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July 2, 2019
Visa announced a new feature being rolled out in Canada with PayPal, called Instant Transfer, that allows consumers and small businesses in that market to get instant access to funds.
The companies said the Instant Transfer feature, backed by the Visa Direct push payments technology, allows customers to move funds from their PayPal accounts to their bank accounts through a Visa debit card.
"Visa wants to empower consumers and small businesses to be able to move their money where they want, when they want and how they want," Brian Weiner, vice president and head of product, Visa Canada, said in a company release. "Visa Direct is providing millions of Canadians more convenient ways to access their funds, and we are pleased to be partnering with PayPal to bring this capability to our mutual customers."
Instant Transfer is widely available to consumers and is currently available to select PayPal small business customers in Canada. Wider release is scheduled for the next few months.
Topics: Card Brands, Mobile/Digital Wallet, Money Transfer / P2P, Region: Americas
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July 2, 2019
IBC Bank announced a 5-year agreement with OakNorth Bank, a U.K.-based digital lender and credit decisioning platform, a move that NIBC says will strengthen its ability to offer credit to its customers.
NIBC, based in the Netherlands, said it will move a large portion of its corporate loan book onto the OakNorth platform, and the U.K.-based bank will help NIBC with its lending to medium-sized businesses.
"We are proud to expand our partnership with OakNorth, which started with a minority investment in September 2018," Paulus de Wilt, CEO of NIBC, said in a company release. "NIBC will be able to leverage the OakNorth platform to enhance efficiency in the credit monitoring process with richer data."
He said that will help NIBC be able to better serve its mid-market clients.
"In NIBC we've found a committed partner who shares our vision to fix small and medium-sized business lending in this market," Rishi Khosla, co-founder of OakNorth, said in the release.
Topics: Mobile Banking, Region: EMEA
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The uncertainty surrounding the U.K. political future and Brexit is raising alarm bells in Europe as a second company in the critical financial sector has pulled back in as many days amid questions on a final resolution.
Funding Circle Holdings Plc, an SME lender, announced that it was slashing its earnings estimates amid reduced loan demand for business loans and that it would hold off on previously announced plans to enter the Canadian market.
"The uncertain economic environment has reduced demand from small business and led us to proactively tighten lending criteria," Samir Desai, chief executive of Funding Circle, said in a company release. "As a result revenue growth will be impacted.”
Funding Circle is a digital lending platform for the SME market in the U.K., U.S., Germany and the Netherlands. The company said that current loan performance remains in line with previous expectations. The company said investor returns on a net basis are expected to be in line with prior expectations of 4.4% to 8.4% in 2018 and 5.0% to 8.5% in 2019.
In the U.S., the company has surpassed $2 billion in loans under management and $1 billion in loan originations, according to the release.
The warning comes a day after Fidor Bank announced plans to close its U.K. business as of Sept. 15 amid uncertainty on the future of Brexit. Fidor Group, based in Germany, plans to keep its German digital bank in full operation.
The U.K. is still trying to find a political resolution to the crisis, as Prime Minister Theresa May previously announced that she would resign after being unable to get political backing on her Brexit plan. A scramble has emerged to succeed her as head of the U.K. government, and her replacement would face similar difficulties in forging an agreement what would garner enough votes to ensure a stable transition out of the E.U.
"The uncertainty around Brexit does make longer term decision making challenging for challenger banks and fintechs not based in the U.K., given the uncertainty about future passporting arrangements and potential regulatory divergence," Sam Smith, spokesman for Juniper Research, told Mobile Payments Today via email. "However, given the delays to the Brexit process, most fintechs will already have arrived at a solution, either licensing directly with the FCA or using services from another licensed entity.”
The announcement comes less than a week after Fitch Ratings warned that challenger banks in the U.K. would face potential headwinds compared with incumbent banks due to late cycle and Brexit related risks.
Fitch warned that several of these upstart banks have grown faster than the market and faster than GDP in a relatively benign credit market and had not yet been tested under conditions of an economic downturn, according to a release from Fitch.
Earlier this year, Prepaid Financial Services Ltd. took proactive measures to protect against Brexit uncertainty by obtaining a money license from the Central Bank of Ireland that would allow it to continue operating in Europe no matter what the negotiations decided.
"PFS right now is one of only a handful of fintechs that is double regulated,"spokesperson Marie O'Riourdan told Mobile Payments Today. "Regardless of whatever happens with Brexit, we're covered.”
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July 2, 2019
NCR Corp. announced the acquisition of D3 Technology Inc., a provider of online and mobile banking for financial institutions.
NCR said the acquisition will immediately position its Digital First Banking business into the market for large U.S. banks and eventually international banks.
"Today NCR Digital Banking provides online and mobile banking solutions to the community bank and credit union market segment, representing more than 600 clients," Doug Brown, senior vice president and general manager, NCR Digital Banking, told Mobile Payments Today via email. "The acquisition of D3 will allow NCR Digital Banking to extend into the large bank segment and include account openings, improved money movement and enhanced analytics."
Brown said that D3 would be integrated into NCR’s Digital Banking business unit. He said the bank expects to see increased innovation as the combination of their teams will serve both large financial institutions and community banks.
Officials said the agreement accelerates NCR's digital first banking strategy, which includes integration of the customer experience across all self-service channels, including ATMs, interactive teller machines and other banking software.
Terms of the deal were not disclosed. The acquisition is expected to be slightly dilutive to earnings per share during the first year, NCR said in the release.
Topics: ATMs, Mobile Banking, Mobile Payments
Companies: NCR, NCR Corporation
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July 2, 2019
Stratis Group Ltd, a blockchain development platform provider, recently launched its Cirrus Sidechain Masternodes and Stratis Smart Contracts in C#. With these tools, businesses and developers will be able to execute smart contracts on the Microsoft.NET core architecture, according to a press release.
The Stratis Smart Contracts in C# eliminates the need for a new blockchain for every new decentralized app. Instead, businesses can develop a variety of smart contracts and deploy them on a single blockchain.
The Masternodes will run on the Cirrus Sidechain using a proof-of-authority consensus algorithm to help improve accountability and reduce workload and energy consumption.
The company has also launched a Cirrus Core wallet to allow end users to manage their sidechain tokens, deploy smart contracts, manage tokens via token issuance contracts and transfer to the mainchain, according to the release.
"At Stratis, we are committed to making it easy for businesses to adopt blockchain solutions for real-world use cases. Now, for the first time, enterprises and developers are able to build private blockchains and program Smart Contracts in their familiar C# language," Chris Trew, founder and CEO of Stratis, said in the release. "We see this being of particular benefit to large enterprises, financial services companies as well as government organizations whose systems operate within Microsoft’s .NET framework as our solution is designed to minimize any incompatibility issues which may arise from blockchains and Smart Contracts being built in other computer languages."
Topics: Mobile/Digital Wallet
Companies: Microsoft
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