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The current cross-border payment system imposes high costs on businesses and economies worldwide, stifling economic potential and limiting financial inclusivity. Global corporations move $23.5 trillion across countries annually—around a quarter of global GDP—at an estimated cost of $120 billion in transaction fees annually. Any improvement in the efficiency of cross-border transactions would, therefore, lead to considerable benefits for businesses and individuals globally.
Crypto exchange OKX has partnered with DBS to offer Singaporean customers instant and free deposits and withdrawals in Singapore dollars (SGD). These improvements are the first of many part of a broader effort to enhance OKX’s platform, providing users with a more streamlined and efficient experience. Customers can now deposit SGD into their OKX accounts using PayNow and withdraw funds via FAST, provided their bank is one of the 27 institutions participating in the service.
What is this article about? How fintechs are challenging traditional banks in the merchant services space, posing a threat to banks’ core business and revenue streams. Why is it important? The shift driven by fintechs could erode banks’ dominance, forcing them to modernise or risk losing a significant share of the market. What’s next?
The PCI SSC Asia-Pacific Community Meeting is coming to Hanoi, Vietnam from 20-21 November 2024. This event will gather payment security professionals from across the region to discuss developments in global payment security, industry trends, and standards. Participants can attend in person or via livestream to hear from experts, including keynote speaker Dr.
Retailers know the clock is ticking–legacy SAP Commerce support ends in 2026. Legacy platforms are becoming a liability burdened by complexity, rigidity, and mounting operational costs. But modernization isn’t just about swapping out systems, it’s about preparing for a future shaped by real-time interactions, AI powered buying assistants, and flexible commerce architecture.
Modulr , the embedded payments platform, today announces its acquisition of Nook , an innovative disruptor in accounts payable (AP) automation. Both companies share a mission to address inefficiencies, remove manual steps and enhance the security of business payments. These are significant concerns, as highlighted by Modulr’s survey of 250 accounting practices which revealed that nearly half (45%) of respondents spend over three hours per week on manual data entry.
Qover, an insurtech based in Brussels, Belgium, has partnered with Mastercard to provide return shipping cost protection when retailers do not offer free returns. The service is available to Mastercard credit cardholders in Belgium and Luxembourg; Qover plans to expand the service to additional European countries. Qover made its Finovate debut at FinovateEurope 2018 in London.
Payments-as-a-Service firm Volante Technologies has launched a new solution to offer financial institutions visibility and operational control over their payments business. The new solution, Volante Payments Intelligence, enables banks to better understand their payment operations, simplifying decision-making while improving business performance. It leverages historical and real-time payment data to help banks strategically plan, optimise operational efficiency, and accurately track performance.
Payments-as-a-Service firm Volante Technologies has launched a new solution to offer financial institutions visibility and operational control over their payments business. The new solution, Volante Payments Intelligence, enables banks to better understand their payment operations, simplifying decision-making while improving business performance. It leverages historical and real-time payment data to help banks strategically plan, optimise operational efficiency, and accurately track performance.
Global payments have been gaining popularity in fintech over the past few months. There is increasing demand for faster, safer, and cheaper payment opportunities as cross-border trade activity escalates. As McKinsey points out , however, payments are becoming disconnected from users’ accounts as platform-as-a-service (PaaS) and embedded payments models rise in popularity.
Online payments giant PayPal has launched a new feature in its app to make it easier for customers to pool money with friends and family for group gifts, travel, events or other shared expenses. Through its new feature, PayPal plans to give its customers the ability to set up a pool in the PayPal app or online, invite friends and family to contribute, track group contributions and transfer funds to their PayPal balance to spend or withdraw.
Airwallex, the Australian-founded leading financial platform for modern businesses, today announced that it is launching Airwallex for Startups in New Zealand, to help Kiwi startups to accelerate their growth.
Over a quarter (28 per cent) of merchants’ in-person point of sale (POS) systems cannot support alternative payment methods like digital wallets and QR codes, according to a new study by digital payments and infrastructure orchestrator Tribe Payments. Tribe Payments says that merchants, ranging from sole traders to multinational enterprises, are struggling with a range of legacy POS terminal and infrastructure failings, causing lost sales due to payment acceptance difficulties, lengthy queues o
Speaker: Michael Veatch, Senior Director, Implementations & Ella Aguirre, Director of Solution Consulting
Embedding payments can be a transformative step for software companies looking to enhance their platform capabilities, boost customer satisfaction, and drive long-term growth. However, the success of payments hinges on a single thing: implementation. Drawing on real-world insights and experiences, payments implementation experts Michael Veatch and Ella Aguirre will explore actionable strategies that can lead to a transparent, friction-free launch and mitigate potential challenges like technical
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 1 fs Wealth , a global wealth intelligence provider, announces a strategic partnership with Apex Group.
Amazon Textract is AWS's machine learning service that reads and processes documents automatically. It does more than just turn images into text like basic OCR tools. You can use it to pull data from forms and tables, process both typed and handwritten text, work with PDFs and scanned images, and handle documents in multiple languages. It even comes with ready-to-use tools for specific documents like invoices, IDs, and lending paperwork.
eNovate , formerly eCards, a subsidiary of eFinance Investment Group, has joined forces with Mastercard to bring Card-as-a-Service (CaaS) solution to the Egyptian market. The CaaS model will provide banks, non-financial institutions, universities and fintechs with a comprehensive suite of digital payments services. The collaboration will see eNovate leverage Mastercard expertise in payment technology to further reinforce its position in building ready to market hubs for businesses to drive digit
Did you know that rising loan delinquency rates can lead to significant opportunity costs and damage the reputation of Microfinance Institutions (MFIs)? According to a recent Business Standard report, non-banking financial companies (NBFCs) focusing on microfinance may face higher credit costs due to increasing loan delinquencies. In addition, the asset growth of these companies is […] The post Why Loan Delinquency is a Wake-Up Call for MFI Lenders and the Industry appeared first on Finezz
Speaker: Benjamin Woll, Tiffany Spizzo, and Jaime Santos Alcón
Enterprise commerce is at an inflection point. Rigid, monolithic platforms slow brands down, but a full replatforming is disruptive and costly. Modular architecture offers a flexible, scalable alternative - allowing enterprise brands to modernize without ripping and replacing their entire stack. Learn how a composable approach helps modernize commerce stacks while maintaining control over critical systems.
In April 2024, the FloQast team announced our Series E to the public, raising $100M in a round led by ICONIQ Growth , with Roy Luo joining FloQast’s Board of Directors. This might sound obvious, but timing of the round was intentional. Our goal was to ramp up product development and enhancement, first and foremost, but also to improve the customer experience, fuel international expansion, and tap into a wealth of knowledge and experience possessed by our new investors (which also included BDT &#
The lead-up to the festive season is critical for e-commerce merchants. With Black Friday fast approaching and the holidays just around the corner, competition is at its highest. Inclusive global payments platform, Ecommpay , is helping merchants capitalise on this busy and profitable shopping window by providing insight into how to ensure their shopping, checkout and payment journey is as positive as possible, removing potential friction that could cause customers to drop off before finalising
The Spanish banking community has become the first EU market to enable instant cross-currency payments under the European Payment Council's OCT Inst (One-Leg Out (OLO) Instant Credit Transfer scheme.
Financial services firms now have just one month to respond to a consultation proposing major regulatory changes to protect consumers, by bringing regulated payment firms under the CASS (Client Assets) system of managing customer funds. Leading audit, tax and consulting firm RSM UK is encouraging payment providers and other interested parties to respond to the FCA consultation which closes on December 17 th.
Large enterprises face unique challenges in optimizing their Business Intelligence (BI) output due to the sheer scale and complexity of their operations. Unlike smaller organizations, where basic BI features and simple dashboards might suffice, enterprises must manage vast amounts of data from diverse sources. What are the top modern BI use cases for enterprise businesses to help you get a leg up on the competition?
In the wake of Illinois being sued over its landmark law exempting state taxes from the calculation of card interchange fees, other states are making little progress with the idea.
Network International (Network), a leading enabler of digital commerce in the Middle East and Africa, has signed a referral agreement with National Bank of Fujairah (NBF ) to extend digital payment services to the bank’s corporate customers. The collaboration will allow NBF to offer Network’s omni-channel payment solutions including online payment solutions and in-person payment solutions to its corporate clients, providing secure and seamless services that enhance operational efficiency and cus
Criminals leverage advanced technology to make so-called mule accounts that pass as humans and persuade consumers to send money to scammers, a Kansas City Fed paper says.
Public awareness of new regulations that require UK banks to reimburse victims of payment scams remains critically low, weeks after their enforcement. On 7 October, the Payment Systems Regulator mandated that all UK banks must repay customers who are proven to be victims of payment scams up to £85,000 per case. A survey of 2,000 UK adults has found that less than three in ten (29%) UK adults are aware of the new regulations – rules that significantly ease the financial burden in the event
Fulfillment is no longer just about getting products from point A to point B – it's about crafting seamless, scalable, customer first experiences. Flexible fulfillment strategies are more important than ever for those aiming to stay ahead and build resilience as retail enters a new era in 2025. Learn how to optimize fulfillment processes, tackle complex, multi-vendor orders, and create seamless customer experiences – from white-glove delivery for high-value items to quick-ship solutions for ever
The message from the Chancellor in the Autumn Budget was loud and clear: Britain must “invest, invest, invest” to grow the economy, outlining the Labour Government’s plans for a National Wealth Fund and a new modern industrial strategy. However, in the fallout from the headline announcement of a £40 billion tax rise, with £25 billion to come from employer national insurance contributions increases, the business community’s reaction has largely been negative [1].
Nubank has launched cryptocurrency swap tool in its app where customers who own cryptocurrencies can now trade Bitcoin, Ethereum, Solana, or Uniswap for USDC and vice versa.
Rising youth involvement in economic crimes highlights the urgent need for robust financial education. ‘Doctor’, ‘firefighter’, ‘builder’, and ‘astronaut’ are the usual quips from children wide-eyed with excitement. However, young people are increasingly falling into careers of economic crime under the guises of hackers, fraudsters or money mules. According to Cifas, one in five suspected money muling cases filed to the Cifas National Fraud Database involves young people aged 21 and under.
Speaker: Brad Pinneke, VP of Business Development at Payrix and Worldpay for Platforms
In this webinar, Brad Pinneke, Vice President of Business Development at Payrix and Worldpay for Platforms, will dive into the 7 must-have criteria for evaluating payments partners, helping you maximize both efficiency and the long-term value of your investment. From assessing technology capabilities to leveraging business development opportunities, this session will give you a clear, actionable strategy to select the right partner for scaling your business.
The European Central Bank (ECB) has been debating whether to release a sensitive report underlining capital requirements for large EU lenders compared to US financial institutions.
AuthenticID , a provider of identity verification and fraud prevention, has teamed up with the California Department of Motor Vehicles (DMV) to improve the state’s mobile driver’s licence (mDL) program.
2025 is right around the corner, and with it comes a new wave of consumer expectations, competitive pressures, and operational challenges. Success lies in finding the balance between operational flexibility and creating experiences that keep customers coming back. The future of retail belongs to those who can stay ahead of shifting customer preferences and marketing trends. 🔮 In this session, we’ll dive deep into what it takes to keep customers engaged and your operations nimble, no matt
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