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January 11, 2022

On the wires

Thunes Partners With the World Economic Forum to Power Innovation in Payments Infrastructure

Thunes , a Singapore-based fintech company and a global leader in cross-border payments, announced today a collaboration with the World Economic Forum (WEF) to address systemic inequality in accessing financial services by driving innovation across payments and market infrastructures. As a collaborator of the WEF’s Platform for Shaping the Future of Financial and Monetary Systems , Thunes will engage with the WEF Financial community to provide strategic insights, identify gaps and best practices, and contribute to the development of policies and programmes that will help address financial inclusion and sustainable development.”

January 10, 2022

On the web

Consumer Borrowing Picks up in November but Credit Cards Remain Out-of-favor


“U.S. consumer borrowing accelerated in November but consumers continued to avoid using their credit cards, according to Federal Reserve data released Friday. Total consumer credit increased $15.3 billion in November, 1.3% more than in October. That’s an annual growth rate of 4.4%, Economists had been expecting a $9 billion gain, according to the Wall Street Journal forecast. What happened: Revolving credit, like credit cards, fell a slight 1% in November after 6.7% decline in the prior month. This is the eighth decline in the past nine months.”

January 5, 2022

On the wires

Nuvei Enables International Ecommerce Merchants to Accept Local Payment Methods in Latin America

Nuvei Corporation (“Nuvei” or the “Company”) (Nasdaq: NVEI) (TSX: NVEI) the global payment technology partner of thriving brands, has announced today its capability enhancement which enables international merchants to accept local payment methods in 10 Latin American countries in addition to international card schemes and alternative payment methods (APMs). The Company’s newly introduced solution will support local card schemes and alternative payment options, streamlining the setup needed to support local payment methods, while boosting acceptance rates. This includes settlement in local currency, settlement in non-Latin American currencies, regional settlement, or a combination of all three.”

January 4, 2022

On the wires

InComm Healthcare Partners With Connect America to Offer Personal Emergency Response Services, Remote Patient Monitoring, and Medication Management Benefits

InComm Payments , a leading payments technology company, today announced that it has partnered with Connect America , North America’s largest provider of personal emergency response services (PERS) and a recognized innovator in connective health solutions, to incorporate PERS, remote patient monitoring (RPM), and medication management into InComm Healthcare’s multi-wallet benefit card. The unique multi-wallet benefit card allows health plans to deliver multiple supplemental benefit and wellness incentive programs to their members via one card.”

December 20, 2021

On the web

Equifax to Add More ‘Buy Now, Pay Later’ Plans to Credit Reports

Wall Street Journal

“A popular kind of “buy now, pay later” plan is coming to credit reports. Early next year, Equifax Inc. will begin recording installment plans that allow shoppers to make four biweekly payments instead of covering the full cost at checkout. The move is meant to give lenders a fuller picture of people’s financial commitments, including how much they owe on these plans.”

December 13, 2021

On the web

Visa Warns Against Misuse Of ‘Cashless ATMs’ Used By Cannabis Retailers To Skirt Restrictions – Marijuana Moment

Marijuana Moment

“Visa, the world’s second-largest card payment company, recently issued a compliance memo to customers warning them that miscoding point-of-sale transactions through the use of so-called cashless ATMs—a practice used by some cannabis retailers as a workaround to accept credit or debit cards for purchases—could lead to penalties or other unspecified enforcement action. The warning comes as congressional lawmakers grapple with how to handle marijuana business banking. The House passed a defense bill in September with language that would have protected banks that work with state-legal cannabis companies , but after talks with the Senate, those provisions were not attached to a new bicameral deal filed Tuesday .”

December 9, 2021

On the wires

Plastiq and PayGround Partner to Help Patients Better Manage and Pay Healthcare Bills

Plastiq , the smart payments platform that enables businesses to better manage payments and cash flow, and PayGround , a patient payment app that allows payment to any medical provider, announced its strategic partnership to provide patients with an integrated solution to manage and pay all of their healthcare bills in one app. Plastiq Connect APIs enable PayGround to seamlessly integrate Plastiq’s payments capabilities into its mobile app, allowing patients to create their PayGround Digital Wallet and pay their medical bills through their preferred payment method; either credit card, HSA, FSA, or even linking their bank account all from within the PayGround app.”

December 7, 2021

On the wires

American Express Expands Partnership With Nova Credit to Help Extend Credit to More Newcomers to the U.S.

“American Express (NYSE: AXP) announced today, in partnership with Nova Credit , that it has expanded credit access to people from Brazil, Dominican Republic, Kenya and Nigeria who have moved to the United States. The growth of this first-of-its-kind digital capability enables newcomers from nine countries to use their international credit history to quickly and easily apply for personal American Express® Cards and begin building U.S. credit history, if approved.”

December 3, 2021

On the wires

Xero Reaches Milestone in AI Strategy With Machine Learning-powered Predictions | Xero

Xero , the global small business platform, today announced a significant milestone in its AI strategy with the roll-out of new bank reconciliation predictions. The predictions feature brings a new application of AI into the Xero platform, reducing manual data entry and saving businesses time. The new feature uses machine learning to predict the contact and account code for transactions that cannot be matched to invoices or bills using an organisation’s bank rules, Xero’s matching logic, or memorisations. Previously, businesses had to manually enter new contacts or account codes to reconcile these transactions — a time-consuming process that risks manual error.”

December 2, 2021

On the web

TikTok Launches New Tips Feature Powered by Stripe

Silicon Republic

“Creators who meet the minimum follower requirements can now receive tips from viewers, opening up a new way to make money. TikTok is turning up the thermostat in the content monetising space with a new tips feature for creators. Users in some parts of the world will now be able to directly tip their favourite TikTok creators with payments handled by Stripe.”

On the wires

Marqeta Partners With First National Bank of Omaha to Expand Ecosystem of Credit Partners

Marqeta (NASDAQ: MQ), the global modern card issuing platform, today announced a partnership with First National Bank of Omaha (FNBO), expanding its ecosystem of partners that enable its customers to launch modern credit card programs. Consumer demand for credit cards has increased substantially this year, compared to during the height of the pandemic, with banks issuing 42 percent more credit cards to consumers in the first six months of 2021, compared to 2020, according to credit-reporting firm Equifax, Inc . Despite this increased demand, credit card technology has largely remained unchanged in decades thanks to reliance on legacy technology that is difficult to upgrade.”

November 17, 2021

On the web

Supply Chain Crunch Sparks Demand for Cutting-edge Payments Services

American Banker

“Bank of the West, Swift and SAP are among the entities offering customers real-time processing, short-term loans and virtual cards that could ease their financial strains. Bank of the West, in San Francisco, last week officially rolled out a product it had been testing called TreasuryNow. It centralizes treasury management products in an effort to make it easier for businesses to make payments, transfer funds and collect payments as part of the same user experience, which the bank contends will help execute transactions faster and provide flexibility for transactions.”

November 15, 2021

On the wires

Mastercard Partners With City of New Orleans and MoCaFi to Announce ‘Crescent City Card’ Program

“New Orleans Mayor LaToya Cantrell was joined by executives from Mastercard, Mobility Capital Finance, Inc. (MoCaFi), and Forward Together New Orleans to announce the Crescent City Card Program. The program involves of a series of initiatives and products to offer financial inclusion, access to emergency disbursements, incentives to drive economic growth, empower underbanked residents, and provide better access to City services such as NORD recreation centers, parks, libraries, and public transportation.”

November 12, 2021

On the wires

Flexbase Announces First-Ever Credit Card for Construction Industry

Flexbase , the automated payment platform for contractors and the construction industry that delivers faster and more efficient payments, today announced the first-ever credit card specifically for construction companies, targeting small- and mid-sized businesses (SMBs). Flexbase Card is available immediately nationwide, offering up to 60 days interest-free credit and numerous other benefits.”

November 9, 2021

On the wires

November 8, 2021

On the wires

Daimler Mobility and Visa Form Global Technology Partnership to Integrate Digital Commerce Into the Car Seamlessly and Conveniently

“As a result of a new global technology partnership between Daimler Mobility and Visa, Daimler will offer “native” in-car payments. This means that entering passwords or relying on mobile devices for payment authentication may soon be a thing of the past as the vehicle itself becomes a biometrically enabled payments device, thanks to Visa’s Delegated Authentication technology.”

October 26, 2021

On the wires

Valley Bank Launches New Digital Payment App for Cannabis Industry

Valley National Bank , a subsidiary of Valley National Bancorp (NASDAQ:VLY), announced today that it is creating a new digital payment platform designed specifically for cannabis-related businesses. Valley Pay, Valley’s new digital payment solution, will migrate cash usage to a secure, web application, easing the burden on cannabis operators who are reliant on cash transactions today. The cannabis industry remains heavily reliant on cash transactions to conduct business as major debit and credit cards are not accepted.”

October 20, 2021

On the wires

Chargebee and Worldline Partner on Subscription and Payment Management Integration to Improve Customer Engagement and Retention

“Worldline, the European leader in the payments and transactional services industry and #4 player worldwide, and Chargebee, the leading subscription billing and revenue management platform, today announced their collaboration to provide an end-to-end payment, subscription and revenue operations solution for merchants operating in a subscription model. With a single, integrated solution, Worldline and Chargebee help merchants improve and expand business operations, efficiently and at scale.”

October 14, 2021

On the web

Higher Growth to Enable Cannabis Business Banking


“California’s North Bay Credit Union partnered with Austin Capital Trust Company and Silicon Valley FinTech MRBD to create the Credit Union Service Organization (CUSO) HigherGrowth, the Credit Union Times reported. The new CUSO, which has been in development for more than two years, will enable credit unions and community banks to provide financial services to cannabis companies without those firms having to meet strict federal and state compliance requirements to have a commercial bank account, the report said.”

October 8, 2021

On the web

U.S. Consumer Credit Grows in August at the Smallest Rate in Seven Months


“Revolving credit, like credit cards, rose at a 4% rate in August after a 7% increase  in the prior month. This is down from a 22% jump in July.  Non-revolving credit, typically auto and student loans, rose at a 4.1% rate for the second straight month. This category of credit is ordinarily much less volatile but has moderated, after five months of growth readings above 6% rate earlier this year, due to the weak auto sales. The data does not include mortgage loans, which is the largest category of household debt.”

October 7, 2021

On the wires

Mastercard and Citi Expand Partnership to Further Financial Inclusion and Sustainability Efforts

“Mastercard and Citi today announced a new partnership to support local residents and small businesses through greater public-private sector collaboration. Through City Possible , Mastercard’s partnership and co-creation framework for cities, the two global leaders will bring their collective resources, expertise, and integrated urban development frameworks to the City Possible network.”

October 6, 2021

On the wires

DepositLink Pay Provides Brokers and Title Companies With an Easy Way to Eliminate Paper Checks

“DepositLink, the industry-leading provider of secure digital payment solutions for real estate, introduces an innovative product enhancement for brokers and title companies. DepositLink Pay, the next generation of digital payment technology, further reduces the friction and inefficiency of processing paper checks for earnest money and commission payments. With DepositLink Pay, a broker, agent, or title company can direct buyers and renters to a customized URL or a “Pay” button to make digital EMD and rental payments. There is no cost to brokers, agents, or companies.”

October 5, 2021

On the web

On the wires

PayNearMe Introduces MoneyLine, a Next-Gen Platform Developed to Simplify the Payment Experience for IGaming Players and Operators

“PayNearMe, the modern and reliable payments experience company known for making payments easy for both businesses and customers, today announced MoneyLine, the company’s new platform designed to manage the complexities of iGaming money movement. PlayLive!, the online casino affiliated with Live! Casinos & Hotels in Philadelphia and Pittsburgh, is among the first to use MoneyLine to simplify deposit and payout experiences for its online players in Pennsylvania.”

October 1, 2021

Top Post

WSJ News Exclusive | Google Is Scrapping Its Plan to Offer Bank Accounts to Users

Wall Street Journal

“Google is abandoning plans to pitch bank accounts to its users, marking a retreat from an effort to make the tech giant a bigger name in finance. The Alphabet Inc unit announced almost two years ago that users of its Google Pay digital wallet would be able to sign up for enhanced checking accounts and debit cards at a handful of financial institutions large and small, including Citigroup Inc. and Stanford Federal Credit Union.”

On the web

Tech Giants Brace for Impact in India As New Payments Rule Goes Into Effect


“Apple, Sony, Google, Zoom, PayPal and several other tech companies as well as scores of banks have cautioned customers and partners in India to expect a surge in declined transactions as the world’s second-largest internet market’s central bank enforces a new directive for the way recurring payments are processed in the country. The Reserve Bank of India’s directive, which goes into effect on Friday, requires banks, financial institutions and payment gateways to obtain additional approval for auto-renewables transactions worth over 5,000 Indian rupees ($67) from users by conducting notifications, e-mandates and Additional Factors of Authentication (AFA). The directive impacts all such transactions for debit cards as well as credit cards.”

Card Issuers Resisted Slashing Credit Limits During Pandemic: CFPB

American Banker

“In a shift from the previous U.S. economic crisis, credit card issuers last year mostly avoided clamping down on their existing customers’ borrowing limits, according to a new report from the Consumer Financial Protection Bureau. The report, one of the most extensive analyses of credit card trends during the pandemic, found a significant tightening of credit availability as lenders lessened their appetite for new business. But the stricter credit criteria mostly appeared to affect potential new customers rather than existing ones, the CFPB’s biennial report to Congress on credit cards indicated.”

September 24, 2021

On the web

Stripe Adds a Revenue Recognition Tool for Merchants That Book Sales Over Time

Digital Transactions

“Online payments powerhouse Stripe Inc. Tuesday introduced Stripe Revenue Recognition, an application intended to automate the mapping of money to a balance sheet.  The development of Revenue Recognition was spurred by the accounting needs of merchants and businesses that are paid upfront for goods and services to be delivered in the future or over an extended period of time. These include software-as-a-service providers, SaaS, subscription, and e-commerce companies, all of which need to consolidate transactions in one place, appropriately categorize transactions, and automatically generate auditable reports.”

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