Morning Brief 1.16.20: Plaid adds more tech as it awaits Visa deal
The information you need to start your day, from PaymentsSource and around the web:
Plaid is continuing to line up collaborators as it waits to be acquired by Visa, a $5 billion deal that's expected to close over the next few months.
Its new partner is Bankable, a "banking as a service" provider that manages and installs digital payment and banking services for third parties. Bankable will use Plaid's APIs to increase installation speed, particularly for companies with older technology.
Plaid works with more than 15,000 financial firms, and the Visa deal is expected to increase the company's international profile in Europe, where PSD2 compliance is in full swing.
Small biz gateway
Paytm is consolidating payment acceptance through a QR code system that allows Paytm Wallet, RuPay cards and other apps that use the country's United Payment Interface rail.
The QR code communicates merchant's names, logos and pictures, and is available through Paytm's business app, reports Techlomedia, an Indian publication. Paytm launched other merchant services through the feature, such calculators, power banks and radios.
Paytm recently raised about $1 billion and has diversified services as outside competitors such as Google, Walmart and Amazon invest in merchant acquiring technology.
Brazilian fintech Ebanx is testing a digital wallet with 10,000 consumers as it looks to build an e-commerce business.
Ebanx, which recently passed $1 billion in valuation, traditionally processes payments for foreign companies with a large presence in Brazil, such as Alibaba. The new wallet is a way to expand relationships with local merchants looking to sell online, reports Reuters.
The company may broaden deeper into banking, offering savings accounts, as well as sell the product bundle in other Latin American countries.
The Orange Group has launched an e-wallet service in Jordan, pushing a mix of mobile payments and financial services that it hopes will lend to a broader financial inclusion initiative in the country.
Called Orange Money, Petra Mobile Payment Services will supply the underlying technology for the wallet, which recently received clearance from the country's central bank. Orange Jordan will manage the app.
The Orange Group has debuted several mobile payment and mobile money systems in Middle Eastern and African countries over the past several years.
From the Web
Rise in Check Fraud Could Motivate Treasurers to Switch to Other Payment Tools
THE WALL STREET JOURNAL | Wed January 15, 2020
Attempted check fraud increased to $15.1 billion in 2018—up from $8.5 billion in 2016—and accounted for 60% of attempted fraud against deposit accounts at U.S. banks, according to a survey released Wednesday by the American Bankers Association. The rise has made it easier for the bank to advertise alternative payment methods and fraud mitigation tactics to its corporate customers.
Eased data protection rules to benefit fintech giants and startups: analysts
THE KOREA HERALD | Wed January 15, 2020
The recent passage of bills on personal data and credit information of individuals by the National Assembly will likely give a boost to fintech giants and startups in South Korea, according to analysts. Under the new rules, credit rating agencies can factor in nonfinancial data to assess credit ratings, including the payment of bills and even personal information from e-commerce websites and social media platforms.
JPMorgan Veterans’ Kadena Launches Public Blockchain, Integrates Wallet to Cosmos Network
YAHOO FINANCE | Wed January 15, 2020
Brooklyn-based offshoot of JPMorgan’s blockchain center announced the launch, which marks another step in its effort to develop scalable, secure proof-of-work alternatives to the current leading cryptocurrencies ethereum and bitcoin. As part of its efforts in interoperability, Kadena is also integrating its wallet Chainweaver with the Cosmos Network, allowing different blockchains to interact.
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