'Fed' Up with Slow Payments? Fintechs Go FedNow!
Future of Fintech - Edition #113 (2nd-8th Apr)
Payments are peaking, licences are lifting, and wallets are getting weighed down (in a good way)! Fasten your seatbelts as every twist and turn brings us closer to the future of finance! 🚀
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What’s on the fintech menu today?
📖 Today’s Must Read: Swan Spreads Its Wings for International Payments
🌟 Fintech Fiesta: The Week's Hot 10!
🌐 ‘Byte’ Buzz: Fintech highlights, sorted by segment!
🔗 Link Up: Your gateway to resourceful links!
Fin-teresting Stories in Fintech 📰
Swan Spreads Its Wings for International Payments
Globalisation just got a whole lot easier for European companies. Swan, the European embedded finance leader, has joined forces with Wise Platform, the global authority in efficient international money transfer. This powerful collaboration is set to revolutionise the way European businesses handle cross-border transactions.
Here's why this is a game-changer:
➀ Effortless International Payments
➥ Swan's 100+ clients can now seamlessly integrate Wise Platform's capabilities, allowing their customers to send and receive money in over 190 countries and 20+ currencies – all at the mid-market rate.
➁ Speed and Transparency
➥ Over 60% of transfers using Wise settle in under 20 seconds. Plus, upfront fee transparency ensures a smooth experience for both you and your customers.
➂ Reduced Implementation Costs
➥ The partnership facilitates a full integration of Wise Platform into Swan's technology stack. This translates to faster and more cost-effective implementation for businesses, freeing up valuable resources that allows them to focus on their core business.
➃ Enhanced User Experience
➥ By offering a one-stop shop for international payments within their product, businesses create a more intuitive and convenient experience for their customers.
➄ Unlocking New Revenue Streams
➥ Swan empowers European companies to integrate features like accounts, cards, and payments directly into their offerings. This not only enhances the user experience but also opens doors for additional revenue generation.
The future of international finance for European businesses is clear: streamlined, cost-effective, and built for the global age. This partnership between Swan and Wise Platform is a significant leap forward, paving the way for a more connected and efficient financial landscape.
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Edition #113 is your gateway to the fintech universe, where every turn reveals a new gem of innovation >>
The Week's Hot 10! ♨️🔟
Partnering to Power Payments:
⤷ African open banking platform Mono formed a strategic partnership with Mastercard to introduce its 'DirectPay Pay with Bank' on the Mastercard 'Payment Gateway System' (MPGS) in Nigeria.
⤷ Open banking payments provider Trustly expanded collaboration with Cross River Bank to provide instant payments by adding the FedNow Service.
⤷ Spryker expanded its App Composition Platform to include Stripe as a global payment services provider; expanding into new regions and facilitating business with customers around the world.
Landmark Leap:
⤷ The Comisión Nacional Bancaria y de Valores (CNBV) approved Revolut Bank to operate as a subsidiary, marking a significant step in the expansion of digital financial services in Mexico.
⤷ Embedded banking platform ClearBank achieved its first full year of profitability in 2023 as its revenues and client count continue to climb, with a pre-tax profit of ~$23.35M (£18.4M).
Promoting Intercontinental Transfers:
⤷ The Bank for International Settlements (BIS) unveiled Project Agorá, a joint private-public initiative seeking to examine the potential benefits of tokenisation for improving cross-border settlements.
⤷ France-based Embedded Finance platform Swan collaborated with Wise Platform in a bid to enable its clients to send and receive money from more than 190 countries.
Investing in Innovation:
⤷ Commercial Bank International (CBI) invested in zypl.ai, a fintech startup pioneering the application of generative AI in lending to implement advanced credit scoring.
⤷ Constantinople, the Sydney-based tech and operations platform for banks, raised $33M in a Series A round, with the aim to develop its product offerings.
Decentralisation Delight:
⤷ Deutsche Bank asset manager DWS Group selected Zodia Custody for exchange-traded products. Through the collaboration, investors in DWS Group’s ETPs can access a fully segregated and regulatory-compliant digital asset custodian solution.
Now, for the ‘byte’-sized fintech buzz –
In the thriving realm of Embedded Finance, collaboration reigns supreme as major players unite to create comprehensive solutions tailored to the evolving demands of businesses.
Fintech giant Adyen partnered with Adobe Commerce to boost online and in-store payment capabilities for global enterprise merchants. Businesses on Adobe Commerce can now access Adyen's payment and fintech solutions, simplifying and scaling customer payment experiences across channels and global markets.
Treasury Prime partnered with Narmi to enable its banking customers to send and receive money instantly through the FedNow Service. The partnership aims to simplify and accelerate the adoption of FedNow by small and medium-sized financial institutions in Treasury Prime’s network.
In the expansive realm of Open Finance, geographical boundaries blur as a universal shift towards interconnected financial ecosystems takes place.
Yapily was named as a supplier on Crown Commercial Service’s Open Banking Dynamic Purchasing System (DPS). By leveraging Yapily’s robust infrastructure, the public sector could access real-time financial data and initiate payments effortlessly, paving the way for more responsible spending and improved financial health assessments.
NITMX (National Interbank Transaction Management and Exchange), a developer and service provider of Thailand's electronic payment infrastructure, aligned with Bank of Thailand policy and partnered with Red Hat to launch a new infrastructure system called API Hub. The system facilitates information sharing among banks, establishing new standards and advancing the Thai banking industry for both banks and non-banks.
In the realm of Digital Finance, a wave of approvals signals the dawn of a new era, as companies pave the way for innovative financial solutions with official backing.
stc pay, a mobile wallet for digital financial transactions, received formal approval from the Saudi Central Bank (SAMA) to move to the next phase of its transformation journey into STC Bank. STC Bank aims to provide Sharia-compliant banking services and financial solutions whilst ensuring the utmost security and customer protection through the utilisation of financial technologies.
Juni, the neobank for e-commerce, received a Mastercard Issuing Licence. The licence means that Juni can issue Mastercard cards directly to its European customers instead of using third parties, strengthening Juni's existing payment infrastructure.
In the pulsating beat of Fintech Infrastructure, a flurry of takeovers and acquisitions reshapes the industry, driving consolidation and strategic expansion.
Nuvei entered into an agreement to be taken private by Advent International. Canadian shareholders Philip Fayer, Novacap, and CDPQ will indirectly own or control approximately 24%, 18% and 12%, respectively, of the equity in the resulting private company as part of the agreement.
Experian signed an agreement to acquire illion, one of the leading consumer and commercial credit bureaus in Australia and New Zealand. The acquisition of illion by Experian will allow the company to offer enhanced choices in A/NZ, providing a competitive alternative to assist businesses in accelerating the adoption of digital services.
In the DeFi realm, regulators waltz across continents, harmonising innovation and compliance in a global symphony of financial evolution.
Tinkoff secured a licence to issue and utilise Digital Financial Assets (DFAs). The bank believes that DFAs will expand the range of financial instruments available in the Russian market and democratise access to capital markets for a wider range of consumers.
The Monetary Authority of Singapore (MAS) introduced cryptocurrency-related amendments to the Payment Services Act, focusing on digital payment token (DPT) service providers.
In the landscape of Green Finance, the increasing prominence of ESG reporting made waves, with major players in the financial industry taking steps towards sustainability and transparency.
Ernst & Young launched the Sustainable Finance Innovation Hub, aimed at supporting financial institutions globally in meeting their ESG regulatory and reporting requirements. The hub will also be augmented by professionals with sustainability expertise across Europe, Asia-Pacific, and the US.
New York City Comptroller Brad Lander announced agreements with three major North American banks, including JPMorgan Chase, Citi and RBC, to publicly disclose a new climate reporting metric outlining their ratios of clean energy to fossil fuel finance.
And that's a wrap 👋
We hope you enjoyed this edition of the Weekly Fintech Brew!
As a reward for making it all the way here, enjoy a curated list of awesome fintech resources to keep your curiosity cup full to the brim. Cheers to continuous learning!
🔗 Link Up! –
Bridging Finance & Retail: The power of Banking-as-a-Service Report - NatWest Boxed X BCG
Instant Economy Payment Insights Report - Brite
How Tokenisation Can Secure the Future of Embedded Payments Blog - Visa
Understanding 'Pay by Bank' in the realm of Open Banking Blog - Finzly
Open Banking Beyond Open Pipes Blog - WhiteSight
Starling’s Challenger Bank Playbook Report - WhiteSight
Hungry for more fintech insights? Check out some of our other work at WhiteSight.
If you're someone who likes to read think pieces, you will likely love our monthly blog, Fintersections, where our team members analyse the convergence of fintech with the world.
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