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How secure and efficient payment solutions are helping businesses take control of their finances.

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How secure and efficient payment solutions are helping businesses take control of their finances.

All the world’s a market, and merchants and clients are merely players; they have their bills and payments and their preferences to collect and pay. If Shakespeare were alive now, he’d be selling his books and merchandise online and he’d provide multiple payment options for his customers, too, because he could.

The internet has opened a myriad of ways for people to do business. Buying and selling across borders are common as access and convenience improved. Payment methods too evolved with fintech innovations and customer demands for more painless, secured and cost-effective ways to pay.

Merchants seeking to grow their business, locally and globally, will need to provide more choices for customers in the form of alternative payment methods (APMs). Current fintech offerings have broadened their ability and scope, supported by open banking legislation and initiatives. Credit and debit cards are not the only options available to make on-the-spot and recurrent payments.

Any form of payment that isn’t cash or credit card issued by a central bank can be categorised as an APM, such as eWallets, bank transfers, mobile payments and prepaid cards. Direct debits, doing transactions from one bank account to another, have capabilities that match – or are better than – cards, such as higher visibility of payment journey, automated foreign exchange, and lower transaction fees.

These four companies offer a glimpse into how businesses welcome their customers to pay how they want.

GoCardless

This global fintech is disrupting the payments industry. A leader in account-to-account payments, GoCardless is making it easy to collect both recurring and one-off payments directly from customers’ bank accounts. Their payments network serves over 65,000 businesses worldwide, from small businesses to multinationals, including DocuSign, The Guardian, Deputy, Siteminder and 9MSM.

GoCardless’ global bank debit network, open banking functionality, and cloud-based technology makes it easy for businesses to collect subscriptions, invoices, and instalments. Their merchants see reduced costs in transaction fees, reduction in churn, increased cash flow, and have even eliminated manual payment admin thanks to the company’s automated system. Using API integrations, they connect directly into leading accounting and billing platforms, with over 300 payment ecosystem partners, including Recurly, Xero, Salesforce Billing, Chargebee and Zuora, offering a plug-and-play experience for merchants and seamless payment experience for their merchant’s customers.

With credit card preference declining, GoCardless is focused on developing the best account-to-account payment options so merchants can better serve their customers.  Payment preference varies from country to country and service to service; by offering customers their preferred way to pay it can increase conversion, improve customer loyalty, and ultimately reduce churn.

Open banking has kicked off around the world, and GoCardless will introduce features built directly into its platform to take advantage of it. They have already launched Instant Bank Pay in the UK and will launch a product built on the Australian New Payments Platform (NPP) in 2022 that will rival credit cards.

To find out more about GoCardless, head over to the company’s site or read through the FAQs and excellent documentation.

Shopify

This e-commerce platform began in 2006, Ottawa, Canada, to help people create and run their online stores. By 2021, it has around 2.6 million online stores worldwide, generating over $314 billion in sales. Having a reach of 175 countries, Shopify offers two ways to process payments: its own built-in Shopify Payments and third party payment gateways.

Shopify Payments accept credit cards and other popular payment methods available in the customer’s country. Customers choose from a list of payment services to complete their purchase. Shopify partners with over 100 payment gateways making it easier for its online retailers and customers to do business. 

Shopify’s suite of services applies offline too. Its comprehensive retail point-of-sale (POS) functionality and hardware are available online and in physical locations. It has apps that are compatible across mobile operating systems, so the retailers and customers are not limited by their devices and can enjoy their shopping.

FIS

Named the largest processing and payments company globally in 2019, FIS was founded in 1968 in Florida, USA. It is known for its fintech innovations offering solutions for the merchant, banking and capital market. It processes approximately 75 billion transactions around the globe, amounting to $9 trillion.

Its Worldpay product portfolio alone supports one million merchants across 146 countries. It offers more than 300 payment gateways in 126 currencies. FIS aims to fuel more innovative commerce around the world and gives the ability for businesses to expand globally by benefiting from its single point of integration for seamless payments and acceptance while also reducing fraud.

FIS simplifies the payment experience by “accepting traditional and alternative payment types anywhere, any time, on any device and across channels”.

Recurly

The subscription economy grows in strength with a better billing ecosystem. Recurly is a driver of subscription billing innovation. It started in San Francisco in 2009 with a goal to streamline recurring billing and invoicing functions for businesses. The company forecasts over $7 billion a year in transaction volume, building on significant growth within the US and growing customer base overseas, which currently stands at 17%. The global subscription-based industry is worth almost $228 billion in 2021.

Recurly’s all-in-one subscription management and billing platform support over a dozen gateways to cater to its subscribers’ preferences. For example, it integrates with direct debit industry leader GoCardless to serve major markets worldwide, which has an appetite for bank-to-bank transactions. Its partners include Amazon Pay, Bambora, Paypal and Stripe, and it counts many high-volume subscription businesses from SaaS and media companies to healthcare and education industries as its clients.

*Some of the companies featured on this article are commercial partners of Tech Wire Asia

To read more about payments:

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Source: https://www.fintechnews.org/how-secure-and-efficient-payment-solutions-are-helping-businesses-take-control-of-their-finances/

Fintech

PNC cuts nearly 600 apps for BBVA conversion

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PNC cut nearly 600 apps during its $11.5 billion acquisition of BBVA, which closed in June. That’s roughly one app for each BBVA branch. Chief Executive Officer Bill Demchak said PNC retained only two BBVA apps when all was said and done. The $553.5 billion PNC converted approximately 2.6 million customers, 9,000 employees and nearly […]

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Source: https://bankautomationnews.com/allposts/retail/pnc-cuts-nearly-600-apps-for-bbva-conversion/

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State Street sees CRD tech acquisition pay off with 22% YOY revenue growth

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State Street saw 22% year-over-year growth in revenue from deployments of Charles River Development (CRD), a front-office software firm it acquired in 2018. The revenue growth was primarily related to professional services and its software-as-a-service (SaaS) offering, which together grew 18% YoY, Chief Financial Officer Eric Aboaf said during today’s third-quarter earnings call. The technology […]

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Source: https://bankautomationnews.com/allposts/business-banking/state-street-sees-crd-tech-acquisition-pay-off-with-22-yoy-revenue-growth/

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Fintech

More Than $1.1 Billion Raised by 14 Alums Q3 2021

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For the third Q3 in a row, Finovate alums have raised at least $1 billion in equity funding. This year’s third quarter is consistent with both the amounts raised ($1.1 billion) and the number of alums securing investment (14) from the same quarter last year.

Interestingly, August continues to be a strong month for alum funding during the third quarter; for a third consecutive year, August investment has exceeded that of both July and September for our Finovate alums.

Previous Quarterly Comparisons

  • Q3 2020: More than $1.2 billion raised by 14 alums
  • Q3 2019: More than $1 billion raised by 21 alums
  • Q3 2018: More than $400 million raised by 19 alums
  • Q3 2017: More than $1 billion raised by 31 alums
  • Q3 2016: More than $500 million raised by 30 alums

The third quarter of 2021 also saw one company, DriveWealth, become far and away the biggest recipient of investment dollars, topping the second biggest fundraiser by 3x. Three companies, M1 Finance, Alloy, and AuthenticID, secured triple-digit investments of at least $100 million.

The top ten equity investments, in a quarter with fourteen total alum fundraisings, represented the lion’s share of Q3’s investment total. Approximately 90% of the quarter’s total funding was represented by Q3’s top ten investments.

Top Ten Equity Investments for Q3 2021

  • DriveWealth: $450 million
  • M1 Finance: $150 million
  • Alloy: $100 million
  • AuthenticID: $100 million
  • Ocrolus: $80 million
  • Paystand: $50 million
  • Sezzle: $30 million
  • Dwolla: $21 million
  • Moneyhub: $18 million
  • Capitalise.com: $13.8 million

Here is our detailed alum funding report for Q3 2021.

July 2021: More than $469 million raised by seven alums

August 2021: More than $476 million raised by five alums

September 2021: More than $180 million raised by two alums

If you are a Finovate alum that raised money in the third quarter of 2021, and do not see your company listed, please drop us a note at research@finovate.com. We would love to share the good news! Funding received prior to becoming an alum not included.


Photo by John Guccione www.advergroup.com from Pexels

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Source: https://finovate.com/more-than-1-1-billion-raised-by-14-alums-q3-2021/

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Pagaya and SoFi Team Up to Broaden Access to Financial Services for Borrowers

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A newly announced collaboration between AI-powered credit and analysis technology company Pagaya and personal financial services innovator SoFi will help more eligible consumers find and secure financing. The partnership will enable SoFi members to leverage Pagaya’s AI network to access a wider range of financial solutions in what Pagaya said is the largest deployment of its technology in the fintech space to date.

“We are excited to leverage SoFi’s sophisticated tech platform, strong brand, and consumer appeal to originate loans through Pagaya’s AI network,” SoFi CEO Anthony Noto said, “extending its business to a broader audience, so more people can access credit and achieve their financial goals.”

Pagaya’s technology and infrastructure enables financial institutions, including lenders and fintechs, to offer their customers access to financial products beyond those available via traditional credit models. Using both AI and machine learning, Pagaya lowers risk for lenders and helps them make better credit decisions. The goal is to provide a better, more positive experience for borrowers, and higher conversion rates for loan providers, as well as improving the overall credit ecosystem.

“As Pagaya grows, it is imperative that we partner with companies that share our vision of providing increased efficiency through our AI network for lenders and access for its customers,” Pagaya CEO and co-founder Gal Krubiner said. “Working with a company such as SoFi, we are able to apply our artificial intelligence in a way to not only help SoFi extend capital to more people, but do so in a way to create less risk for our partner. This creates a symbiotic, win-win-win ecosystem across all parties.”

Founded in 2016 and maintaining offices in Tel Aviv, New York, and Los Angeles, Pagaya became a public company earlier this fall in a $9 billion SPAC merger with EJF Acquisition Corporation. Earlier this month, Pagaya appointed former JP Morgan CMO Leslie Gillin to the post of Chief Growth Officer. Gillin arrives at a time when the company is looking to expand into new markets including personal and auto loans, credit cards, point-of-sale financing, single-family residencies, and more.

SoFi is an alum of our developers conference FinDEVrNewYork in 2017, which the company participated in with financial data platform Quovo. In the years since, SoFi has grown into a digital financial services giant with more than $50 billion in funded loans, and more than two million members who have paid off a total of more than $22 billion in debt. Additionally, the company recently has launched solutions such as SoFi Money and SoFi Invest which offer cash management (including early payday) and brokerage services, in a major expansion beyond its roots as online loan financing and refinancing innovator.

SoFi is a publicly traded company on the NASDAQ under the ticker SOFI and has a market capitalization of more than $16 billion. SoFi is headquartered in San Francisco, California.


Photo by Magda Ehlers from Pexels

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Source: https://finovate.com/pagaya-and-sofi-team-up-to-broaden-access-to-financial-services-for-borrowers/

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