Every single week we deliver hand-picked headlines from the world of FinTech to keep our readers updated with the latest industry news. In this issue, we’ll hear from new players in the payments market, as well as incumbents and top brands blazing the trail with groundbreaking solutions. Sound exciting? It is! So read on…
Weekly FinTech news digest: 1—7 December 2020
It’s not an exaggeration to say that the first days of December brought some pretty surprising and even revolutionary updates. First of all, some of the biggest names in the industry, Stripe and Revolut, announced expanding their offer with new solutions targeted to business customers. Other market leaders, such as Visa and Lloyds Bank weren’t wasting time either, getting busy with innovations and strategic partnerships. And finally, we also heard from new players entering the game: this time, a banking and payments platform designed for younger audiences, that is about to be launched next year.
UK’s Lloyds Bank launches cross-border instant payments
Lloyds becomes the first bank in the world to connect to Swift gpi Instant service
Following a successful proof-of-concept earlier this year, Lloyds Bank enabled cross-border fast payments for their UK customers using Faster Payments infrastructure and Swift gpi Instant. This way, Lloyds became the first bank in the world to connect the Swift service launched in October last year to the Faster Payments system, the UK’s domestic infrastructure. This latest development will allow Lloyds’ customers to send and receive cross-border payments in a matter of seconds.
Read more about other recent Lloyds Bank’s innovations
Stripe enters the BaaS segment with Stripe Treasury
The payment platform makes a major move by expanding its offering for partners
Stripe continues its impressive expansion with a new banking-as-a-service API called Stripe Treasury. In cooperation with several big-name banks (Goldman Sachs, Evolve Bank & Trust, Citibank, Barclays), the company will allow businesses to embed features such as sending and receiving transfers, storing and managing funds and similar financial operations into their own platforms. The company also announces the expansion of its partnership with Shopify. The e-commerce giant will start leveraging the newly-released API by offering its marketplace clients a tailored business account, Shopify Balance.
Read more about API development in banking
Zytara, digital payments platform to launch early next year
Will gamers and esport enthusiasts finally get a tailored payment solution?
On December 3rd, the team behind the US-based company Zytara announced in a press release that they plan to launch this digital banking and payments platform early next year. The startup targets the gaming and esports niche with an offer tailored to the Millennial and Gen Z audience. Apparently, the gaming industry lacks adequate payment solutions and banking products, and the booming market presents a huge opportunity for disruptive companies. Zytara plans to attract users to the platform with features such as automated payments integrated with gaming tournaments, player-to-player transfers, and parental control for underage players.
Read more about challenges and opportunities in PayTech
Visa partners with Circle to allow blockchain payments
Will the USDC stablecoin become widely accepted by card issuers?
In yet another bold move, Visa joined forces with Circle Internet Financial, the creator of US Dollar Coin (USDC), in order to allow card issuers to accept and send payments in this ethereum stablecoin. It was reported that both companies will collaborate directly with selected Visa credit card issuers to help them integrate USDC payments into their platforms, although it’s still not clear when the solution will become available to clients. What is more, Circle is also joining Visa’s Fast Track program with the goal of obtaining the credentials needed to issue Visa credit cards. It’s part of Circle’s ambitious strategy to make its currency widely accepted. Some exciting news for crypto fans!
Read more about Visa’s efforts to revolutionize digital payments
Revolut Business to allow businesses to accept payments
Businesses can accept payments on their websites or share payment links with clients
In a move clearly aimed to challenge popular payments platforms such as Stripe or Braintree, Revolut has augmented its business platform with a new, long-awaited feature. In the next weeks, eligible businesses in several EEA countries will be able to accept payments in two ways. They can install a plugin on their websites (some of the most popular e-commerce platforms are supported) or simply share a secure payment link with customers. The company stated that this second feature is a result of their mission to democratize digital business payments. This way, digital payments will be also available to companies without an online presence.
Read more about leading payment processing platforms
Stay tuned for more FinTech Wire news coming soon!
Will the cold December continue to bring more hot news? We’ll see next week when FinTech Wire will be back with more intriguing updates. Tune in to our social media profiles: Facebook, Twitter and Linkedin, and obviously, don’t forget to check out our blog for a more detailed review!