MX Technologies and ebankIT have announced a broadened partnership aimed at accelerating Open Banking adoption across North America. This collaboration brings MX’s Data Access to ebankIT’s suite of financial solutions, supporting secure and efficient data-sharing capabilities for banks and credit unions. MX’s Data Access, designed according to FDX standards, ensures secure and standardized Open Finance API integrations that work seamlessly with all data intermediaries. Additionally, it provides API translators to help internal systems comply with FDX, advancing the industry’s data security and usability. With MX’s Data Access, financial institutions gain enhanced oversight of data-sharing practices, enabling them to draw actionable…
Author: Editorial Team
DailyPay, a leading provider of earned wage access (EWA) solutions, has announced a $100 million expansion of its secured credit facility from Citi, effectively doubling Citi’s previous commitment. With this boost, DailyPay’s total revolving secured debt facility now reaches $760 million, consisting of $500 million from Barclays, $200 million from Citi, and $60 million from TPG Angelo Gordon. This enhanced credit line significantly strengthens DailyPay’s financial position, enabling it to better serve a growing client base with more robust financial wellness offerings. The EWA Market: Supporting Financial Wellness in the Gig Economy As financial stress grows among workers, especially in…
A recent survey conducted by Intix shows that many European banks are struggling to meet the upcoming EU deadlines for mandatory instant credit transfers. The research examined the banking sector’s preparedness for compliance with ISO 20022 standards and the EU’s Instant Payments Regulation, set to take effect in January 2025 for receiving transactions and October 2025 for sending them. Key Findings: Main Challenges: These findings underscore the significant hurdles banks are facing in adopting real-time payment capabilities while ensuring regulatory compliance. With the deadlines approaching, the pressure is mounting for banks to upgrade their processes and technologies to meet these…
Sweden-based financial platform, Juni, has extended its partnership with Salt Edge to introduce advanced Open Banking capabilities, providing customers with a more streamlined and integrated financial experience. The two companies first joined forces in 2020 through Salt Edge’s Partner Program for Account Information Services (AIS), enabling Juni to seamlessly access data from over 2,500 banks across the European Union. This latest expansion builds on their collaboration, aimed at meeting evolving customer needs while maintaining strict regulatory compliance. Compliance and Enhanced Customer Experience Operating in a heavily regulated industry, Juni prioritizes compliance, particularly with the PSD2 (Payment Services Directive 2) requirements.…
Arab Financial Services (AFS) has successfully raised $50 million in a strategic funding round, aiming to optimize its financial standing and accelerate its growth plans. Approved by AFS shareholders, this significant investment is expected to bolster the company’s financial health and fuel its ambitious development strategy. With this fresh injection of capital, AFS plans to expand its operations, enhance its product portfolio, and innovate within the digital payments space. The company remains committed to addressing the evolving needs and preferences of its clients while ensuring compliance with industry regulations and legal standards. Expanding Operations and Innovating Payments SolutionsAs a leading…
BNY, a global leader in financial services, and Kanexa have announced a strategic partnership to deliver an innovative open account automation solution. This new offering combines BNY’s extensive trade finance expertise with Kanexa’s advanced automation technology, providing corporations with a comprehensive digital platform to streamline their financial workflows. Simplifying Processes for Enhanced Efficiency The partnership focuses on automating invoice approvals, reducing operational errors, and minimizing the risks and costs associated with traditional methods. With seamless integration, businesses will experience faster and more efficient processes, helping them adapt to evolving market demands. Kanexa officials highlighted that the collaboration with BNY’s global…
Mashreq NEO PAY, a leading payment solution provider in the MENA region, has announced a strategic partnership with UAE-based fintech start-up Qlub. This collaboration is set to revolutionize the payment process at hospitality venues across the UAE, allowing customers to seamlessly pay, split bills, and add tips through NEO PAY terminals, fully integrated with the restaurants’ Point of Sale (POS) systems. The partnership aims to enhance convenience and flexibility for both merchants and customers, creating a faster and more streamlined payment experience in the hospitality sector. Qlub’s 360-Degree Hospitality Solution Qlub, known for its comprehensive payment solutions tailored to the…
Zopa Bank Partners with John Lewis Money to Streamline Personal Loan Access In an exciting new collaboration, Zopa Bank has announced a partnership with John Lewis Money, the financial services branch of the John Lewis Partnership. This partnership allows 23 million John Lewis customers to access personalized personal loan options easily and quickly. Customers can obtain a loan quote in just minutes without impacting their credit score. Once approved, most will receive their funds within two hours. Loan amounts range from £1,000 to £35,000, with flexible terms from one to seven years, offering customers financial flexibility for various needs. Zopa…
Estonia-based core banking provider Tuum has announced a strategic partnership with Zenus Bank, a US digital bank, to jointly launch a global Banking-as-a-Service (BaaS) platform. This collaboration will enable fintech companies, banks, super apps, and businesses around the world to seamlessly embed US banking services into their offerings. As part of this partnership, Zenus Bank has successfully integrated Tuum’s Accounts and Payments modules, enhancing its existing technology infrastructure and vendor integrations. This move aligns with Zenus Bank’s broader goal of creating a comprehensive global BaaS platform. The initiative is designed to expand access to US banking services for businesses and…
Nello AI and Nello Pay Debut in the EU and UKNeonomics, a leading Open Banking provider licensed by the Norwegian FSA, has unveiled a cutting-edge product suite under the brand “Nello.” This suite is designed to transform how businesses and consumers manage finances, blending AI-driven insights with streamlined payment solutions. Nello AI and Nello Pay aim to create a more efficient, secure, and user-friendly financial experience, catering to both businesses and individuals. What is Nello AI?Nello AI is an innovative personal finance manager app developed to address the needs often neglected by traditional financial services. As consumers face rising living…