Welcome to the new PaymentsSource Morning Briefing, delivered daily. The information you need to start your day, including top headlines from PaymentsSource and around the Web:
Fintechs lobby for open data: A group of financial technology companies, including Yodlee, Affirm, Kabbage and Ripple, have formed the Consumer Financial Data rights coalition. The group announced it would petition for consumer access to financial data through third party platforms, citing the Dodd-Frank law. The group is pushing for APIs to enable access, similar to the open banking standards in the U.K. and Singapore, which is also promising a similar API for data access. "Each consumer's right to their own financial data is vital in helping to understand their finances and make the best saving and spending decisions," said Max Levchin, founder and CEO of Affirm, in a release.
Brazilian e-commerce players chase cross-border shoppers: Brazilian payment gateway PagBrasil is partnering with VTEX, one of the country's largest e-commerce technology companies, to power payments for online stores. The partners can confirm payments quickly, enabling mobile and tablet app payments and other digital transactions. VTEX hosts its technology in the cloud and is active in Latin America, the U.S., Canada and Europe. The international reach will enable cross-border payments, a large market in Brazil, where digital payments are also on the rise. More than half of Brazilian online consumers have made at least one purchase from an international website, according to E-bit Webshoppers.
Wix deepens its merchant services ties: Fresh off of its partnership with mobile point of sale provider Square, website developer Wix has purchased marketing company Flox, according to TechCrunch. Flox is based in New York and Tel Aviv, similar to Wix, and it builds marketing and CRM tools such as loyalty cards, rewards programs and chat services for e-commerce sites and mobile apps. The deal will broaden Wix's appeal to merchants and open up another potential revenue stream for the company.
Shopify's new digs mean new tech: Fresh off its expansion in the U.K., Shopify is expanding its footprint in Canada with an eye on new technology development. The e-commerce company has opened a second office in Toronto, called Shopify R&D, which is a short distance from its headquarters. ITWorldCanada reports the company plans to add engineers and programmers, as the new center has the capacity to double the company's staff in Toronto. Shopify also plans to open an additional office in Toronto in the next three years. Shopify reports merchants spent $13 million on e-commerce technology that vendors built using its platform in 2015. 2016’s figure is expected to be larger, though the company has not releases results.
From the Web (powered by Wiser)
Alipay expands North American presence
Chain Store Age • Jmosscrop
More North American shoppers will have access to Alipay.
TCF Financial: Multiple Trump-Induced Tailwinds
Seeking Alpha • Renaissance Research
TCF Financial could be one of the key beneficiaries of regulatory relief under a Trump administration. The bank is exceptionally well-positioned for higher interest rates, given its low-cost granular deposit base and higher-yielding assets. Importantly, TCF does not look overvalued..
JPMorgan Hit With 2 Government Lawsuits for Sex and Race Discrimination
Fortune Magazine • Reuters
Claiming pay discrimination against women and mortgage discrimination against minority borrowers.
More from PaymentsSource
Lovell Minnick's investors envision loyalty as a new currency
Loyalty programs can be a mixed blessing. When they work as advertised, they can lock in consumers and build relationships; when they fail, they vex shoppers and sour relationships.
For marketplace merchants, BlueSnap's API aims to consolidate payments
Technology toolkits such as application programming interfaces (APIs) have enabled small businesses to use simple programming to extend online payments to consumers, and the same technology can be applied to marketplace transactions.
Corporates need a 'consumer style' invoice experience
Any CFO with a smartphone has grown accustomed to the ways in which fintech has removed the friction from their daily lives.
TCF tricked customers about overdraft opt-ins, CFPB suit alleges
The Consumer Financial Protection Bureau on Thursday sued TCF National Bank in Wayzata, Minn., for what the bureau said were deceptive and abusive practices in selling overdraft services.
American Express profit falls 8.2% as expenses exceed estimates
American Express Co., the largest U.S. credit-card issuer by purchases, said fourth-quarter profit fell 8.2 percent as expenses exceeded analysts’ estimates and the firm set aside more money to cover bad loans.