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Payments

This Week in Fintech ending 13 August 2021

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Fintech

Money 20/20: Employee demand rises for instant payments

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Growing employee demand for being paid instantly rather than biweekly ― led by today’s gig economy ― is soon expected to spill over into more traditional employers’ payroll systems. That was the consensus among a panel of payments and research executives speaking about the opportunities for instant payments at the Money 20/20 conference in Las […]

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Source: https://bankautomationnews.com/allposts/payments/money-20-20-employee-demand-rises-for-instant-payments/

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Fintech

How to solve the electronic payments challenge with automation

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By eliminating manual tasks, streamlining processes and optimizing data, receivables automation has the potential to reduce costs, facilitate better forecasting and improve cash flows.   While automation has helped payers thrive, multiple electronic payment types and decoupled remittance data have made payment reconciliation difficult and time-consuming for account receivables departments. Integrated receivables systems can help open […]

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Source: https://bankautomationnews.com/allposts/payments/how-to-solve-the-electronic-payments-challenge-with-automation/

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Plaid targets payments: Look out traditional credit

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Thursday, Plaid launched what they called a “payment partner ecosystem,” a network of companies that will be using a Plaid-enabled “pay with bank” option at checkout.

It is the open banking giant’s first move into the payments space, less than a year after the Justice Department killed the Visa/Plaid merger. 

Instead of joining a major payments provider, Plaid aims to disrupt the Visa, Mastercard, and Amex payment empire. Partners like Square, Dwolla, and new arrivals to the Plaid ecosystem Checkout.com and Marqeta are members of the new program, building payment capabilities for the new age of fintech. 

“We’re entering a new world where people hold bigger balances in fintech apps, and paying by digital wallets is the norm. In 2020, global use of mobile wallets exceeded cash for the first time for in-store payments,” Plaid Head of revenue and partnerships Paul Williamson wrote in a blog post.

“Plaid wants to help any company, no matter their size, industry, or technological capability, harness the account-to-account payment opportunity while decreasing risk for the ecosystem.”

To do this, Williamson said Plaid is launching an ecosystem of payments partners.

Payment partner ecosystem

The idea is to bypass credit cards altogether and enable customers and businesses to transact through direct bank transfers, avoiding the fees of traditional credit. Plaid connects 11,000 institutions by enabling virtually every type of digital transaction, and adding direct payments is a logical, lucrative next step.

Plaid is betting big — but their data shows it’s a winning hand. A July 4,000 person survey found that 48% of people in the UK and US use fintech daily, and 70%-79% use fintech for banking and payments. 

They are banking on the $503 billion mobile payments market of 2020, and their release cited a hopeful analysis that put the global mobile payments economy at more than $2.3 trillion in 2023

Just the rumor that Plaid might start enabling payments convinced lawmakers to call off a $5.3-billion merger deal back in January, worried Visa was only trying to take down the competition before it was too late.

Now, Plaid could lead the charge of fintechs against the more traditional card and credit companies. 

How does Plaid’s open banking work anyway? It encrypts user bank account data to connect users to apps like Robinhood, Venmo, and Coinbase.

For example, in the myth of Pyramus and Thisbe, two Babylonian lovers whispered through a wall: If customers are Pyramus trying to talk to fintech Thisbe, Plaid would be the hole in the wall. 

With a growing partner ecosystem, those connections expand more to e-commerce checkout or even buy now pay later. 

“Many of the fastest-growing fintechs globally are powered by Plaid and Checkout.com’s best-in-class APIs. Our partnership will connect Plaid’s account verification and Checkout.com’s payment services to make account funding accessible, seamless, and secure for fintechs and merchants alike,” Tracy Meng, VP of Partnerships at Checkout.com. said.

“This is just the beginning of our shared journey to unlock the future of embedded finance.” 

The post Plaid targets payments: Look out traditional credit appeared first on LendIt Fintech News.

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Source: https://www.lendacademy.com/plaid-targets-payments-look-out-traditional-credit/

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Payments

This Week in Fintech ending 22 October 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 Everyone is building a wallet

I was not surprised by Square’s decision to enter the crypto wallet business. In June, at the Bitcoin 2021 Conference in Miami, Jack Dorsey revealed that Square was toying with the idea of a hardware wallet, in order to make bitcoin custody more mainstream. In August, Facebook revealed that it is ready to launch its Novi digital wallet, but it’s on hold until it obtains the necessary regulatory approvals. A few weeks ago, I read that Robinhood is testing a new crypto wallet and cryptocurrency transfer features for its app. Robinhood is planning to allow its customers to send and receive digital currencies off its platform. Today, Robinhood allows users to buy cryptocurrencies, but to be able to send and receive crypto along with paying for things like NFTs in crypto, you need to have a wallet. In April, Revolut started to let users send crypto to external wallets, but they can’t receive coins, since they haven’t issued individual wallets yet and cryptocurrencies are stored in a pooled virtual currency account. With more than 100 crypto wallets and growing, this sector is getting crowded. Everyone wants to play a direct role in the $2.5 trillion crypto market.

Editor note: What is worse, for your money to be stolen or lost? For the person it is the same. 

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Tuesday Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote: Part 3 Competition to Ether from Bitcoin and “wannabees”.

Ethereum is perceived as better than Bitcoin because it can run smart contracts. The inconvenient truth for Ethereum fans is that you can also run smart contracts on the Bitcoin blockchain and the innovation in this space looks vibrant with projects such as Sphinx on the Lightning Network and Stacks (fka Blockstack).

There are also many blockchain platforms positioning as competition to Ethereum.

Editor note:this part 3 will annoy those who have invested in the altcoins who I  have denigrated in the title with the word “wannabees”.

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

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Thursday

Rintu Patnaik, an Insurtech expert based in India, wrote: Largest Indian Bank Deftly Scales Its Embedded Platform

Until the end of this decade, Asia is expected to account for half of global consumption growth, presenting a $10 trillion opportunity. Half of upper-middle income households are expected in Asia, with one in every two consumer transactions likely to be generated from the region. The consumer markets are changing with new growth avenues for financial services players. While in Y2K, 15% of Asia’s population constituted the consuming class, by 2030, 70% of Asia’s total population may be part of the consuming class. Digital ecosystems are mushrooming across Asia with highly integrated super apps that offer a one-stop-shop for a range of services. Although super apps emerged in China, Asian economies including India, Indonesia, Japan, South Korea, and Vietnam now have leading super app players.

Editor note: Rintu does a deep dive into the tech/biz strategy behind one of India’s & Asia’s growth stars.

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

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

Bernard Lunn, CEO of Daily Fintech and author of The Blockchain Economy wrote: Is Affirm ($AFRM) the growth star of Fintech 50 Index due to winning in the BNPL (Buy Now, Pay Later) market? 

Affirm is a publicly traded stock in the Fintech 50 Index that could be the winner in the BNPL (Buy Now, Pay Later) segment of the Fintech market.

Affirm was not the first innovator in BNPL. That prize goes to Klarna which we first covered in 2014 (mentioning Affirm as a follower). The market winner is not necessarily the first innovator – think Facebook beating myspace.

Editor note: Answer to the headline question is wait and see. In theory Affirm ($AFRM) is a leading player in a hot market but we will have to see how quarter to quarter growth plays out to see if Affirm ($AFRM) is a real growth star.

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Source: https://dailyfintech.com/2021/10/22/this-week-in-fintech-ending-22-october-2021/

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