Finovate Alumni News

On Finovate.com

  • Anorak Raises $6.5 Million in Series A.

Around the web

  • British lender CYBG signs payments partnership with Worldpay.
  • Azimo begins money transfer service to China.
  • AlphaPoint announces TrueUSD integration to Exchange Technology Network.
  • InComm partners with Xsolla to enable online game account funding with cash.

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.

Mastercard Teams Up with Worldpay to Launch ‘Pay by Bank’ in the U.K.

With Pay by Bank, Mastercard and Worldpay are making it easy for shoppers in the U.K. to pay directly from their bank account when purchasing goods and services online. The technology, originally developed by Zapp (which was a division of VocaLink, a company Mastercard acquired in 2016) is expected to be available to customers of HSBC in the second half of 2018. Additional customers will be added later in the year, with new merchants to be added starting early in 2019.

“This is the latest way we’re able to deliver on consumer’s expectations, whether they’re shopping online or paying for utilities,” Mark Barnett, president of Mastercard U.K., Ireland, Nordics, and Baltics. “(Pay by Bank) is set to play a big role in U.K. digital commerce as more banks and merchants offer this as a payment option to millions of their customers.”

The initiative and partnership is also likely to play a big role in Mastercard’s ability to participate in the U.K. debit market, where Visa is common. The agreement will also enable Mastercard to leverage Worldpay’s strong market share in the U.K.

“Through this partnership, Worldpay and Mastercard will help expand payment acceptance options for U.K. consumers and retailers by leveraging account-to-account payments technology with Mastercard’s Pay by Bank app,” Chief Strategy and Marketing Officer for Worldpay Kevin McCarten said. “This – combined with our joint efforts in making digital payments even more convenient and secure globally – creates a powerful partnership that benefits all payments stakeholders.”

Some of the technical features of the new solution include support for EMVCo’s Secure Remote Commerce (SRC), a framework that provides a consistent payment experience for consumers, as well as Mastercard’s Digital Enablement Service which uses a token for enhanced payment security as opposed to a card’s primary 16-digit account number. Worldpay will also take advantage of Mastercard’s MoneySend to enable merchants to get settlement payments to Mastercard debit cards faster.

Mastercard partnered with Vipera for a demonstration of SME Pay at FinovateEurope 2018. SME Pay is a mobile payment solution geared specifically toward small business owners. The technology gives business operators the ability to control how and when company payment cards are used, and includes capture features to make record-keeping and expense reporting easier.

The company made its most recent solo appearance at a Finovate conference the previous year at FinovateFall 2017, where it demonstrated its Cash Pick-Up solution. The technology enables a wide variety of disbursers – from P2P providers and corporate entities to NGOs and government agencies – to deliver cash to consumers through enabled ATMs without requiring a card. In addition to helping serve the underbanked, the solution can be used for emergency funds when cards are lost or stolen, P2P payments, or even for disaster relief. Trading on the New York Stock Exchange under the ticker “MA,” Mastercard has a market capitalization of $213 billion. The company was founded in 1966 and is headquartered in Purchase, New York.

Worldpay participated in our developers conference, FinDEVr Silicon Valley 2016. The company’s presentation, It’s Not Just About Getting Paid, It’s About the Payment Journey, discussed the importance of implementing a “consumer friendly buying journey” when it comes to growing sales. Worldpay provides technology-led payment products and services to more than 400,000 customers using more than 300 different payment types. Founded in 1989 and headquartered in London, U.K., Worldpay merged with Vanitv at the beginning of the year in a deal valued at $10 billion.

Finovate Alumni News

On Finovate.com

  • ACH Alert Reports Record Growth, Stops More than $388 Million in Fraudulent Transactions.
  • Mastercard Teams Up with Worldpay to Launch Pay by Bank in the U.K.

Around the web

  • NetGuardians becomes a certified Avaloq software partner for real-time fraud prevention.
  • Temenos inks multi-year investor servicing contract with Northern Trust.
  • Worldline picks up PISP and AISP licenses from National Bank of Belgium.
  • Enveil earns Standard Technology Partner status in Amazon Web Services partner network.
  • Lleida.net credits new GDPR legislation in the EU for surge in sales for first half of 2018.
  • Equifax acquires specialty credit reporting agency DataX.
  • CFE Federal Credit Union implements Larky’s Engagement Platform.
  • Ledger launches Ledger Live, the all-in-one companion app to your Ledger device.
  • Xero integrates with BBVA’s API Market for small businesses.
  • Lendio expands the Lendio franchise in Rochester, New York.

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

Around the web

  • Business-only Australian bank Tyro forges partnerships to improve connectivity between POS, apps, and merchants.
  • Finastra appoints Elona Ruka-Wright as its new Chief Risk Officer.
  • Australian FinTech Study Loans partners with Cloud Lending Solutions to build new student loan offering.
  • LendingTree to acquire Ovation Credit Services for total consideration of $20.75 million.
  • Socure secures three new ISO certifications for privacy and security controls.
  • Spreedly to integrate Worldpay’s international payment processing API courtesy of new partnership.
  • Hypepotamous profiles South African authentication specialist Entersekt.

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 the web

  • Smart Launch from NYMBUS Digitizes Your Bank in Under 90 Days.

Around the web

  • IFC and Mastercard expand partnership to drive financial inclusion in emerging markets.
  • Pushfor goes live on the Temenos MarketPlace.
  • Smart Technology Solutions (STS), a U.K.-based payments acceptance software provider, teams with Worldpay to offer enhanced payment capabilities.
  • FactSet and Quantopian to launch financial data analysis platform to help investors capitalize on rapid data growth.

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

  • Equifax Adds Entersekt’s Transakt Technology to Better Secure Online and Mobile Services.
  • AutoGravity Announces Partnership with U.S. Bank.

Around the web

  • Diebold Nixdorf appoints Gerrard Schmid as new CEO.
  • Worldpay launches DataEdge for Financial Institutions.
  • DCU selects Digital Onboarding to simplify the new account activation 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

  • Revolut Adds Travel Insurance to its Insurtech Offerings.
  • Going Beyond the Demos this Year
  • Envestnet | Yodlee Unveils Single API Solution to Support PSD2, Open Banking Compliance.
  • Upserve Bolsters Online Ordering Features

Around the web

  • Expensify celebrates 10 years of expense reports.
  • Handelsblatt features Kreditech (article in German).
  • Kinetica and UClick push solutions to South Korea.
  • NCR to power prototype branch for UnionBank of the Philippines
  • Bluefin partners with AvantCom Payments Corporation (APC) to provide PCI-Validated P2PE to Oracle clients.
  • Worldpay expands payment processing into Turkey with iyzico.
  • VietinBank announces migration of debit card transactions to Compass Plus’ TranzWare system.
  • Barbican Insurance Group teams up with FICO to better measure the cybersecurity risk of the insured.
  • Cloud Lending Solutions unveils Xcelerate Software Implementation Program.
  • Panalpina World Transport chooses Tradeshift to support digitization of its procure-to-pay process.
  • Ripple joins sharing economy startup Omni’s $25 million fundraising with an investment of XRP.
  • Overbond wins Most Innovative Third-Party Technology Vendor (Front Office) category at American Financial Technology Awards.

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.

Klarna to Power Invoice and Credit-Based Payments for Worldpay Clients

Global payments company Worldpay and online payments innovator Klarna are joining forces this week. Starting today, Worldpay clients in Austria, Finland, Germany, the Netherlands, Norway, Sweden, and the U.K. will be able to use Klarna’s invoice and credit-based payments.

The new capabilities will enable Worldpay’s ecommerce business clients to offer shoppers new payment options that will allow consumers to decide how and when to pay for the goods after they receive them. Consumers can manage the terms of their payment, opting for a 14-day payment by invoice, fixed, or flexible installments, or choosing to spread the cost over several months. The new checkout experience does not request payment credentials at the point of checkout, but rather requests only their email address and postal code. This offers a faster checkout experience and helps retailers improve conversion rates by 20%.

With consumers turning to online shopping to fulfill not only their gadget and clothing needs but also for daily grocery and sundry items, ecommerce is more popular than ever. And with so many players flooding the market, retailers are facing increased competition. Implementing Klarna’s fast and flexible payments options allows ecommerce players to differentiate themselves and compete on more than just free shipping.

Worldpay is one of the first companies piloting Klarna’s new payment technology. The company notes that, because there is no plug-in, the service is easy to integrate and results in faster time-to-market. Additionally, risk management is taken care of. According to Michael Rouse, Klarna’s Chief Commercial Officer, “Klarna assumes responsibility for managing credit and fraud risks, allowing companies to quickly receive payment for orders, and allowing consumers to pay only if they’re happy with their purchase.”

Dave Glaser, Chief Product Officer of Global eCom at Worldpay said that the company is “seeing increased demand from customers wishing to create more reasons to shop with them over their competitors.” Because some merchants consider accepting credit card payments “risky” and “old fashioned,” Glaser noted that “being able to adapt to new and local payment preferences is a way to rectify this.” He added, “We believe that this solution will empower companies to see a real increase in sales.”

Founded in 1989, Worldpay presented at FinDEVr Silicon Valley 2016 about the payment journey. The company offers payment products and services to a client base of 400,000. Worldpay’s technology can process payments from 146 countries and 126 currencies, enabling customers to accept more than 300 different payment types. Earlier in the fall, the company built an SDK for IoT shopping and this summer Worldpay agreed to merge with U.S. credit card processor Vantiv in a $10 billion deal.

Klarna demonstrated its online payment-processing service at FinovateSpring 2012. In August, the company launched a free P2P payments service called Wavy. Earlier this year, Klarna acquired online payment provider BillPay from Wonga for $75 million.

Worldpay Makes Strategic Contribution to Featurespace’s $21.9 Million Funding Round

Behavioral analytics company Featurespace has raised $21.9 million today. The round was led by Highland Europe and supported by Worldpay, Touchstone Innovations, Invoke Capital, and existing investors. Today’s investment brings the company’s total funding to $38.3 million.

Global payments company Worldpay will play a strategic role in the investment as well, forming a technology partnership with UK-based Featurespace. According to the agreement, Featurespace will leverage behavioral analytics to power risk management and fraud prevention services for Worldpay’s merchant clients. Atlanta-based company Worldpay will also use Featurespace’s technology to enhance its own capabilities in the development of Intelligent Payment Services.

Mark Kimber, Chief Information Officer at Worldpay, said that the company is “confident that this partnership will deliver superior outcomes for our customers, by preventing more fraudulent transactions whilst reducing the number of genuine transactions that are declined.” Kimber added, “We’ve been incredibly impressed by the evolution of this business and believe it has the potential to grow significantly. With our investment in the company, we are looking forward to supporting the Featurespace team as they grow their business and capabilities.”

At FinovateFall 2016, Featurespace demonstrated its ARIC Fraud Manager that understands the real-time behavior of each customer, then uses machine learning to prevent fraud by pinpointing anomalous behavior. The company’s clients — including Vocalink/Zapp, William Hill, and TSYS — have deployed products and services in more than 180 countries. In August, Featurespace was selected by the International Air Transport Association (IATA) to power the organization’s fraud prevention solution. Earlier that month, the company teamed up with PwC to offer the firm’s clients a solution for combating financial crime risk.

Founded in 1989, Worldpay presented at FinDEVr Silicon Valley 2016 about the payment journey. The company offers payment products and services to a client base of 400,000. Worldpay’s technology can process payments from 146 countries and 126 currencies, enabling customers to accept more than 300 different payment types. Earlier this summer, Worldpay agreed to merge with U.S. credit card processor Vantiv in a $10 billion deal.

Finovate Alumni News

On Finovate.com

  • More than $1 billion raised by 31 Finovate alums in Q3 2017.
  • Worldpay Makes Strategic Contribution to Featurespace’s $21.9 Million Funding Round.
  • HooYu to Provide ID Confirmation for UK’s Cars-as-a-Service easyCar Club.

Around the web

  • Actiance helps FinServ companies meet toughest MiFID II compliance challenges.
  • Finews.Asia features Finantix’s AI solution for wealth management.
  • Gemalto and Ledger join forces to provide security infrastructure for cryptocurrency based activities.
  • The Charlotte Observer names Jack Henry & Associates to Top Workplaces list for third consecutive year.
  • Diebold Nixdorf expands managed services portfolio with new offerings.
  • Kasasa now 5th largest banking branch network

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.