WIRED Consulting’s Post

Oxford Risk's Head of Behavioural Finance, Greg Davies was invited by WIRED Consulting and J.P. Morgan to contribute to this fantastic report on digitisation, featuring insights from some of the industry's greatest minds - https://lnkd.in/eSgqT_dV #DigitalAdvice #DigitalTransformation #FinancialPlanning #FinancialAdvice #BehaviouralFinance #BeFi #WealthManagement

The companies mentioned in the news today are: Tenpo, Dock, YES BANK, iris, Thinkific, Stripe, The Strawhecker Group, Alipay, Aleph, Dashen Bank, Mastercard, AllBank, Dragonpay, Indonesia Central Bank, Singapore Central Bank, CommentSold, TikTok, FiveBy, Worldline, Shufti Pro, Riskified, RAK DAO, Humans.ai, BitGo, AstroPay, Tottenham Hotspur, Innovate Finance, PSR, Homegrown Latin American BNPL Providers, Emirates Development Bank, Trade Capital Partners, Deloitte, NVIDIA, IBM Consulting, Microsoft, iDenfy, Syntropy, BingX, CertiK, FCA. In today's payment news, Tenpo partners with Dock to offer credit card services in Latin America. YES BANK introduces iris mobile banking app in India. The UK launches a fintech investment fund to support growth-stage companies. Thinkific adds Stripe-enabled automated sales tax solution. The Strawhecker Group launches Embedded Pricing Tool. Alipay unveils an international version of its app. Aleph launches Aleph Payments for cross-border payments and credit underwriting. Dashen Bank and Mastercard introduce a virtual prepaid card in Ethiopia. AllBank and Dragonpay extend QR payments in the Philippines. Indonesia and Singapore trial cross-border QR code payments. CommentSold partners with TikTok for live-selling integration. FiveBy partners with Worldline to combat ecommerce payment fraud. Shufti Pro launches e-IDV solution for ID verification. Mastercard partners with Riskified for fraud mitigation. Mastercard launches CBDC-focused forum and partner programme. RAK DAO and Humans.ai collaborate for AI innovation. BitGo secures USD 100 million in Series C financing. Canadian fintech investment declines sharply. AstroPay becomes Tottenham Hotspur's official payment partner. Innovate Finance calls for innovation in response to HM Treasury. PSR initiates consultations ahead of incoming APP fraud rules. Homegrown Latin American BNPL providers lead in underserved markets. Emirates Development Bank collaborates with Trade Capital Partners for SME support. Deloitte expands partnership with NVIDIA for AI solutions. IBM Consulting extends collaboration with Microsoft for generative AI deployment. iDenfy partners with Syntropy for Web3 security and KYC compliance. BingX extends partnership with CertiK for platform security. FCA to adopt 'balanced' approach in access to cash regime. This edition summarizes the news in Payments and Fintech for Aug 18, 2023. Don't miss out, subscribe to our Youtube channel at youtube.com/@baypayforum #payments #fintech #baypayforum #paykademy This episode is sponsored by PayKademy, the first business academy to learn Payments and Fintech at paykademy.com at your own pace when you want. This is the video version of the newsletter we send by email every day. We hope you enjoyed it and see you tomorrow for our next edition or on our website at baypayforum.com. You can read the details of the news at baypayforum.com/news.

The companies mentioned in the news today are: EchoPay, Token.io, Tamilnad Mercantile Bank, Jocata, DMALINK, Danske Bank, Vista Equity Partners, Finastra, Oak Hill Advisors, Blue Owl Capital, BBVA, Eltropy, Alkami, Cynergy Bank, British Business Investments, Treasury Prime, Liberty Bank, Finmont, ZooPay, Thales, Cashfree Payments, Clara, Teamwork Commerce, Adyen, Altum Group, RiskScreen, VU, NovoPayment, SumUp, CBA, Swift, Exchange Data International, SimCorp, Oanda, Coinpass, FullCircl, W2 Global Data Solutions, Tbi Bank, Samsung, Coinbase, Circle Internet Financial, Centre Consortium, Colendi, TreviPay, Koverly, Trading Technologies, Abel Noser Solutions. In today's payment news, EchoPay partners with Token.io to bring A2A payments to wholesale merchants in the UK. DMALINK collaborates with Danske Bank to provide custom Scandinavian eFX pricing. Vista's Finastra secures a USD 5.3 billion private loan from Oak Hill Advisors and Blue Owl Capital. BBVA reduces account opening requirements for expanding companies by 70%. Eltropy and Alkami enhance digital conversations for financial institutions. Treasury Prime partners with Liberty Bank to offer digital products and solutions. Finmont partners with ZooPay for payment orchestration. Thales launches payShield Cloud HSM service to accelerate cloud payments infrastructure adoption. Clara launches Clara International Payments for cross-border transfers. Teamwork Commerce partners with Adyen to launch Pay by Link solution. Altum Group optimizes KYC processes by teaming up with RiskScreen. Thales introduces Evidence and Investigation Suite for biometric crime-solving. VU partners with NovoPayment to reshape digital payments and fraud prevention. SumUp enables Apple's Tap to Pay for customers in the UK and Netherlands. Swift surpasses G20 target for cross-border payments processing speed. Exchange Data International and SimCorp collaborate to offer ISO 15022 Corporate Actions. Oanda acquires majority interest in Coinpass. FullCircl acquires W2 Global Data Solutions for regulatory compliance. Coinbase acquires minority stake in Circle Internet Financial and aims to shut down Centre Consortium. Colendi receives approval for Turkish digital bank. TreviPay adds support for B2B cross-currency sales. Koverly releases "Pay in 30" for deferred foreign exchange payments. This edition summarizes the news in Payments and Fintech for Aug 22, 2023. Don't miss out, subscribe to our Youtube channel at youtube.com/@baypayforum #payments #fintech #baypayforum #paykademy This episode is sponsored by PayKademy, the first business academy to learn Payments and Fintech at paykademy.com at your own pace when you want. This is the video version of the newsletter we send by email every day. We hope you enjoyed it and see you tomorrow for our next edition or on our website at baypayforum.com. You can read the details of the news at baypayforum.com/news.

Moyasar Financial Company Launches Moyasar ميسر Payment Gateway (MPG) with eMSP Certification In a groundbreaking move in the FinTech sector, Moyasar Financial Company, a leading Saudi pioneer in digital payment solutions, has unveiled the Moyasar Payment Gateway (MPG) and achieved the "eMSP" certification. This milestone represents a significant strategic transformation in the realm of payments and financial technologies in the Kingdom, reaffirming Moyasar's leadership in offering comprehensive digital payment services known for their excellence, efficiency, and reliability. Founded in 2015, Moyasar Financial Company is one of the first companies specializing in digital payments in Saudi Arabia. The company holds the PCI DSS Level 1 certification, reflecting its commitment to the highest standards of security and compliance in the digital payment field. Moyasar aims to deliver superior integration and efficiency for both local and global payment networks. The company is dedicated to maintaining national sovereignty over financial data by adhering to local regulatory standards and frameworks in Saudi Arabia, thereby localizing financial technology. The Moyasar Payment Gateway (MPG) is designed to cater to acquiring banks and financial institutions, offering innovative features such as “recurring payments” for digital wallets like Apple Pay through the national network Mada. The gateway also supports Google Pay and Samsung Pay, which are expected to be launched in the Saudi market soon. Additionally, the MPG offers a robust fraud protection system, enhancing customer confidence and security in financial transactions. As the first locally licensed payment gateway with local hosting, it provides unparalleled responsiveness in completing online payment transactions, thereby enhancing the customer experience and enabling a larger volume of smooth and secure financial transactions. The launch of the Moyasar Payment Gateway (MPG) is a testament to Moyasar's dedicated efforts to localize financial technologies. By strengthening its technical infrastructure and providing an integrated suite of financial products and services, Moyasar is committed to the development of the local digital financial economy. This initiative aligns with the Financial Sector Development Program, one of the Vision 2030 programs.

🗞 SAXE Global News Digest: Fintech Insights - Dec 21, 2023 Exploring the latest fintech trends, this update focuses on key collaborations and innovations shaping the financial technology landscape. From transforming small business banking in North America to bridging Web3 and traditional banking, these developments showcase the sector's commitment to innovation. 🔔 Xero & Flinks Boost Small Business Banking: Xero partners with Flinks to enhance small business banking in Canada and the U.S., streamlining financial operations with secure connections to over 20 direct bank links. The collaboration leverages Flinks' extensive network, aiming to reduce manual data entry and enhance transaction data quality. More at https://lnkd.in/dkJ_HZZE 📢 Fiat Republic Raises $7M for Web3 and Banking Integration: Fiat Republic secures $7 million in funding to integrate crypto platforms with traditional banking networks. The startup's unified API simplifies access to banking services for crypto platforms, reducing complexity and costs. Acquiring a full electronic money institution license, Fiat Republic expands its operations across the European Economic Area. Details at https://lnkd.in/d-XcN2Dj 💡 UK’s Digital Securities Sandbox Attracts 19 Applicants: Nineteen firms express interest in the UK Government's Digital Securities Sandbox, exploring distributed ledger technology in financial market infrastructures. The initiative, excluding unbacked cryptoassets, aims to adapt legislative frameworks to support new technologies in financial markets. Learn more at https://lnkd.in/dtMYCTks 💻 Openly and Ecopia AI Enhance Insurance Risk Assessment: Openly collaborates with Ecopia AI to improve homeowners' insurance risk assessment processes. Using Ecopia's Building-Based Geocoding, Openly aims to offer more accurate property information for precise risk evaluation. The partnership leverages advanced AI to enhance Openly's insurance quoting engine. Details on https://lnkd.in/dx-A_tpB In a rapidly evolving fintech landscape, these collaborations underscore the sector's dedication to service excellence, efficiency, and integration of cutting-edge technologies. The intersection of traditional finance with emerging technologies like blockchain and AI is forging a more interconnected and efficient financial ecosystem. Stay updated with SAXE Global for the latest impactful fintech developments. #FintechNews #InnovationInFinance #BankingTech #Web3Integration #DigitalSecurities

The Brazilian Central Bank’s methodical “pro-innovation” regulatory agenda has transformed Brazil’s staid financial industry. General Partner Angela Strange unpacks 5 pivotal government-led changes that have made Brazil a model for aspiring fintech adopters around the world: 💸 Instant Payments: Until 2020, the majority of consumers in Brazil used cash, expensive wires, or an antiquated system that takes days to settle. In November 2020, the BCB launched the instant payment system PIX, a real-time rail that provides free (for consumers, businesses may be charged) and instant money transfers and settlement between accounts at participating institutions. 🤳 Open Finance: In 2021, the BCB began implementing Open Finance, a system aimed at giving consumers better control of their own data. The launch of Open Finance followed a tech-forward approach of launch rapidly and iterate. This access to data opens the potential for new use cases and a plethora of applications soon to be created. 🏦 Licensing: In the past, an aspiring financial institution would have to apply for a banking license, which would take years and large amounts of capital. The BCB’s solution today is to create more targeted and tiered licensing schemes to allow companies to operate within certain scopes much more quickly. 💰 Payment Acquiring: Prior to 2010, two Brazilian payment processors had exclusive deals with Visa and Mastercard. As a result, Brazilian merchants had to own or rent at least two point-of-sale (POS) machines: one from Cielo to process Visa transactions, and one from Rede to process Mastercard transactions. Merchants had no other options and no negotiating power. The BCB ended this duopoly in 2010, enabling competition and giving merchants bargaining power.    💼 Regulatory Sandboxes: In 2020, the Ministry of Economy created three sandbox programs. The sandbox created in partnership with Superintendência de Seguros Privados (SUSEP, the body that regulates insurance) allowed companies to test new insurance solutions in a supervised environment. Ten companies in the initial cohort received permanent authorization to offer their product. Read more on the a16z website: https://lnkd.in/ey_5s8Sm 

In 2023, #RealTimePayments #Expanding #Across the #Globe In a recent podcast, PaymentsJournal talked with experts from different parts of the payments world to discuss how real-time payments are proceeding throughout the world, and particularly in the United States and Australia. It featured Elisa Tavilla, Director of Debit Payments, Javelin Strategy; Adrian Lovney, Chief Payments & Schemes Officer, Australian Payments Plus; Nathan Churchward, Payments Domain Lead, Cuscal; and Kate Knudsen, Senior Program Director, BHMI. With the launch of FedNow, the United States has fully embarked on its journey toward real-time payments. Across the globe, real-time payments are creating not only competition among payment methods but also new use cases, making previously unattainable services accessible to businesses and consumers. Yet the road to global ubiquity in real-time payments has challenges. Technical hurdles, legacy systems, and the imperative of interoperability need to be overcome. In a world with seventy-nine countries operating real-time payment systems, achieving cross-border real-time payments requires diplomacy and meticulous planning. Furthermore, the modernization of outdated back-office systems is imperative to keep pace with the exponential growth in real-time transactions. The good news is that businesses recognize this urgency and are upgrading technology infrastructures and streamlining processes. Real-Time Payments in U.S. and Australia Real-time payments are quickly becoming more widely available throughout the world. In the United States, FedNow’s launch in July is starting to increase traffic and demand for real-time payments. “In the U.S., the FedNow service recently launched with 35 financial institutions,16 service providers, the Department of the Treasury, and more set to join,” Tavilla said. “The RTP network, run by The Clearing House, hit 500 million transactions with over 370 participating institutions. With two real-time gross settlement systems live in the U.S. now, I’m optimistic that it will help accelerate the growth and adoption of instant payments here [in the U.S.].” In many cases, real-time payments are much more developed abroad. For example, Australia in 2018 launched its New Payments Platform (NPP) for real-time payments, and it has taken off ever since. “Around 30% of the volume that was previously processed through the bulk Electronic Clearing System in Australia has now transitioned to NPP in the past six years,” Lovney said. Initially, purchases on the platform were mostly P2P, but now, it is increasingly used by businesses and corporations. Some examples include paying taxi or Uber drivers at the end of their shifts and making insurance or emergency payments. According to Lovney, the next phase of use cases will involve recurring (bulk) debit payments, such as subscriptions or utility payments.

𝗪𝗵𝗮𝘁 𝗪𝗶𝗹𝗹 𝗛𝗮𝗽𝗽𝗲𝗻 𝘁𝗼 𝗖𝗮𝘀𝗵 𝗶𝗻 𝘁𝗵𝗲 𝗙𝘂𝘁𝘂𝗿𝗲? Cash has been a staple of financial transactions for centuries, but with the rise of digital payments and cryptocurrencies, its future is being called into question. Will cash eventually disappear, or will it continue to play a role in our financial system? 𝐓𝐡𝐞 𝐂𝐮𝐫𝐫𝐞𝐧𝐭 𝐒𝐭𝐚𝐭𝐞 𝐨𝐟 𝐂𝐚𝐬𝐡 Despite the increasing popularity of digital payments, cash is still widely used around the world. According to a report by the Bank for International Settlements, cash remains the most commonly used payment method in many countries, accounting for up to 80% of all transactions. However, the use of cash varies greatly across regions and economies. In some countries, such as Sweden and China, cash usage has declined significantly due to the widespread adoption of digital payment methods. In others, like Germany and Japan, cash remains a preferred payment method due to cultural preferences and concerns about privacy and security. 𝐓𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞 𝐨𝐟 𝐂𝐚𝐬𝐡 While cash may not disappear entirely soon, its role in financial transactions is likely to diminish over time. Here are some reasons why:- 1️⃣ The rise of digital payments: Digital payment methods like mobile wallets, contactless payments, and cryptocurrencies are becoming increasingly popular due to their convenience, speed, and security. 2️⃣ Government policies: Some governments are actively promoting the use of digital payments and discouraging the use of cash to reduce tax evasion, money laundering, and other financial crimes. 3️⃣ Environmental concerns: The production, transportation, and storage of cash require significant resources and generate greenhouse gas emissions. As environmental concerns grow, there may be increased pressure to reduce the use of cash. 𝐖𝐡𝐚𝐭 𝐈𝐭 𝐌𝐞𝐚𝐧𝐬 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐅𝐮𝐭𝐮𝐫𝐞? The decline of cash has implications for both individuals and businesses. 1️⃣ Greater financial inclusion Digital payments can provide access to financial services for people who are currently unbanked or underserved. 2️⃣ Greater convenience and speed Digital payments can make financial transactions faster and more convenient for consumers and businesses. 3️⃣ Greater security Digital payments can reduce the risk of theft, fraud, and other security risks associated with cash. 4️⃣ Greater transparency Digital payments can provide more data and insights into financial transactions, which can help businesses make better decisions and governments combat financial crimes. Cash may not disappear entirely, its role in financial transactions is likely to diminish over time. Do you think cash will eventually disappear? If so, what do you think the impact will be on individuals, businesses, and society as a whole? #SimplyFi #Singapore #Finance #Money #Cash

The payments landscape is evolving rapidly with technological advancements leading the charge. Here are key insights from FIS money movement expert, Chris Como, on the trends shaping the future of financial transactions: 1. Simplify and Innovate: Clients are prioritizing simplicity in payment technology and exploring innovative solutions like Buy Now, Pay Later (BNPL). 2. Combatting Fraud: With the rise of e-commerce, fraud prevention is crucial. Utilizing AI and data analysis can help reduce card-not-present fraud effectively. 3. Embrace Embedded Finance: The future of payments lies in embedded finance. Ensure your card payment solutions are robust to support seamless partnerships between banks and fintechs. 4. Drive Efficiency and Innovation: Financial institutions are motivated to adopt new technologies to improve efficiency, reduce costs, and offer cutting-edge solutions to stay competitive. 🚀 Stay ahead of the curve and embrace these trends to revolutionize your payment processes! #Fintech #Payments #Innovation #FraudPrevention #EmbeddedFinance #Banking #FIS #AI https://lnkd.in/e6DdkYPT

𝐌𝐚𝐬𝐭𝐞𝐫𝐜𝐚𝐫𝐝'𝐬 𝐏𝐚𝐲𝐫𝐨𝐥𝐥 𝐏𝐨𝐰𝐞𝐫 𝐏𝐥𝐚𝐲, 𝐕𝐢𝐬𝐚 & 𝐀𝐦𝐚𝐳𝐨𝐧'𝐬 '𝐒𝐩𝐥𝐢𝐭' 𝐃𝐞𝐜𝐢𝐬𝐢𝐨𝐧, 𝐚𝐧𝐝 𝐍𝐮𝐛𝐚𝐧𝐤'𝐬 𝐀𝐈 & 𝐂𝐫𝐲𝐩𝐭𝐨 𝐏𝐮𝐬𝐡 All this and more in Edition #125 of the Future of Fintech Newsletter - Your Weekly Fintech Brew ☕ 📰 Last week's fintech news highlights key trends in personalisation, automation, and embedded finance. Partnerships are blooming between tech giants and financial institutions, offering consumers greater choice and convenience. From frictionless payments at checkout to AI-powered insurance claims and personalised financial products, the industry is making financial management faster, easier, and more secure. The👌🏽#Top3 fintech trends for the week that are unlocking the future of finance: 1️⃣ Niche-Focused Digital Banking Solutions Bank Midwest and Finastra's launch of OnePlace.bank that is tailored specifically for the healthcare community, and Trovata's introduction of Multibank Connector for corporate bank accounts highlights the growing trend of niche-focused digital banking solutions. This approach caters to the specific financial needs of distinct customer segments, ensuring more relevant and effective service offerings. 2️⃣ Leveraging AI and Machine Learning Qover's AI-enabled claims solution and Nubank's acquisition of Hyperplane to advance AI-driven personalised financial services demonstrate how AI is being utilised to drastically improve operational efficiency, refine customer targeting and offer more tailored financial products across diverse financial services. 3️⃣ Streamlined Financial Verification The expansion of Mastercard's income verification solution to include credentialed payroll via Argyle and Virgin Money leveraging Experian's wide range of solutions, including fraud prevention and income verification, underscores a significant shift towards more efficient and user-friendly income verification processes. This reduces the documentation burden on consumers, streamlining lending and employment verification. 🔗 𝐏𝐋𝐔𝐒! Dive into fintech learning resources waiting for you at the end, featuring: JPMorganChase, EVERFI from Blackbaud, Marqeta, Walter Pereira via W Fintechs, and the latest from WhiteSight! _________________ 𝐆𝐞𝐭 𝐲𝐨𝐮𝐫 𝐟𝐢𝐱 𝐨𝐟 𝐛𝐢𝐭𝐞-𝐬𝐢𝐳𝐞𝐝 𝐢𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐭𝐡𝐚𝐭 𝐬𝐚𝐯𝐞 𝐲𝐨𝐮 𝐭𝐢𝐦𝐞, 𝐰𝐡𝐢𝐥𝐞 𝐤𝐞𝐞𝐩𝐢𝐧𝐠 𝐲𝐨𝐮 𝐚𝐡𝐞𝐚𝐝 𝐨𝐟 𝐭𝐡𝐞 𝐜𝐮𝐫𝐯𝐞. 🚀 🗞️ 𝐇𝐨𝐰 𝐨𝐮𝐫 𝐧𝐞𝐰𝐬𝐥𝐞𝐭𝐭𝐞𝐫 𝐡𝐞𝐥𝐩𝐬: Get bite-sized insights that save you time, perfect for busy professionals on-the-go. Discover the latest fintech players and the trends shaping the industry. Gain valuable insights into the themes ecosystem players are leveraging to win. Ready to take a sip? Subscribe now and join our savvy fintech community! ➡️: https://lnkd.in/gu95GhRj via WhiteSight #fintech #newsletter #embeddedfinance #digitalfinance #openfinance #infrastructurefinance #DeFi #greenfinance