June 25, 2019

Moneygram International Inc. announced an agreement with Canada Post to offer flat fees for both domestic and international funds transfers from that country.

Dallas-based Moneygram said the new fee structure, which began on June 10, means that money transfers up to $500 will cost a flat $10. 

"We had a combined goal to offer simplified pricing that provides an equitable offer for all Canadians across the country," Grant Lines, chief revenue officer at Moneygram, said via email. "The simplified solution takes the mystery out of how much remittances cost to the consumer and speeds processing at the point of sale."

Moneygram has been partners with Canada Post for 15 years, and the Canadian postal service allows Moneygram customers to send and receive domestic or international funds transfers from about 5,200 locations across the country. 

Earlier this month, Moneygram announced an agreement with Canada Post on a new digital money transfer service that will let consumers start the transaction online and complete the service at select Canada Post locations. 

Topics: Mobile Payments, Money Transfer / P2P, Region: Americas

Companies: MoneyGram

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June 24, 2019

Image courtesy of Ocrolus.

Ocrolus, a New York-based automation platform that helps lenders analyze financial documents, said it raised $24 million in Series B funding led by Oak HC/FT. 

The round was also backed by venture capital firm FinTech Collective and existing investors, including Bullpen Capital and QED Investors. 

Ocrolus officials said the platform uses a mix of artificial intelligence and crowdsourced quality control, which helps companies automate the analysis of critical documents during the underwriting process. The company said the funding will be used to help automate workflows for banks and other lenders, and expand into new business verticals. 

"It's difficult for machines to read semi-structured documents like bank statements and pay stubs, as well as lower quality images like cell phone pictures," Sam Bobley, CEO of Ocrulus told Mobile Payments Today via email. "Ocrolus eliminates the need for lenders to spend time on data entry and cleansing by analyzing every document - regardless of format or quality - with over 99% accuracy."

The company has been focused on working in small business lending, however, it is expanding into consumer, auto and mortgage lending.

Topics: Mobile Banking, Technology Providers

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June 24, 2019

Bitt Inc., a Barbados-based fintech, said that the Bank of the Republic of Haiti is considering a pilot program to test a blockchain-based digital currency. 

Bitt officials said they made a presentation to Haitian officials last month regarding a possible pilot plan to create a digital version of the Haitian Gourde, part of an effort to improve the country's payments system and promote financial inclusion. 

Bitt CEO Rawdon Adams said that more than $3 billion is remitted to Haiti, representing more than 30% of the country's gross domestic product. 

"World Bank data indicates that the fees paid on those remittances can be as much as 19%," he said in the release. "Every 1% reduction in those costs is over $30 million a year more in the pockets of those who need it most."

He said that Haiti would be able to leverage the company's solutions, noting that while 32% of Haitain people are banked, about 64% have mobile phones. 

"A central bank digital currency would connect existing fragmented, closed loop financial services offerings in the country," Adams said in the release. "Mobile wallets and licensed financial institutions would be able to interoperate, innovate and compete more effectively."

Topics: Bitcoin, Mobile Payments, Region: Americas, Transaction Processing

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June 24, 2019

Liquid Financial USA, a joint venture between cryptocurrency exchange Liquid Group Inc. and venture capital firm Virtual Currency Partners LP, has announced the new executive team that will lead the previously announced expansion into the American market at Liquid.

"The U.S. is a large market, but a very challenging regulatory landscape," Mike Kayamori, co-founder and CEO of Liquid Group Inc., said in a company release. "To launch Liquid in the U.S., we needed a team with extensive industry experience and a deep understanding of U.S. financial markets."

He said the company is scheduled to launch in early 2020. The leadership team includes the following:

Topics: Bitcoin, Mobile Payments

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