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Capital One tackles Discover compliance issues

Payments Dive

Capital One is betting the resolution of Discover’s compliance issues will take longer and cost more than expected, Capital One CEO Richard Fairbank said.

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Understanding confirmation of Payee: The route to enhanced security in payment services

The Payments Association

In the first half of 2023, UK Finance reported authorised push payment (APP) fraud losses amounting to £293.3 million, with the total number of APP cases increasing by 22%. The nature of authorised push payment (APP) fraud was harrowing – victims were willingly initiating and authorising payments into controlled accounts, often driven by criminal manipulation or misinformation.

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Data Breaches 101: What They Are And How To Prevent Them

VISTA InfoSec

A data breach could ruin your business overnight. Imagine customer outrage as hackers leak the private details your company promised to protect. Are you prepared to deal with regulatory fines, lawsuits, costly investigations, disrupted operations, and destroyed trust while cybercriminals profit freely from stolen data? That’s the harsh aftermath companies face today following high-profile breaches.

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Fed official makes a case for the dollar’s hegemony

Payments Dive

Can the dollar’s reign as the world’s reserve currency persist? This Fed official makes a strong case, but digital doubts may remain.

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Older shoppers boost growth in contactless payments

Finextra

New Consumer Spend data from Barclays’ annual contactless trends report has revealed that 2023 was another record-breaking year for ‘touch and pay’, with the fastest growth coming among the over 65s.

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5 Asia Pacific Fintech Firms Eyeing an IPO Earliest in 2024

Fintech News

The fintech industry in the Asia Pacific region is booming, with several high-growth companies potentially eyeing an initial public offering (IPO) as early as 2024. Rapid digitalisation, a young internet-savvy population, and underserved markets make the region ripe for fintech disruption. Despite global fintech funding nosediving to US$39.2 billion in 2023 , half of the previous year’s amount, and deal volume slipping 38% to 3,801, the lowest levels since 2017 — 2024 could see at le

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Capital One-Discover deal may spur payments M&A

Payments Dive

The blockbuster deal is set “to trigger a bunch of rethinking across the industry,” said Erin McCune, a partner at consulting firm Bain & Company.

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EU adopts instant payments rules

Finextra

The European Council has adopted a regulation that will make instant payments fully available in euro to consumers and businesses in the EU and in EEA countries.

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More Than Half the Fintech Industry Seeing Growth from Strong Consumer Demand

Fintech News

The fintech industry, having navigated through the turbulent waters of the COVID-19 pandemic, has demonstrated not only resilience but also a robust capacity for growth. This period of upheaval has catalysed a significant transformation within the sector, with fintech firms adapting to and capitalising on the changing landscape of consumer demands and regulatory environments.

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How Has The Cost of Living Crisis Impacted Digital Wallet Adoption?

The Fintech Times

The four years since the onset of the Covid pandemic have been marked by economic turbulence, with global markets grappling with unprecedented challenges. From supply chain disruptions to shifting consumer demands, the aftermath of the pandemic has ushered in a period of uncertainty and volatility, driving significant increases in the cost of living worldwide.

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BNY appoints Gerdeman as global head of data and analytics

Bank Automation

BNY Mellon has appointed Julie Gerdeman as its global head of data and analytics. Gerdeman will be responsible for managing software and data for nearly $47 trillion of assets managed by BNY, according to a Feb. 20 release.

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American Express adds BNPL twist to credit card bills

Finextra

American Express has launched ‘Plan It’ – a new offering for the UK market that allows credit card holders to pay off purchases on their statement, or a portion of their monthly bill, in instalments.

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Flagright and SALT to Bolster Compliance and Fraud Prevention for SMEs

Fintech News

Flagright, an AI-native company specialising in Anti-Money Laundering (AML) compliance and fraud prevention, has announced its partnership with SALT, a financial platform aiming to support Small and Medium Enterprises (SMEs) in India and Asia. SALT plans to integrate Flagright’s AML and fraud prevention solutions to enhance its service offerings to SMEs, providing them with more secure and innovative financial services.

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Fintech giant Stripe’s valuation spikes to $65B in employee stock-sale deal

TechCrunch Fintech

Payments infrastructure giant Stripe said today it has inked deals with investors to provide liquidity to current and former employees through a tender offer at a $65 billion valuation. Notably, the valuation represents a 30% increase compared to what Stripe was valued at last March when it raised $6.5 billion in Series I funding at […] © 2024 TechCrunch.

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Converged commerce: The key to seamless retail payments?

The Payments Association

Trust Payments' CEO Daniel Holden sat down with the Payments Association's reporter George Iddenden to discuss the benefits of converged commerce and how businesses are leveraging unified technology to streamline transactions and enhance customer satisfaction.

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Gusto Taps Nav to Help Clients Build Business Credit and Access Financing

Finovate

Payroll, benefits and HR management solutions company Gusto and B2B credit and financing expert Nav are partnering this week. Under the agreement, Gusto’s small business clients will have access to Nav’s financial health insights as well as its network of financing options. Originally founded as ZenPayroll in 2012, Gusto has raised a total of $746 million.

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Lloyds forms trade digitalisation partnership with WaveBL

Finextra

Lloyds has become the first UK bank to join the WaveBL electronic trade documentation platform, meaning its clients can transfer blockchain-based Bills of Lading across a network of members in 136 countries.

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Elaine Heng to Lead OCBC’s Newly Formed Strategy and Sustainability Division

Fintech News

OCBC Bank has established a new division named Group Strategy, Innovation, and Sustainability. The division aims to anchor the bank’s strategic direction, fostering innovation and sustainability efforts. The new division, set to commence on 22 April 2024, will play a crucial role in identifying and developing new business opportunities while integrating sustainability practices into the bank’s operations.

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First Bank CIO Thomas joins Bank Automation Summit U.S. 2024 speaker faculty

Bank Automation

Terrence Thomas, executive vice president and chief information officer at First Bank, will speak at Bank Automation Summit U.S. 2024 on Monday, March 18, at 4 p.m. CT.

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Lloyds Bank Embraces Paperless Future of International Trade in Partnership With WaveBL

The Fintech Times

Lloyds Bank has become the first UK bank to join the WaveBL electronic trade documentation platform, in an effort to unlock new trade efficiencies and sustainability benefits for its clients by using electronic Bills of Lading (eBLs) and ditching paper forms. Bills of Lading are important documents in international trade which are issued by a carrier when a seller dispatches goods to an end customer – with the document essentially acting as a receipt for the goods being shipped.

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Congress members lob dueling gun code bills

Payments Dive

Democratic and Republican Congress members took opposing stances this month in introducing legislation on the use of a new gun merchant category code.

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Digitisation is a priority for ESG initiatives – Paymentology

Finextra

ESG has a new meaning in 2024, with more and more financial institutions becoming increasingly transparent in their sustainable principles, and governments pushing harder for green regulation within the industry.

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Vietnamese Fintech 1Long Raises US$500K in Pre-Seed Funding

Fintech News

1Long, a fintech startup based in Vietnam, has raised US$500,000 in a pre-seed funding round supported by a consortium of investors, including Iterative, Monk’s Hill Ventures, R2VP, and Orionis Capital. With this new funding, 1Long plans to invest in technological advancements, forge strategic partnerships with asset managers and financial institutions, and grow its team.

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Envestnet data and analytics revenue falls 7% YoY

Bank Automation

Envestnet data and analytics revenue fell during its fiscal fourth quarter amid rumblings in December of a Yodlee sale. The wealthtech giant’s data and analytics revenue fell 7% year over year to $38.6 million during the quarter, according to its earnings presentation.

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Grow London Global?Leads Tech Trade Mission to Dubai

The Fintech Times

London & Partners , the business growth and destination agency, is leading a delegation of fintech, enterprise and sustainability companies to Dubai later this month, to help the firms explore commercial opportunities and prepare for expansion to the United Arab Emirates (UAE). A total of 24 innovative tech companies from London are taking to Dubai from 26 to 28 February, seeking new opportunities in the region.

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Discover deal may trigger more competition

Payments Dive

The merger at least raises the possibility that there won’t be two card networks that dominate the future of tokenized transactions, writes one fintech lawyer.

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Google Pay to shut down in the US

Finextra

Google is rejigging its mobile payments services again, killing off Google Pay in the US in favour of Google Wallet.

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VIB Upgrades Core Banking System with Temenos, Leverages AWS Cloud

Fintech News

Vietnam International Bank (VIB) has implemented the latest version of the Temenos Core Banking solution , powered by Amazon Web Services (AWS). This collaboration also includes ITSS, a Swiss technology and IT services firm. The upgrade to Temenos’ R23 Core Banking version represents a leap towards modernising VIB’s digital infrastructure, employing both AWS cloud and VIB’s own private cloud.

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Culinary dreams: How to open a restaurant with no money

Clover

If you’re interested in opening a restaurant business with no money, it may be helpful to know you’re not alone if you’re facing funding issues. Even if you have little to no capital to start with, becoming a restaurant owner can become a reality with some thoughtful strategies and creative financing solutions. While it always takes money to open a restaurant , it doesn’t have to be your money.

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Intellect Design Arena Launches eMACH.ai, Supporting Banks and FIs Across the Middle East and Africa

The Fintech Times

Intellect Design Arena Ltd , a cloud-native fintech firm serving banking and insurance clients across the globe, has launched its ‘first principles’ technology suite, ‘eMACH.ai’, for bankers specifically in the Middle East and Africa. eMACH.ai, an open finance platform, is based on the five principles of configurability, richness, scalability, ease of integration, and composability. eMACH.ai helps banks create their own ‘My Signature Solution’ by harnessing the power of artificial in

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Warren calls out OCC over merger policy ahead of Capital One-Discover

Payments Dive

The senator urged regulators to block the deal and took the OCC to task for its approval record. Meanwhile, JPMorgan CEO Jamie Dimon advocated for Capital One to get a fair shake.

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Frankfurt wins race to host new EU anti-money laundering agency

Finextra

Frankfurt has won the race to host the EU's new Anti-Money Laundering Authority (AMLA), beating out competition from eight other cities, including Dublin, Madrid and Paris.

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Revolut Expands ‘Mobile Wallet’ to S’pore for Transfers to Bangladesh and Kenya

Fintech News

Global neobank Revolut has expanded its services by launching the “Mobile Wallets” feature in Singapore, enabling customers to transfer money directly to Bangladesh and Kenya. Revolut plans to unveil additional wallet routes in the near future. This feature was first made available to Revolut’s users in the UK and most European countries (EEA) in January this year.

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ACI Worldwide Partners With Kuvasz Solutions To Advance Real-Time Payments Adoption in Colombia

Fintech Finance

ACI Worldwide (NASDAQ: ACIW), a global leader in mission-critical, real-time payments software, today announced an extension of its longstanding partnership with Kuvasz Solutions , a leading Latin American provider of professional services for the payments industry, to advance the adoption of Colombia’s new domestic real-time payments ecosystem, announced by ACI and the Colombian Central Bank in December 2023.