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Payments

Paysafe expands US partnership with IntelliPay to offer online cash payments

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Paysafe (NYSE: PSFE), a leading specialized payments platform, today announced an expanded partnership with IntelliPay, a Utah-based provider of an intelligent cloud-based payment platform and alternative payment models. IntelliPay, which already leverages Paysafe’s payment processing services, will now add the Paysafecash online cash solution as an alternative payment method to its platform, further promoting financial inclusion by giving consumers without bank accounts the opportunity to pay for bills online.

The integration of Paysafecash will see IntelliPay, a Paysafe payment processing partner since 2015, build on its commitment to provide multiple payment methods to multiple industries, creating intelligent solutions that serve all customers who wish to pay a bill online. The need for such solutions has been amplified during the COVID-19 pandemic, when in-person cash payment options have been more limited. IntelliPay helps facilitate transactions across several affected industries, including property management, government services, utilities, non-profit, healthcare, and education.

The importance of financial inclusion is reflected in recent data from the Federal Reserve, which show that 22% of U.S. adults are either underbanked or unbanked. Further emphasizing the payments challenges faced by lower income demographics, the report also revealed that 43% of Americans making less than $40,000 a year were denied credit requests in 2019. With Paysafecash, those with lower incomes and limited access to credit will benefit from greater payments flexibility.

The addition of Paysafecash to the IntelliPay end-to-end payments platform will help customers address their payment needs in a way that is safe, convenient and has no potential for chargebacks. After generating an online barcode, which can either be stored digitally or printed, and finding a nearby Paysafecash payment location such as a convenience store, pharmacy, or dollar store, consumers then need only visit that location to complete the payment with cash. With 60,000 payment points throughout the U.S., Paysafecash empowers Americans by allowing them to pay on their terms.

Udo Müller, CEO of Paysafe’s eCash division, said: “We’re very pleased that through our collaboration with IntelliPay, more U.S. consumers will have the opportunity to pay for their bills online, even if they don’t have a bank account. Like IntelliPay, we passionately believe that we need to improve financial inclusion in our society, something which has become increasingly important as a result of the pandemic.”

Casey Leloux, CEO at IntelliPay, said: “The teamwork and support from Paysafecash has been outstanding. Integrating Paysafecash into our IntelliPay Platform will provide a greater service to our merchants’ customers who want to pay online, but still use cash. Expanding payment options and empowering our merchants to accept all payment methods will provide a better payment experience for their customers and help our merchants automate their receivables.” 

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Source: https://www.finextra.com/pressarticle/87965/paysafe-expands-us-partnership-with-intellipay-to-offer-online-cash-payments?utm_medium=rssfinextra&utm_source=finextrafeed

Crowdfunding

Luxembourg Fintech Finologee Develops Automated Payments Solutions for Enhancing Workflows

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Luxembourg-based Fintech Finologee has reportedly created a hosted system that offers API end-points in order to automate payments and support secure web interfaces which improve workflows and data visualization while establishing a direct connection to the SWIFT network.

The product’s development has been supported by the Luxembourg government. Crédit Agricole Life Insurance Europe (CALIE) is notably the first client/end-user to adopt the new platform.

Finologee started the development of its Enterprise Payments (ENPAY) platform in 2020 with the goal to assist the financial services sector with addressing business process enhancement and various automation requirements (with its payment workflows and interactions).

Instead of managing multiple, host-to-host banking channels or adapting consumer-focusing PSD2 access-to-account channels to their specific needs, users may work with FinologeeENPAY, a platform hosted in a secure Software-as-a-Service (SaaS) setup in Luxembourg, using a bank-agnostic connection to manage any bank account.

To streamline and automate their payment processes, companies may connect through Finologee’s API end-points. The platform comes with a modern web interface that uses multi-factor authentication and allows customers to implement complex workflows and advanced transaction signature processes.

The ENPAY system is hosted on the company’s Trusted Fintech Platform, along with Finologee’s bank compliance, KYC and digital payments infrastructure. The SaaS setup meets outsourcing compliance requirements that apply to financial services providers, significantly lowering their implementation lead times.

For payment network and messaging connectivity with banking institutions, Finologee decided to implement direct access to SWIFT, the provider of secure financial messaging services, which connects over 11,000 banking and securities organizations, market infrastructures and corporate customers globally.

User authentication and manual transaction signature components are being offered with assistance from Luxtrust, a Luxembourg-based provider of digital identities and a trust service.

Crédit Agricole Life Insurance Europe (CALIE), one of Luxembourg’s largest life insurance providers, is the first client/end user to integrate FinologeeENPAY. Accounts with multiple banks have been connected, now covering Indosuez Wealth Management, CACEIS, ING, BGL BNP Paribas and Spuerkeess, and others will be added in the coming weeks.

Finologee also entered a joint financing agreement with the Luxembourg government that supports the process and organizational innovation objectives of the initiative.

Franz Fayot, the Luxembourg Minister of the Economy, stated:

“Luxembourg is the perfect breeding ground for digital products addressing the needs of financial industry professionals. The country is well positioned to trigger projects that combine regulatory, communications, financial and technological aspects. The Luxembourg Government’s unique set of research, development and innovation programs and the encompassing ecosystem provide the right toolset to support digital innovation projects efficiently. Projects led by Fintech companies such as the Finologee ENPAY platform and boosting their relationship with established businesses effectively demonstrate how cooperation cannot only solve current business challenges but also reshape existing technical setups to be ready for tomorrow’s challenges.”

Pierre Gramegna, the Luxembourg Minister of Finance, remarked:

“I salute the Enterprise Payment initiative ENPAY, which is another successful illustration of the potential of cooperation between a traditional player like Credit Agricole Life Insurance Europe and a new FinTech like Finologee. By providing innovative financial solutions that benefit all actors, such collaborations strengthen our ecosystem and thus fully reflect the philosophy and vision that lies behind the LHoFT (Luxembourg House of Financial Technologies).”

Raoul Mulheims, CEO of Finologee, added:

“We firmly believe that our Enterprise Payments platform can be the missing link many financial service professionals and institutional players are looking for to automate their payment processes and reduce risks. From the start, the project received strong support from partners and stakeholders. We would like to thank them for their contributions and encouragements, as well as our team for its commitment and its expertise. We are eager to quickly build up this new product and we are looking forward to establishing the foundations to a new ecosystem that has the potential to have a genuine positive impact for many businesses in Luxembourg.”

When developing the FinologeeENPAY product architecture and associated roadmap, the firm depended on its expertise and experience working with this type of project (stemming from various other digital platforms the firm and its founders have been working with for the past 15 years in Luxembourg).

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Source: https://www.crowdfundinsider.com/2021/06/176496-luxembourg-fintech-finologee-develops-automated-payments-solutions-for-enhancing-workflows/

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Blockchain

Algorand could soon process up to $800 million in healthcare costs in Bermuda

MAPay, a global healthcare technology firm with a focus on decentralized payment networks, will use Algorand to issue a stablecoin for facilitating over $800 million worth of healthcare-related costs in Bermuda, as per a development this past week.

The post Algorand could soon process up to $800 million in healthcare costs in Bermuda appeared first on CryptoSlate.

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MAPay, a global healthcare technology firm with a focus on decentralized payment networks, will use Algorand to issue a stablecoin for facilitating over $800 million worth of healthcare-related costs in Bermuda, as per a development this past week.

The firm boasts healthcare partnerships in the US and beyond, and will use Algorand’s blockchain as the backbone for its forthcoming advancements in the healthcare sector.

Onboarding Algorand

Traditional healthcare payment systems are slow, cumbersome, and riddled with unnecessary expenses. But by using a high-speed blockchain, MAPay aims to create efficiency in the system, across stakeholders like insurance companies, government health providers, and banks.

The collaboration will allow MAPay to provide Bermuda with a country-wide deployment plan to lower transaction costs of healthcare encounters through the MAPay network, which will run on Algorand.

MAPay will also implement a patient-driven data exchange aimed at providing medical interoperability, population health management, and better overall outcomes.

“Our relationship with Algorand is a global game changer in healthcare commerce and data exchange,” said MAPay CEO Michael Dershem. 

Kevin Richards, head of portfolio and investment advisor Bermuda Asset Management (BAM), said that Bermuda’s innovative regulatory framework for cryptocurrencies continues to attract transformational projects.

“[It] places us at the center of what could power a global change in the way healthcare payments are transacted in Bermuda and around the world,” he said in a statement.

At a conference earlier this year, Dershem stated that if global healthcare transaction costs could be reduced by even 10 percent, nearly $1 trillion in capital would be freed up in the world, preferably to be used for providing vaccines in developing geographic regions, access to care in urban health deserts, and orphan drug research instead.

The Algorand blockchain operates at over 1,000TPS and is final in under 5 seconds on a platform that is verified to not fork. And in addition to providing an open, public infrastructure, Algorand’s technology is a high performing Layer-1 that enables immediate transaction finality, security required in the healthcare space, and advanced smart contracts that expand future potential.

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Source: https://cryptoslate.com/algorand-could-soon-process-upto-800-million-in-healthcare-costs-in-bermuda/

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Fintech

Fintech Klarna hits mammoth $45.6bn valuation through new funding round

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Online payments provider Klarna has raised more than $639m in a new private fundraising round, led by Japan’s SoftBank to boost its valuation to almost $46bn, making it the second-biggest FinTech startup by valuation after Stripe

The quadradecacorn’s existing investors Adit Ventures, Honeycomb Asset Management and WestCap Group also participated in the raise.

In the past Klarna has received backing from Sequoia Capital, SilverLake, Dragoneer, Permira, Commonwealth Bank of Australia, Bestseller Group, Ant Group, Northzone and GIC, as well as funds managed by BlackRock and HMI.

Klarna said it would use the new cash injection to continue to expand internationally and to develop new products. It has been investing heavily in the US, where it now has 18 million customers.

The new valuation represents an increase of almost 50% from Klarna’s post-money valuation of $31bn in March, when it raised $1bn.

Klarna, a regulated bank, touts itself as an alternative to credit cards. It allows shoppers to buy online through merchant partners including Abercrombie & Fitch, Nike and Peloton among others and split payments into interest-free instalments.

Commenting on the mammoth round, Klarna CEO Sebastian Siemiatkowski said, “Consumers continue to reject interest-and fee-laden revolving credit and are moving toward debit while simultaneously seeking retail experiences that better meet their needs.

“Klarna’s more transparent and convenient alternatives align with evolving global consumer preferences and drive worldwide growth. I’m very proud of the investors who are supporting Klarna’s ambition to challenge these outdated models to empower consumers with fair, transparent, and convenient products to help them bank, shop and pay each day.”

Echoing a similar sentiment, SoftBank Investment Advisers managing partner Yanni Pipilis added, “Klarna’s growth is founded on a deep understanding of how the purchasing behaviours of consumers are changing, an evolution which we believe is accelerating.

“Klarna has already successfully expanded into the U.S., and we are excited to continue supporting the team in bringing the next generation of financial services to new markets worldwide.”

The use of BNPL services has indeed surged during the Covid-19 pandemic. A recent review by the UK Financial Conduct Authority’s former interim chief executive, Christopher Woolard, found that the value of transactions using BNPL had nearly quadrupled between January and December 2020. Overall BNPL is around 1% of the total credit market, the review found.

This funding round provides GiveOne, the initiative to support planet health established by Klarna earlier this year, with its third significant donation since launch. Recent investor A$AP Rocky pledged to support the Miti Alliance in Kenya and its founder Michael Waiyaki, who is fighting to slow down the effects of climate change due to deforestation. Klarna has also launched a CO2 tracker on every purchase.

It’s worth noting that investors continue to pump in money towards BNPL ventures despite the sector being criticised for putting customers’ financial well-being at risk. In response, regulators in the US and the UK have either launched or are expected to introduce new rules for the BNPL market.

Klarna witnessed a record annual revenue of $1.2bn in 2020. However, losses also climbed 50% to about $109.2m due to increased costs associated with its international expansion.

Klarna was also hit with a data breach last month, with users reporting they were being accidentally logged into other people’s accounts. The firm temporarily shut down its app. In a blog post, Klarna said the issue, which affected more than 9,500 users, was a bug caused by “human error,” and that it had “informed appropriate authorities.”

Copyright © 2021 AltAssets

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Source: https://www.altassets.net/private-equity-news/by-news-type/deal-news/fintech-klarna-hits-mammoth-45-6bn-valuation-through-new-funding-round.html

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Payments

This Week in Fintech ending 11 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 One small step for man, one giant leap for bitcoin

This past week was pretty busy for me on several fronts. Yesterday, when I was speaking to a friend and colleague, he mentioned that bitcoin was going to the moon. Usually when we say “bitcoin is going to the moon” it’s an expression used when the price of the coin is off the charts. But that hasn’t been the case in recent weeks and the entire market has been going sideways. Literally in this case  both bitcoin and ethereum are going into orbit. BitMEX announced that it wants to deposit a single bitcoin on the surface of the moon. The crypto exchange said that it plans to deposit a physical wallet containing a single bitcoin on the surface of the moon. The wallet will be in the form of a commemorative coin. On June 3, a SpaceX rocket took off, carrying an Ethereum node for SpaceChain. The Ethereum node will be installed and  run in the International Space Station. SpaceChain offers blockchain custody services and claims this project is a sign of decentralization and censorship resistance of blockchain technology. Institutional clients will get access to the node to better their security and protect their digital assets. But this is just the first of the two missions that will put crypto into orbit. The second is scheduled for June 24, and the mission will focus on installing on a YAM-2 satellite, the nodes created for the cryptocurrency exchange Biteeu as well as for a community project called Divine. This second mission will also install a third bitcoin satellite node for the Nexus platform. When I heard this, I wondered why would someone want to put a crypto node into space. On the surface crypto and space seem like an odd fit. But after giving some more thought, space exploration fits with the ideological and practical effects of cryptocurrency. More importantly, blockchain holds the key to democratizing the space industry and unlocking its fullest potential

Editor note: Ilias analyses why putting a crypto node into space could be useful.

——————————————-

Tuesday Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote: Part 1 what is NOT democratising Wall Street

There is a lot of the hype around “democratising Wall Street”. In this 4-part series we look at what is needed to really democratize Wall Street and why that is so important.

Some subjects are too complex for our short attention spans, so we do 4 posts one week apart, each one short enough not to lose your attention but in aggregate doing justice to the complexity of the subject. Stay tuned by subscribing, click here for Part 1.

We start today with 3 pitches that use the “democratising Wall Street” that benefit the seller more than the customer.

Editor note: Many of these pitches come from “disruptive” Fintech startups – despite a pitch that they are better for you than those evil old incumbents.

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

——————————————-

Thursday

Rintu Patnaik, an Insurtech expert based in India, wrote: The Underwriter’s Gambit Part 2: Algorithm-Led Advances in Complex and Specialty Risks

In Part 1, underwriter workbenches were described as platforms to support underwriters in making complex decisions at speed and with confidence. Workbenches come equipped with relevant insights about clients and the risk being underwritten, along with a modern user interface to enable frictionless data flow.

Editor note: Rintu tackles a big complex subject in multiple parts. In this post he looks at the role of algorithms in underwriting to augment not replace human judgment.  

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.

——————————————-

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.

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Source: https://dailyfintech.com/2021/06/11/this-week-in-fintech-ending-11-june-2021/

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