The Fintech Times Bi-Weekly News Roundup takes a look at the latest fintech stories from around the world on Thursday 31 October 2024.
Partnerships and collaborations
Paysafe has partnered with Deutsche Bank AG, Germany’s largest retail bank, to provide private customers with easy access to cash services. Powered by Paysafe’s barcode solution, Paysafecash (marketed as ‘viacash’), banking customers in Germany can deposit and withdraw cash seamlessly to and from their bank accounts. This service will be available for private customers first for the Postbank brand in November and will be rolled out to the Deutsche Bank brand in the second half of 2025.
International money app Zing has rolled out two new frictionless, top-up options for members. Automatic and one tap top-ups will utilise open banking variable recurring payments (VRP) to enable members to add funds from seven major banks within 30 seconds. The new features will be available for all members following a partnership with Visa’s open banking platform Tink.
Global fintech Unlimit has formed a strategic partnership with SHOPLINE, a software-as-a-service provider, to assist Chinese merchants in expanding their global reach through the integration of new payment processes. SHOPLINE will leverage Unlimit’s portfolio of more than 1,000 global payment methods and card acquiring services to help Chinese merchants seamlessly process customers in other APAC countries and new markets, like LatAm, Europe, the UK as well as Africa.
BIAN, the independent not-for-profit standards association, has launched the fourth iteration of its Coreless Banking Initiative. This iteration has been developed alongside its members, including Wells Fargo, Bangkok Bank, Bantrab, IBM, Salesforce, SID Global Solutions Zafin, TCS, Envizion, Solace and Temenos. The updated proof of concept will help banks identify customers who are likely to leave or consider moving money outside of the bank and identify personalised offers using AI and machine learning.
Additional partnerships
iDenfy, a Lithuania-based ID verification fraud prevention regulatory company, has partnered with O2Factoring, a Dutch-based financial service provider specializing in factoring solutions. The collaboration focuses on integrating advanced identity verification and anti-money laundering screening solutions to streamline regulatory compliance and deliver a seamless, secure experience for O2Factoring clients.
Safecypher, a card payments security company, has gone live with a PCI compliant anti-fraud solution, supported by Systal Technology Solutions, the global network, cloud and security company. Safecypher’s technology enables businesses to optionally disable the static Card Verification Code on cards and provide customers with new dynamic CVCs that change for each transaction generated via their mobile banking app.
M&As
Houlihan Lokey, the global investment bank, has acquired PSL, a provider of technology-driven valuation and analytic services, as it continues to strengthen its financial and valuation advisory business and offer clients a differentiated experience using data-driven deliverables. Founded in 2016 after a spin-out from Prytania Investment Advisors, London-based PSL specialises in structured credit valuations and analytics.
Company updates
Bitget, the cryptocurrency exchange and Web3 company, has launched its new payment service for instant crypto transactions called Bitget Pay. The release marks the introduction of a contactless, peer-to-peer crypto payment solution exclusive to the Bitget App.
Kueski, the buy now, pay later and consumer lender in Latin America, has reached a significant milestone with 20 million loans distributed to Mexican consumers. This marks 100 per cent growth in loans disbursed in just 18 months, further showcasing Kueski’s momentum as it moves forward in its mission to improve the financial lives of Mexicans.
Devexa, the AI-powered virtual assistant and chatbot from global software developer, has launched a series of wealth management support features, designed to enhance wealth managers’ customer support offering. The new features, which are readily available out-of-the-box via the Devexa widget, include historical performance charts, asset allocation views, and market value tracking, all with flexible time filtering.
Appointments
Bevis Watts, CEO of Triodos Bank UK, is stepping down from his position in 2025. In what will be his 10th year leading Triodos Bank UK and aligning with board succession planning, Bevis has decided “that it is the right time”. He will continue to lead Triodos Bank UK until the half year point (end of June 2025) and a recruitment process for his successor is underway.
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