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Fintech News The Fintech Fix

The Fintech Fix 06/07/2022

The Fintech Fix 06/07/2022 | Fintech Finance

Welcome to The Fintech Fix, where we cover the biggest stories of the financial week. Whether it’s the next groundbreaking trend in cryptocurrency or Blockchain technology, a new partnership about to change the global, economic landscape or an upcoming startup generating a huge following.

Hot Topics – Brexit is one of the most divisive issues our country has ever faced as we still hold serious discussions on how best to move forward. Following the post-Brexit transition, UK and EU clients are becoming more reliant on industry partners who have a firm footing on both sides of the Channel. iBanFirst acquires UK foreign exchange provider to solve Brexit payment challenges | Fintech Finance

With that in mind, iBanFirst, a global financial services provider, announced the acquisition of the London-based FX provider, Cornhill, to expand its international footprint and extend its European PSP licence to the UK. Pierre-Antoine Dusoulier, CEO of iBanFirst, commented how the acquisition will “strengthen iBanFirst’s value proposition to SMEs, simplifying GBP exchanges in a post-Brexit context, and offering Cornhill clients access to its state-of-the-art cross-border technology.”

ESG continues to be a focus that many financial institutions are emphasising and NatWest showed off their recent innovation in the space with the launch of its Carbon Planner. This free to use, digital platform is designed to help UK businesses manage their future fuel and operational costs, and reduce their carbon footprint to help them go and grow greener. The launch follows the bank’s broader commitment to lend £100bn to businesses in Climate and Sustainable Funding and Financing by 2025.

Two-thirds of American workers are drowning in debt because bills are due before they receive their paycheck. Payactiv, the leader in Earned Wage Access, a financial wellness program that essentially allows employees their money as soon as they’ve earned it, have announced the elimination of EWA access fees, making several of their options completely free. “Timely access to earned wages is the safest way for millions of American workers to meet livelihood needs without fees and penalties from other liquidity options. With additional zero cost EWA options, the bar has been raised again for the emerging EWA industry” said co-founder and CEO Safwan Shah.

The FF News team hosted some excellent content recently. In our episode of The Fintech Show, we take a look at how payments are changing due to automation, global standards like ISO20022, and other key trends in the scene. To find out more, we spoke with Roland Brandli from SmartStream Technologies, Michael Klopchic, Country Head for Global Liquidity and Cash Management at HSBC Canada, and Raphael Barisaac, SVP Global Head of Cash Management at UniCredit.

And if that wasn’t enough, be sure to check out our Virtual Arena where we took a deep dive into how banks can return to the centre of the consumer’s financial universe with Alex Gatiragas, Global Head of Digital Solution Experience at G+D, Kurt Schmid, Marketing & Innovation Director Secure Digital Payments at Netcetera, and Alex Bowen, Chief Operating Officer at HSBC’s e-wallet fintech startup, PayMe.

Big Partnerships To Watch – Giesecke+Devrient (G+D), a global security technology group, acquired the payment and identity solutions business of Valid USA. G+D are aiming to accelerate growth in the US so that their customers will benefit from the enlarged business size in the face of persistent industry-wide supply chain challenges.

Ralf Wintergerst, Group CEO and Chairman of the Management Board of G+D said “part of G+D’s success strategy is that we continue to invest intensively in new technology fields as well as our core business. With the acquisition of Valid’s payment and identity business in the U.S., we are not only reaffirming our long-term commitment to the U.S. market. The expanded solution portfolio will also allow us to continue growing strategically in both fields – payment and identities.”

Virgin Money are partnering with UK personal tax app untied, to offer tax capabilities for sole traders who have a Virgin Money business current account. The new partnership means Virgin Money’s self-employed customers will be able to access untied, enabling them to better manage their businesses, get on top of their taxes and file to HMRC directly from untied quickly and easily.

The service will also enable the integration of Virgin Money business current accounts with the untied app. untied provides real-time tax calculations which help small business users put the right amount of money aside for when they come to pay their tax bill in future. As well as benefiting from this, the new partnership will also enable Virgin Money business customers to meet HMRC’s requirements for Making Tax Digital (MTD) for Income Tax.

Funding – Zilch, the double unicorn, raised a total of $160M with its Series C funding, bringing the total funding to well over $460M in debt and equity as it seeks to maintain its valuation. The additional capital will be used to further fund business growth, with a focus on the US market where Zilch recently opened its Miami office and launched with more than 150,000 pre-registered customers.

Transfer News – Global Processing Services (GPS), a leading global payment technology platform, has announced new leadership changes in the organisation. Joanne Dewar has been promoted to the role of Vice Chair, whilst Kevin Schultz has been appointed as the company’s CEO, effective immediately. Gene Lockhart, Chair at GPS, shared how “our leadership team now has a unique and powerful blend of industry, market and leadership experience which will help us to accelerate the company’s growth.”

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