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Apple Inc. is working on a new service that will let consumers pay for any Apple Pay purchase in installments over time, rivaling the “buy now, pay later” offerings popularized by services from Affirm Holdings Inc. and PayPal Holdings Inc. 
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BOSTON, Jun 22, 2021--Akoya LLC announced today that Wells Fargo has joined the Akoya Data Access Network. Fintechs and data aggregators can now request application programming interface (API)-based access to Wells Fargo customer data for mutual customers through Akoya.
Vineet Anand's insight:
Wells Fargo to add Akoya to its list of API accesses as part of eliminating screen scraping. WF is an existing user of Plaid and adding Akoya will offer users of Control Tower more capabilities!
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Visa (NYSE: V) today announced it has signed a definitive agreement to acquire Tink, a European open banking platform that enables financial instituti
Vineet Anand's insight:
Tink for European Open Banking will be a great asset in the PSD2 environment given the fallout over the Plaid acquisition by DoJ. Great move by Al to drive innovation in open banking space!
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SmartAsset raises $110 million in Series D funding - at a $1B+ valuation - to fuel the continued growth of its market defining SmartAdvisor platform.
Vineet Anand's insight:
Driving 100 million users a month with tools and services, SmartAsset continues to drive value
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Fifth Third Bank Offers Early Pay for Direct Deposits; Fifth Third Momentum Checking Allows Customers to Access Paychecks Up to Two Days Early
Vineet Anand's insight:
Early Pay for direct deposit launches post success with pilot!
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JPMorgan Chase wants all of its 4,900 US bank branches to have a FINRA-licensed relationship banker. It's been hiring and upskilling staff.
Vineet Anand's insight:
Bringing more value added services to attract traffic to branches!
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BENTONVILLE, Ark., and PASADENA, Calif., June 24, 2021 — Walmart (NYSE: WMT) and Green Dot (NYSE: GDOT) today announced the Walmart MoneyCard issued by Green Dot Bank is now offered as a demand deposit account (“DDA”) better equipped to help Walmart customers save money and live better. New and existing Walmart MoneyCard account holders may now…
Vineet Anand's insight:
Walmart MoneyCard converts from pre-paid to DDA with GreenDot powering the services with 1MM plus customers
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Australian BNPL firm Afterpay is giving some of its U.S. shoppers the ability to buy at retailers even if those stores don’t have a relationship with Afterpay.
Vineet Anand's insight:
Oz based Afterpay sales volume have surged ~170% last quarter. Gearing up to more retailers in preparing for the holiday season.
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Looking to make debit cards more attractive to consumers by offering incentives that rival those fou
Vineet Anand's insight:
Driving loyalty programs to debit card holders.
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BBVA Mexico is giving its credit and debit cards a makeover, adding biometrics, removing printed data and using recycled plastic.
Vineet Anand's insight:
Dynamic CVV's with fingerprint usage!
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/PRNewswire/ -- The Smart Payment Association (SPA) draws attention to the increasing risks in payment card availability, caused by global shortages o
Vineet Anand's insight:
Chip shortage will impact 3 Billion chip cards that are delivered to consumers each year! Card issues will likely extend usage at the backend systems to accommodate customers. Great opportunity play for push to mobile payment acceptance!
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Rocket, Wells Fargo and others are buying loans in forbearance out of government-backed bonds, then selling them back to investors.
Vineet Anand's insight:
Mortgage companies bought $120 billion of loans from Ginne Mae until May and another $94 billion is available!
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JPMorgan Chase is to buy digital wealth manager Nutmeg to bolster the forthcoming launch of its digital bank in the UK later this year.
Vineet Anand's insight:
Last year JPMC considered making a bid for Starling Bank; Previously tried to launch a digital bank Finn in U.S closed it in mid-2019 after slow pickup.
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Step, a teenager-focused US mobile banking startup, has raised $100 million in a Series C funding round led by General Catalyst and joined by Stripe and a host of celebrities including Will Smith and Jared Leto.
Vineet Anand's insight:
Growth to 1.5MM users in 6 months with good celebrity backs boosts Series C funding.
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Singapore and Thailand have linked their respective real-time payment systems, enabling instant transfer of consumer funds across borders.
Vineet Anand's insight:
RTP between Singapore and Thailand create instant cross-border via use a mobile number. Creates opportunities for greater use cases for SMB's and other payment forms in future.
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Coinbase customers in the US can now use their PayPal accounts to buy bitcoin and other cryptocurrencies.
Vineet Anand's insight:
Strategic partnership between Coinbase and PayPal to drive bridge to easier & trusted path for crypto purchases!
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Latin America's largest cryptocurrency platform, Bitso, has hit a $2.2 billion valuation off the back of a $250 million Series C equity round led by Tiger Global and Coatue.
Vineet Anand's insight:
Bitso with 2MM users in Mexico & Argentina with expansion to Brazil and Colombia generates a solid valuation!
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US digital banking giant Chime has agreed to stop using the word "bank" in its URL and elsewhere after falling foul of Californian regulators.
Vineet Anand's insight:
Tough stance by regulators on Neobanks not having a banking charter to defend customer perception for license owned by Bancorp Bank
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Digital remittance outfit Remitly has hired investment banks to lay the ground for an initial public offering at a $5 billion valuation, according to Reuters.
Vineet Anand's insight:
Remitly making IPO moves with $5B valuation!
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Canadian payments firm Nuvei has agreed a $250 million cash deal to acquire Simplex, a fintech startup providing fiat infrastructure to the cryptocurrency industry.
Vineet Anand's insight:
Nuvei purchase of Simplex to offer EMI license and access to Visa network to expand product services
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Banking-as-a-service platform Railsbank is to provide customers with embedded access to Open Banking services for account-to-account payments from Plaid.
Vineet Anand's insight:
Plaid A2A payment integrated with Railsbank!
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KeyBank is launching a digital bank catering to the needs of physicians and dentists via it Laurel Road brand.
Vineet Anand's insight:
KeyBank bring Laurel Road acquisition to a range of products for medical professionals mortgages, debt refi, and pers loans
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JP Morgan, Mastercard and UBS have joined a $65 million funding round for blockchain software engineering firm ConsenSys.
Vineet Anand's insight:
JPMC, UBS, and MC adding more muscle to the Ethereum enterprise developers.
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Fintech outfit Circle is bidding to cash in on the NFT craze by launching a platform that helps marketplaces accept credit card and crypto payments for their non-fungible tokens.
Vineet Anand's insight:
Circles efforts to cash-in on the NFT craze with some high profiles NFT sales including sale of the first ever tweet, by Jack Dorsey, for $2.9 million and the $69 million sale of a piece from digital artist Beepl.
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Ripple is to acquire a 40% stake in Asian cross-border payments specialist Trianglo.
Vineet Anand's insight:
Ripple to expand the reach of On-Demand Liquidity with its digital asset XRP for RT money transfers and funding.
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
Other Topics
Leadership & Communication
Payments Ecosystem
The Payments ecosystem is evolving at an unprecedented pace driven by mobile, cloud computing, start-up's challenging the behemoths, and new technologies. My personal collection of curated stories and blogs.
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World Economy News
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Apple ventures to BNPL to capture the growing space representing a big threat to existing BNPL players in US with stickiness it can generate with existing merchant base and use to 2 BPNL products - Pay in 4 or extended monthly installments.