all-in-one, Android-based smart terminals.
Just one day shy of Canada day, Visa and PayPal inked a deal to enable Canadian consumers to instantly access funds via Instant Transfer, a tool PayPal launched in the U.S. earlier this year.
While the U.S. service is powered via a partnership with JPMorgan Chase, PayPal’s Instant Transfer in Canada is powered by Visa’s push payments system, Visa Direct. The Canadian rollout of the new tool uses Visa debit card rails to move money from a customer’s PayPal account to their bank account in real time.
President of PayPal Canada Paul Parisi said that the company is focused on creating efficiencies for customers. “Instant Transfer is just one more way we are giving control and flexibility to our customers, allowing them to send and spend their money on their own terms,” he added.
The launch of Instant Transfer is expected to offer gig economy workers faster access to their earnings, which often are paid via PayPal or Venmo. The tool will also help PayPal compete with Zelle, a bank-owned P2P money transfer tool (and PayPal competitor) which relies on ACH to move funds, a process which often takes three days to complete.
PayPal charges the same for its Instant Transfer service as it does for its debit card transfer. Users pay one percent of the transaction up to $10.
PayPal was founded in 1998 and has a market capitalization of $138 billion. The company showcased its Instant Account Creation feature at FinovateFall 2012.
Visa demoed at FinovateSpring 2010 and also showcased at our developers conference in 2014. The company has 39 APIs that offer developers tools for commercial payments, data and analytics, identity an security, offers and benefits, payments, and more.
On Finovate.com
Around the web
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.
On Finovate.com
Around the web
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.
Financial services provider FIS and Visa formed an alliance today. Through the partnership, FIS’ commercial bank clients will have access to Visa’s B2B Connect, a tool that offers a fast and transparent way to process high-value corporate, cross-border payments.
“The combination of FIS’ global customer base and leadership in commercial payments and Visa’s extensive experience as a payment processing network, creates a strong partnership for adding value to the multinational commercial value chain,” said Raja Gopalakrishnan, International Head of Banking and Payments for FIS Global Financial Solutions.
Launched earlier this year, Visa B2B Connect is a suite of APIs that leverages the blockchain to offer banks a business-to-business payment solution. The distributed ledger-based tool facilitates faster transaction times for cross-border and cross-currency payments, reducing transaction times from weeks to one-to-two days.
“Innovation in cross-border B2B payments is long overdue. Visa’s core strategy is to help clients and partners drastically improve their customers’ friction-filled experiences,” said Kevin Phalen, global head of Visa Business Solutions. “We are excited to continue building momentum for Visa B2B Connect and to bring speed, efficiency and transparency to our financial institution clients through our partners, like FIS, who help make transacting on our platform more accessible and seamless.”
FIS most recently demoed at FinovateFall 2016. The company debuted its Cardless Cash solution that provides fast, secure options for sending and picking up cash at any ATM. Headquartered in Florida, FIS’ solutions move $9 trillion each year for 20,000 clients in 130 countries.
Visa demoed at FinovateSpring 2010 and also showcased at our developers conference in 2014. The company has 39 APIs that offer developers tools for commercial payments, data and analytics, identity an security, offers and benefits, payments, and more.
On Finovate.com
Around the web
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.
Small business financial services tools provider Wave announced this week it partnered with Visa to help small business owners iron out their cash flow.
The two have teamed up to launch Instant Payouts, a tool that allows businesses to access the money they’ve earned as soon as they’ve earned it. Without having to wait for typical payment processing times, small businesses can use their funds immediately to grow their businesses or pay invoices.
“Small businesses depend on cash flow to survive,” said Les Whiting, Chief Financial Services Officer at Wave. “Often they have to wait two banking days or more for their payments to process through traditional banking methods.”
Instant Payouts integrates Wave’s invoicing and accounting tools with Visa Direct to give small business clients access to funds when they need them– even in the evening, on weekends, and on holidays. With Instant Payouts, customers with Visa and Mastercard debit cards will have access to their funds within 30 minutes.
Businesses that choose to take advantage of Instant Payouts can redeem any amount of pending funds over $25. Wave charges a 1% fee for the service in addition to its standard processing fee of 2.9% + $0.30.
Instant Payouts was launched in beta to a select group of small business owners at the start of 2019. Wave will roll it out to more clients in the U.S. and Canada later this year.
Founded in 2010 and headquartered in Canada, Wave demonstrated its financial management software for small businesses in conjunction with Royal Bank of Canada at FinovateFall 2017.
On Finovate.com
Around the web
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.
On Finovate.com
Around the web
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.