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Goldman Sachs taps Visa for cross-border payments

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Visa (NYSE:V) today announced a global strategic partnership with Goldman Sachs Transaction Banking to help businesses – large to small – move money effortlessly around the world.

Through its implementation of Visa B2B Connect and Visa Direct Payouts solutions, Goldman Sachs will help its commercial and corporate banking clients simplify complexities and costs associated with existing systems and inefficient processes. These solutions will enhance Goldman’s cross-border business-to-business (B2B) and business-to-consumer (B2C) payments program for high and low value payments. Goldman Sachs’s corporate clients can move funds quickly and securely, have near real-time visibility into their payment status, obtain necessary reconciliation and compliance data, ultimately helping improve organizations’ cash flow.

“There is an immediate need for modernization of global money movement to help businesses around the world simplify and enhance how they pay and get paid across borders,” said Alan Koenigsberg, global head of new payment flows, Visa Business Solutions. “Visa’s partnership with Goldman Sachs Transaction Banking is an important milestone in our efforts to break down traditional processes and silos and help spur innovation in this critical industry segment for the decades to come.”

Goldman Sachs Transaction Banking clients can begin using Visa’s solutions right away through their existing connections, whether that be API, file or online web platform.

For high-value cross-border B2B payments, Goldman Sachs will leverage Visa B2B Connect, a multilateral B2B cross-border payments network, available in 97 markets globally, to help optimize payments for its corporate client base. Built from the ground up, Visa B2B Connect is designed to shorten time spent on cross-border corporate payments by facilitating transactions from the bank of origin directly to the beneficiary bank, helping significantly streamline settlement. The platform helps increase visibility and predictability into the transaction flow, giving Goldman Sachs clients an opportunity to track the status of payments from the originator bank to the destination bank in near real time, while improving transaction accuracy and simplifying the reconciliation process.

With Visa Direct Payouts capabilities, Goldman Sachs will bring push-to-account functionality for lower value, high volume cross-border Business-to-Small-Business (B2SB) and Business-to-Consumer (B2C) payouts, eliminating complexities often associated with businesses having to manage multiple networks and intermediaries worldwide. Through a single connection to billions of endpoints in over 90 markets, Visa Direct Payouts expands the payment options Goldman Sachs can offer to its corporate clients.

“We believe paying someone halfway around the world should be just as easy as paying someone around the corner,” said Eduardo Vergara, global head of Transaction Banking Product and Sales at Goldman Sachs. “We are proud to partner with Visa to introduce fast and easy ways our clients can make payments across the globe.”

Goldman Sachs Transaction Banking clients will benefit from this partnership in numerous ways:

One simple workflow for all payment types
Start using Visa services right away, with no changes to existing setup
Additional payout options for high and low value payments
Fee optimization
Comprehensive information reporting for easy reconciliation
Visit Visa Direct Payouts and Visa B2B Connect to learn more how Visa helps its clients and partners move money globally. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.finextra.com/pressarticle/87964/goldman-sachs-taps-visa-for-cross-border-payments?utm_medium=rssfinextra&utm_source=finextrafeed

Crowdfunding

London based Open Payments Fintech Volt Secures $23.5M via Series A led by EQT Ventures

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London-headquartered Volt, an open payments gateway provider, has secured $23.5 million in capital through a Series A round that was led by EQT Ventures.

Augmentum Fintech, Fuel Ventures, and angel investors including Adyen co-founder Robert Kraal and FIS non-executive director Gabriel de Montessus took part in Volt‘s latest investment round as well.

Launched in 2019, Volt aims to provide convenient access to Open Banking payments across Europe. It reportedly connects more than 5,000 banking platforms in the UK and EU. This helps bring together new generation account-to-account payments infrastructure to a single point of access.

Volt’s management noted that there are 58 countries that are introducing new instant payment schemes, with firms throughout the world now embracing a more digital way of conducting business. With this new funding, Volt aims to expand operations into new markets so that it can increase its global presence.

Tom Greenwood, CEO at Volt, stated:

“Instant payments are set to dominate the global payments landscape and will become the new normal. It’s an exciting time to be in payments, and we are delighted to have secured such a significant funding round, and the backing of an influential group of investors.”

Tom Mendoza, Partner at EQT Ventures, remarked:

“The pandemic has created an inflection point in the payments sector; faced with unprecedented online demand, merchants and PSPs are re-assessing the technical infrastructure that underpins their business. Volt’s team of payments experts are creating meaningful change and building a new category in instant payments, forging the path by bringing new real-time networks to a single switch. We are delighted to be working with Tom and the team.”

As covered in April 2021, Volt revealed that it has developed new cash management functionality. It offers merchants and payment service providers with full visibility of Open Banking payments made via the UK’s Faster Payments Service and the European SEPA Credit Transfer and SEPA Instant Credit Transfer schemes.

Currently available in the United Kingdom, and also across Europe, Volt Connect has been designed to give merchants more control of their cash by allowing them to keep track of multi-currency PSD2 payments from the point of initiation to the moment of arrival in their accounts. Automatic reconciliation and reporting offer recipients with instant notification of transaction settlement, enabling them to credit the intended customer account a lot faster and in a reliable manner.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176789-london-based-open-payments-fintech-volt-secures-23-5m-via-series-a-led-by-eqt-ventures/

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Crowdfunding

UK Payments Fintech Paysend, the Card-to-Card Pioneer, Introduces New Digital Money App

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UK’s Paysend, the card-to-card pioneer and global payments platform, has introduced Paysend 4.0, which is described as a new digital money app designed to manage all payments requirements from a single location.

As noted in the announcement, the latest version offers global transfers, a multicurrency wallet, and international spending as part of the updated Paysend app. The app offers an all-in-one payments experience that has been developed by the Paysend product team.

The Paysend 4.0 app includes the Fintech firm’s international transfers capabilities, multicurrency accounts, and cross-border payments that are offered via a user-friendly digital app. The launch started in the United Kingdom and is being rolled out across Europe.

Paysend recently finalized a $125 million Series B round and is now working on creating innovative products that can “save time, save money and service millions of people all over the world with the most advanced technology.”

The Paysend product team has been “growing with several top-class engineers and developers all committed to create and deliver the next generation of digital money products,” the announcement revealed.

The new Paysend 4.0 is a “fully upgraded version” of the Global Transfers app. It embeds key features such as Money Transfer, a multi-currency Global Account and a physical and virtual card. Its multi-currency account allows users “to open different currency wallets, hold up to several currencies at any one time (GBP, USD, EUR, CHF, CNY, PLN, CZK), and switch between them instantly so you can send money to over 128 countries in the world.”

These currencies may be linked to the Paysend Mastercard or in-app Virtual Card and be used for making purchases online, taking care of daily expenses, or used at ATMs globally with low fees. Clients may add their existing banks on this one app, and they may also view their balances and bank statements of the past 3 months on Paysend.

The multi-currency account and Paysend cards have been specifically developed for people who “live, travel and work abroad.”

As explained in the announcement:

“‘The easy-to-use mobile app also [provides] a simpler on-boarding process and is truly the perfect bank alternative. The … improved onboarding experience lets  Paysend customers start their first transaction in less than 5 mins, removing the hassle of setting up an international account through a traditional banking provider.”

The Paysend 4.0 app offers international payment processing, supported by Paysend Global Transfers, allowing customers to perform card-to-card transfers to any Visa, Masterсard or Union Pay cards, Alipay accounts, and to regular bank accounts in more than 120 countries.

Abhishek Tripathi, Head of Product at Paysend, stated:

“The new Paysend 4.0 is an app that will make the life of customers so much easier: with low, fixed fees, an intuitive and simple interface, amazing rates, and of course our powerful digital technology. … Security, convenience and flexibility are the foundations on which we’ve built the new app, and we’re delighted to help millions of people every day with it.”

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.crowdfundinsider.com/2021/06/176804-uk-payments-fintech-paysend-the-card-to-card-pioneer-introduces-new-digital-money-app/

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This Week in Fintech ending 18 June 2021

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This week our experts brought you the following insights based on their experience as investors, entrepreneurs & executives.

Monday Ilias Hatzis our Greece-based crypto entrepreneur (Founder & CEO at  Kryptonio a “keyless” non-custodial bitcoin and cryptocurrency wallet, that lets users manage bitcoin and crypto, without private keys or passwords and Weekly Columnist at Daily Fintech) @iliashatzis wrote Bitcoin is now money in El Salvador. What’s next?

El Salvador made history last week. It became the first country in the world to adopt bitcoin as a legal tender. In ninety days from now, people in El Salvador will be able to pay for goods and services using the cryptocurrency and no one will be able to refuse bitcoin as payment. Businesses will have to accept bitcoin for any transaction, just like they do with the US dollar. To minimize risk from bitcoin’s volatility, a government trust fund will guarantee the automatic conversion to dollars. This is huge step for the crypto market and testament that bitcoin is not going away, any time soon, even though on countless occasions in the past, it’s been pronounced dead. This is a bold step by a small country, that could drive other nations to follow in its footsteps. This live experiment could serve as case study for bigger countries to see and learn from the mistakes in El Salvador, before they making their step into digital currencies. If this proves successful, then we will see a massive adoption, especially in countries with cash economies, where bitcoin is already the main tender.

Editor note: This first the Rest then the West narrative may drive the next Bitcoin bull market.

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Tuesday Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote: Part 2 – Some pucks moving in the right direction to democratise Wall Street

I could be accused or being optimistic to the point of naivety but I draw hope from 5 things that are at least moving in the right direction of democratising Wall Street.

Editor note: Last week’s post was about what is pitched as democratising Wall Street, but which is really business as usual. This week’s post is about where real change is coming from.

Wednesday Alan Scott Managing Director EMEA at 24 Exchange @Alan_SmartMoney wrote his weekly roundup of Stablecoin news.

Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote: Bitcoin fans had a dream about Institutional money that turned out to be a nightmare

Many Bitcoin fans dreamt that Legacy Finance Institutions would lead the way to mainstream adoption of Bitcoin.

This dream was the narrative that drove the last Bitcoin bull market. Now that we are in a Bitcoin bear market, that dream has turned out to be a nightmare.

Editor note: Nightmares (and bear markets) do end. This too shall pass.

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Thursday

Rintu Patnaik, an Insurtech expert based in India, wrote: The Underwriter’s Gambit Part 3: Third Party Data In Auto InsuranceThe Underwriter’s Gambit Part 3: Third Party Data In Auto Insurance

In previous parts of this series, increased usage of algorithmic underwriting in complex risks and prevalence of integrated workbenches in life insurance were discussed, as ways in which traditional underwriting was modernizing. In this final part, the use of third party, alternative data in auto insurance underwriting is the focus.

A recent Deloitte study found, 90% respondents in insurance struggle to find value in data they access. Though its foundation is tightly linked to data, the insurance industry still relies predominantly on the same data points they used decades ago – claims histories, credit ratings, customer demographics and general business information – to underwrite risk. Hundreds of data sets are available to insurers, but only some show strong promise, such as IoT data, new forms of open source and social media data.  Among the most common applications of IoT are telematics that provide insurers an opportunity to leverage data generated by vehicles on the roads.

Editor note: Auto insurance is huge but should/could be a lot easier for all. Rintu shows how data is the key to this.

Christian Dreyer @x3er, the Swiss based CFA who focusses on how XBRL changes our world wrote his weekly roundup of XBRL news.

——————————————-

Friday Howard Tolman, a well-known banker, technologist and entrepreneur in London, wrote his weekly roundup of Alt Lending news.

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To continue receiving ‘This Week in Fintech’, the weekly recap of our articles, you will need to fill this form to give us consent to send this to you. Please note that Daily Fintech requires your organizational email address (e.g. corporate, educational or government) and your LinkedIn URL. This information is required for subscribers who want ‘This Week in Fintech’ for free. If you prefer to not provide this information, you can still receive all our content by becoming a paying member.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://dailyfintech.com/2021/06/18/this-week-in-fintech-ending-18-june-2021/

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Payments

Alt Lending week ended 18th June 2021

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Major Banks face further capital constraints over exposures to crypto currencies

The Basel committee on Banking supervision is apparently casting its eyes on bank’s exposures to crypto currencies. At the same time it acknowledges that the size of these exposures are small by comparison to the overall size of the banking system. It seems that they are leaning towards a capital buffer of 100% of the size of the exposure. This does seem to be unduly harsh but given the price volatility of these assets and the fact that nobody in the universe can give an objective view on their value, (answers on a postcard please) not terrible surprising. A few weeks ago I read that the total value of Bitcoin in circulation was roughly equivalent to the size of the GDP of the Russian Federation. Not an insignificant amount of money. This leads me again back to basics. Like it or not banking profitability is essentially of three major financial ratios: return on assets(ROA), return on equity(ROE) and the debt/equity ratio(leverage)  These three key numbers are intertwined and simple. Multiply ROA by the debt equity ratio and it will give you the return on Equity. How this capital buffer will be managed is anybody’s guess. After all it is an invisible asset and I am willing to bet that every single holder has a bank account and their individual exposures to cryptocurrencies as opaque as they want them to be.  My bank has never asked me about my exposure to Crypto but are still willing to give me a hefty overdraft limit?

SoftBank-led raise values Klarna at $ 45 billion

I have to admit that I don’t really know how Swedish Bank Klarna works but the idea seems remarkably similar to the old catalogue sales model used by Great Universal Stores and others in the mid 1900’s. They fund buy now pay later retail purchases through a kind of instalment credit. The clever thing is that their deal appears to be for the benefit of the seller. Once the goods are off the shelf Klarna collects the installments over time. Naturally the credit card companies don’t like this very much but I suppose they only have themselves to blame. Klarna says that clients are fed up with traditional interest and fee laden revolving credit propositions and who can disagree? However Klarna is not an altruistic institution and it is the buyer who is paying the financial charges which presumably are not exactly transparent at the time of purchase (I have never used this technique please correct me if I am wrong). Apparently this method of credit has become increasingly popular during lockdown. Klarna is valued at $45billion but is still loss making? The FCA are taking a look. I am not sure if that will help. What would of course be helpful to consumers, is if the sellers involved, published both the cash price and the Klarna price. Do they do this already? If so more power to them. If the prices are the same then the public are being taken for fools, again.

English law still a good choice after Brexit

Barnabas Reynolds of International law firm Shearman and Sterling has written quite a few interesting comment pieces in recent weeks for the Daily Telegraph. This week’s concerns the compelling  choice of either English or New York law for the preparation of international finance documents. Both systems are based on common law which also tends to reflect common sense rather than the rigid and sometimes incomprehensible interpretations of the million page long acquis. When I was arranging syndicated loans, and that was some time back, English law and the jurisdiction of the English courts was the normal choice although New York and Delaware also made appearances. Nevertheless it is still important and a very good reason to do business in London. You tend to find experts in English law in England.

Howard Tolman is a well-known banker, technologist and entrepreneur in London,

We have a self imposed constraint of 3 news stories per week because we serve busy senior Fintech leaders who just want succinct and important information.

For context on Alt Lending please read the Interview with Howard Tolman about the future of Alt Lending and read articles tagged Alt Lending in our archives.

Daily Fintech’s original insight is made available to you for US$143 a year (which equates to $2.75 per week). $2.75 buys you a coffee (maybe), or the cost of a week’s subscription to the global Fintech blog – caffeine for the mind that could be worth $ millions.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://dailyfintech.com/2021/06/18/alt-lending-week-ended-18th-june-2021/

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