Visa has added Episode Six as a fintech partner in the card brand’s Fast Track Program in Asia Pacific. PaymentsSource
Visa is collaborating with four global finance firms to help FinTechs issue plastic and digital payments. Pymnts.com
Artificial intelligence (AI) is rapidly evolving across various parts of the banking and payments sectors, and digital consumers are reaping the benefits from institutions that apply this technology. Read the full story on PaymentsSource.
U.S. banks are trying to answer a key question about open banking: Can we share our data with payment companies and other fintechs without scrapping our legacy systems? The answer is yes, with an asterisk. Read the full story on PaymentsSource.
Banks are often slow to adopt the latest technology, and in many cases that is warranted. As highly regulated institutions tasked with protecting valuable data, banks understandably want to avoid “running with scissors.” By starting slow with simply implementing APIs in a few areas, they can begin to modernize and ultimately provide streamlined payments solutions, like RTPs, to their largest pool of customers. Read the full story on Trade Finance Global.
Over the past decade, the banking industry has made great strides when it comes to providing customers with better digital experiences – thanks in part to the rise of innovations like cloud computing and APIs. Increased competition from startup fintechs has also motivated banks to offer a broader range of digital products and services. Read the full story on Global Banking & Finance Review.
Payments software provider Episode Six will launch in the U.S. soon, according to its co-founder and CEO John Mitchell. Though he could not disclose a timeline, Mitchell noted he’s currently visiting New York City to lay the groundwork for the launch. Read the full story on Bank Innovation.
Nothing can stop the growth of African fintech—or so it appears. Investment in African startups quadrupled from 2017 to 2018, to tally $725 million across more than 50 deals. Fintech companies accounted for 93 of those deals, including half of the top 10 deals, and 40% of the total funding generated last year. Read the full story on Global Finance.
The reasons for banks to not embrace faster payments schemes are quickly dwindling. But many are still watching from the sidelines. Various government initiatives in regions such as Australia, Hong Kong and the U.K. have acted as catalysts for creating faster payments rails. Similarly, policies like the EU’s PSD2 incorporate open banking and provide third-party developers equal footing in developing financial technology. Read the full story on PaymentsSource.
Generation Z, whose older members are already entering the workforce, is using digital technology more than any other age group — including millennials. Gen Z’s preferred digital technologies include P2P and B2C digital payments, as opposed to more traditional payment methods. And further, one-third of the Gen Z consumers polled in the survey have never even used a paper check. This group sends and receives money digitally, uses digital apps to manage their budgets and financial accounts, and rarely steps foot inside a brick-and-mortar branch. Read the full story on PaymentsSource.
In the early days of financial technology (fintech), there was a somewhat distant relationship between fintech startups and traditional banks. Some spoke of how fintechs were going to “disintermediate” banks. Read the full story on Microsoft Industry Blogs.