6.05.18 Your morning briefing
The information you need to start your day, from PaymentsSource and around the Web:
Citibank will join the U.K.'s Open Banking framework, which positions the bank to offer aggregated payment services for business clients, reports Finextra, which adds Citi is the first corporate bank to join the directory as a payment initiation service provider.
Open banking went live in the U.K. in January, and requires the country's nine largest banks to publish open APIs to allow third parties to access bank account data, with the consent of the account holders.
Most of the attention has gone to how open banking benefits fintech development in Europe and elsewhere, but Citi plans to use it to improve the collections and payments for business clients, Finextra reports.
Ripple plans to invest $50 million in blockchain research, with the funds going toward an international range of universities.
Ripple has signed 17 schools, including Korea University, University College London and the University of Pennsylvania. The company is not directly guiding the research, but will make its experts and technology available as part of the research.
Paysafe completes iPayment deal
Paysafe can accelerate its expansion plans in North America following the close of its April deal to acquire iPayment.
iPayment generated $25 million in processing in 2017 for more than 137,000 merchants. The acquisition will make Paysafe one of the largest non-bank payment processors in the U.S.
Payment's former CEO, O.B. Rawls IV, and Robert Purcell, iPayment's CFO, will both join Paysafe in senior roles.
Singapore, India collaborate on fintech
India's Department of Economic Affairs and the Monetary Authority of Singapore have signed a deal to tighten collaboration on payments and other financial innovation.
The two countries will established a joint working group, co-chaired by high-ranking regulators from each side.
Singapore and India have both become hotbeds of financial innovation over the past few years, as Singapore has aggressively based payment-heavy 'smart city' strategies for parking, tolls, transit and ID; and India's government has taken on a digital payments friendly stance.
From the Web
Dutch payments firm Adyen valued at up to $8.3 bln in IPO
Reuters | Tue June 5, 2018 - Dutch payments company Adyen said at the launch of its initial public offering on Tuesday its equity would be valued at 6.5 billion-7.1 billion euros ($7.3 billion-8.3 billion) in its June 13 listing. Adyen, which provides the payments backend for Facebook, Netflix and eBay, is profitable and its IPO is one of the most prominent among European tech companies this year.
British fintech startup Revolut to seek U.S. banking license: CEO
Reuters | Mon June 4, 2018 - British financial technology startup Revolut plans to apply for a banking license in the United States, Chief Executive Officer Nikolay Storonsky said on Monday. The company, launched in 2015, could apply by the end of the year in California, Storonsky told Reuters in an interview at the sidelines of a fintech conference in Amsterdam.
Apple co-founder Steve Wozniak hopes bitcoin will become a single global currency
CNBC | Mon June 4, 2018 - Twitter CEO Jack Dorsey recently said he believes bitcoin will become the single global currency, something that Apple co-founder Steve Wozniak hopes will happen. Wozniak bought bitcoin when it was $700, over $6,700 less than where the cryptocurrency was trading on Monday, according to data from CoinDesk.
More from PaymentsSource
How the newly merged U.K. payments system will foster innovation
What advantages will this new system bring to the U.K. payments market? The U.K. has traditionally struggled to find ways to break the major banks’ monopoly on payments.
'Gig' work is stifling old-school bank payment models
Fintechs are entering the market to close the time gap in gig economy payments between businesses and consumers. This will fundamentally change business models for banks, according to Lauren Reuf, a research analyst at Nvoicepay.
To fuel digital currencies, crypto-lender finances sales of mining gear
Cereal is looking at the aspects of the market that could be considered the most stable. By encouraging more mining activity, Cereal also promotes the viability of the cryptocurrencies being mined.
Machine learning can solve the epidemic of 'fake news' in cryptocurrency
ICOs and other startups often spread misinformation to generate buzz. Gamification and machine learning can foster information-sharing that cuts through the hype, writes Hermann Finnbjornsson, the CEO of Svandis.