Al Alam enters liquidation following KPMG’s Wirecard audit
The firm is central to whistleblower claims that Wirecard fraudulently inflated sales & profits.
Payments
Nordea-backed subscription manager Subaio lands challenger bank Lunar
The Nordic bank has 150,000 customers.
Dubai fintech Ziina lands $850,000 and launches P2P payment app
The start-up’s funding round was led by San Francisco-based Class 5 Global.
UK fintech Fly Now Pay Later lands £35m Series A
The start-up says it will use its investment to help “reboot” the travel industry.
Indian neobank Walrus aims for teenage market
Newly launched bank wants to help teens learn about “bad world of money”.
Digitalisation a must-have for lending in a post-COVID world
The coronavirus pandemic has affected and disrupted every aspect of financial services.
Westpac discloses AML breaches and due diligence failures
Australian bank has set aside AUD 900 million for an expected fine.
MoneyGram and Federal Bank tie up remittance partnership
The partners will offer direct-to-account crediting.
Diebold Nixdorf’s corporate network hit by ransomware attack
ATM provider detected the attack in April, which is says has been dealt with.
Niche Global picks Volante to underpin European entry
Hong Kong payments firm plans market expansion with Volante.
Partnerships to drive industry forward in post-COVID world
The coronavirus pandemic has caused immediate changes to the financial services industry.
Modulr lands £18.9m in growth funding to fuel market expansion
The latest investment takes Modulr’s total funding received to £53.3 million.
Absa rolls out PowerCARD across Africa with HPS
Absa started working with HPS last year.
IBM signs payments modernisation deal with 75 Canadian credit unions
Big Blue to outfit Canadian CUs across three provinces.
Thai payments start-up Digio raises $4 million in Series B funding
The round featured Thailand’s interbank payments provider.
Merchant payments fintech Primer raises £3.8m
The newly-launched fintech has secured investment from Balderton Capital.
Goldman Sachs-backed fintech Flywire cuts 12% of workforce
A further 16 workers have been put on part-time contracts.
Citizens Bank taps Teslar Software to improve portfolio management
The Arkansas-based bank turned to Teslar following a recommendation from a compatriot lender.
Truist Financial selects TSYS for payments processing
Newly merged commercial bank kicks on with its tech deployment.
Paysafe snaps up Standard Chartered director for chief banking role
Sharp will be in charge of the firm’s payment partner networks.
Making a case for payment initiation services (PIS)
It’s a cheaper, faster & more secure method for online payments, so why aren’t PIS being more widely used?
Singapore payments fintech Nium lands investment from Visa
The round is thought to be worth between $75-$100 million.
Payments start-up Banked raises £2.3m in seed funding
Real-time payments firm aims to challenge incumbent dominance.
Rocker and Enfuce sign Nordic card issuance partnership
Enfuce to supply Visa card issuing to Swedish neobank.
Bank of the Philippine Islands deploys Avaloq Banking Suite as SaaS
The new client is Avaloq’s first in the Philippines.
Tencent buys 5% stake in Aussie fintech Afterpay
It puts Afterpay at a market capitalisation of more than AUD 8 billion ($5.1 billion).
Luminor Bank deploys facial recognition for customer onboarding with Ondato
The Baltic bank will launch the new solution across Latvia and Estonia in the near future.
Mastercard promotes UK president Barnett to EU role
Barnett is expected to join the management committee on 1 June.
India’s FSS helps Fair Play deliver online payment acquiring
Fair Play is deploying FFS’ Payment Gateway and Merchant Hub.
FCA extends SCA deadline for merchants by six months
The new timeline is 14 September 2021.
Video: Top fintech stories this week – 01 May 2020
FinTech Futures’ weekly news round-up.
US challenger Bambu picks FIS Modern Banking Platform
Tennessee-based challenger bank plans to target the underbanked.
Safaricom and Visa sign M-Pesa partnership
The two firms will work on developing new products for the African payments platform.
KPMG’s Wirecard audit fails to verify payments processing profits
Six-month investigation into the German firm encounters stumbling blocks.
Santander finalises £350m deal for majority share of Ebury
The Spanish bank purchased a 50.1% stake in the international payments and FX firm.
EU payments bodies call for further SCA delay
An open letter sent to the EBA recommends a June 2021 deadline.
JP Morgan picks Taulia for supply chain finance boost
US bank aims to improve customer experience on the corporate side.
Owning customer relationships is a key priority for banks in the era of open banking
The number one concern, unsurprisingly, is ensuring online security.
Ask the expert: how can I get to grips with the complexities of the financial services industry?
Key players, party models, easy ways to begin building relationships, and tips for establishing partnerships.
Paysafe partners with Gala Technology to open SOTpay channel
The two firms will work on enabling more transactions for merchants.
