Welcome to our recap of the top 5 fintech news from this third week of october 2024.
We’ll cover the most exciting developments in financial technology, from groundbreaking innovations and major partnerships to regulatory updates and market trends. Stay tuned to catch up on the latest advancements shaping the future of finance with Financial Technology Insights.
Latest Read: Top 10 CTOs Of The Fintech Industry
Brands Covered:
- Barclays
- SoFi
- Walmart
- Bugcrowd
- Santander
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News Headlines:
- General Motors and Barclays Join Forces to Revolutionize Consumer Banking Experience
- SoFi Expands Loan Platform Business with $2 Billion Agreement with Fortress Investment Group
- Walmart Business Works with Fiserv to Launch Clover for Businesses
- Bugcrowd Report: 71 Percent of Hackers Say AI Boosts Hacking Value, Up from 21 Percent in 2023
- Token.io and Santander Forge Strategic Partnership to Advance Open Banking Payment Solutions
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General Motors and Barclays Join Forces to Revolutionize Consumer Banking Experience
General Motors and Barclays U.S. Consumer Bank have entered into a long-term partnership agreement for Barclays to be the exclusive issuer of the GM Rewards Mastercard and the GM Business Mastercard in the United States starting next summer. GM has the largest customer base of any automaker in the United States, and it has led the industry in loyalty for nine consecutive years, according to S&P Global Mobility. These strengths have helped make the GM credit card portfolio, which launched in 1992, one of the nation’s longest tenured co-brand credit-card programs with millions of loyal customers.
GM Rewards cardmembers can earn and redeem high value GM rewards on new Chevrolet, Cadillac, Buick, and GMC vehicles, including GM’s exciting new electric vehicle lineup. GM Rewards cardmembers may also earn and use GM rewards to service and accessorize their vehicles. The new GM Card rewards program with Barclays will introduce unforgettable and exclusive cardmember opportunities that only GM can provide.
The new partnership will serve to further scale Barclays’ credit card presence in the U.S. and build upon its growth strategy announced last February which is centered on establishing partnerships with America’s best brands. As part of the partnership, Barclays will be acquiring the card program’s receivables from the current issuer next year.
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SoFi Expands Loan Platform Business with $2 Billion Agreement with Fortress Investment Group
“SoFi’s loan platform business is an important part of our strategy to serve the financial needs of more members and diversify toward less capital-intensive and more fee-based sources of revenue,” said Anthony Noto. “We’re pleased to see continued strong demand for SoFi’s loan platform business. Fortress’ collaboration, seamless execution, and appreciation of the platform’s value proposition makes them an exceptional partner.”
“Fortress is pleased to partner with SoFi to support the growth of the company’s loan platform business,” added Dominick Ruggiero. “SoFi’s platform – and its focus on innovation and providing valuable credit solutions to its members – create a compelling investment opportunity for Fortress’s funds. We are excited about building a mutually beneficial partnership with SoFi.”
Walmart Business Works with Fiserv to Launch Clover for Businesses
Walmart Business announced the ability for customers to access solutions from Clover, a leading business management platform for small and medium-sized businesses (SMBs) from Fiserv, a global provider of payments and financial services technology solutions. This new service offering is part of Walmart Business’s ongoing commitment to helping businesses and nonprofit organizations save time, money and hassle by providing access to the products and essential services they need to operate effectively and efficiently.
“Offering Clover solutions is a testament to our goal of providing customers with the products, tools and services they want and need to effectively streamline their operations.”
Creating operational efficiencies is critical to any organization’s ability to scale. Walmart Business is providing its customers with easy access to Clover’s business management solutions that are designed to help business owners and operators streamline daily tasks, including sales reporting and cash flow management, so they can focus more of their time and energy on serving their customers. Clover delivers fully integrated solutions built to meet the unique needs of SMBs across industries – from retailers and restaurants to service-based businesses.
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Bugcrowd Report: 71 Percent of Hackers Say AI Boosts Hacking Value, Up from 21 Percent in 2023
Key findings from the survey include the following:
- 93% of hackers agree that companies using AI tools have created a new attack vector
- 82% believe that the AI threat landscape is evolving too rapidly to be effectively secured from cyberattacks
- 86% believe that AI has fundamentally changed their approach to hacking
- 74% agree that AI has made hacking more accessible, opening the door for newcomers to join the fold
- Despite these threats, 73% of hackers reported being confident in their ability to uncover vulnerabilities in AI-powered apps
These findings point towards the need for hackers in an organization’s defense against today’s cyberattacks. Although AI is introducing a new attack vector, the majority of hackers still report confidence in their ability to uncover these vulnerabilities, emphasizing the need for organizations to lean on human ingenuity alongside security tooling.
Token.io and Santander Forge Strategic Partnership to Advance Open Banking Payment Solutions
The collaboration aims to leverage Token.io’s industry-leading open banking connectivity and infrastructure to enhance Santander’s customer experiences and develop cutting-edge, real-time payment propositions. The partnership was announced during the opening keynote at the Open Banking Expo in London by Santander’s Chief Payment Officer Paul Horlock and Token.io’s Chief Executive Officer Todd Clyde.
Initially, Santander will leverage Token.io’s infrastructure to offer payment directly from an external bank account as a credit card repayment option. With direct account-to-accountA2A payment for card repayments, Santander customers can enjoy a more seamless payment experience than direct debit or manual bank transfers, as the solution eliminates error-prone manual data entry and supports biometric Strong Customer Authentication (SCA) for payments made on mobile devices.
Thanks for reading!
Thank you for joining us for this recap of the top 5 fintech news from this week. We hope you found these updates insightful and exciting. Stay tuned for more news and developments in the fintech world. Keep innovating and exploring the future of finance with us. Until next time, stay informed and stay ahead in the fintech space. We will be covering more such updates on Financial Technology Insights.
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