Fintech is a wide-ranging, multi-sector, global industry, whose growth influences not only the banking world, but society at large. Our deep dives, interviews and coverage looking at the evolution of payments, finance and banking are fuelled by constant updates, news and commentary on deals, funding rounds, and partnerships.
With Money20/20 wrapped up last week in Amsterdam, there were lots of fintech newsy bits to gather.
Enfuce is on a mission to modernise payments
Enfuce and SEB Embedded partner to launch next-generation card programmes
Card issuing and processing provider Enfuce has teamed up with Swedish banking-as-a-service company SEB Embedded to launch virtual and physical card programmes for SEB Embedded’s customers, supported by Enfuce’s cloud-powered issuer processor platform.
Enfuce’s fully compliant and customisable tech stack and application programming interfaces (APIs) will be made available through SEB Embedded’s platform. Through Enfuce, SEB Embedded will be able to offer a range of value-added services including its exchange rate API, authorisation controls, and the ability for users to set and view PINs.
Enfuce announces partnership with Icelandic Kvika Bank
Enfuce has also been chosen by Iceland’s Kvika Bank to modernise its payment services, including the launch of a Visa consumer credit card, integration with Apple Pay and Google Pay, and the relaunch of the bank’s market-leading Aur app. Supported by Enfuce’s cloud-powered modular payment solutions, Kvika Bank will be able to offer a range of modern card and mobile payment solutions, and build upon its multi-brand strategy of transforming financial services in Iceland.
Rabobank announces partner and responsible BNPL
Banxware and Rabobank make short-term financing more accessible
Banxware, a German fintech, and the Netherlands’ Rabobank, announced a new partnership, aimed at making short-term financing more accessible for small and medium-sized entrepreneurs. To make this easier, Banxware offers an embedded lending solution in co-operation with Rabobank. Together they will bring financing options to popular digital business platforms enabling entrepreneurs to apply for short-term financing within 15 minutes.
in3 & Rabobank: First responsible payment in instalments a reality!
At the end of May, Rabobank and in3 launched their joint payment method, in3 Business. Business purchases can now be paid responsibly in three instalments. Both in3 and Rabobank claim this is the most responsible alternative to buy now, pay later (BNPL) solutions in the B2B market.
During the purchase process, a comprehensive online check takes place that determines whether the transaction is accepted. The seller is guaranteed a fast payment of the entire order amount. This can be chosen as an integrated e-commerce payment option via payment service providers, and this payment method will also be available on invoices via a payment link or QR code.
Say that 10 times, fast
Since the approval of the Standard for Automatic Exchange of Financial Account Information in Tax Matters in 2014, it has been implemented by jurisdictions and financial institutions across the globe. Taking into account the experience gained and the growing digitalisation of financial markets, a comprehensive review of the Standard was undertaken.
As a result, this publication includes the Crypto-Asset Reporting Framework (CARF) and amendments to the Common Reporting Standard (CRS), along with associated commentaries and exchange of information frameworks, as approved by the Committee on Fiscal Affairs, which now collectively represent the International Standards for Automatic Exchange of Information in Tax Matters.
The CARF provides for the automatic exchange of tax-relevant information on crypto assets and was developed to address the rapid growth of the crypto asset market and to ensure that recent gains in global tax transparency are not gradually eroded. The CRS was amended to bring certain electronic money products and central bank digital currencies in scope. Changes have also been made to ensure that indirect investments in crypto assets through derivatives and investment vehicles are now covered by the CRS.
In addition, amendments have been made to strengthen the due diligence and reporting requirements and to provide a carve-out for genuine non-profit organisations. This publication also includes the OECD Recommendation on the International Standards for Automatic Exchange of Information in Tax Matters, which covers both the CARF and amended CRS.
It's always been about the liquidity
Bitstamp partners with Fiat Republic’s to offer clients access to instant fiat and crypto liquidity
Bitstamp, the cryptocurrency exchange, announced its partnership with Fiat Republic, the electronic money institution-regulated, fiat-as-a-service platform aggregating local bank rails for crypto platforms via a single API. This partnership marks a significant step towards providing enhanced services to customers of both partners, in an effort to overcome the limitations of traditional banking systems.
Is this still a thing?
Mollie and Billie launch pan-European partnership
Mollie, a payment service provider, has strengthened its B2B product offering through a BNPL partnership with Billie, a payments platform. Online merchants can now offer Billie’s digital invoice purchasing solution as a payment method via their existing Mollie integration.
Billie’s solution is seamlessly integrated with Mollie and can be activated by online stores and marketplaces with just a few clicks in their Mollie dashboard. Merchants who offer Billie as a payment method in their shop bear no risk of payment default, increase conversions by up to 64% and average shopping cart value by up to 18%.
Some good news on the horizon
On June 6, payments services firm Discover shared a portion of the third annual Fintech State of the Union report, the most comprehensive study of its kind in the industry, providing global perspectives from consumers, fintech vendors, and venture capitalists. The research study commissioned by Discover Global Network, with S&P Global Market Intelligence’s 451 Research, surveyed global fintechs to identify emerging digital payments trends shaping the fintech ecosystem.
Per the study, fintechs are dependent on payments networks, with 93% saying the current economic environment has increased their business’s reliance on payments networks. Fintechs are looking for payments partners who are flexible (44%) and innovative (44%). Fintechs also say they benefit from payment networks the most through financial investment (42%), access to customers (38%), and technology enablement (38%).
Where some see growth, others are about reduction
Sharing details of our cost reduction plans – GoCardless
Hiroki Takeuchi, co-founder and CEO of GoCardless, shared details of a proposed cost reduction plan with employees at GoCardless last week. These plans will see the fintech reduce its cost base by ~15% and will affect 17% of the roles at GoCardless.
Writing on the GoCardless website, Mr Takeuchi says: “These changes have led us to make the difficult decision to reduce our headcount by 15% (around 135 roles). In addition, we are planning to move an additional 15 roles to Riga from the UK bringing the total number of potentially impacted roles to around 150 (that’s 17% of our headcount). This will reduce our overall headcount from just over 900 today to below 800 post these changes.
“Our proposed redundancies will be in the UK, US, and ANZ. We are not planning any redundancies in France. In Riga, we plan on growing the team by ~60 positions over the next 12 months. Therefore regardless of any changes we might make we are confident that we can find other opportunities for any roles that may be affected by this.”
