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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.
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.
NCR expands ATM network to Portugal
Business technology provider NCR has expanded its Cashzone-branded ATM network in Portugal. To date, more than 100 Cashzone-branded ATMs have been installed in Portugal, giving consumers, including those visiting the country, easier access to cash.
NCR is one of the largest independent ATM operators in the world and their Cashzone brand is present in the UK, Spain, Germany, Ireland and now Portugal.
The combination of high cash availability, branch consolidation and Portugal’s vibrant tourism market has made it an ideal location for Cashzone expansion. NCR has added ATMs mainly in tourist areas in southern Portugal and Lisbon, with plans to enter new areas in the coming months. The machine is installed at trusted stores, such as convenience stores, supermarkets, food and beverage stores, shopping malls and entertainment stores.
“There continues to be a widespread demand from consumers for access to cash, particularly while on holiday,”
“By bringing NCR’s Cashzone-branded ATMs to Portugal, we are enabling visitors to Portugal to interact with an ATM brand they’re familiar with and giving retailers the ability to widen their service offerings and engage with new customers.”
Stuart Mackinnon, EVP, ATM Group, NCR Banking.
NCR is one of the UK’s largest independent ATM operators, providing safe and reliable access to cash through the Cashzone brand. Its proprietary ATM software and solutions make its ATMs more attractive while providing exceptional service. Headquartered in Atlanta, Georgia, the company has 35,000 employees worldwide. This is a trademark of NCR Corporation in the United States and other countries.
888 selects Nuvei to boost its payment experience in the US
Nuvei Corporation, a Canadian FinTech company, has been selected by 888, the global operator of iGaming, to build local card and payment method acquisition capabilities.
888 leverages Nuvei’s technology platform, broad accessibility, instant interbank payments and in-depth knowledge of the curated iGaming market to maximize payment acceptance and maximize payments. Optimize risk management.
In addition to allowing 888 to accept deposits, players can instantly withdraw funds from their 888 account directly to their bank card or through Nuvei Instant Bank Transfer, iGaming’s payment method in the industry. American business to send money and make instant payments from account to account.
“Enabling players to deposit and withdraw funds from their iGaming accounts seamlessly and securely is critical to the overall platform experience. At 888 we’re committed to offering the most comprehensive iGaming experience in the market, so we’re excited to add Nuvei’s card acquiring capabilities alongside its Instant Bank Transfer solution. Nuvei has a rich heritage of enabling iGaming operators to maximize their payments’ performance in regulated markets across the globe.”
Noam Klivitzky, VP of US Marketing 888.
Nuvei has provided payment services to 888 in Europe since 2017 and enabled 888 to launch in Ontario, Canada, once the province launched its newly regulated iGaming market in April 2022.
“We’re thrilled to continue to grow our relationship with 888 and support its global expansion in the US and beyond. Instant, convenient, secure deposits and payouts are critical to winning players in the rapidly expanding US iGaming landscape. Optimising card payment acceptance is a key component of the cashier experience, and Nuvei has decades of experience supporting operators maximize their revenue growth.”
Philip Fayer, Chairman and Chief Executive Officer at Nuvei.
Hong Kong based FinTech platform Micro Connect raises $458m in Series C funding
Micro Connect, Hong Kong-based FinTech Platform, Micro Connect, Financial Services, FinTech, China, MSMEs, SMEs, Retail, Series C Funding, MCEX, Healthcare Management, Exchange Platform Exchange, Online Trading, Financial Solutions, Digital Finance, Hong Kong has announced that it has raised $458 million in a Series C funding round, with extensive participation from multiple home groups. new and existing investments.
The funding round involved investors from Europe, North America, the Middle East and Mainland China, including long-term investment managers, private equity and venture capital funds, university funding, internet platforms and retail groups.
Micro Connect Financial Asset Exchange (Macau) (MCEX), a licensed global exchange for DRO and related products, will launch in August. New capital and shareholder base raised The initiative will support Micro Connect’s efforts to improve MCEX’s market structure and develop the world’s largest financial market for micro and small business investments.
Micro Connect is an exchange group that has leveraged fintech to connect global capital with Chinese micro and small businesses. With an innovative revenue-sharing investment and financing model, stores in the food and beverage, retail, services, culture and sports sectors can conveniently raise long-term capital and affordable prices by listing on the Micro Connect Financial Asset Exchange (Macau) (MCEX), the world’s leading exchange for revenue shares trading.
The corporation’s proprietary revenue-sharing asset class, Daily Revenue Bonds (DROs), provides investors with direct and diversified exposure to daily and transparent cash flows of millions. stores in China’s dynamic consumer economy, making capital more accessible and affordable for business owners.
With its fund platform, structured product solutions, and licensed exchange, Micro Connect brings efficiency and liquidity in small business investing to global professional investors and an alternative. New for impact investing.
Banco Santander, BBVA & CaixaBank join forces to fight financial fraud
Banco Santander, BBVA and CaixaBank have teamed up to combat financial fraud, one of the biggest challenges in banking. Banks are working on tools to exchange vital information and data to help prevent financial crime.
They founded FrauDfense, a company that will bring together banks’ anti-fraud initiatives. FrauDfense has been presented to the competent regulatory and control authorities. The alliance will first develop a tool to share information about fraud and effective responses. This tool will keep information private and secure.
The Alliance will fight fraud, which can take on many sophisticated forms, such as new account fraud (when a customer’s identity is stolen to purchase a product), online fraud, and card payments .
FrauDfense, an ambitious association to start in Spain, is not a closed book. After the initial phase, the alliance will consider adding other banks and companies to increase its reach. Banks and businesses in other industries interested in sharing fraudulent information to protect customers, organizations and society at large will also be able to participate. Carlos Requena will be appointed CEO of FrauDfense and the board will include two representatives from each bank. These include Carles Solé Pascual, Santander España’s Chief Information Security Officer (CISO); Daniel Barriuso, Banco Santander Group Transformation Manager; Natalia Ortega, Head of Global Financial Crime, BBVA; Sergio Fidalgo, Head of Security at BBVA Group; Sofia Karapatsiou, Director of Fraud Control and Governance, CaixaBank, and Lorenzo Malo, CISO of CaixaBank.
BBVA’s Natalia Ortega will be the first female president of FrauDfense, a role that will rotate every two years among the three member banks.
Hub71 & Wio Bank partner to streamline banking for startups in Abu Dhabi
Hub71, a global technology ecosystem in Abu Dhabi, and Wio Bank PJSC have announced a strategic partnership to transform the banking experience for startup founders in the capital.
Partnership to improve bank account processes for SMEs; Wio becomes Hub71’s official banking partner, enabling startup founders to benefit from commercialization opportunities and professional mentoring to drive innovative new products and services in Abu Dhabi.
“Our partnership with Wio Bank further solidifies our commitment to making Abu Dhabi an attractive destination for startups to do business. By collaborating with an Abu Dhabi-based digital platform leading the future of business banking, we are opening the door to robust banking and commercial opportunities for our startup community. This partnership is a prime example of a powerful combination within Abu Dhabi’s tech ecosystem that fosters startup growth in the UAE’s capital.”
Ahmad Ali Alwan, Deputy CEO of Hub71.
Wio Bank was established with the main mission of contributing to the future readiness of the SME segment in the UAE. Wio will streamline the bank account opening process as a full-fledged banking partner as startups join Hub71. The digital bank will also participate in Hub71 events and initiatives in line with its growth strategy.
“We are thrilled to announce our partnership as the first official banking partner of Hub71 and embark on a shared mission to empower startups in the region. We recognise the significant impact made by the global startup community and firmly believe that by simplifying access to funding and essential banking products, we have a unique opportunity to nurture their growth and facilitate their paths to new achievements. Through collaboration with Hub71, we are committed to delivering meaningful banking solutions that make a difference, enabling startup owners to thrive and succeed on their entrepreneurial journey.”
Jamal Al Awadhi, Chief Operating and Experience Officer, Wio.
Unlimit to boost inDrive expansion with global payment solution
Unlimit, a global FinTech company, has announced a partnership with inDrive, the growing online car sharing service in the United States.
Under the partnership, inDrive will leverage Unlimit’s proprietary payments infrastructure to continue its global expansion with local payment solutions in new markets, including local currency payment processing and through secure payment methods.
Unlimited provides enhanced liquidity through a scalable financial interface to startups and businesses worldwide.
inDrive meets the mobility needs of users in more than 700 cities and 47 countries.
The app has been downloaded more than 150 million times. Unlimited will provide inDrive with one of its proprietary payment infrastructures, support for a variety of payment methods, including mobile and cash payments, global and local card programs, digital wallets number and direct transfer.
This will allow inDrive to accept payments in local currency and through alternative payment solutions.
Currently, Unlimited is the main payment solutions provider for inDrive in Mexico and also supports the company’s payment processing needs in Colombia, Jamaica, Peru and Chile, where drivers use the platform to top up. money into their personal accounts. However, the two companies are looking to expand their cooperation to other new markets later this year.
“We are very excited to be partnering with inDrive, a customer-centric company that is driven to empower people and ensure prices are fair. They have chosen to partner with us because we provide world-class payment solutions that are flexible, dynamic, and adaptable to any market, whether local or international. We believe we can help them unlock the full potential of their app by making payments faster, easier, and more convenient for both passengers and drivers alike, wherever they are in the world.”
Irene Skrynova, Chief Customer Officer, at Unlimit.
“inDrive’s partnership with Unlimit represents a powerful alliance that seamlessly combines cutting-edge technology and innovative financial services. This collaboration will specifically benefit drivers, offering them a seamless and efficient method to quickly and securely refill their accounts, ensuring uninterrupted services and enhancing their overall experience on the road.”
Alexander Afanasov, VP, of Fintech, at inDrive.
TerraPay partners with Safaricom to enhance cross-border payments
TerraPay, a global payments infrastructure company, has partnered with Safaricom, a financial services, IT and telecommunications provider based in Kenya.
TerraPay Group company Mobex (Kenya), a remittance service provider, will enable over 30 million M-PESA mobile wallet owners in Kenya to send real-time payments through TerraPay’s interoperable network to all wallets in Bangladesh and Pakistan, with plans to roll out to India and Nepal in the next few months.
Through this partnership, the two companies aim to create a financially inclusive payments ecosystem while promoting empowerment and financial independence.
“We believe this breakthrough collaboration with Safaricom will usher a world of new possibilities for mobile financial service operators to directly scale globally and provide customers with the choice to send payments in a secure, transparent, and swift manner. Our partnership with Safaricom will further boost our capabilities in providing an inclusive global financial ecosystem with excellent technical solutions.”
Ambar Sur, Founder & CEO, TerraPay.
TerraPay is a global partner of banks, mobile wallets, remittance operators, merchants and financial institutions, creating a larger and more inclusive international financial ecosystem.
“We are thrilled to partner with TerraPay as it comes at a time when a growing number of customers are embracing digital payments to send money to their loved ones. TerraPay’s interoperable technology platform will enable our customers to execute secured & low-cost payments across key regions, further encouraging the adoption of digital payments in the region. We look forward to a successful collaboration.”
Peter Ndegwa, CEO Safaricom.