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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.
Toast picks FreedomPay as preferred payments gateway partner
FreedomPay, the world’s first standalone commerce platform, and Toast, an all-in-one digital platform designed for the entire restaurant community, have signed a partnership agreement for FreedomPay to become a gateway partner FreedomPay Toast’s preferred payment for certain corporate brands.
Toast will be able to offer its cloud-based digital restaurant platform to leading corporate merchants in the US and Canada who are using the award-winning FreedomPay commerce platform.
“As the restaurant industry rapidly adapts to new service models, Toast continues to deliver the industry’s trusted digital platform to help restaurants of all sizes and types—including franchisees—drive profitability, create the streamlined dining experiences guests expect, and make managing food service operations across properties easier than ever. We look forward to partnering with FreedomPay as we drive our enterprise expansion.”
Kelly Esten, Senior Vice President and General Manager, Enterprise at Toast.
“This exciting collaboration between FreedomPay and Toast delivers advanced capabilities to large merchants. We are quite simply ‘unleashing the power of pay’ to thousands more businesses to help support Toast’s growth across enterprise level merchant solutions.”
FreedomPay Senior Vice President, Sales & Digital Development Nate Ware.
UBS completes Credit Suisse acquisition
UBS has completed the acquisition of Credit Suisse today, crossing an important milestone. Credit Suisse Group AG has been merged into UBS Group AG and the combined entity will operate as a consolidated banking group.
Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules
- Combined entity now operates as consolidated banking group
- Today marks last trading day of Credit Suisse shares on SIX Swiss Exchange
- Shareholders to receive 1 UBS share for every 22.48 Credit Suisse shares
- Board of Directors nominations announced for certain Credit Suisse entities, including Credit Suisse AG
- UBS expects its CET1 capital ratio throughout 2023 to be around 14%
Today marks the last trading day of Credit Suisse Group AG shares on the SIX Swiss Exchange. Credit Suisse Group AG ADS will no longer be traded on the New York Stock Exchange. As announced on 19 March 2023, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held.
As previously announced, UBS will operate the following governance model pending further integration:
• UBS Group AG will manage two separate parent banks – UBS AG and Credit Suisse AG. Each institution will continue to have its own subsidiaries and branches, serve its clients and deal with counterparties.
• The Board of Directors and Group Executive Board of UBS Group AG will hold overall responsibility for the consolidated group.
Upon completion of the acquisition, UBS announced appointments to the boards of directors of several Credit Suisse entities. Subject to regulatory approval, Credit Suisse AG’s Board of Directors will include Lukas Gähwiler (Chairman), Jeremy Anderson (Vice President), Christian Gellerstad (Vice President), Michelle Bereaux, Mirko Bianchi (until 30th). June 2023), Clare Brady, Mark Hughes, Amanda Norton and Stefan Seiler.
“I‘m pleased that we’ve successfully closed this crucial transaction in less than three months, bringing together two global systemically important banks for the first time. We are now one Swiss global firm and, together, we are stronger. As we start to operate the consolidated banking group, we’ll continue to be guided by the best interests of all our stakeholders, including investors. Our top priority remains the same: to serve our clients with excellence.”
Colm Kelleher, UBS Group AG Chairman.
“Today we welcome our new colleagues from Credit Suisse to UBS. Instead of competing, we’ll now unite as we embark on the next chapter of our joint journey. Together, we’ll present our clients an enhanced global offering, broader geographic reach and access to even greater expertise. We’ll create a bank that our clients, employees, investors and Switzerland can be proud of.”
Sergio P. Ermotti, CEO of UBS Group AG.
UBS expects its CET1 capital ratio to be around 14% in Q2 2023 and to stay around this level through 2023. UBS expects Credit’s significant restructuring and operating losses Suisse will be offset by a reduction in RWA.
In the future, UBS will present the consolidated financial results of the combined group under IFRS in USD. Results for Q2 2023 will be announced on August 31, 2023.
The summary presentation of the pro forma financial information contained in the F-4 registration statement has been updated to reflect the most recent and definitive revision to the registration statement.
Westpac to issue accessible cards for visually impaired
Westpac is launching a new set of card designs to make payments more accessible to customers who are blind or visually impaired.
Credit, debit and prepaid cards will incorporate new accessibility features, including different notches along the short edge to allow customers to distinguish their payment cards from each other with a single touch. .
Thanks to Mastercard’s Touch Card feature, the notches – squares for credit cards, circles for debit cards and triangles for prepaid cards – help customers identify the card and orient it correctly when using it, such as such as to make payments or to use an ATM.
The cards will also include a braille marker, providing another tactile feature to help blind or visually impaired customers distinguish between credit, debit and prepaid cards.
“The features of the new cards are a simple but innovative step forward that will make a big difference in the day-to-day lives of many blind or low vision Australians.
“Our strategy is to continue to develop products and services that are accessible to all customers. This builds on a range of initiatives we already have in place such as accessibility mode on all our EFTPOS Now terminals, online applications that meet accessibility requirements and accessible digital card functionality when customers use voice-over and talk back.”
Westpac chief brand and marketing officer, Annabel Fribence.
Madison Dearborn Partners Completes Acquisition of MoneyGram
MoneyGram International, Inc., a leading global financial technology company connecting communities around the world, and Madison Dearborn Partners (“MDP”), a leading private equity investment firm headquartered in Chicago, announced today that MDP-linked funds have completed their all-cash transaction. acquired MoneyGram for $11.00 per share. MoneyGram’s common stock has ceased trading and will be delisted from the Nasdaq stock exchange.
“Completing the transaction with MDP marks the beginning of a transformative new chapter for the organization,”
“With MDP’s support, MoneyGram is uniquely positioned to accelerate our growth strategy, expand our network to reach more consumers worldwide, and advance our position as the leader in cross-border payment technology.”
“We are incredibly appreciative of our employees, agents and partners, who have placed their trust in us and continued to provide innovative solutions to our customers throughout this process. We’re excited to work alongside them and our new investment partners at MDP as MoneyGram builds on its commitment to deliver exceptional products and value to our customers.”
Alex Holmes, MoneyGram Chairman and CEO.
“We see tremendous opportunity for MoneyGram’s leading financial technology solutions, particularly in light of the continued, rapid digitization of the global economy,”
“MDP looks forward to providing the platform and resources for the MoneyGram team to capitalize on the numerous opportunities ahead and further enhance its market-leading cross-border capabilities.”
Brendan Barrett, a Managing Director on MDP’s Financial and Transaction Services team.
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.
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.