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A leading payments industry news source for more than 17 years. Glenbrook curates the news and keeps you abreast of the important daily headlines in payments.
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April 15, 2022
On the web
UK Fintech Startup Leatherback Raises $10M for Its Cross-border payments Led by ZedCrest
TechCrunch
“Immigrants, international students, and the migrant population in general all require international payments, or foreign exchange. Revolut and Wise are among those platforms to have taken advantage of this international audience. Now, fintech startup Leatherback , a U.K.-based cross-border payments platform, has raised what it describes as a $10 million pre-seed round led by ZedCrest Capital , a pan-African investment firm. Leatherback offers a multiple currency solution for cross-border transactions.”
April 14, 2022
On the wires
TerraPay Obtains License in the USA; Aims to Strengthen Footprint in Key Global Markets
“Leading global digital payments infrastructure company, TerraPay, announces that it has secured the money services business (MSB) license in the State Of Florida, The United States Of America. This license will facilitate the company’s unparalleled and robust cross-border payments infrastructure to mobilize international remittances from the region in real-time, at low costs, and help offer diverse value-added financial payment services to TerraPay’s partners and their customers present globally. Through the US license, TerraPay aims to expand its partnership network in the US & LATAM region to facilitate low-cost, hassle-free, instant transactions in 96 countries. This MSB license is a major step toward TerraPay’s goal of becoming a major player in the global cross border payment ecosystem.”
April 13, 2022
On the web
Dallas Arena Opens Stores With Autonomous Checkout
Chain Store Age
“American Airlines Center is offering two new frictionless shopping options. The arena, home to both the Dallas Mavericks NBA basketball team and Dallas Stars NHL hockey team, is collaborating with hospitality company Levy and its design subsidiary DBK Studio to open a new Market To-Go store on the arena’s terrace level. A second Market To-Go store is slated to open on the main concourse level of the arena later in April.”
April 12, 2022
On the web
Form3 Taps Goldman Sachs Transaction Banking for Cross-border Payments
Finextra Research
“Goldman Sachs Transaction Banking (TxB) and Form3, the leading cloud-native payment technology provider, today announced a new solution that delivers FX and payments capabilities to Form3’s banking clients. Form3’s platform will leverage TxB’s cross-border payments and Foreign Exchange (FX) execution capabilities to introduce a value added service for Form3’s regulated financial institution customers.”
On the wires
Deserve Launches Commercial Credit Card Platform That Empowers Banks and Business-to-Business (B2B) Companies to Issue Co-Branded Credit and Charge Cards
“Deserve, a fintech company transforming credit cards into software that lives on mobile and in the cloud, announced today it is revolutionizing the commercial credit card category by offering the first of its kind platform that empowers banks and B2B companies to launch corporate credit and charge cards.”
April 11, 2022
On the web
Sequoia-backed SwooshTransfer Raises Millions of Dollars to Automate Cross-border Payments
TechCrunch
“SwooshTransfer , which recently received an angel funding round of “several million dollars” from investors, including Sequoia China and K2VC, is one of the new players trying to make international transactions easier for Chinese businesses and beyond. The company declined to disclose the exact funding amount. After a decade at Alibaba and its fintech affiliate giant Ant Group, Max Ma founded SwooshTransfer in 2021 to facilitate cross-border payments for small- and medium-sized enterprises, as well as individuals such as overseas students, for whom tuition payments are often a hassle. The firm’s main strength, Ma told TechCrunch, is applying technology to automate transactions, helping customers reduce costs as well as risks.”
On the wires
Square Introduces the Next Generation of Square Stand
“Today, Square unveils the next generation of Square Stand , the company’s iconic countertop device that turns an iPad into a powerful, robust point of sale system that sellers can use to run their entire business. Launching concurrently in all of Square’s eight global markets, Square Stand features integrated contactless tap, chip and PIN payments technology, a sleek, professional design and a new checkout flow that provides businesses and their customers with a more intuitive, transparent and streamlined commerce experience.”
April 7, 2022
On the web
Apple Pay Surpasses Venmo and PayPal As Teens’ Favorite Payment App, Shows Piper Sandler Survey
9to5Mac
“Piper Sandler just shared its 43rd semi-annual Generation Z survey with 7,100 US teens. It shows that Apple Pay dominates teens’ favorite payment apps, while iPhone and AirPods are an important part of their daily lives. Last April , 88% of teens used to own an iPhone and 90% expected an iPhone to be their next phone. Both of these numbers were new all-time highs. The report also showed that 70% of US teens owned AirPods.”
On the wires
Adyen to Offer Tap to Pay on iPhone to Customers Later This Year
“Adyen (AMS: ADYEN), the global financial technology platform of choice for leading businesses, is working with Apple to offer Tap to Pay on iPhone for its U.S. customers later this year. The solution allows Adyen’s U.S. customers to use their iPhones to accept contactless payments, without the need to purchase or manage additional hardware or payment terminals. Adyen is working with enterprise customers and commerce platforms, such as Lightspeed Commerce and NewStore, to bring the feature to even more businesses. With Adyen’s support, NewStore will pilot the new capability with its customer Vince.”
I2c Partners With PingPong to Power B2B Mastercard Credit Offering
“i2c Inc. , a leading provider of digital payment and banking technology, today announced its partnership with PingPong , Hangzhou, China-based fintech unicorn providing business owners with modern, cross-border e-commerce payment solutions. Leveraging i2c’s agile SaaS platform, PingPong will expand its existing commercial credit offering to new regions, specifically Hong Kong SAR and Europe. The product allows merchants to access instant payouts, as well as transaction fees as low as 1%, versus the 5% fees that have been historically charged to these international merchants.”
April 4, 2022
On the web
Washington Governor Signs Uber, Lyft Driver Pay Guarantee Into Law
Reuters
“Washington Governor Jay Inslee on Thursday signed into law a minimum pay standard for Uber (UBER.N) and Lyft (LYFT.O) drivers, making Washington the first U.S. state to implement earnings standards for ride-hail companies. Drivers across the Northwestern state will earn a minimum of $1.17 per mile and 34 cents per minute with a minimum pay of $3.00 per trip.”
March 31, 2022
On the web
Revolut Expands Its Global Remittances Offer With Seven New Corridors
Business Review
“Revolut, the global financial superapp with over 18 million customers worldwide, announced today that customers from the UK, EEA, Japan, Singapore and Australia can now transfer money to bank accounts in Colombia (COP), Nepal (NPR), Peru (PEN), Bolivia (BOB), Guatemala (GTQ), Egypt (EGP) and Costa Rica (CRC), supporting seven additional local currencies.”
Why Stripe’s ‘Fast’ Horse Is Losing the One-Click Checkout Race
The Information
“Several startups have been racing to sell software known as one-click checkout to retailers such as The Honest Company and Forever 21 to speed up how their customers pay for products online. But Fast, the only startup in the field backed by payments provider Stripe, has been slow to grow its business and is far behind rivals.”
On the wires
Apple Pay and Google Pay Now Available in Transit
“More than 65 transit systems have launched mobile ticketing with Transit to make it easier for riders to pay their fare. Now, Transit is making the experience even simpler by supporting Apple Pay and Google Pay in the app. Starting with systems that use Token Transit as their mobile ticketing provider, riders are now able to purchase their fare quickly and securely, without having to take out their credit card or re-enter payment information.”
Wix Partners With DoorDash to Launch On-Demand Delivery for Restaurants
“Wix .com Ltd. (Nasdaq: WIX ), a leading global SaaS platform to create, manage and grow an online presence, today announced a partnership with DoorDash Drive , DoorDash’s white-label fulfillment platform that powers direct delivery for any business, to integrate with Wix Restaurants. The integration provides restaurant owners using Wix Restaurants access to an expansive delivery fleet.”
March 30, 2022
On the web
Fed up With Fees? Crypto Use Is Growing for Cross-border Payments – Survey | ZDNet
ZDNet
“A new survey released today by non-profit Stellar Development Foundation and UK-based cryptocurrency payments platform Wirex has revealed a heightened awareness, and increasing use and acceptance, of cryptocurrencies for cross-border payments in four key developed and emerging countries — United States, United Kingdom, Mexico and Singapore — indicating that crypto is being used for sending money to, and from, emerging markets in the form of remittances, or money sent by people working overseas to their families back home.”
Santander Launches Instant Payments Into Brazil From Europe
Finextra Research
“Santander’s SME and corporate clients in Spain, from today, will be able to make immediate international payments to recipients in Brazil, in Brazilian Real, through the One Trade solution. Part of PagoNxt’s Trade business unit, the One Trade solution will allow international transfers to be completed in minutes, allowing senders to comply with FX documentation requirements, while the recipients are spared from closing or signing local FX contracts – as BRL will automatically be credited to the local account.”
BigCommerce Releases Multi-Storefront Enabling Merchants to Easily Manage Multiple Brands Within a Single Store
eSeller365
“BigCommerce releases Multi-Storefront, a new feature that enables enterprise merchants to create and manage multiple storefronts within a single BigCommerce store. This will help drive growth while reducing operational costs and complexity.”
March 29, 2022
On the wires
Payfare Expands Collaboration With Visa in the U.S.
“Payfare Inc. (TSX: PAY), a leading fintech powering instant payout and digital banking solutions for the gig workforce, today announced the expansion of its collaboration with Visa in the U.S. After obtaining its Visa Ready for Fintech Enablers certification and expanding its platform with Visa SavingsEdge in 2021 , Payfare will now add Visa Direct 1 to its platform to help facilitate real-time2 payout experiences for gig workers.”
Mastercard Partners With Bank Alfalah for Market-first Launch of Tap on Phone and Simplify Commerce Solutions in Pakistan | Middle East/Africa Hub
“Mastercard and Bank Alfalah have entered into a strategic partnership to empower businesses in Pakistan through the launch of two of Mastercard’s market-leading solutions powered by Mastercard Payment Gateway Services – Tap on Phone and Simplify Commerce – leveraging the power of technology to catalyze success and boost financial inclusion for businesses across the market, with a special focus on small enterprises.”
March 25, 2022
On the wires
Mollie Powers Mazda With Simplified Payments
“We’re thrilled to announce that we’re partnering with Mazda Motor Europe to provide effortless payments for their new marketplace platform. We have signed a multi-year agreement that will help the automotive firm deliver a seamless digital and ecommerce experience for its customers that offers effortless, convenient, and frictionless payments.”
March 17, 2022
On the web
Verto Announces Expansion of Currencies Offering for Instant Cross-border Payments Worldwide
IBS Intelligence
“Verto , the leading B2B cross-border foreign exchange (FX) and payments enabler, announced the increase in the number of supported currencies that customers can convert between and make payments in. Verto’s customers can now accept and send payments instantly in 12 new currencies, all from one single and easy to use platform, further eliminating the barriers to cross-border payments.”
On the wires
Comdata Launches Digital Lumper Payment Solution for Fleets Nationwide
businesswire
“Comdata Inc., a FLEETCOR company and world leader in payment innovation, announced the evolution of its on-demand warehouse payment capabilities. The new solution digitizes and automates the capture and delivery of lumper payment receipts without driver interaction. It is the next generation of Comdata’s Comchek, which provides warehouse locations and fleets an efficient and modernized system to accept lumper payment without driver interaction through a mobile device.”
March 16, 2022
On the wires
Nium Introduces New Global Brokerage Payments Solution to Provide Faster, Lower Cost Alternative to SWIFT Settlement
“Nium , a global leader in modern money movement, today introduced a new brokerage payments solution that offers international financial institutions (FIs) a faster and more cost-effective method of settling transactions to select U.S. brokerages enabling customers to easily invest in U.S. equities. When compared to transactions settled via the SWIFT International Payments Network, Nium lowers settlement costs for Financial Institutions by up to 90% for international brokerage account transactions.”
March 15, 2022
On the web
Shopping Online in the UK Is Changing – Here’s What You Need to Know
TechRadar
“UK shoppers will now face more security checks when making an online purchase under new customer protection rules. From March 14, 2022, ecommerce shoppers will face mandatory multi-factor authentication in an attempt to cut down on fraud and online crime, making sure consumers don’t get scammed. The changes, which will also apply to face-to-face shopping, will make completing a purchase a little bit longer and slightly more fiddly, but it’s nothing to be concerned about – here’s all you need to know.”
March 14, 2022
On the wires
BigCommerce and Bolt Deepen Partnership to Embed Bolt’s One-Click Checkout and Shopper Network, Making It Available to Small, Medium and Enterprise Merchants in the U.S.
“BigCommerce (Nasdaq: BIGC), a leading Open SaaS ecommerce platform for fast-growing and established brands, today announced, in strategic partnership with Bolt , a leading checkout and shopper network company, to now offer a brand new way for small-, medium-, and enterprise-sized BigCommerce merchants to set up Bolt One-Click Checkout in a self-serve manner within minutes.”
March 11, 2022
On the web
Why PNC Plugged Into an Early Wage Access Marketplace
American Banker
“PNC Financial Services Group is working to help corporate clients retain their employees by supporting a number of payment technologies that can free up workers’ cash flow. PNC supports both early wage access (EWA) — a system for giving employees the portion of their paycheck they’ve already earned ahead of the traditional payday — and Request for Pay (RfP), an invoicing method tied to real-time payments.”
March 10, 2022
On the web
Can Zelle Change the Narrative Around P2P Fraud?
American Banker
“Zelle has become a victim of its own success. As the peer-to-peer payments service’s popularity booms, stories about fraud and scams that target Zelle users have grown rapidly with it. Fraud associated with the bank-owned Zelle network stood out in the Consumer Financial Protection Bureau’s review of payment platforms last fall, and a new wave of Zelle scams accelerated this year.”
On the wires
Billtrust Partners With Procede Software to Speed Payments and Improve Cash Flow for Heavy-Duty Truck and Commercial Vehicle Customers
“Billtrust (NASDAQ: BTRS), a B2B accounts receivable automation and integrated payments leader, announced today it has joined with Procede Software , a heavy-duty truck and commercial vehicle dealer management system (DMS) and solutions provider, to help their customers get paid faster, grow revenue and increase profitability.”
March 9, 2022
On the web
Targeting Growth Markets, PayNearMe Scores Walgreens for Its Merchant Network
Digital Transactions
“Bill-payment platform provider PayNearMe Inc. will dramatically expand its merchant network with the addition of Walgreens Co. in an agreement announced Wednesday. The pharmacy chain adds nearly 9,000 Walgreens and Duane Reade locations to PayNearMe’s merchant network, bringing the company’s total to more than 40,000 retail locations. PayNearMe’s platform lets unbanked consumers pay bills at merchant locations ideally situated near their homes.”
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