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Hidden Costs of Legacy Tech: UK Banks Shelling Out £3.3bn Annually on Managing Core Systems Extend Secures $20 Million in New Capital and Hires Seasoned CFO Bivial AG launches Instant 24/7 Swiss Franc (CHF) Payments New Economist Impact Report Finds AI is Reshaping Insurance – Gradually VoPay Expands Embedded Payments Offering with Real-Time PayPal and Venmo Payouts Bolt Launches Activate, a Founder-First Program to Accelerate Growth in Digital Commerce UPI Launches Program to Extend Payment Network for International Students FintechOS and Tech Mahindra Partner to Modernize Core Systems for Financial Institutions Globally Over 270,000 Motorists to Receive £200 Million in Motor Insurance Compensation After Insurers Improve Their Claims Processes Cross River Redefines Real-Time Card Transaction Approvals with its Advanced Authorization Offering Kamel Pay Wins In-Principal Approval From UAE Central Bank MCO Strengthens Compliance Oversight for Financial Services Firms and Banks Fintech Innovator PaySelect Launches New Platform Set to Revolutionise the Payment Industry Branch Launches “Branch Embedded” to Power Fast, Flexible Worker Payments Directly Within Platforms Auquan Releases First Purpose-Built AI Agent for Financial Credit and Deal Analysis

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The Fintech Magazine 27

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SaaScada report reveals UK banks waste £3.3bn annually maintaining outdated core banking systems, urging shift to cloud-native innovation led by Co-Founder Steve Round.

Hidden Costs of Legacy Tech: UK Banks Shelling Out £3.3bn Annually on Managing Core Systems

SaaScada released a new report exposing the spiralling costs and failures of outdated core platforms

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Funding

Extend raises $20M led by B Capital and adds former PayPal finance leader Francois Horikawa as CFO to accelerate profitability and expand its spend and expense management platform.

Extend Secures $20 Million in New Capital and Hires Seasoned CFO

Extend, a leading spend and expense management platform, announced it has secured $20 million in additional capital

News

Bivial AG CEO Martynas Bieliauskas announces launch of instant 24/7 Swiss Franc (CHF) payments via SIC Instant Payments system, enabling real-time transactions up to CHF 20,000.

Bivial AG launches Instant 24/7 Swiss Franc (CHF) Payments

Bivial AG has launched instant 24/7 CHF payments through the SIC Instant Payments (SIC IP) clearing system

Insurtech

Insurance leaders from Zurich North America, HDI Global, Tokio Marine, Manulife, and SAS discuss agentic AI and generative AI in underwriting, claims, and product development in Economist Impact’s new report.

New Economist Impact Report Finds AI is Reshaping Insurance – Gradually

Insurance leaders are beginning to see AI move from hype to real-world impact

News

VoPay CEO Hamed Arbabi announces integration of PayPal and Venmo real-time payouts into VoPay’s embedded payments and treasury platform for North American businesses.

VoPay Expands Embedded Payments Offering with Real-Time PayPal and Venmo Payouts

VoPay announced an extension of its payment orchestration platform with real-time payouts to PayPal and Venmo

Fintech

Ryan Breslow, CEO of Bolt, launches Bolt Activate to support early-stage DTC, gaming, fintech, consumer health, and creator-led founders with one-click checkout, payments, and community resources.

Bolt Launches Activate, a Founder-First Program to Accelerate Growth in Digital Commerce

Bolt has launched Bolt Activate, a new program designed to help the next generation of innovative digital commerce founders

News

UnionPay International launches global program for international students, partnering with universities, Flywire, Convera, EasyTransfer, PayMyTuition, and local banks to simplify tuition and daily payments in 183 countries.

UPI Launches Program to Extend Payment Network for International Students

UPI announced the launch of its program for international students featuring a comprehensive, one-stop cross-border payment solution