Welcome to our recap of the top 5 fintech news from this week.
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.
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Top 5 Fintech News Of This Week
Morgan Stanley Expansion Capital Makes $20 Million Investment in NovoPayment
Investment funds managed by Morgan Stanley Expansion Capital announced an investment of $20 million in NovoPayment, a leading financial and payment infrastructure service provider specializing in delivering digital banking, payments and card solutions.
“We are thrilled to receive this investment from Morgan Stanley Expansion Capital to support our continued innovation and service expansion to grow our customer base, further amplifying our positive impact in the markets in which we operate”
The funding is expected to support NovoPayment’s continued scaling and expansion of commercial partnerships.
Founded with the mission to redefine financial infrastructure, NovoPayment is a vertical-focused SaaS that enables banks, financial institutions, neo-banks, digital merchants, and fintech’s to offer intuitive digital financial and payment services, improving customer experiences and operational margins. NovoPayment’s innovative business and delivery model combines easy-to-integrate solutions with robust, scalable, secure and compliant infrastructure, filling market gaps and driving compelling digital initiatives. NovoPayment’s flagship platform offers a comprehensive suite of solutions ranging from digital wallets, instant issuance of deposit accounts and virtual cards to RTP, cross-border transfers, digital lending and cash management. NovoPayment serves 15 markets across Latin America, the Caribbean and the United States.
They utilize data from both online and in-store interactions, order histories, customer feedback, and more to help businesses work more efficiently and improve customer relationships while keeping privacy in mind. With many sales channels and data silos, businesses struggle to give customers the smooth experiences they want. By unifying all commerce systems and data, companies can use AI to personalize interactions, leading to higher customer loyalty and more sales. Research shows that adopting a unified approach could offer retailers a potential $1.5 trillion opportunity worldwide.
Commerce Cloud now connects all aspects of buying and selling—B2C, DTC, B2B, order management, and payments—with sales, service, and marketing. This integration provides a full view of the customer journey, allowing for personalized experiences across all touchpoints. The Agentforce agents support merchants and buyers by providing a more interactive shopping experience. They perform tasks using CRM data and other information while ensuring privacy and security. For more complex needs, they can smoothly connect users with human support.
Visa Flexible Credential Goes Global: Transforming the Card for a Digital Future
First in the U.S., Visa Flexible Credential will roll out with the Affirm Card, a debit card that allows eligible consumers to easily buy now and pay later right from the Affirm app
For years, the card didn’t change. Built for an analog world, one card for one type, debit or credit. The Visa Flexible Credential has fundamentally changed that, allowing people to pay from different account funding sources with a single card. Visa announced that the Flexible Credential is expanding to the U.S. and will be rolling out with Affirm, and in the United Arab Emirates with Liv, giving millions more people greater choice and control over how they pay.
“As the UAE’s first digital bank, we are pleased to collaborate with Visa to offer our customers a simple, flexible card solution that better serves their evolving financial needs.”
Nium and Partior Partner on Real-Time, Cross-Border Payments, Clearing and Settlement
Nium, the leading global infrastructure for real-time cross-border payments, announced a partnership with Partior, the blockchain-based fintech for clearing and settlement at the Singapore Fintech Festival 2024. The partnership makes Nium the first fintech payment service provider (PSP) on the Partior network. Financial institutions will be able to connect with Nium via Partior for 24×7, transparent, real-time payouts, clearing, and settlement to over 100 markets worldwide. Importantly, the connection will require no additional API integration work, streamlining what historically took months of resource-intensive work.
This new partnership builds on Nium’s recent strategy to connect more networks to its real-time payments’ infrastructure. By joining the Partior network, Nium is extending its connectivity to one of the most innovative networks in the industry. Partior’s blockchain-powered platform effectively resolves longstanding inefficiencies in global payments, such as settlement delays, high costs, and limited transaction transparency. In today’s global landscape, where companies operate around the clock, effective liquidity management is essential for both corporate and financial institutions. This collaboration allows Nium to offer its clients the ability to execute real-time multi-currency payments and Payments versus Payments (PvP) settlements, further simplifying access to its global payments network.
Available nationwide, these innovative cardless gift cards offer enhanced and seamless digital experience, bringing the benefits of eGifts into physical stores
Global branded payments provider, Blackhawk Network (BHN) has partnered with Visa Inc. and Mastercard to bring the speed, convenience and security of an eGift into physical retail stores with the launch of Visa eGift and Mastercard eGift. The patented, tamper-evident gift carrier does not have a card inside. Rather, once the eGift is activated at purchase, consumers use a mobile device to scan the QR code inside the carrier to load the funds directly to their digital wallet for immediate use in-store using tap-to-pay terminals or online. The Visa eGift and Mastercard eGift will be available nationwide for purchase at over 15,000 locations including retailers such as Kroger, Wegmans and Weis Markets.
“In addition to combating fraud, our product experts leveraged extensive consumer research and product testing to develop an offering that caters towards consumers’ increasingly digital preferences”
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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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