Morgan Stanley leads $34M round for Austrailian neobank 86 400

https://www.mobilepaymentstoday.com/news/morgan-stanley-leads-34m-round-for-austrailian-neobank-86-400/

Australian neobank startup 86 400 has announced a $34 million Series A fundraising round led by Morgan Stanley. 

The round includes funding from an Australian superannuation fund, other fund managers, high net worth individuals and family offices. The company did not name any of the other investors, according to a press release.

“We’re bringing products to market faster than any other bank in Australia, digital or otherwise,” Robert Bell, CEO of 86 400, said in the release. “The funding announced today means we can keep our foot firmly on the accelerator, continuing to build out both sides of the ledger and help even more Australians take control of their money.”

The neobank, which launched in September 2019, has developed seven different account products and said it is the only digital bank to offer home loans and shared accounts, which is in a pilot phase. 

The company, which launched in September 2019, says it has 170,000 accounts and expects to reach 500,000 accounts in the next 12 months. The neobank expects to have $2 billion on the mortgage book by the end of 2021.


Topics: Region: APAC, Mobile Banking, Venture Capital

Companies: Morgan Stanley


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Crypto prepaid card lets users withdraw $2500 daily

https://www.mobilepaymentstoday.com/news/crypto-prepaid-card-lets-users-withdraw-2500-daily/

Crypto prepaid card lets users withdraw $2500 daily

Embily, a crypto company, has released a prepaid card that gives customers the ability to use the card anywhere that Mastercard is accepted.

Card users can withdraw up to $2500 daily from an ATM, and all funds are fully insured, according to an article in Cointelegraph.com

What makes the card even more appealing is the ability to fully customize the design to reflect their personality or make a statement. The card is available worldwide and can be topped with three types of cryptocurrencies: Bitcoin, Ether and Tether, with more community coins expected to be added in the future.

The card can be loaded with up to $13,000 in a single transaction and the maximum balance is limitless. Embily’s card can be accessed in real time and users  can easily get a transaction history to view how funds were spent. The company has also developed two apps, one iOS and one Android, to be used with the card which will be available soon from the App store and Google Play.


Topics: Bitcoin, Cryptocurrency


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ACI Worldwide automates bill deferral option

https://www.mobilepaymentstoday.com/news/aci-worldwide-automates-bill-deferral-option/

ACI Worldwide has launched an automated service , Delay My Payment, which lets consumers automatically request delays through its ACI Speedpay solution amid the massive economic slowdown due to the COVID-19 pandemic.

The service operates within the mobile wallet feature moBills, which automates the bill payment feature where customers can request deferred payments based on predetermined criteria, according to a press release.

“This pandemic has put consumers and billers in an incredibly difficult and stressful situation — with consumers challenged to make payments and billers challenged to address consumer needs in a timely manner,” Sanjay Gupta, executive vice president at ACI Worldwide, said in the release. “Biller call centers are not equipped to handle the growing number of calls — many of which have increased by the thousands overnight — causing added frustration for consumers.”


Topics: Bill Payment, Mobile/Digital Wallet, Coronavirus / COVID-19, Mobile Payments

Companies: ACI Worldwide


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SoFi acquires Galileo for $1.2B

https://www.mobilepaymentstoday.com/news/sofi-acquires-galileo-for-12b/

SoFi, a San Francisco-based lending and investment fintech, is buying Galileo Financial Technologies Inc. for $1.2 billion in cash and stock.

Galleo is one of the largest digital payments platforms and APIs in the world, powering fintechs ranging from challenger bank Chime to e-commerce delivery provider Shipt and U.K.-based remittance firm Transferwise. 

Galileo processed more than $53 billion in annualized payments in March, more than double the $26 billion in volume in September 2019. 

“SoFi has established itself as a leader in the fintech sector, providing our more than one million members a full array of financial products to help them get their money right,” Anthony Noto, CEO of SoFi said in a company release. “The response by our members to our innovation across borrowing, saving, spending and investing has motivated us to think bigger, bolder and more expansively given the insatiable consumer appetite for financial services innovation.”

Galileo will continue to operate as an independent brand under SoFi ownership. CEO Clay Wilkes said that the deal envisions offering a full suite of financial products through its enterprise class APIs. 

“We’re excited to work with SoFi to build on the services that have made Galileo the leading supplier of infrastructure services to leading financial, technology and fintech companies,” Wilkes said in the release. “With the help of SoFi, we intend to continue to grow with and support all of our existing clients and the product roadmaps that they have defined.”

The deal is subject to regulatory approval and customary closing conditions. 


Topics: Mobile/Digital Wallet, Software, Mergers & Acquisitions, Mobile Payments, Mobile Apps

Companies: Chime, Galileo Processing


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Citi expands COVID-19-related waivers, deferrals

https://www.mobilepaymentstoday.com/news/citi-expands-covid-19-related-waivers-deferrals-2/

Citi expands COVID-19-related waivers, deferrals

Citi is launching a program to expand its COVID-19 assistance to retail customers and small businesses, beyond initial fee waivers announced in early March. 

The bank will provide an expanded number of fee waivers and forbearance programs for customers, according to a press release.

“As COVID-19’s impact to customers, small businesses and industries grows across the country, we are expanding our assistance measures to support our customers and reassure them that we are here to help should they need it,” said Anand Selva, CEO of Citi’s U.S. Consumer Bank, in the release. “We stand with our customers at this difficult time and will continue to do our part to support the individuals and communities impacted.”

The additional assistance includes :

  • Fee waivers on safe deposit boxes and non-Citi ATM fees. Waivers on monthly service fees and early withdrawal from CDs are being extended until May 8.
  • Waivers on late fees and minimum payment deferrals on credit cards for next two months. The accounts will be reported as current to credit agencies unless the account was previously delinquent. 
  • Fee waivers on remote deposit capture and monthly service charges and waivers for early CD withdrawal will be extended for small business customers.
  • Customers may also be eligible for waivers on mortgages, student loans and credit cards as well.

Topics: Coronavirus / COVID-19

Companies: Citi


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Demand for real-time payments rises amid COVID-19 pressure

https://www.mobilepaymentstoday.com/articles/demand-for-real-time-payments-rises-amid-covid-19-pressure/

The demand for real-time payments has taken on a new urgency in recent weeks. The COVID-19 pandemic has placed enormous pressure on consumers and small businesses struggling to generate income as public health concerns force travel, retail shopping and billions of dollars in business activity to a halt. 

The need to access immediate funds has forced businesses and individuals to leverage various means of moving funds across town and across borders to provide the basic necessities of every day living and business continuity. 

“In the U.S. particularly we are seeing a heightened interest in the speed of money movement,” Bridget Hall, principal product manager, real-time payments at ACI Worldwide, told Mobile Payments Today via email.

She sid that in early April, bill payments were a major concern by many consumers and small businesses and there were also pending issues with disbursement payments, including social security, government assistance and other financial aid. The urgency created by the pandemic means that reducing the amount of time need to convert a paper check into available funds is critical for many.

“This need to move money quickly and accurately is not a new concept, but the number of people who can relate to this need is definitely going to increase with the impacts of COVID-19,” she said.

A report issued last week by ACI shows that real-time payments were expected to surge over the next few years, with more than half a trillion transactions and a compound annual growth rate of 23% between 2019 and 2024. 

India is expected to lead that growth going from 15.3 billion transactions in 2019 to 52.8 billion by 2024, with strong growth in countries like Malaysia, Finland and Belgium. The U.S. is expected to see CAGR of 42% from 734 million transactions in 2019 to 4.2 billion transactions by 2024.

Officials at Zelle, a P2P money transfer service, is already seeing a shift in payments due to the impact of COVID-19 on consumer demand.

“Given the state of the world today and recommendations from health authorities to stay inside, we are seeing a decrease in social-related transactions and an increase in consumers leveraging Zelle in paying back neighbors for groceries and sending money to loved ones in need,” according to a spokesperson for Early Warning, the parent company of Zelle. “In addition, our financial institution partners are encouraging customers to leverage their online and mobile banking features, which include sending and receiving money through Zelle.”

European pressure

Nick Maynard, lead analyst at Juniper research told Mobile Payments Today, that he wasn’t sure if demand for real-time payments has changed as a result of the coronavirus pandemic. He said that overall B2B payments have likely declined due to reduced business activity in recent weeks. However he added that supplier payments have likely been impacted as some will face a slowdown in payments, others will not be paid at all and some will see an increase in movement. 

He noted that Morrisons, a U.K. supermarket chain committed to 48-hour faster payments in order to help smaller suppliers during the crisis. Morrisons said the move would help out local food suppliers and farmers impacted by the outbreak. 

Central bank settlement

Just within the last few days, Sweden’s central bank — Sveriges Riksbank — joined the European Central Bank’s instant settlement program called the TARGET Instant Payment Settlement, which allows settlement of electronic payments in Swedish krona. 

“In crisis times, this agreement is a good example of strong cooperation between central banks in Europe,” ECB President Christine Lagarde said in a release from the agency. “Our real-time settlement platform is a pivotal contribution to Europe’s endeavors to satisfy citizens’ increasing demand for faster, cheaper and convenient payment services without compromising on security.”

A spokesperson for the ECB said that 30 countries participated in the instant settlement program, which allows 3,800 institutions to indirectly participate in the real-time payments system. 

Sweden is considered one of the leading proponents of real-time payments, with an average of 1.5 million instant payment transactions per day. 

A spokesman for Sveriges Riksbank said the country had previously announced plans to join the bank back in 2018 and was not immediately motivated by the COVID-19 outbreak. The country’s RIX-INST service is expected to be online by the spring of 2022. 

Cover image: iStock

https://www.mobilepaymentstoday.com/articles/demand-for-real-time-payments-rises-amid-covid-19-pressure/

Pay By Text

https://www.mobilepaymentstoday.com/whitepapers/pay-by-text/
Pay By TextPublication Type:
Brochure

Published / Updated:

Increase your rate of response by allowing customers to send payments via text

Pay by text allows your business to send payment reminders, accept payments and send receipts to your customer’s mobile devices.

PaymentVision

Simplify How You Bill and Collect Payments. Any Method, Anytime, Anywhere
Fully integrated payment capture and processing solution that improves payment collections.

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https://www.mobilepaymentstoday.com/whitepapers/pay-by-text/

Creating Consumer Centric and Compliant Payment Solutions in the Text Channel

https://www.mobilepaymentstoday.com/whitepapers/creating-consumer-centric-and-compliant-payment-solutions-in-the-text-channel/
Creating Consumer Centric and Compliant Payment Solutions in the Text ChannelPublication Type:
White Paper

Published / Updated:

Consumer behavior has shifted significantly. Consumers are increasingly conducting much of their activities digitally and on mobile devices. In a recent CFPB survey, over the last 3 years, the use of mobile devices to conduct financial transactions have more than doubled. 60% of consumers use their mobile device to accomplish financial transactions. This trend will continue to increase, as consumers under the age of 25 use their mobile device for over 80% of financial transactions.

Ultimately, consumers value choice, convenience and control over their communications preferences. The mobile device meets this need and text messaging gives the consumer the ultimate control over when and how to communicate. Consumers user their mobile phone to accomplish more text messages than phone calls. With this shift in consumer behavior, it is important to understand the intricacies with communicating in a consumer centric and compliant manner within this text channel.

PaymentVision

Simplify How You Bill and Collect Payments. Any Method, Anytime, Anywhere
Fully integrated payment capture and processing solution that improves payment collections.

Visit Company Showcase »

https://www.mobilepaymentstoday.com/whitepapers/creating-consumer-centric-and-compliant-payment-solutions-in-the-text-channel/

Maintain Business Continuity with Digital Payment SolutionsFor

https://www.mobilepaymentstoday.com/whitepapers/maintain-business-continuity-with-digital-payment-solutionsfor/
Maintain Business Continuity with Digital Payment SolutionsForPublication Type:
White Paper

Published / Updated:

Does your business have an effective business continuity plan to deal with a crisis?

The COVID-19 Crisis has highlighted the importance of having an effective business continuity plan, and payments collection is a critical capability that must be evaluated within this plan. A payment business continuity kit can provide solutions that mitigate risks while preparing your business for the future. The payment business continuity kit is composed of solutions that are driven through self-service or e-commerce channels, PCI-compliant and secure, and accessible to your customers.

WHAT IS A PAYMENTS BUSINESS CONTINUITY KIT?

PaymentVision

Simplify How You Bill and Collect Payments. Any Method, Anytime, Anywhere
Fully integrated payment capture and processing solution that improves payment collections.

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https://www.mobilepaymentstoday.com/whitepapers/maintain-business-continuity-with-digital-payment-solutionsfor/

An Overview of a Fully Integrated Payment Solution from a Mission Oriented, Value Driven Payment Processor

https://www.mobilepaymentstoday.com/whitepapers/an-overview-of-a-fully-integrated-payment-solution-from-a-mission-oriented-value-driven-payment-processor/
An Overview of a Fully Integrated Payment Solution from a Mission Oriented, Value Driven Payment ProcessorPublication Type:
Catalog

Published / Updated:

Our mission is simple: to build lasting relationships through trust while providing customized, compliant, and secure financial technology solutions.
We are making better products, providing better service, and aremore passionate about what we do than anyone else in the industry.

Better Products.
Better Service.

  •  $2 Billion in Transactions Processed Annually
  • 30 years Industry Leading Experience
  • Exceeds 99.99% System Availability
  • Over 99.5% Client Retention Rate
  • Portfolio of 9 Technology Patents and more solutions are on the roadmap

We deliver value through

  • Seamless Payment Experience
  • Exceptional Customer Service
  • Flexible, Customizable Solutions
  • Being Highly Available and Secure
  • Developing Innovative Technology
  • Providing Demonstrated Compliance Expertise

Learn more at www.paymentvision.com

PaymentVision

Simplify How You Bill and Collect Payments. Any Method, Anytime, Anywhere
Fully integrated payment capture and processing solution that improves payment collections.

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https://www.mobilepaymentstoday.com/whitepapers/an-overview-of-a-fully-integrated-payment-solution-from-a-mission-oriented-value-driven-payment-processor/

UnionPay expands contactless, sees online shift amid COVID-19

https://www.mobilepaymentstoday.com/news/unionpay-expands-contactless-sees-online-shift-amid-covid-19/

UnionPay International, a Chinese mobile wallet provider, aims to expand contactless payment in markets worldwide and provide help through other means amid the COVID-19 pandemic. 

It has partnered with Kazakhstan’s Halyk Savings Bank to support a plan for 100,000 contactless cards to help reduce the spread of the virus and is backing a similar plan in Russia and Mongolia through partnerships with Gazprombank and Khan Bank respectively, according to a press release.

The company said there has been a 20% increase in online transactions worldwide since the start of the pandemic. Those transactions have doubled in Japan and rose by 70% in the U.S.

Many of these purchases involved essential items, services and medicine that customers would normally buy in person, but cannot due to social distancing and stay at home orders, according to the release. Union Pay is partnering with banks and payments firms like Stripe, Banco Santander in Spain, Nexi in Italy, National Commercial Bank in Saudi Arabia and others to facilitate these transactions. 

It also has recently joined various platforms, including ride hailing service Lyft in the U.S., FoodPanda, a mobile ordering service in Southeast Asia, Gett in Russia, Amazon in Australia and Ceezmall in Pakistan and partnered with WeDoctor, a Tencent-based healthcare app that provides telemedicine consultations with a team of 7,800 medical professionals to help consumers through the coronavirus outbreak and associated mental health challenges. 

UnionPay is also offering a special program with 40 online merchants to help subsidize health care costs under a partnership with Jing Dong. The program helps to provide masks, disinfectant and other supplies at lower prices. 


 


Topics: Mobile/Digital Wallet, Region: APAC, Coronavirus / COVID-19

Companies: UnionPay International


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Fifth Third Bank hiring 1,000 customer service agents amid surge in calls

https://www.mobilepaymentstoday.com/news/fifth-third-bank-hiring-1000-customer-service-agents-amid-surge-in-calls/

Fifth Third Bank hiring 1,000 customer service agents amid surge in calls

Fifth Third Bank planst to hire 1,000 customer service employees in its retail branches, mortgage and operations, including its Cincinnati headquarters, as the COVID-19 pandemic plaes additional pressure on banks that are limiting in-person branch access and customers seek hardship aid from financial institutions. 

“Our Fifth Third customers and communities need us more than ever during these uncertain times and we will continue to be here for them,” Greg Carmichael, chairman, president and CEO of Fifth Third Bank, said in a press release. “I’m proud of the extraordinary service our employees are providing each day.”

The bank is hiring for 500 positions in retail banking, 350 in mortgage sales and support and 100 in operations. The bank has a starting wage of $18 an hour, with comprehensive benefits and is paying a $1,000 in special payments for certain on-site hires before May 10. The bank, which has about 20,000 employees, has experienced an increase in customer service calls since the pandemic forced many companies to begin social distancing policies, according to a spokesman. 

The bank has closed retail bank lobbies for general access and has moved most of its bank operations to mobile, telephone, drive-thru or its network of 53,000 no-fee ATMs. The bank is offering appointments for customers with more complex transactions that can’t be handled remotely. 

Fifth Third Bank has $169 billion in assets and 1,149 full service banking branches, as well as 2,481 Fifth Third Bank branded ATMs across several states in the Midwest and Southeast.

Cover image: Fifth Third Bank


Topics: ATM & Mobile Banking, Coronavirus / COVID-19

Companies: Fifth Third Bancorp, Fifth Third Bank


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FIS leverages lending platform for COVID-19 assistance

https://www.mobilepaymentstoday.com/news/fis-leverages-lending-platform-for-covid-19-assistance/

FIS is enabling its Real-Time Lending Platform to enable banks and credit unions to provide loans to merchants and small businesses under the U.S. Small Business Administration’s Payroll Protection Program as part of the The CARES Act. 

The PPP authorizes $349 billion in federal loans to help small businesses and merchants impacted by the COVID-19 pandemic. The loans can be converted to grants if companies keep workers on their payrolls and use the funds to cover salaries and other critical expenses. 

“As a critical infrastructure provider, FIS is committed to bringing the full force of our scale and resources to keep the global economy running and to assist small businesses, merchants and other clients during this enormously challenging period,” Gary Norcross, chairman, president and CEO of FIS, said in a press release. “I am extremely proud of the work our employees are doing to help our clients, and the industry, are doing to manage through this global crisis and come out stronger on the other side.”

The Real Time Lending Platform is a digital platform designed to help streamline the lending process for clients. 

FIS is also waiving minimum monthly service charges for U.S. and U.K. merchants during the month of April and is offering free virtual terminal access for U.S. merchants and retailers enrolled in the Worldpay from FIS iQ online portal for remote processing. 


Topics: Coronavirus / COVID-19

Companies: FIS, Worldpay, Inc.


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MX study reveals increased mobile banking use amid COVID-19

https://www.mobilepaymentstoday.com/news/mx-study-reveals-increased-mobile-banking-use-amid-covid-19/

MX study reveals increased mobile banking use amid COVID-19

MX, a digital transformation platform for banks and credit unions, has released research showing mobile banking engagement rose by 50% since the end of 2019 and that payments on credit card debt decreased by 25% amid the COVID-19 pandemic. 

“Americans are turning to mobile banking as a way to take control of their finances and plan for their economic future,” Ryan Caldwell, founder and CEO of MX, said in a press release. “With increased consumer engagement across mobile banking applications, financial institutions have the responsibility to not only deliver a great user experience, but also to provide meaningful advice and guidance that’s critical to the financial well being of consumers, especially during times of economic uncertainty.”

The survey of 1,000 consumers indicated the following: 

  • More than 70% believe its important to put money away for a rainy day, but less than half of those surveyed save more than 10% of their income. 
  • More than 50% of those surveyed have gone over their monthly budget just by paying major expenses, like rent, mortgage, utilities or auto loan payments

The study also showed that 60% of those surveyed said their main financial institution doesn’t make them financially stronger, but that could change if they moved toward digital banking.


Topics: Mobile Banking, Trends / Statistics


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Publix rolls out contactless pay to all stores

https://www.mobilepaymentstoday.com/news/publix-rolls-out-contactless-pay-to-all-stores/

Publix rolls out contactless pay to all stores

Publix, a Lakeland, Florida-based grocery chain, is rolling out contactless payment to all stores, including its organic GreenWise Market, as part of a strategy to protect customers and store employees from exposure to COVID-19. 

Publix customers can use contactless credit or debit cards, the Publix mobile app and widely used mobile wallets, including Apple Pay, Google Pay and Samsung Pay, according to a press release.

“In these unprecedented times, we recognize the need to make our customers trips to the stores faster and more efficient,” Todd Jones, CEO of Publix, said in the release. “By expediting this payment option, we will help customers reduce contact with commonly used surfaces like PIN pads.”

The grocer, which has 1,242 stores across the southeast, has taken several other measures to reduce spread, including: 

  • Increased sanitation through regular and frequent cleaning of PIN pads, ATM terminals, door handles, carts and vending machines.
  • Installation of plexiglass shields at cash registers, pharmacies and customer service locations.
  • Reduced store hours for cleaning.
  • Designated shopping hours for customers over age 65.
  • Emergency pandemic pay for full and part-time workers diagnosed, quarantined or caring for COVID-19 people.

Cover image: iStock


Topics: Contactless / NFC, Mobile Apps, Mobile/Digital Wallet, Mobile Payments, POS, Retail

Companies: Samsung, Google Wallet, Apple, Publix


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Italy's UniCredit reaches deal with union on jobs, benefits

https://www.mobilepaymentstoday.com/news/italys-unicredit-reaches-deal-with-union-on-jobs-benefits/

Italy's UniCredit reaches deal with union on jobs, benefits

UniCredit, an Italian banking group, reached an agreement with that country’s major labor unions on a package of job cuts and benefits following its Team 23 strategic restructuring announcement to move its operations to accelerate digital transformation. 

The bank will offer voluntary retirement to 5,200 full-time employees, while 800 workers will be requalified and retrained for new professional roles. 

UniCredit has committed to hiring 2,600 people over the next four years to ensure what it calls a more positive generational turnover and digital upskilling of the workforce. The banking group will also convert 900 apprenticeships into standard employment contracts in order to increase job security. 

The company will also invest in new client contact and back office centers in Sicilia and Campania in Southern Italy.

The agreement calls for enhanced benefits, including a 10-day paid paternity leave and increased meal vouchers for all employees. 

The company will increase its Pension Fund contribution to 4% for new apprenticeships over the first three years of employment. The bank also agreed to an annual productivity bonus of 1,430 euros or 880 euros in cash, with an average increase of 10% per year.

Cover image: iStock


Topics: Mobile Banking, Region: EMEA


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Grubhub spending $30M to help independent restaurants

https://www.mobilepaymentstoday.com/news/grubhub-spending-30m-to-help-independent-restaurants/

Grubhub spending $30M to help independent restaurants

Grubhub is spending $30 million to support 100,000 independent restaurants in the face of the COVID-19 outbreak, according to a spokesman.

Grubhub said each restaurant will receive $250 that will allow them to offer $10 discounts off any order of $30 or more. Grubhub estimated that the funding could help generate about $100 million in restaurant sales. 

Thus far, Grubhub said restaurants participating in its current promotions during the crisis have seen sales jump 30%. 

Grubhub said it was also teaming with Verizon Business to feed frontline healthcare workers at six hospitals in New York City.


Topics: Mobile Apps, Mobile Payments, Restaurants

Companies: Grubhub


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