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REVOLUT PARTNERS TINK FOR EUROPEAN PAYMENTS
Revolut is using payment initiation services (PIS) technology from open banking player Tink to let users across Europe seamlessly move money into their accounts.
Tink’s PIS technology enables users to connect to the bank account they want to move money from, and instantaneously authorize and complete the payment without leaving the Revolut app.
“We are excited to be a part of the next stage in Revolut’s growth and see this partnership as an important step in the mass-market adoption of open banking-powered payments across Europe.”
Daniel Kjellen, CEO, of Tink.
“Our partnership with Tink will enable Revolut to expand our open banking services across new markets in a fast and sustainable way.”
Ivan Chalov, head, of retail, Revolut.
“Tink will be partnering with Dutch payments provider Adyen.”
“This is testament to the importance of payment initiation and the growth that we’ve seen in the space,”
“We like to think of ourselves as the boring plumbing, the rails, and we try to power the pioneers. The pioneers are the big banks or the scale-ups like Adyen and Revolut. But we are dependent on people who want to build completely new services for the first time, and have the kind of ability to have mass-market adoption.”
Daniel Kjellen, CEO, of Tink.
WESTPAC TO CONVERT TRANSACTIONAL DATA INTO BUSINESS INSIGHTS FOR CLIENTS
Westpac is collating data from millions of daily credit card transactions to provide key business insights to client firms.
Westpac says the new package, dubbed DataX, will enable faster, data-backed decision-making for its most prominent clients.
DataX uses de-identified credit card data from more than six million daily card transactions to inform firms of market opportunities and navigate changing market conditions.
“The data insights are the new currency for business growth.”
“Westpac DataX takes our client relationships beyond traditional banking and finance to provide tangible insights for clients to optimize logistics, take advantage of market share opportunities, or deliver to their growth strategy,”
“For our business and institutional clients, our data insights can help them to deeply understand their market conditions, identify and quantify new growth opportunities, and deliver bespoke products and services to their customers. We’re also proud to have a dedicated public sector offering to support evidence-based policy decisions and nation-building projects.”
Anthony Miller, chief executive of Westpac Institutional Bank.
MASCOMA BANK SELECTS UPSTART FOR PERSONAL LENDING
Mascoma Bank, a $2.6 billion mutual bank and Certified B-Corporation serving Northern New England, announced today that it has partnered with Upstart, a leading artificial intelligence (AI) lending platform, to offer AI-powered personal loans to more people.
“As Mascoma Bank expands the ways to best serve Northern New England, the partnership with Upstart allows us to diversify within the consumer lending space through a new personal loan offering,”
“Through Upstart’s AI lending platform, Mascoma Bank will be able to reach and lend to more creditworthy borrowers while providing an all-digital modern consumer lending experience.”
Ken Wells, Chief Retail Lending Officer for Mascoma Bank.
As a new Upstart lending partner since March 2022, Mascoma Bank will be part of the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Mascoma Bank’s credit policies receive tailored offers as they seamlessly transition into a Mascoma Bank-branded experience to complete the online application and closing process.
“We are excited to have Mascoma Bank as a new lending partner on the Upstart Referral Network,”
“Through our partnership, Mascoma Bank will be able to reach and provide access to affordable credit to more consumers in Northern New England.”
Michael Lock, SVP of Lending Partnerships for Upstart.
BEXS PAY SEALS PARTNERSHIP WITH NUBANK
Bexs Pay, a pioneer in cross-border transactions, has just sealed yet another partnership to provide Brazilians with easier access to international products and services.
Bexs Pay will, from now on, be responsible for transactions using NuPay, Nubank’s online e-commerce payments solution. This means Bexs Pay will be intermediating payments for Nubank’s 54 million customers.
Bexs Pay is a digital payment provider that employs a cross-border model that connects people and companies in Brazil and around the world. In practical terms, the platform allows Brazilians to consume international products and services and pay using local methods and currency, such as credit cards, boleto, and, more recently, Pix and NuPay.
In 2021, Bexs Pay was the first payments provider to integrate Pix into cross-border transactions and is now the first in the international transactions industry to integrate NuPay into its payment checkout. This means Bexs Pay will give Nubank customers access to this additional payment method when purchasing from overseas websites. According to the latest Web shoppers survey from NielsenIQ Ebit, 68% of Brazilian shoppers made purchases on international websites in 2021, clearly demonstrating this market’s potential.
“We are driving an online shopping revolution, giving millions of Nubank customers the ability to go shopping with greater convenience and security. We believe the partnership will drive an increase in the number of people accessing international products and services, further democratizing cross-border transactions”
Luiz Henrique Didier Jr., Bexs Pay CEO.
Now, Nubank customers using the online international platform can make debit payments or pay in up to 24 interest-free installments directly from their Nubank app without having to provide their bank details or sign contracts, which means their purchases are approved instantly. Additionally, NuPay gives people access to a more secure and convenient shopping experience, eliminating the risk of fraud and expanding users’ purchasing power with additional limits.
The major benefit for store owners is the incremental sales volume from the improved experience, higher approval rates, and consumers’ increased buying power. There are other advantages as well, such as simplification of operational processes and lower working capital requirements with the next-day settlement. The system also eliminates intermediary, anti-fraud tools, and chargeback costs.
Retailers already using this model in partnership with NuPay include heavyweight brands like Consul, Positivo Tecnologia, and Madesa Móveis, among others. The solution will be made available to other retailers over the coming months and can be directly integrated into e-commerce platforms or via API. Bexs Pay will integrate this payment method into transactions with global online players, including French company Worldline, Europe’s leading payments provider and the world’s fourth-largest. Its digital goods and services portfolio includes Booking, Emirates, Trip.com, KLM, and others.
NUULA ADDS WEALTH MANAGEMENT TO ITS LIST OF FINANCIAL PRODUCTS
Nuula, a fintech company focused on providing small businesses with the tools and the capital they need to succeed, today announced that it is partnering with OneVest to launch an integrated Wealth Management feature within the Nuula app designed to serve the needs of entrepreneurs.
Small business owners are typically solely responsible for their own wealth management. From retirement to investing, to planning for major life events, they do not have the benefit of employer programs. Furthermore, wealth management is complicated by the fact that often small business owners’ wealth is tied solely to their business. According to Forbes, one-third of small business owners do not have a retirement savings plan at all.
Nuula is launching a new wealth management service to give small business owners a way to help diversify their wealth, and plan for critical milestones in their lives like retirement, buying a home, or expanding their family.
Nuula chose OneVest because it provides a highly competitive private wealth management service that offers a straightforward goals-based approach that can be matched to the risk profile, age, and stage of the entrepreneur, in addition to flexible access to capital, all of which are critical to small business owners.
Nuula users will now be able to fund an investment account, set goals, and track their progress. What is more, the feature provides users with a fully automated, actively managed, goals-based investment experience, personalized to them.
“Private wealth management – a service typically reserved for high-net-worth individuals – is now available to small business owners and entrepreneurs on the Nuula app . “Small business owners can easily invest towards clear goals like retirement and avoid the risks implicit in having all of their capital tied up in their business. The solution is fully integrated within Nuula, so our customers can manage their business and their investments in one place. We want to empower small business owners to be successful in all aspects of their lives and helping them build wealth is an important part of that.”
Mark Ruddock, CEO at Nuula.
“OneVest, embedded into the Nuula app, provides a simple way for users to design smarter investment portfolios aligned to what matters to them. “We are excited to partner with Nuula and bring small business owners and entrepreneurs an effortless way for them to grow their investments while reducing risk.”
Amar Ahluwalia, Co-founder, and CEO at OneVest.
Nuula’s wealth management service will allow small businesses to set specific investment goals and milestones; watch the performance of their investments, which are actively managed and automatically rebalanced on their behalf; and potentially benefit from sophisticated investment solutions that are comprised of unique asset classes and investment strategies.
VISA PARTNERS WITH FUNDBOX TO ENABLE NEW PAYMENT CAPABILITIES FOR SMALL BUSINESSES
Visa, a world leader in digital payments, recently announced that it is partnering with Fundbox, an embedded working capital platform for small businesses, to strengthen Fundbox’s platform with the power of digital payments. The first step in this collaboration is the launch of the Fundbox Flex Visa Debit Card, issued by Pathward, N.A., which helps small business customers better manage their cash outflows.
In addition to the Fundbox Flex Card, Fundbox and Visa will work together in the coming months to introduce a series of new payment products, including a Buy Now, Pay Later (BNPL) solution for small businesses looking for flexible payment options when making purchases, and a push-to-card transfer option for instant fund disbursement through Visa Direct, Visa’s real-time money movement network.
“Small businesses that embrace digital tools tend to be more resilient and better able to compete,”
“As Visa continues to work towards digitally enabling 50 million small businesses by 2023, we’re excited to be teaming up with Fundbox to bring a range of new, digital offerings to the market from cards to installments to disbursement.”
Jack Forestell, Chief Product Officer, Visa.
Fundbox Flex Pay is a spend management solution that helps business owners manage payables while providing flexibility around how and when to fund expenses. Fundbox has seen significant growth and quick adoption of the product and reports payment volume increasing over 80% quarter-over-quarter, and the median active customer using it over five times a month. The Fundbox Flex Visa Debit Card brings the power of Flex Pay to card-accepting merchants, enabling convenient payments for expenses like travel, supplies, and incidentals.
The strong performance of Fundbox Flex Pay has contributed to the growth of Fundbox’s working capital platform. Combined with their approach of embedding within their customers’ systems and workflows and the increasing desire for people to build their businesses, Fundbox has crossed over $160 million in annual revenue run rate.
“We’ve seen our working capital solutions become more embedded within our customers’ cash flow cycles as small businesses adopt digital payments to drive growth and operational efficiency,”
“In order to accelerate the flow of funds to our customers, it’s critical for us to continue enhancing our core payment capabilities, and our partnership with Visa is a significant step towards that vision.”
Prashant Fuloria, CEO of Fundbox.
With the latest U.S. Census data showing a record 5.4 million new business applications were submitted last year, small business owners are increasingly turning to digital payments as a means to help them grow and thrive. According to Visa’s Global Back to Business Study, 73% of small businesses surveyed see accepting new forms of payments as fundamental to their business growth, and 59% said they already are or plan to use only digital payments within the next two years.
GLORY INVESTS IN NORTH AMERICA FINTECH CLIP MONEY INC. TO DELIVER ENHANCED DEPOSIT SERVICES FOR BUSINESSES
Glory, a global leader in cash technology solutions to the financial and retail industries, today announced their participation in the latest fundraising round by Clip Money Inc. Fintech operating in Canada and the United States.
Clip Money simplifies the challenges businesses face when depositing cash, avoiding trips to the bank during business hours, which take time away from their customers. Deployed at convenient locations, including top-tier malls and big-box retailers, Clip Money’s platform combines a mobile app with a cloud-based transaction platform, secure connected cash deposit devices, and management software to deliver an end-to-end deposit solution to businesses, whoever they bank with. Clip Money’s self-service network is operational well past typical bank branch hours helping drive a better experience and improved cash flow for businesses. The clip is also helping financial institutions extend the reach of their network outside of the branch as they look to reduce costs associated with their locational footprint, manual processes, and in-person transaction processing.
“Increasingly we are seeing the combination of digital and physical shared infrastructure solutions to solve real-world problems in new ways. As bank branches around the world continue to transform, moving to a more sales-centric model, we’re delighted to invest and commercially partner with Clip Money as they develop new ways to support deposit services for businesses that are not only more convenient, but which deliver a better customer experience.”
Toshimitsu Yoshinari, Chief Solutions Officer at Glory.
“In addition to the business depositor benefits, Clip Money is improving the connection between the physical and digital worlds of banking services which, in turn, is helping financial institutions accelerate their digital transformation. Solutions like Clip Money are helping bridge this gap while enabling financial institutions to provide a high level of customer service. I am excited about Glory as an investor and commercial partner as they bring deep global banking relationships and are a proven innovator in the cash management operations space.”
Joseph Arrange, CEO at Clip.
The financial terms of the transaction were not disclosed.
MINDBRIDGE LEVERAGES ITS NEWEST DATA ANOMALY DETECTION FOR AUDIT AND FINANCE WITH TRANSPARENCY, SPEED, AND SCALE
MindBridge, a leader in cloud-first AI financial risk discovery and anomaly detection software, today announced its latest global release focused on improving transparency, speed, and scale for financial professionals.
“Having the ability to quickly identify risk within financial data sets is providing greater opportunities for businesses to make better decisions and react in a more accurate and agile manner. “MindBridge helps ensure that organizations conduct their financial transactions in an ethical and transparent manner by surfacing potential financial irregularities and thereby reducing risk. MindBridge is proud to have delivered another strong release introducing several significant product enhancements within our platform to help organizations continue to benefit from MindBridge and our next-gen capabilities.”
Robin Grosset, CTO of MindBridge.
New financial data workflow capabilities show how this release will make integrating MindBridge into an organization’s approach easier. MindBridge helps create more consistent practical analyses at scale and builds upon the time savings and ROI that customers receive with MindBridge.
- MindBridge is delivering three new financial algorithm analytics tests. MindBridge enables new insights using prior period comparisons with new visualizations to review and assess current and past performance.
- MindBridge is providing further flexibility with new configurable risk scores to help assess account-specific risks and enhance audit sampling and insights.
- MindBridge is expanding its performance for even larger data sets, improving its user experience and leading data anomaly and risk detection capabilities.
“With people, process, and data transformation at the helm of every business, this latest release helps MindBridge further extend our commitment to our customers with transparent and scalable financial analytics.”
Melissa Chan, CPA, Director of Customer Success at MindBridge.
MindBridge’s newest data anomaly detection allows firms and enterprises to step up their adoption of cutting-edge business-focused technology to become leaders in innovation within their service domains and industries.
COMMONWEALTH BANK, FIRST MAJOR AUSTRALIAN BANK TO ENABLE PAYTO PAYMENTS FOR CUSTOMERS
Commonwealth Bank (CBA) has become the first major Australian bank to enable PayTo payments for CBA customers – a new digital way to authorize payments from a CBA bank account, and the latest initiative from New Payments Platform Australia (NPPA).
Eligible CBA clients will be able to manage one-time or recurring new PayTo payment agreements within the safety of the CommBank App and NetBank as part of the PayTo payer capabilities, including the capability to examine, authorize, stop, or terminate payment agreements. Customers who have a CBA bank account that Commonwealth Bank has determined to be an eligible bank account for making PayTo payments and who can access NetBank and/or the CommBank App fall under the category of eligible customers.
This PayTo payer feature can assist provide customers of Commonwealth Bank with better control over payments that are sent directly from their bank accounts, including recurring invoices, subscription fees, and one-time payments. As each new digital PayTo payment agreement is approved through secure banking platforms like the CommBank App and NetBank, it could also lessen fraud.
The Shepherd Centre and Telstra were the participants in CBA’s successful PayTo pilot, marking another first for a major Australian bank. These company customers were able to each make a PayTo payment agreement and receive a payment because of CBA’s collaboration with Paypa Plane1.
“PayTo has the potential to revolutionize payments in Australia. We’re delighted to be at the forefront of this as the first major Australian bank to offer the PayTo capabilities for our payer customers, and to trial the capabilities for our business customers. Innovation is at the core of what we’re doing to support Australians to pay and to get paid and PayTo could set the foundations for significant innovation across Australia’s payments system. The trial transactions we have undertaken with two of our business customers are proof of the benefits that could be on offer to the broader business community, and we look forward to working with our partners to make PayTo a force for positive change in the months and years ahead.”
Commonwealth Bank, Executive General Manager Payments, Ethan Teas.
PayTo is not yet generally accessible because it is still in the testing phase for payee CBA corporate customers. With Telstra, The Shepherd Center, and further chosen CBA business clients that satisfy CBA’s eligibility standards, CBA intends to extend the study.
When PayTo is completely implemented, qualified CBA business clients will be able to create PayTo payment agreements as an alternative to direct debit plans and third-party triggered payments like salary disbursements. In addition to accepting credit and debit card payments in eCommerce settings, Commonwealth Bank business customers might also be able to use PayTo.
Because digital PayTo payment agreements allow for near real-time payment processing, contain more information and data than conventional direct debits, and demand payer customers to authorize the PayTo payment agreement, Commonwealth Bank business customers may be able to reduce the costs and delays associated with failed payments as well as improve cash flow and reconciliation with PayTo.
The Group continues to invest in its payment ecosystems including the New Payments Platform, which includes a partnership between Commonwealth Bank and fintech Paypa Plane (NPP).
“We will continue to invest and innovate, working with our partners, to deliver exceptional payment experiences for our customers. The NPP, and in particular PayID® and PayTo, creates the opportunity to build digital, safe, fast, and efficient payment experiences that delight and benefit our customers,”
Commonwealth Bank, Executive General Manager Payments, Ethan Teas.
ADYEN INTRODUCES THE REAL TIME ACCOUNT UPDATER WITH VISA IN EUROPE
Adyen, the global financial technology platform of choice for leading companies, announced the expansion of the Real Time Visa Account Updater (VAU) to Europe.
Adyen will assist its clients in increasing the revenue and approval rates of card-on-file payments by automatically updating Visa accounts in real time as the first platform to provide real-time VAU coverage in Europe with Visa. Because Adyen automatically connects to the systems’ update services, no integration is necessary and as a result, involuntary churn is avoided.
“It can be frustrating for consumers to have to update their new card data at multiple merchants, and that can lead to a bad experience for those customers,”
“With Real Time VAU, Adyen’s customers can bypass these obstacles and make the checkout process smooth. Adyen has been a wonderful partner over the years and we are delighted that they are starting with us in Europe.”
Neil Caldwell, SVP, Merchant Distribution & Acquisition for Europe at Visa.
This functionality enables businesses to instantly update the saved map data of their clients, which was previously only possible in North America. Real Time VAU analyses the most recent card information as soon as a merchant submits a payment. If there is an update, Real Time VAU quickly replaces the payment request with the new card information. All of this takes place while processing the payment and appears as a single transaction.
“We are thrilled to be the first financial technology platform to offer Real Time VAU with Visa in Europe,”
“Companies that have customers in Europe can use real-time account updates to ensure they receive the highest approval rates while providing a seamless experience for their customers.”
Kamran Zaki, COO at Adyen.
The Adyen RevenueAccelerate product line includes Real Time VAU. Businesses may increase approval rates, improve customer experiences, minimize payment costs, and reduce involuntary churn by leveraging data and machine learning to increase revenue. Since 2017, Adyen has provided the Real Time Account Updater with a number of worldwide map networks.
Adyen announced the release of its first terminals created in-house. The terminal range, which was developed to support a variety of payment use cases, represents the most recent development in Adyen’s expanding unified commerce portfolio.
PALAZZO VERSACE DUBAI PARTNERS WITH BINANCE TO ACCEPT CRYPTO PAYMENTS
Palazzo Versace Dubai will now allow guests to pay for dining, stays and spa experiences with cryptocurrencies.
The accepted cryptocurrencies include BNB, Bitcoin, and Ethereum. The Binance payment gateway will be used for the transactions.
“Accepting cryptocurrencies as payments is yet another innovative step that we have taken towards making our business future-ready,”
Monther Darwish, Palazzo Versace Dubai’s MD and Palazzo Hospitality’s founder.
The Binance app is now a payment option for visitors to the Al Jaddaf resort. Integration of online payments will come after.
In addition to gift cards and a flower store, Palazzo Versace Dubai’s e-commerce platforms will soon accept cryptocurrency payments.
The luxury property’s ability to accept virtual asset payments “is a reflection of how the hospitality industry in Dubai is at the forefront of innovation as we move into a more digital world.”
Nadeem Ladki, head of business development, Binance MENA.
STARBUCKS TEAMS UP WITH POLYGON, UNVEILS BLOCKCHAIN-BASED LOYALTY PLATFORM
Global coffee chain Starbucks has announced a partnership with Ethereum scaling solution Polygon to build its Web3 experience titled ‘Starbucks Odyssey’. This will combine the existing Starbucks Rewards loyalty program with an NFT platform.
The program will allow the company’s US clients to buy digital collector stamps in NFT form that give rewards and immersive experiences, according to the company’s blog post.
Rewards could include virtual seminars on crafting espresso martinis, one-of-a-kind products, invitations to special events at Starbucks Reserve Roasteries, and even vacations to the Starbucks Hacienda Alsacia coffee farm in Costa Rica.
“Leveraging Web3 technology will allow our members to access experiences and ownership that was not possible before. Starbucks Odyssey will transcend the foundational benefits that our Starbucks Rewards members have come to love and unlock digital, physical and experiential benefits that are uniquely Starbucks.”
Brady Brewer, EVP and CMO, Starbucks.
Ethereum scaling solution Polygon took to Twitter to announce the Starbucks Odyssey program.
The program is built on Polygon’s proof-of-stake network.
“This was possible because of the merge. Merge is an upgrade from a proof-of-work to a proof-of-stake consensus mechanism and is expected to make the Ethereum blockchain faster, more scalable, and much more energy efficient.”
Sandeep Nailwal, Co-founder, Polygon.
WISE PLATFORM LAUNCHES NEWEST SERVICE INTERNATIONAL RECEIVE
Wise Platform has launched our newest integration solution, International Receive. Customers at partner organizations using International Receive will be able to quickly, easily and affordably receive cross-border payments, even if their bank is not connected to the SWIFT network.
Banks can communicate with one another via financial messages thanks to SWIFT. Major financial institutions use the network, which transmits more than 5 billion financial communications annually, to support international transactions.
Smaller neobanks in particular may find it more challenging to connect to SWIFT due to the considerable documentation that is needed for a formal application process, which can consume a lot of time and money. Because of this, it could be more challenging for their clients to transmit money outside.
We at Wise don’t believe in that, which is why we developed the Overseas Receive solution to make it simpler for customers of neobank in particular to quickly and reliably receive international payments using their current account information.
And to make things simpler for our partners, they can use Wise as a correspondent and use our connection to enable their FX payments rather than joining with the SWIFT network themselves. This offers all the advantages without any of the hassle.
Financial institutions can also use this capability to transition from their current SWIFT configuration to Wise’s service and receive these incoming payments more swiftly, affordably, and easily.
By introducing the capability for consumers to receive money as well, the launch strengthens our Wise Platform product, which has long given partners a solution that enables their customers to send money swiftly and affordably.
The service was integrated quickly, or swiftly, and is now live with a European neobank.
“Wise Platform’s International Receive service benefits all banks, whether they’re a centuries-old institution or a nascent neobank. Established banks have long been connected to SWIFT, but many newer banks are unable to commit the resources required to join it. This service helps both. It allows established banks to benefit from Wise Platform’s speed and affordability, while it gives neobanks an easy route to enabling customers to receive money from abroad. The integration can be done in a matter of weeks and with minimal effort for our partners – we’re hugely excited by its potential and what it means for customers.”
Steve Naudé, Head of Product, Wise Platform.
FNZ TO ACQUIRE GERMAN WEALTHTECH DIAMOS
FNZ, the global wealth management platform, today announced that it has agreed to acquire DIAMOS AG, the specialized wealthtech provider for the asset and wealth management industry, to further enhance its global wealth management platform.
The addition of cutting-edge product and service offerings to its current end-to-end wealth management platform will boost FNZ’s worldwide client proposition.
The markets of Germany, Austria, Switzerland, Liechtenstein, and Luxembourg are where DIAMOS principally operates. With a team of seasoned professionals, DIAMOS will offer FNZ superior subject expertise, in-depth understanding across the entire wealth management value chain, and sophisticated technical capabilities in fund administration and alternative investments. Over the past 30 years, DIAMOS has successfully created cutting-edge solutions for the wealth management business with the help of more than 100 people and a capable development team.
Subject to regulatory approvals, the purchase of DIAMOS constitutes a new investment by FNZ in Europe. After completion, FNZ will have over 5,000 employees worldwide and over 1,000 in the DACH region.
Through the use of its full-service, end-to-end wealth platform, FNZ is revolutionizing the market environment. Through the integration of cutting-edge infrastructure, investment operations, and technology into a single cutting-edge platform, FNZ enables wealth managers to quickly deliver individualized services and cutting-edge wealth products that are perfectly matched to the requirements of their clients.
“We are excited to be making another significant investment in the German wealth management sector and are delighted to partner with the DIAMOS team, given their successful record and deep knowledge of the market.”
Adrian Durham, Group CEO of FNZ.
For more than 20 million investors worldwide, FNZ administers more than US$1.5 trillion in client assets on its platform and it has achieved significant scale efficiencies that are delivered directly to its consumers.
“We are thrilled to be joining FNZ as we continue to transform the industry. In partnership, we will now accelerate the growth trajectory that DIAMOS has achieved by leveraging the strength and global expertise of the FNZ team. DIAMOS’ clients will benefit from FNZ’s global scale and investment. Our employees will be critical to delivering on this ambition, which offers even more exciting long-term career opportunities in the future.”
Wilhelm Velten, Owner & CEO, DIAMOS.
FNZ partners with over 650 large financial institutions and over 8,000 wealth management firms in 21 countries including abrdn, Allianz, Aviva, Barclays, BNP Paribas, Generali, and Lloyds.
SAGE AND SQUARE PARTNER TO HELP SMALL BUSINESSES TAKE MORE CONTROL OF THEIR FINANCES
Sage, the leader in accounting, financial, HR and payroll technology for small and mid-sized businesses (SMBs), and Square, the global payments technology provider, today announced a new partnership, focused on helping small businesses work smarter and save time, freeing them up to grow their businesses.
Sage Accounting and Square’s point of sale (POS) software can now be integrated thanks to their agreement, which is operational in the UK, Ireland, and Canada. Customers who use both products can transact business and accept payments wherever they choose, whether in person, online, or over the phone. The smooth integration of sales data into Sage Accounting maintains the accuracy and up-to-dateness of traders’ records.
With daily transactions synchronized into Sage Accounting, the connection makes it simpler for accountants who manage the books of small businesses to view and access their clients’ most recent financial data.
“Processing cashless payments effectively is critical to business owners especially as more shoppers choose digital payment methods over cash,”
“Through this partnership, Sage and Square are taking the pain out of keeping on top of finances for small businesses. They can keep track of sales transactions with ease, and get paid with confidence, and Sage Accounting is automatically updated so their books are covered.”
Neal Watkins, EVP, Product at Sage.
“When the world went online during the pandemic, technology helped businesses survive,”
“One of the lasting benefits we’ve seen for businesses was the shift to digital ways of working and selling. This switch is providing solutions to challenges all across the professional services sector by allowing businesses to be agile. Our sellers are continuously finding new and more efficient ways of working that prioritize expertise, implementing technology, and setting their business apart in an increasingly competitive landscape and we’re excited to see how this partnership with Sage strengthens SMB growth.”
Jason Lalor, Executive Director at Square Europe.
The key benefits of the Sage Accounting and Square POS integration for SMB customers are:
• Taking the pain out of accounting: Seamlessly updating customers’ books – all sales and payments transactions processed through Square POS will be reconciled automatically in Sage Accounting daily.
• Process sales anywhere, anytime: Combining Sage’s software with the option to add easy-to-use POS hardware to support cashless selling, in-person, online or over the phone.
• Having visibility: Up-to-date, accurate visibility of a business’s financial position, easily accessed.
• Enjoying an optimized customer experience: Ability to offer loyalty programs and delve into data to understand customer behavior.
• Getting support, around the clock: Customers can access 24/7 support when using the integration, through a service provided by Amaka, the global leader in accounting integration and automation software, which powers the connection between Sage and Square.
The integration is available to Sage and Square customers in the UK, Ireland and Canada now, via the Sage Marketplace and Square App Marketplace.
CLIP SECURES A $50M CREDIT FACILITY TO STRENGTHEN MEXICO’S ECONOMY
Clip, Mexico’s leading commerce and digital payments platform continues to strengthen its operations and offerings that drive the digital transformation of Mexico’s economy by entering a $50 million, three-year, unsecured revolving credit facility with Morgan Stanley, J.P. Morgan, and HSBC. The funding will be used by Clip to expand its efforts to meet businesses’ demand for innovative payment solutions and improve financial access for Mexican businesses and consumers.
“We see strong opportunity for growth in the near term,”
“This credit facility represents another important milestone for Clip, as it provides additional support to our already solid balance sheet and liquidity position. It is important for Clip and our story to receive the support of banks of this caliber validating our mission of expanding financial inclusion in Mexico.”
Clip’s founder and CEO, Adolfo Babatz.
After the debut of new products in May, a new credit facility was introduced. Three point-of-sale terminals—the Clip Mini, Clip Pro 2, and Clip Stand—two hardware accessories—the Clip Cashbox and Clip Printer—and three Remote Payments software features—the QR Code, Payment Link, and URL Link—are all part of the new products.
“We continue to expand our offering in response to the increasing demand for digital payments solutions in Mexico,”
“The recent additions to our product suite mark the next step for many of our merchants, who can now use inventory management, card present, and card not present tools to grow their business.”
Clip’s founder and CEO, Adolfo Babatz.
Additionally, on August 23, the National Banking and Securities Commission approved the digital payments platform’s application for an IFPE (Institution of Electronic Payment Funds) license (CNBV). This license, which was acquired through Swap (Pocketgroup Technologies S.A. de C.V.), a business over which the Company acquired control in December 2020, enables the digital payments platform to issue, market, and manage payment instruments like debit cards, as well as to open and hold customer accounts with electronic balances and wire transfer services. This will make it possible for the company to keep improving the way consumers send and receive money in Mexico and to extend the ecosystem of business.
With these successes, Clip has demonstrated its continued dedication to promoting financial inclusion in Mexico by increasing the number of small and medium-sized enterprises that have access to digital payment options.
Clip had announced it had received a U.S. $250 million capital investment led by the SoftBank Latin America Fund and Viking Global Investors LP. The investment is the largest for a payments company in Mexico. It establishes Clip as the first payments unicorn in the 12th largest economy in the world, with a valuation approaching the U.S. $2 billion.