FIS sheds 2,600 employees: report
Payments Dive
FEBRUARY 2, 2023
Amid a strategic review of operations, the payments processor and fintech giant has dismissed 2,600 workers, Bloomberg reported.
The Bank-FinTech Collaboration Model Goes Global
PYMNTS
JANUARY 19, 2021
With more financial institutions (FIs) turning to external third-party FinTechs to strengthen their small- to medium-sized business (SMB) and corporate offerings, the collaboration model is proliferating across national borders. Reports said the bank’s digitization effort aims to enhance its SMB, corporate and retail operations.
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Aussie FinTech 3Pay Launches Invoice Finance Operations
PYMNTS
SEPTEMBER 17, 2019
Australian FinTech 3Pay has launched operations, connecting businesses to an invoice financing solution designed to support cash flow and prevent small businesses from being placed on hold by their B2B suppliers. Reports in Dynamic Business on Monday (Sept. Reports in Dynamic Business on Monday (Sept.
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Young Consumers Love to “Buy Now, Pay Later” – Here’s What to Know About the Explosive Fintech Trend
Perficient
JULY 11, 2022
Here are critical facts to know about some of the most popular BNPL service platforms: Afterpay: Afterpay was founded in Australia in 2014 but was acquired by fintech Square earlier this year. Affirm says on its website that it sometimes reports users’ payment history to Experian, and it “may report loans with delinquent payments.”
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Commercial Banks Turning to Fintechs to Improve Customer Experience, Report Says
Bank Innovation
APRIL 5, 2019
commercial banks are increasingly looking to fintechs to improve customer experience. In fact, a new Fraedom report shows that 73% of U.S. commercial banks are considering new fintech partnerships for improving either customer experience or security, and in some cases -- both.
Plaid report shows 84% of UK consumers rely on fintech to manage money
The Paypers
OCTOBER 18, 2022
US-based Open Banking operator Plaid has published The Fintech Effect report that shows 84% of UK consumers use fintech for money management in 2022.
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Female FinTech Founders’ Funding Behind Male Counterparts
PYMNTS
NOVEMBER 25, 2020
Female FinTech entrepreneurs are getting left out of funding even as record venture capital money is being pumped into startups. percent of FinTech startups with female founders received funding January through October, according to Crunchbase, per a Bloomberg report on Wednesday (Nov. percent of total monies raised. .
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Traditional FIs Drive Modernization Through FinTech Pairings
PYMNTS
DECEMBER 29, 2020
In this week's roundup of bank-FinTech collaboration and open banking initiatives, Citi embraces the unlocking of account data to third-party FinTechs, while WEX weighs in on opportunity for banks to take advantage of partnerships. Plus, one FinTech offers a new spin on the open banking model to drive financial inclusion.
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36 Hours at Fintech Meetup: Three Themes from the Las Vegas Event
Gonzobanker
MARCH 7, 2024
It happened this week: Fintech Meetup , one of the newer trade events that brought 4,000 or so fintech and banker types to Las Vegas. Distribution, distribution, distribution The quest to scale a fintech company while maintaining high-quality business models came up on repeat.
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OCC keeps focus on bank/fintech partnerships
CFPB Monitor
SEPTEMBER 8, 2022
Since the beginning of Michael Hsu’s tenure as Acting Comptroller of the Currency, bank/fintech partnerships have been a focus of OCC concern. Mr. Hsu also raised concerns about unknown risks or “nasty surprises” arising out of bank-fintech arrangements.
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Report: Paychex Gives Traditional Payroll Cycle A Real-Time Makeover
PYMNTS
NOVEMBER 25, 2020
Peer-to-peer (P2P) payment apps have become particularly appealing to consumers during the COVID-19 pandemic, with P2P app Zelle reporting rises in the number of transactions and transactions’ values in recent months. PYMNTS’ data revealed that many consumers are now seeking real-time access to their funds, with 35.2 About The Tracker.
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Turning Compliance Burden Into FinTech-Regulator Collaboration
PYMNTS
NOVEMBER 26, 2019
Lithuania wants to become a global FinTech powerhouse. In recent years, the market has gone from one struggling with high financial illiteracy and limited card acceptance, to a bright spot in Europe for FinTech innovation. Regulation is perhaps the strongest driver of Lithuania’s FinTech-friendly environment.
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FinTech Cloud Technology Fuels Banking Innovation
PYMNTS
OCTOBER 8, 2020
Also seen in this week’s roundup of the latest in Bank-FinTech innovations was Alacriti teaming with The Clearing House on real-time payments (RTP), while Singapore Banking-as-a-Service (BaaS) startup RootAnt concluded a seed round with $1.46 In addition, Monese adopted Thought Machine’s cloud banking platform. Europe and South Africa.
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What Banks Are the Biggest Fintech Investors?
Bank Innovation
JANUARY 15, 2018
Big banks say they want to invest in fintech. Well according to a report by CB Insights, of the ten bulge bracket banks, that would be Goldman Sachs. Based on the new report by CB Insights, which looked at top bulge bracket budget banks, […]. But which are the ones actually putting their money on it?
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Chinese and Indian Fintech: An Unexpected Partnership
Bank Innovation
SEPTEMBER 1, 2017
India may overtake China as the world’s leader in fintech service adoption, according to a report released by Ernst & young, entitled EY FinTech Adoption Index 2017.
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Ireland Boosts FinTech Development Efforts
PYMNTS
APRIL 30, 2019
Ireland has been ramping up to boost FinTech efforts — a trend that has spanned several countries globally. As reported this past week, per Yahoo Finance , Ireland wants to see as many as 50,000 people employed directly within the country’s international financial services sector, with a target date of 2025. In the U.S.,
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New UBS Portfolio Focuses $200M On FinTechs
PYMNTS
OCTOBER 27, 2020
Multinational investment bank UBS has launched the UBS Next platform in order to help invest in FinTechs and the "broader tech ecosystem," according to a press release. UBS Next will pursue direct investments in early stage FinTechs and other such companies.
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Report: Deutsche Bank Withdrew From Wirecard Deal Over Price
PYMNTS
SEPTEMBER 4, 2020
Bloomberg News reported the Frankfurt, Germany-based global investment bank and financial services company is no longer interested in buying Wirecard AG’s banking unit because it is too expensive, according to a source. Last week, Jaffé rejected Deutsche Bank ’s offer because it was too low, Bloomberg reported. Deutsche Bank AG is out.
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Following Brexit, N26 Will No Longer Operate In The UK
PYMNTS
FEBRUARY 11, 2020
FinTech bank N26 , based in Germany, will no longer operate in the U.K. following Brexit, according to reports. The timings and framework outlined in the EU Withdrawal Agreement mean that the company will, in due course, be unable to operate in the U.K. with its European banking license,” N26 said.
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Ant Group Overhauling Operations To Satisfy Chinese Regulators
PYMNTS
JANUARY 15, 2021
After having its $37 billion dual IPO pulled by Beijing, Jack Ma’s Ant Group is working fast to overhaul operations to comply with government regulations, The Wall Street Journal reported on Friday (Jan. The company was told by Chinese financial regulators at a Dec.
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MoneyGram Teams With Korean FinTech To Boost Digital Growth
PYMNTS
JUNE 23, 2020
Partnering with leading fintech companies is a critical component of our strategy to accelerate digital growth,” MoneyGram Chief Operating Officer Kamila Chytil , who heads the company’s digital business, said in the announcement. Terms of the deal were not disclosed.
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S.Korean FinTech Kakao Pay Preps For IPO
PYMNTS
SEPTEMBER 30, 2020
Kakao Pay is set to be the first South Korean FinTech working with mobile payments to undertake an initial public offering (IPO), according to a report from The Paypers. This will allow Kakao Pay to "cover all areas of finance, with the exception of banking, which is accounted for by Kakao Bank," the report stated.
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Checkbook Launches Virtual Cards After Joining Visa FinTech Program
PYMNTS
SEPTEMBER 2, 2020
Checkbook has joined Visa 's FinTech Fast Track program and launched Virtual Cards , a program that will expand the reach of real-time payments, according to a press release. The program launched in 2018 had grown 280 percent at the time, including more than 140 FinTechs around the world.
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Goldman Gets Green Light To Operate Bank In South Africa
PYMNTS
JANUARY 20, 2020
As Goldman Sachs seeks further expansion in the South African economy, the financial services company joined the Johannesburg Stock Exchange’s interest-rate and currency-derivatives market, Bloomberg reported on Monday (Jan. Earlier this month, Goldman Sachs announced that it was revamping its reporting into new divisions.
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Fintech Finastra Hit By Suspected Ransomware Attack
PYMNTS
MARCH 20, 2020
Banking technology FinTech Finastra was hit with a security breach on Friday (March 20), and was forced to shutter key systems and send employees home, according to a report by KrebsonSecurity. Last year, the firm reported $2 billion in revenue. Two sources forwarded internal notices about the outage. “As
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B2B FinTechs Pull More Than $46M In Funding
PYMNTS
NOVEMBER 27, 2020
It was a slow week for B2B FinTech venture capital investments, though the industry still managed to pull more than $46.8 The company secured the funding from Hong Kong-based EmergeVest, reports said, while other angel investors also participated. million in fresh funding. Credit Key. Credit Key, a U.S.-based
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Lithuania Suspends SatchelPay Operations
PYMNTS
AUGUST 7, 2019
The Bank of Lithuania has suspended the majority of activities of payments company SatchelPay , reports said Tuesday, barring the Lithuanian company from issuing electronic money or providing part of its payment services. The Industry Spread reported Tuesday (Aug. The Industry Spread reported Tuesday (Aug.
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FinTechs Expand Open Banking Opportunity For Banks
PYMNTS
APRIL 29, 2020
New solutions continue to roll out as a result of open banking frameworks around the world and banks’ increasing willingness to collaborate with FinTechs. This week’s look at the latest in bank-FinTech collaborations reveals two new open banking initiatives from FinTechs designed to address back-office friction for banks.
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Report: Zomato Teams With InCred For Loans To Restaurants In India
PYMNTS
DECEMBER 28, 2020
In an effort to provide credit facilities to its eatery partners, India-based food delivery platform Zomato is said to have collaborated with FinTech firm InCred. The country’s flourishing food delivery sector is among the segments most impacted by the pandemic, according to a report from IBS intelligence.
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How 5G Will Shake Up Banking and FinTech?
PYMNTS
DECEMBER 12, 2018
Financial institutions are in the midst of becoming more mobile, with many of those legacy operations opting to — or at least considering — working more closely with FinTech providers to upgrade services, retain customers and acquire new ones. The debut of 5G promises to add another tool that can aid such efforts. Digital Demand.
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FinTech Collaborations and Frameworks Gain Steam in Asia
PYMNTS
AUGUST 28, 2019
In China, the central bank has said that it will offer up a three-year development plan for the domestic FinTech sector. As reported by AltFi , the People’s Bank of China (PBOC) has said that the sector represents a “new” growth engine. The statements were contained in the PBOC’s FinTech Development Plan 2019-2021.
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Report: Alibaba’s Ant Group Plans Hong Kong IPO At $200B+
PYMNTS
JULY 8, 2020
Ant Group, the online payment service affiliate of China’s Alibaba Group Holding Ltd, is looking to go public as early as this year, Reuters reported. . The news service reports that the world’s most valuable tech “unicorn” had been looking to sell shares in Hong Kong and mainland China simultaneously, according to sources.
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Q4 Earnings Reports Show Mobile Banking’s Surge
PYMNTS
JANUARY 21, 2021
As CEO Brian Moynihan said on the earnings call to discuss results: “The physical payments of cash and checks have moved to more digital forms which create operational efficiencies for us and has been a strategic initiative for many years, and one that was moved forward by the [coronavirus] crisis.”. Earlier in the month, J.P.
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Can fintechs enhance your bank’s marketing campaign?
Independent Banker
FEBRUARY 28, 2022
We asked several banking leaders how they’ve employed fintech to ramp up their marketing campaigns, hone their analytic strategies and gain new patrons in the process. The digital world has opened vastly broader avenues for community banks to attract new customers—especially if they partner with fintechs in their endeavors.
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London’s Paysend Licensed To Operate In Canada
PYMNTS
DECEMBER 9, 2019
Paysend , a FinTech out of the U.K., has received a license to operate in Canada in a move that will expand the company’s global reach, according to reports. The license will let Paysend customers move money all around the world instantly for a fixed fee.
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In Ireland, Banking Federation Promotes FinTech Foresight
PYMNTS
AUGUST 21, 2019
The Banking & Payments Federation Ireland said it had established a FinTech Foresight Group — further evidence of collaborations between traditional financial institutions and tech upstarts. That series will focus on global technology trends across financial services and how FinTechs and banks can work together across those efforts.
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Massachusetts Mutual To Buy FinTech RIA Platform Flourish
PYMNTS
DECEMBER 14, 2020
Massachusetts Mutual Life Insurance Company (MassMutual) has agreed with Stone Ridge Asset Management , which has over $10 billion in assets under management (AUM), for MassMutual to acquire FinTech registered investment advisor (RIA) platform Flourish , according to a press release.
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Turkish FinTech Payguru To Expand SMS Payments
PYMNTS
OCTOBER 14, 2020
Payguru is a Turkish company currently working to give residents a way to pay for bus travel cards via text message, according to a report by Financial Times (FT). The costs are deducted from pre-paid phone credits or added to a user's bill for the month, FT reported.
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FinTech Firms On The New FinTech Charter
PYMNTS
AUGUST 3, 2018
Getting bogged down in a maze or taking unnecessary risks — the current climate for FinTech in the United States often leaves players with only those two stark choices, according to Bruce Parker, founder and CEO of Modo , which describes itself as a “cloud-based utility” that enables payment system interoperability. FinTech Improvements.
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BIS Sees Boons, Risks As FinTech Credit Gains Traction
PYMNTS
SEPTEMBER 25, 2018
When it comes to FinTech firms and lending, might it be that what we don’t know could hurt us? A report by the Bank for International Settlements (BIS) found that when it comes to credit done through nascent technological platforms, boons and risks are afoot. In Italy and Australia, said the report, invoice trading dominates.
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Global Fintech M&A Deals Set to Outpace Last Year
Bank Innovation
AUGUST 2, 2018
Fintech M&A deals have sustained volume and value this quarter. During 2Q 18, fintech deals totaled $12.7 This boost in transaction volume is mainly due to the consolidation of sectors, according to KPMG’s biannual “Pulse of Fintech” report. billion, up from $7 billion in 2Q17. Major deals such as PayPal’s $2.2
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South Korea FinTech Gets Initial Approval For Online Bank
PYMNTS
DECEMBER 16, 2019
South Korean FinTech startup Viva Republica , creator of the financial services platform Toss, was granted preliminary approval for a digital banking license from the Financial Services Commission of Korea , a Monday (Dec. Since its launch in 2015, Toss has become the only FinTech unicorn in Korea. 16) press release indicated.
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US B2B FinTech Firms Lag With VC Investors
PYMNTS
APRIL 26, 2019
It was a slow week for B2B FinTech funding rounds, but investors nevertheless provided an impressive sum to industry startups. B2B FinTech firms were noticeably absent from this week’s roundup, with funding targets instead based in India, Brazil, Spain and the U.K. Interestingly, U.S. The company raised $6.7
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OCC reports on proposed innovation pilot program to Congress
Bank Innovation
JUNE 27, 2019
In her report, she discussed innovation framework, partnerships, fintech bank charters and the upcoming launch of an Innovation Pilot Program. The Innovation Pilot Program would […].
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