NEWS
Featured News
Trending News
Mastercard uses AI to flag real-time payment fraud for UK banks
Mastercard is fighting fraudsters with its AI-powered ‘Consumer Fraud Risk’ solution, now available in the UK.
Leveraging Mastercard’s artificial intelligence capabilities and a network view of account-to-account payments, it helps banks predict and prevent fraudulent payments of any kind. In partnership with nine UK banks, including Lloyds Bank, Halifax, Bank of Scotland, NatWest, Monzo and TSB, Mastercard uses large-scale payment data to help identify payment frauds in real time. real time before the money leaves the victim’s account.
Organized criminals transfer “scam” money through a series of “mule” accounts to hide them. To combat this, for the past 5 years, Mastercard has been working with UK banks to track the flow of money through these accounts and then close them. Drawing on information from this tracing and overlaying it with specific analytic elements, Mastercard’s AI solution provides banks with the information they need to intervene in real time and stop payments before money is lost.
TSB was one of the first banks to adopt Mastercard’s Consumer Fraud Risk tool and has used it with great success. Other banks that accept the risk of defrauding consumers will do so in 2023.
“Banks have found these scams incredibly challenging to detect,”
“Their customers pass all the required checks and send the money themselves; criminals haven’t needed to break any security measures. As we all live more digital lives this type of fraud erodes victims’ confidence to interact online. Our goal is to build and maintain that trust. Using the latest AI technology, we are helping banks identify and predict which payments are being made to fraudsters and stop them in real-time.”
Ajay Bhalla, president of Cyber and Intelligence at Mastercard.
Mastercard will be rolling out Consumer Fraud Risk in the UK first, as it has extensive experience in tracking and preventing financial crime in the country’s real-time banking system and has help coordinate banks sharing their fraudulent data. It is currently approaching the next most suitable markets to adopt this technology.
Visa and SAP partner to enhance enterprise payments
Visa announced that it has partnered with SAP to streamline and simplify business-to-business (B2B) payments for businesses.
The Asia-Pacific-focused partnership marks the first time Visa and SAP have teamed up to offer a way to integrate payments into the SAP ecosystem through the SAP Business Technology Platform (SAP BTP). .
This partnership sets the stage for Visa and SAP to explore integrated finance in the B2B market, helping to integrate the financial journey into business operations.
For Visa, the move aligns with its strategy of growing its footprint in the B2B space, supporting broader cash flows between individuals, businesses and governments, beyond consumer payments. This includes customer and supplier account flows, corporate payments with card solutions, and cross-border payments.
“The movement of money is becoming increasingly digital, but the bulk of transformation has been focused on the consumer space,”
“There is an urgent need to modernise the way enterprises pay and enhance the B2B payment experience. Our collaboration with SAP is an exciting step in making B2B payments simpler and more intuitive as organisations can make payments immediately on SAP platforms with their Visa corporate cards, instead of having to leave their existing enterprise ecosystem and to navigate the different payment methods that their vendors accept. B2B payments needs to be intuitive, speedy and fuss-free, so organisations can spend time and resources on other aspects of their businesses.”
Stephen Karpin, Regional President of Asia Pacific, Visa.
For SAP, this decision is intended to improve the customer experience when using SAP software to manage their business. Running on SAP BTP, B2B Payment Services will provide convenient Visa payment services to SAP customers. Bringing more automation to checkouts that mark the last mile of shopping will help businesses gain efficiency in the buying journey as they securely make payments with just a few clicks mouse.
“Our collaboration with Visa endeavours to streamline and simplify the B2B payment process and drive further efficiencies for our joint customers. Embedding Visa payment into the SAP ecosystem aims to scale and accelerate digital commerce; together empowering enterprises, from small businesses to government agencies and non-profit organisations, to make secure payments with just a few clicks, transforming the last mile of procurement,”
Paul Marriott, President of SAP Asia Pacific Japan.
The integrated financial solution will initially be offered to SAP customers in Australia, India, Japan, Malaysia, Singapore, Thailand and Vietnam, with plans to roll out to other markets in the region.
Chapa & Telegram team to enhance digital payments in Ethiopia
Chapa, a payment solutions provider in Ethiopia, has announced a partnership with Telegram to enable merchants using Telegram to seamlessly accept payments from customers, including financial and digital payments. digital in Ethiopia.
Chapa’s integration with Telegram’s bot ecosystem allows merchants to accept payments without requiring customers to leave the app. Whether it’s mobile money, bank transfers, or debit/credit cards, Chapa allows users to make payments instantly, improving convenience and accessibility.
“We are honoured to represent Ethiopia on the international stage as the exclusive Telegram payment provider in Africa,”
“This noteworthy accomplishment speaks to the progress of our emerging fintech sector and reaffirms our commitment to drive financial technology advancements within the region.”
Israel Goytom, CTO and Co-founder of Chapa.
Bot developers can seamlessly integrate Payments Bot into any e-commerce platform by accessing Telegram’s open platform and available APIs. This integration opens up exciting opportunities for merchants, allowing them to accept payments through any bot-powered platform.
Chapa’s mission is to empower Ethiopian businesses to expand their reach in the global market, and this partnership with Telegram takes us one step closer to achieving that goal. We’re revolutionizing the way users interact with businesses, delivering a seamless experience that combines messaging and payments.
With Telegram allowing payments in the messaging platform, the possibilities are endless. Chapa and Telegram are excited to bring this transformative experience to Ethiopian users, improving their daily lives and opening new avenues of development.
TransUnion & NatWest expand Credit Score Service for UK consumers
TransUnion and NatWest Group have expanded their existing partnership to introduce Know Your Credit – a retail banking credit reporting service to all eligible UK consumers.
The new service builds on the bank’s existing engine, which has seen over five million NatWest and Royal Bank of Scotland customers access their TransUnion credit scores through the dashboard for free. interact on mobile banking application.
Now, TransUnion and NatWest Group are expanding their ability to offer this service to all eligible UK consumers, regardless of their banking institution.
“Understanding credit information is essential nowadays, given the important role credit plays in our lives — from enabling everyday purchases to helping people achieve life goals, such as buying a car or home. With the introduction of NatWest’s new service, we are helping to make credit information even more accessible, empowering consumers to take control of their financial well-being and supporting access to credit.”
James Robinson, Managing Director of Consumer Interactive at TransUnion in the UK.
Know Your Credit Score provides free, unlimited access to credit score information from TransUnion, allowing individuals to better understand their credit status and make informed financial decisions. transparent. Research by TransUnion shows that 53% of people who use the tool to track their credit profile have improved their credit score within six months.
“We want to empower our customers and help them reach their financial goals. Through our partnership with TransUnion, we are helping our customers better understand their credit information and how it is used. We are building on this by offering the benefits of this service to everyone, no matter where they bank, so they can enjoy the positive impact it brings.”
Phil Sheehy, Customer Goal Lead, Short-Term Borrowing at NatWest.
FundingShield partners with Mastercard to leverage its open banking platform
FundingShield, a cloud-based company providing FinTech solutions for risk management, compliance, and fraud prevention, has partnered with Mastercard to leverage an open banking platform run by Finicity, a Mastercard company provide.
“FundingShield has over 95% coverage of licensed service providers in the real estate, mortgage, closing and settlement space in our live repository. This partnership with Mastercard allows us to leverage its open banking connectivity of over 95% of US-based deposit accounts for consumer-permission access to real-time, bank-sourced data to expand our B2B and B2B2C payment verification solutions for clients.
“With this partnership, we deepen our mortgage, title, and real estate offerings as a one-stop shop. Further, this is a natural extension of our scalable and malleable solutions with applications across numerous sectors. We are actively engaged and delivering loss prevention tools for accounts payable, treasury, and supplier risk management teams across several industries.”
Ike Suri, CEO FundingShield.
FundingShield solutions manage risks for B2B and B2C businesses that are facing an increase in cybersecurity threats such as hacks and frauds. FundingShield payment verification solutions support bank account ownership confirmed with consumer authorization data from the banking institution where the account is held, using Mastercard’s open banking platform . This source data is then used to help approve payments before a FundingShield customer initiates a wire transfer, ACH, or other payment method from the client’s banking institution.
This partnership expands FundingShield’s offering in the real estate, mortgage and securities industries with solutions that protect buyers, sellers, brokers, bank and non-bank lenders, warehouse lending and payment and title institutions.
Tuum and Marqeta offer pre-integrated fintech offering
Tuum and Marqeta have partnered to provide a pre-integrated fintech solution that accelerates time-to-market for Tuum customers by working with Marqeta’s open API platform.
European banks and fintechs will be able to create flexible card schemes that deliver an industry-leading modern digital payment experience while saving resources, time and money.
Marqeta’s state-of-the-art card issuance platform, certified to operate in 40 countries, enables its customers to create innovative and personalized payment cards. The company’s platform is powered by open APIs, democratizing access to card issuance technology, and empowering customers to create a more flexible and configurable payment experience.
Through this new partnership, businesses already using Tuum’s cloud-based next-generation core banking solution will be able to launch and manage card programs, issue cards, and authorize cards. rights and settle their own transactions. Integrated finance is a big trend, and banks and fintechs alike are looking to deliver highly personalized experiences to customers, through highly configurable banking and issuer processing platforms.
The partnership between Tuum and Marqeta combines Tuum’s robust and sustainable core banking solution with Marqeta’s state-of-the-art digital payments experience to deliver greater efficiency to customers. Time to market for integrated financial services is not only accelerated, but also cost-effective and can be tailored to meet individual customer needs.
“We’re thrilled to announce our partnership with Tuum, and through this collaboration, we’ll provide a pre-integrated fintech solution that leverages our open APIs, tokenisation as a service, Just-in-Time gateway funding and other market-leading features. Financial services innovators can build, test, launch and iterate modern and scalable card programmes from the ground up, on their terms, delivering a customised card product that fits their needs best,”
Jeff Parker, SVP and Managing Director, International at Marqeta.
“To keep up with the current pace, it’s becoming increasingly important for banks and fintechs to offer modern digital payment experiences to consumers, and we’re excited to help them take this step through our collaboration with Marqeta. While our cloud-native, next-generation core banking platform gives them the security and reliability they need for the future, the pre-built integration allows them to create their own card programmes and deliver highly personalised experiences to consumers,”
Jean Souto, VP Global Partnerships at Tuum.
Jack Henry Launches Real-Time Payments Fraud Feature
Jack Henry announced the launch of Payrailz Fraud Monitor, an AI-powered, cloud-based feature of the Payrailz digital payments platform that provides real-time fraud detection as transactions occur. payment translation is started. This exclusive, highly customizable feature supports person-to-person (P2P) payments, consumer and business bill payments, and account-to-account outbound transfers (A2A ) is powered by the Payrailz digital payment platform.
Payrailz Fraud Monitor leverages AI and machine learning to simultaneously detect and weigh multiple fraud attributes and metrics, including known and unknown fraud cases and patterns, to generate composite scores, which can be action as you make each scheduled payment transaction. Financial institutions can configure score ranges and other thresholds based on their own risk tolerance, and the AI-powered fraud engine continuously learns to detect evolving fraud patterns and emerging. Based on behavioral analysis, Fraud Monitor can significantly reduce payment fraud, including account takeovers (ATOs) where fraudsters possess real user credentials and try to quickly withdraw money from their account.
“It’s an unfortunate reality that every payment channel is being impacted by fraud and fraud attempts,”
“And we know that mitigating payments fraud takes a multi-layered approach that targets fraud attempts at the different stages of a payment transaction. We’re excited to offer Fraud Monitor to our clients and empower them with a sophisticated, AI-driven feature that scores 100% of P2P, A2A, and bill payments in real-time. The ability to leverage transaction attributes, user profiles, and atypical behavior patterns uniquely balances the ability to immediately detect and prevent fraudulent transactions with a frictionless payments experience.”
Tede Forman, president of Payment Solutions at Jack Henry.
“Fraud Monitor delivers a wide range of benefits for our credit union,”
“In addition to the critical benefit of helping us stop fraud in real-time, Fraud Monitor helps with workflow efficiencies by drastically reducing the number of suspicious transactions that need our manual review and automatically stopping fraudulent transactions. Fraud Monitor provided us the flexibility we need to respond to dynamic fraud schemes and patterns as well as the ability to tailor score thresholds and other configurations that support our risk preferences.”
Adam Jones, vice president of digital experience at Georgia’s Own Credit Union.
Payrailz Fraud Monitoring supports Jack Henry’s strategic commitment to providing innovative solutions that help banks and credit unions reduce fraud and fraud schemes inherent in individual payment channels. multiply today. As part of its technology modernization strategy, Jack Henry will also launch Jack Henry Financial Crimes Defender™, an industry-leading, cloud-based, multi-channel fraud detection platform that will launch widely in the summer of 2023.
BlackRock invests in Avaloq
Blackrock and Avaloq announce strategic partnership to deliver integrated technology solutions that meet the evolving needs of asset managers
This partnership will enable private bank and wealth managers to improve their operations throughout the customer journey, including referrals, portfolio building, client reporting and management. risk management. By combining Avaloq’s core banking, CRM and mobile banking services with the robust risk analysis and portfolio management capabilities of the Aladdin Wealth platform, the two companies aim to deliver one of the most technologically advanced services available to the property management industry.
“Avaloq is excited to enter into this strategic partnership with BlackRock. Through our relationship with BlackRock and the integration of their Aladdin Wealth capabilities, Avaloq is further solidifying our commitment to providing innovative investment technology solutions for the wealth management industry,”
“This partnership will help us empower our clients to streamline processes, enhance risk analytics, and make more informed portfolio decisions, ultimately delivering greater value to their clients.”
Martin Greweldinger, Co-CEO of Avaloq.
“BlackRock and Avaloq joining forces will help clients reduce the complexity and friction inherent in many of today’s digital transformations. Our combined offering will make it extremely convenient for clients to implement and adopt Aladdin Wealth’s industry leading capabilities as it will be deeply integrated with Avaloq’s core banking solutions,”
Venu Krishnamurthy, Global Head of Aladdin Wealth Tech.
Asset management clients in Europe and Asia will benefit from access to an integrated wealth management technology platform that unleashes the entire value chain, including:
Digital portal improves customer experience Comprehensive client reporting, powerful referral tools and risk profiling Extensive portfolio building capabilities and advanced portfolio analysis technology
Unified data model provides consistency throughout the customer journey
Avaloq is a leading provider of wealth management technology, providing best-in-class software and support services to financial institutions worldwide. Its powerful systems currently manage approximately $4 trillion in customer assets. BlackRock’s Aladdin Wealth platform provides sophisticated risk analysis and portfolio management capabilities that help asset management clients scale their businesses, manage risk, and build strong portfolios. and enrich the dialogue with clients about their investments.
“We are delighted to have BlackRock’s investment in Avaloq as it demonstrates their recognition of the value and potential of Avaloq’s wealth management technology solutions,”
“This collaboration will not only fortify NEC’s strengthened position in the realm of digital finance but also reinforce its unwavering commitment to orchestrating a brighter world. NEC looks forward to working with BlackRock to grow the Avaloq business.”
Tomoki Kubo, Chairman at Avaloq, as well as Corporate SVP and Head of the Digital Finance Global Business Unit.
Bain Capital invests $200m to transform mutual insurance landscape
Known for its strategic investments, the firm intends to elevate the industry’s service standards and operational efficiency, through the inception of this group, according to InsurTech Insights.
The launch of The Mutual Group is a result of Bain Capital Insurance’s acquisition of GuideOne Insurance Company’s operational platform. GuideOne, a niche-market mutual insurance carrier established in 1947, stands as the catalyst for this groundbreaking venture, and becomes the first company to join the group.
As the inaugural member of the group, GuideOne will receive $200m. These funds are earmarked to fortify its balance sheet, augment surplus positions, and further fuel growth in service of policyholders. This strategic step is in line with the company’s mission to reinforce long-term stability by enhancing operational efficiencies and bolstering underwriting performance.
Chuck Chamness, former CEO of the National Association of Mutual Insurance Companies, has been brough to the helm of the Mutual Group as Chairman.
Additionally, Tim Fleming, GuideOne’s Senior Vice President of Core Commercial Lines, steps into the role of Chief Executive Officer. He said, “The Mutual Group is an exciting new platform that combines GuideOne’s nearly eight decades of experience as a niche mutual insurance carrier and its highly specialised team with the insurance investing acumen and strategic vision of Bain Capital Insurance.”
The vision for The Mutual Group extends beyond conventional insurance offerings, aiming to provide a unique spectrum of services encompassing underwriting, claims processing, reinsurance acquisition, and a robust technological suite housing policy administration, enterprise billing, and claims administration systems.
Set to launch with an impressive annual premium portfolio of around $800m, servicing over 50,000 commercial policyholders and backed by a workforce of over 400 employees, The Mutual Group establishes its formidable presence within the insurance sector. With its headquarters based in West Des Moines, Iowa, this initiative represents a significant force poised to redefine insurance practices.
Canapi Ventures raises $750m fintech fund
Founded by former Comptroller of the Currency Gene Ludwig and Live Oak Bancshares CEO Chip Mahan, Canapi launched with its first fund in 2020, securing backing from more than 30 banks and strategic investors for a $545 million fund.
The fund made 20 investments across areas such as fraud and identity, financial infrastructure, lending and credit, payments, and real estate technology. It claims to have helped to facilitate nearly 100 partnerships between its LPs and portfolio companies – including Alloy, Built, Thoropass, and Greenlight.
The so-called Canapi Alliance is now up to 70 members, ranging from community to regional to super regional banks and service providers.
The second fund will continue to make similar investments but also look to target firms working on the governance of AI, cybersecurity, and the intersection of financial services and climate technology.
Says Ludwig: “Our venture capital model connects high-quality fintech companies to our extensive network of banks and strategic partners, creating strong symbiotic value in this important ecosystem.”
PayGround Announces $19.7M Oversubscribed Series A Funding Round
PayGround, a healthcare fintech payments platform, today announced closing a $19.7M oversubscribed Series A financing led by SixThirty with participation from Rally Ventures, IA Capital Group, FCA Venture Partners and Plug and Play Ventures. The funding will bolster the company’s rapid expansion into hospitals and health systems, building on its success in the ambulatory market, as well as grow its senior leadership team.
The company has grown annual revenue by over 560% over the past three years, demonstrating its ability to deliver on its mission to simplify how individuals and families pay for healthcare so they can spend their time on more important things.
“Most Americans have encountered the fragmented experience of paying healthcare bills. PayGround empowers individuals and families with a dedicated digital wallet in which they can manage and pay all their healthcare provider bills in one place,” says Drew Mercer, co-founder and CEO of PayGround. “Plus, by providing patients with an incredibly convenient way to pay for healthcare, paired with financial optionality, the revenue cycle outcomes for healthcare providers are naturally strengthened. It’s a win-win for all key stakeholders.”
“Payments, and particularly out-of-pocket payments, continue to be a vexing pain point for healthcare providers and patients. With this current round of funding, PayGround will continue to grow as a recognized and trusted partner for providers and patients — modernizing the way healthcare payments are made in the U.S.,” says Andrew Wegrzyn, Principal at SixThirty. “PayGround continues to enhance the patient and provider relationship, ensuring that advanced financial technology benefits patients and providers alike.”
Funds will also be allocated to enhance PayGround’s platform with additional value for hospitals, health systems, independent practices and patients that will further enable payor connectivity.
“PayGround’s modern, patient-centric approach to healthcare payments fills a meaningful market need,” says Matt Perlman, Partner at IA Capital Group. “We believe in PayGround’s vision to help payors, providers and patients collaborate to cover out-of-pocket expenses, and we’re excited to connect PayGround with IA’s broad network and experience with insurance companies as they continue to innovate how people pay for healthcare.”
“PayGround has proven its value in helping consumers better understand and pay for healthcare expenses, while improving the revenue cycle process for both provider and patient,” adds Justin Kaufenberg, Managing Director at Rally Ventures. “Our team is eager to partner with PayGround and to contribute our expertise in identifying areas of opportunity and increasing revenue streams.”
Curve selects Nuvei to facilitate international expansion
Nuvei Corporation, a Canadian FinTech company, has selected Curve, a financial super app that consolidates your cards into a single smart card, to provide card purchasing and alternative payment methods (APM) to transfer consumer funds to and from their Curve digital wallet.
Nuvei’s comprehensive, customizable and flexible payments technology enables FinTech applications and card issuers to accept VISA and Mastercard transactions. Card payments are optimized using Nuvei’s smart routing engine to maximize card payment acceptance and reduce operating costs. All relevant APMs in each Curve-operated market will soon be available to Curve customers.
“Our goal at Curve is to be the most customer-centric app, simplifying the way they spend, so industry-leading customer experience is critical to Curve’s service. Consumers simply will not tolerate delays or the inability to transfer funds, so we are proud to partner with Nuvei. Their proven optimized card acceptance rates, platform stability and low latency guarantees that we’re offering the peak payments service to our customers.”
Curve’s Founder & CEO, Shachar Bialick.
Curve also benefits from Nuvei’s customizable, real-time reporting tools, allowing the company to monitor all transactions through a single, comprehensive analytics portal. This capability is especially important for the financial services industry in routing payment traffic efficiently and optimizing payment flows. In addition to providing payments services in Curve’s established markets in Europe, Curve is leveraging the global reach of the Nuvei acquisitions to accelerate its international growth plans.
“Payments play a critical role in the user experience for financial services providers, and the market is becoming increasingly competitive. We are proud to partner with Curve to enhance the product it is offering to its customers, and to enable to Curve to reach its customers, wherever they are and however they want to pay.”
Philip Fayer, Nuvei Chair and CEO.
Globacap raises $21m Series B to digitise private capital markets
Capital markets technology company Globacap has completed a $21 million Series B funding round with the aim of digitizing and automating the global private capital markets.
Investors include financial markets heavyweights Moore Strategic Ventures, LLC, Cboe Global Markets, Inc. and the Johannesburg Stock Exchange (JSE), as well as GABI Ventures and Asia-focused investment firm QBN Capital.
Globacap aims to unlock the potential of private capital markets through digitalization and automation. Workflow automation as a service brings the same efficiency as public procurement to the private market. It streamlines tedious processes from issuance and ongoing management to transferability and settlement of securities, thereby reducing costs and improving the efficiency of market intermediaries.
Globacap has grown rapidly since its launch six years ago. It houses 15 white labels for global institutions and an ecosystem that has managed more than 70 private placements and completed more than $350 million in private asset secondary transactions, with automated settlement and currently manages $14 billion in private securities.
The capital markets technology company will use this new funding to enhance its marketing and sales efforts, expand into new geographies and invest in its product development for expansion customer base. It also plans to build on the success of its white label product which helps digitize and automate processes across private capital markets and is used by leading intermediaries including the JSE and Instinet.
“Private capital markets are rapidly growing, but their opaque nature is holding them back from reaching their true potential. We are bringing public markets-like infrastructure to private capital markets to improve access, boost liquidity, and remove administrative burdens. Securing considerable backing from world-leading investors during a time of market turbulence, risk aversion, and uncertainty is a powerful validation of our mission to transform and drive efficiency in private capital markets. We are in a unique position to grow through the current market turmoil, leading with strength as market conditions eventually improve.”
Myles Milston, Globacap Co-Founder and CEO.
NMI acquires Sphere’s commercial division to expand underwriting capabilities
NMI, a wholly owned commerce enablement technology company, has acquired the commerce division of payments software and technology company Sphere.
The acquisition will strengthen NMI’s underwriting and risk management capabilities and enable NMI’s partners, including independent software vendors, independent sales organizations and FinTech innovation, creating merchant accounts within the existing NMI platform.
“The addition of Sphere’s Commercial Division allows us to add yet another module to our stack of payment enablement tools, providing our partners with the modularity and choice to better customize payment experiences for their merchants,”
“These added capabilities of underwriting, risk management and merchant account creation are a game changer, not only for our partners but also for their merchants in the race to provide the most convenient, painless experience for end consumers.”
Vijay Sondhi, CEO of NMI.
The addition of Sphere’s commercial division’s underwriting and risk management capabilities will enable NMI partners to monetize a larger portion of the value chain by providing additional liquidity to their seller. While NMI partners will still be able to use their own merchant accounts as they normally do, this acquisition will provide partners with another option to create merchant accounts through the platform NMI, allowing them to increase the flexibility required by traders.
“It is a natural fit to combine our capabilities with NMI’s platform because our vision aligns well with NMI’s goal to provide partners access to any and all the payment capabilities they could need,”
“Partners today are looking to own as much of the payments ecosystem as possible, and we are adding another layer to that by combining forces with NMI.”
Tom Bannon, COO and President, Sphere Commercial Division.
Moniepoint enters Nigeria’s personal banking market
Moniepoint Microfinance Bank, a business banking platform in Nigeria, has announced plans to enter the personal banking market by launching a consumer and debit card app.
Moniepoint Microfinance Bank, another subsidiary of Moniepoint Inc., will extend its trusted banking infrastructure from the businesses it serves to its customers and employees.
Millions of people will benefit from the seamless and reliable debit card payments of the corporate banking platform, with more than 1.5 million businesses currently using the platform. Global payment processors, including Mastercard and Verve, will issue these debit cards.
“Launching a personal banking product means we can connect businesses and their customers more effectively, backing them with our reliable infrastructure and services. We have always been committed to providing financial happiness, so it was a natural next step when dealing with so many businesses to offer our reliable services to their customers and employees. By taking this step, we are determined to power the dreams of millions of people across the continent.”
Ope Adeyemi, SVP for Channels and Sales Tools at Moniepoint.
The app will allow users to make transfers, pay bills and buy airtime, while its debit card can be used at ATMs, point-of-sale terminals and online. line. Merchants will also benefit from seamless transactions when customers use Moniepoint cards. Other services, such as salary advances, will be rolled out in the coming months. The launch of Moniepoint Microfinance Bank’s personal banking product continues its strong performance in the corporate banking market.
TerraPay Group Expands Business Operations in Italy and Sets Sights on European Union
TerraPay, a leading global payments infrastructure company, today announced that it has secured authorization as an Electronic Money Institution (EMI) in Italy. Having obtained approval from the Bank of Italy, TerraPay is set to expand its operations within the country and subsequently, throughout the European Union.
Under Article 114-quinquies Consolidated Banking Act (TUB), the Bank of Italy authorized TerraPay Italy as an electronic money institution. This holds great significance not only for TerraPay but also for the thriving Italian fintech sector, marking a notable step forward in their respective trajectories. Leveraging its extensive expertise and innovative approach in the digital payments sector, TerraPay aims to positively impact and contribute to the European market.
“The commitment of the TerraPay team, supported by the international firm Orrick, was crucial in reaching this historic milestone,”
“We are excited about what the future holds for us in Italy, and we will continue to work towards providing innovative and secure digital financial services.”
Ambar Sur, Founder and CEO, TerraPay.
“Securing this authorization firmly establishes TerraPay as a trailblazer in the realm of electronic money within Italy, while also paving the way for exciting avenues of expansion and growth across both the Italian and European markets.”
Ram Sundaram, Co-Founder, and COO, TerraPay.
TerraPay has established itself as a global partner to leading banks, money transfer operators, mobile wallet operators, and financial institutions to facilitate digital transactions without borders. As a B2B company, TerraPay partners with other businesses and helps them leverage its agile, secure, and scalable technology platform to enhance their customer proposition for remittances, payments, and cross-border spending. The company has an expansive network across 121 receive countries and 208 send countries and is regulated in over 28 countries, globally. The company’s key markets include; GCC; North, South, and Central Africa; Europe and SE Asia; Central, North, and South Americas.
TerraPay’s vision is aligned with achieving the SDG 2030 goal of fostering economic growth and equality, by reducing the cost of transactions across diverse payment channels such as mobile wallets and bank accounts, to name a few.
“I want to highlight the utmost significance of fostering a resilient regulatory culture within our company. Our collaboration with the Orrick law firm has once again underscored the pivotal role that robust legal support plays in the dynamic landscape of the financial industry.”
Akbar Hussain, Co-Founder, General Counsel & CCO, TerraPay.
This noteworthy accomplishment was made possible through the concerted efforts of the TerraPay team, which plans to strengthen its presence in Italy and beyond, and the invaluable legal guidance provided by Marco Boldini, a partner at the Orrick law firm, along with his accomplished team consisting of Teresa Mattioni, Niccolò Martinoli, and Niccolo Matteo Bonaldo. Furthermore, on the corporate front, the pivotal contributions of partner Marco dell’Antonia and senior associate Jacopo Taddei were also instrumental in enabling this. TerraPay expresses sincere gratitude for this momentous achievement, as navigating the complex authorization procedures would have been challenging without the support of this team. The company remains optimistic about the outstanding partnership established with the Bank of Italy and the path ahead.