The Fintech Times Bi-Weekly News Roundup on Tuesday brings you news announcements from Money 20/20 Europe in Amsterdam.
Revolut partners with Tink for European payments
Tink, the open banking platform, has teamed up with financial super app Revolut. Tink’s payment initiation services (PIS) technology will allow Revolut users across Europe to seamlessly move money into their Revolut account.
PIS enables users to connect to the bank account they want to move money from, and instantaneously authorise and complete the payment without leaving the Revolut app.
Ivan Chalov, head of retail at Revolut, said: “We are delighted to bring Tink’s solutions to Revolut. Our partnership with Tink will enable Revolut to expand our open banking services across new markets in a fast and sustainable way. ”
Railsbank becomes Railsr
Embedded finance experiences platform Railsbank has changed its name to Railsr. It has also launched a new rewards offering. Railsr now has more than 250 business-to-business customers and 5.5 million accounts.
Nigel Verdon, co-founder and CEO of Railsr, says: “This is a significant Money 20/20 for us, not least because after six years, we have decided to change our name. And this esteemed event seemed a great opportunity to tell the world we will now be known as Railsr and not Railsbank.
“I must admit to having been a little sad about that at first, but I don’t spend a great deal of time looking back. Railsbank has served us well over our startup years, but now, for our next phase of expansion, we need a name which reflects our core activity, embedded finance experiences.
And I think Railsr hits the exact spot – it’s also a name which works across all our markets, right across the globe and allows us to operate as either a software only, or a fully financial regulated business.”
Nuapay research: ‘open banking presents the greatest opportunities of any payment method’
Nuapay (EML’s open banking business) has released new data revealing that 25 per cent of merchants
predict open banking will become the most popular payment method among customers in the next five years.
Brian Hanrahan, CEO, EML’s Nuapay Business Division, says: ”The survey results are encouraging, demonstrating a step change in merchant awareness and appreciation of open banking payments. The increase in uptake observed by respondents and predictions for the technology to become the most popular payment method in the next five years point to a growing understanding of the value of open banking.”
Buckzy extends its network to eight LATAM countries
Buckzy Payments, a cross-border payments network, has extended its payments network to cover eight countries in the LATAM region – Argentina, Brazil, Chile, Colombia, Guatemala, Honduras, Mexico and Uruguay. As part of the expansion, Buckzy will also deliver virtual account capability in the national currencies of each country, for banks, fintechs and other providers to offer to their customers.
Abdul Naushad, president and CEO of Buckzy, said: “The pandemic has scaled up the demand for digital financial services worldwide, and Latin America is no exception. This region is viewed as one of the most important in terms of market opportunity with a large percentage of the population currently without access to the digital economy.
“There is huge potential to democratise access to financial services in the region and we are now even more well placed to support the rapidly growing financial services industry.”
Trust Payments partners with Feedzai
Fintech Trust Payments revealed at Money20/20 Europe it multi-year partnership with Feedzai, the riskops platform for financial risk management.
Using Feedzai, Trust Payments’ customers will benefit from an advanced cloud-based risk management platform, powered by machine learning and artificial intelligence.
Daniel Holden, group CEO of Trust Payments, said: “We’re delighted to be partnering with Feedzai to ensure our vision for Converged Commerce can be backed by their robust risk management offering covering device authentication, malware defense, behavioral biometrics, and a full suite of integrated fraud and anti-money laundering solutions. This partnership will reinforce our commitment to a gold-standard risk framework to help deliver trusted commerce solutions to our customers around the world.”
CMC Markets selects TrueLayer for open banking-based collaboration
TrueLayer, the European open banking platform, announced its latest client collaboration at Money 20/20, with trading platform CMC Markets. CMC Markets will be using TrueLayer to improve the client onboarding process and instant, secure payments for funding investment accounts.
TrueLayer will also support an improved experience for CMC Markets customers when funding their investment accounts.
Nick Tucker, head of financial service at TrueLayer, commented: “We’re delighted that CMC Markets has selected TrueLayer to deliver open banking-based services in the UK. It’s exciting progressive firms such as CMC Markets embracing open banking and, with TrueLayer, deliver a more compelling customer experience. We look forward to working with the team at CMC Markets to deliver value to their customers.”