As October gets underway in earnest, Finovate’s Fintech Rundown shares news of expedited payments to help those impacted by hurricane Helene, another partnership to help new Canadians secure credit, as well as a major investment in cross-border payments and a big acquisition in the fraud prevention space.
Be sure to check back all week long for more fintech news and updates!
Payments
FedNow will expedite Federal Emergency Management Agency (FEMA) payments and transactions for survivors of hurricane Helene.
The U.S. Faster Payments Council (FPC) releases its 2024 U.S. Instant Payments Adoption Quantitative Study.
Formerly WorldRemit, Zepz raises $267 million to support expansion into new African markets.
Woodforest Acceptance Solutions partners with FreedomPay.
Venmo introduces payment scheduling.
Lending
Quarters and Nova Credit team up to help immigrants to Canada transfer their credit histories from their home countries.
Identity and fraud prevention
Experian acquires Brazilian cybersecurity firm ClearSale in a deal valued at $350 million.
Meta expands its information-sharing partnership with banks in the U.K. to help fight fraud and scams.
DeFi and crypto
Visa launches platform to enable banks to issue stablecoins and tokens.
Open banking / open finance
Open banking payments network TrueLayer secures $50 million extension of its Series E funding round.
Small business financial management
Ocrolus and On Deck issue their Small Business Cash Flow Trend Report for Q2 2024.
Communications
Customer interaction technology provider Glia launches its Unified Interactions Index Online Calculator.
Photo by Guzel’S
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Conclusion:
In this ever-evolving world of fintech, October has brought about significant advancements in the realm of payments, lending, identity and fraud prevention, DeFi and crypto, open banking, small business financial management, and communications. From expedited payments for hurricane survivors to partnerships aiding immigrant credit histories, the fintech industry is making strides towards broader financial inclusivity and security.
With initiatives like FedNow and the U.S. Faster Payments Council’s study, the focus on real-time payments is more prevalent than ever. Investments in cross-border payments and acquisitions in fraud prevention technologies are paving the way for safer and more efficient financial transactions globally. Additionally, the introduction of payment scheduling by Venmo and the collaboration between Quarters and Nova Credit illustrate efforts to assist marginalized communities in accessing financial services.
The acquisition of ClearSale by Experian and Meta’s partnership with U.K. banks signal a continued commitment to combatting identity theft and fraud. Visa’s platform enabling banks to issue stablecoins and tokens reflects the growing importance of DeFi and crypto in the financial landscape. TrueLayer’s funding extension for open banking payments emphasizes the growing importance of open finance in creating more transparent and accessible financial systems.
In the small business sector, reports like the Small Business Cash Flow Trend Report by Ocrolus and On Deck provide valuable insights for entrepreneurs navigating turbulent economic climates. Glia’s Unified Interactions Index Online Calculator showcases advancements in customer interaction technology, facilitating more seamless communication between businesses and their clients.
As we move forward into the future of fintech, it is clear that innovation and collaboration will continue to drive progress in the industry. Stay tuned for more updates and exciting developments in the world of financial technology!
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