The Future Of Banking

Global payments and financial platform Airwallex has selected GoCardless to provide direct debit to its customers across several markets. Through GoCardless Embed, a white-label integration, Airwallex connects to GoCardless’ global bank payment network, helping Airwallex customers to expand into new verticals and use cases where direct debit is preferred. Airwallex has launched the service in the UK, with Europe expected to follow soon after this announcement. This move from Airwallex is part of its commitment to supporting businesses of all sizes to achieve their global growth ambitions. The partnership news comes as GoCardless research indicates that payment service providers (PSPs) must continue to innovate to stay competitive and boost customer retention. By surveying 1,250 merchants across the UK, US, France, Germany, and the Netherlands, GoCardless found out that increasing payment choice was cited as a top priority for merchants when asked what they would like from their PSPs: 31% of businesses surveyed would be willing to pay more for a wider range of payment methods. 35% want their PSP to offer direct debit and more than a quarter (27%) want them to offer Open Banking or other bank payment options. Source: https://lnkd.in/ejk7v7zx #banking #bankingindustry #payments #partner #partnership #fintech #bankingtechnology #bankingtech #financialtechnology #financialservices

Airwallex, a leading global payments and financial platform for modern businesses, announced a partnership with Float, one of Canada’s fastest-growing B2B FinTechs, to enable fast and cost-effective bill payments for both domestic and overseas transactions. Float’s Bill Pay product, powered by Airwallex, introduces payouts – including bank transfers, EFT, wire, and ACH – as part of Float’s unified business finance platform for Canadian companies. Nearly 100,000 small and medium-sized Canadian businesses regularly conduct business outside the country and rely on efficient local and international payment processes to do so. The first-of-its-kind Bill Pay offering in Canada helps Float customers eliminate manual AP processes by increasing visibility and control over their company's largest expenses - invoices - with automated invoice collection, payment, and reconciliation, all while minimizing costly foreign exchange fees. Source: https://lnkd.in/grenp9qR #banking #bankingindustry #fintech #finance #paytech #payments #paymentservices #bankingtech #financialservices #fintechnews

Marcel’s Weekly Digital Banking Newsletter | 2024 #31 Weekly Digital Banking news up to Monday, 15th of July 2024. HEADLINES/Featuring: Temenos, NatWest, Metro Bank (UK), HSBC, Open Financial Technologies, Revolut, PayDo, ClearBank, Monzo Bank, Zopa Bank, BBVA And more! #banking #openbanking #openfinance #banks #bankingindustry #neobank #digitalbank #mobilebanking #bankingapp #digitalbanking #neobanks #challengerbank #bankingtech #fintechinnovation #venturecapital #financialtechnology #fintech #fintechnews #fintechindustry

CRED launches personal finance manager for India’s affluent. CRED, an Indian FinTech startup, has rolled out a new feature that will help its customers manage and gain deeper insights into their cash flow, as the startup seeks to drive engagement through personal finance tools. Known primarily for its credit card bill payment and consumer lending service, the new feature of the Bengaluru-based startup is called CRED Money. CRED Money consolidates users’ financial data from all their bank accounts, enabling them to track their bank transactions and recurring payments (including SIP investments, rent and staff salaries) on one dashboard. Source: https://lnkd.in/gz53gm6j #banking #bankingindustry #payments #fintech #bankingtechnology #bankingtech #financialtechnology #financialservices

Current Account Switch Service records 1.4 million switches in past 12 month. The Current Account Switch Service publishes its Q2 2024 Dashboard1 reporting the latest switching figures and trends. Between April and June 2024, the Current Account Switch Service facilitated 313,293 switches, taking the total number of switches since the Service launched in September 2013 to 10.9 million. More than a decade since launch, the Service has successfully redirected 152.7 million payments. In a quarter where interest rates have stabilised and switching incentives have been sporadic, the figures provide a positive outlook on the long-term health of the current account market. The Current Account Switch Service facilitated 1,411,553 switches in the past 12 months, up 10% from the 1,277,484 switches recorded in the 12 months prior. The continued upward switching trend demonstrates that finding the right bank or building society remains a priority for end users. Source: https://lnkd.in/eiTER98S #banking #bankingindustry #bankingtechnology #bankingtech #fintech #financialtechnology #financialservices

Kroo Bank clarifies transaction data with Snowdrop Solutions geolocation tech. Snowdrop Solutions, a leading provider of advanced transaction data enrichment solutions, announced a partnership with Kroo, a prominent award-winning digital bank renowned for its innovative approach to financial services. This strategic collaboration brings enhanced user experience to the forefront of Kroo's mobile banking app. Leveraging Snowdrop's industry-leading transaction enrichment API, also known as the MRS API, Kroo will be able to provide customers with even more advanced levels of accuracy, transparency and comprehensive transaction details. Users can now easily see where they spend their money thanks to transaction location powered by Google Maps. By visualising their transactions on a map, users can quickly verify the authenticity of purchases and identify any suspicious activity, which fosters a sense of security and empowers them to take proactive control of their finances. Source: https://lnkd.in/eVRfKVfW #banking #bankingindustry #bankingtechnology #bankingtech #fintech #financialtechnology #financialservices

U.S. Bank introduced a comprehensive accounts receivable (AR) platform to help suppliers accelerate cash flow, cut costs through automation and deliver better payment experiences. Created in partnership with Billtrust, U.S. Bank Advanced Receivables brings together the bank’s leading payment and risk management capabilities with Billtrust’s top AR technology to improve the intricate business-to-business (B2B) receivables process. “Suppliers face many challenges from the time they receive an order until the cash is in their account. This includes numerous manual and paper-based steps, a cumbersome credit process, billing errors and payment delays,” said Alberto Casas, head of product for U.S. Bank Global Treasury Management. “With U.S. Bank Advanced Receivables, businesses can transform their entire receivables process to drive down costs and gain real-time visibility into their financial position and cash flow.” Source: https://lnkd.in/gwm5qEeU #banking #ar #bankingindustry #bankingtechnology #bankingtech #fintech #financialtechnology #financialservices

Customer complaints over fraud reimbursement by Revolut surge. The UK's Financial Ombudsman has fielded a 35% surge in customer complaints about requests for reimbursement over scam thefts being denied by Revolut. The data, unearthed by Bloomberg, reveals that in nearly half of all cases reviewed and closed last year, the ombudsman ordered Revolut to reimburse customers for their losses. However, separate data from law firms representing the fintech’s customers indicate that Revolut has continued to deny these claims. The news comes ahead of new rules by the Payment Systems Regulator which come into force by October, under which payments services providers in the UK must reimburse consumers who have fallen victim to an authorised push payment scams when using Faster Payments. The reimbursement, up to a value of £415,000, will be split 50:50 between sending and receiving PSPs. This has caused alarm among the neobanking community over a potentially costly hit to their bottom lines and led to an intense lobbying effort to push the maximum value down to £30,000 and to impose a 'tech levy' on social media firms where many such crimes originate. Source: https://lnkd.in/eFVx3zmN #banking #bankingindustry #bankingtechnology #bankingtech #fintech #financialtechnology #financialservices 

BBVA opens global cybersecurity centre in Mexico. BBVA is opening a global cybersecurity centre in Mexico as part of an alliance with IT services company Telefónica Tech aimed at boosting the bank's defences against a rising tide of security-related threats. The new site will mirror the bank's existing Spanish cybersecurity hub and will incorporate technologies in artificial intelligence and process automation for the detection and prevention of cyber crime. Telefónica Tech provides almost fifty services aimed at providing a holistic security response to each operational and business element of the bank, ranging from solutions for the proactive anticipation of threats, definition of operational tactics, strategies to strengthen BBVA's resilience or protection for Data Processing Centres (DPCs). The two hubs in the Americas and Spain will be staffed by around 200 Telefónica Tech cybersecurity professionals, who will work together with the BBVA team to form one of the largest cybersecurity centres in the financial industry. Source: https://lnkd.in/esGkqpzZ #banking #bankingindustry #bankingtechnology #bankingtech #fintech #financialtechnology #financialservices 

Nubank has been named the Best Digital Bank in Latin America by Euromoney Awards for Excellence 2024. Euromoney also recognized Nu in three more categories: Best Digital Bank in Mexico, Best Bank in Brazil, and Best Digital Bank in Brazil. With operations in Brazil, Mexico, and Colombia, Nu is the world’s largest digital banking platform outside of Asia, with over 100 million customers. In Brazil, Nubank is the primary bank account for Brazilians and the most recommended financial institution in the country. More info: https://lnkd.in/dtrcyikE