June 26, 2019

Car IQ, a firm that specializes in vehicle payment technology, closed $5 million in Series A funding, led by Quest Venture Partners, to create an autonomous payment gateway, according to a press release. 

The funding participants included several new investors, including Avanta Ventures, Citi Ventures, Plug and Play and AVG's Spike Ventures. 

The San Francisco-based firm is developing a payment gateway that will allow cars to connect directly to bank payment networks, and essentially process payments for various services without human intervention. 

"We believe the future of banking is machine commerce and cars are just the beginning," Sterling Pratz, founder and CEO of Car IQ, said in the release. "When vehicles pay for their own services, they eliminate fraud risk, add transparency to the transaction and greatly streamline operations for fleet managers."

Car IQ uses dynamic identity management features to leverage the sensors inside a vehicle to let vehicles connect directly to bank payment networks. The service will allow the technology to be used for car fleets, ride sharing and car sharing services and original equipment manufacturers. 

Topics: In-App Payments, Internet of Things, Mobile Payments, Technology Providers

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June 26, 2019

ACI Worldwide announced the launch of a service called ACI Disbursement Services, which allows businesses to send payments directly to customer debit cards, according to a press release. 

The Naples, Florida-based payments company said the new service, which is part of its Up Bill Payment business, allows businesses, such as banks, insurance companies and other organizations to make real-time payments through Visa Direct and Mastercard Send. 

"It currently takes several days to send out disbursements to consumers, which is unacceptable in a world where consumer expectations for instant and digital payments are high," Sanjay Gupta, executive vice president, ACI Worldwide, said in the release. "This is especially true with the Gen Z population, whose biggest challenge is the speed with which they receive money."

ACI cited research from Aite Group that shows 65% of consumers say it's important for them to receive instant payments from companies or government agencies. 

Topics: Bill Payment, Card Brands, Mobile Payments

Companies: ACI Worldwide, Visa, MasterCard

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June 26, 2019

Uber Eats has partnered with Olo, a digital food ordering platform for the restaurant industry, to integrate directly into the POS of restaurant brands via Olo Rails. The partnership allows orders placed by consumers on the Uber Eats website or app to be injected directly into the order stream at the restaurant, improving order accuracy and operational efficiencies for restaurant operators, according to a company press release.

Olo Rails makes it easy for restaurant brands to publish their menus, prices and location information on participating third-party marketplaces, like Uber Eats, in order to drive incremental sales, simplify workflows and manage orders in multiple places, said Noah Glass, founder and CEO of Olo.

"Our mission is to make digital ordering accessible and simple for leading restaurant brands, and we are thrilled to now be able to offer direct connectivity to Uber Eats for our thousands of restaurant partners," he said in the release. "Today's leading restaurants recognize the importance of providing access to digital ordering through various channels, and with this integration, our restaurant partners can benefit from the ordering power and scale of Uber Eats as a leading delivery option in markets across the world."

Topics: Mobile Apps, Mobile Payments, Restaurants

Companies: Olo, Uber Eats

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