Morning Brief 5.15.20: Rapyd, MoneyGram make moves to ease coronavirus impacts

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The information you need to start your day, from PaymentsSource and around the web:

Home agent

MoneyGram has signed a deal with Federal Bank in India to support direct-to-account deposits for transfers.

India has been mostly shut down since March 24 to curb the coronavirus spread, and the partnership is designed to avoid visits to agencies in physical locations to receive funds, reports Global Prime News.

India is the world's top receiving market for remittances, and Federal Bank has about 15% of the market. The deal with MoneyGram should help the bank boost that share.

Fee cuts

Rapyd is cutting foreign exchange and processing fees for the first $100,000 in processing volume for new businesses in the U.S., Mexico and Brazil.

The incentive runs until June 30 for firms that onboard using Rapyd's platform and offer the savings as discounts to their own users during the coronavirus outbreak. Rapyd's products include payment processing for international supply chains.

Payment firms have cut fees for the past two months during lockdowns as a way to ease costs and also to build goodwill with clients for the long term.

Ransom pushback

Diebold Nixdorf appears to have contained a ransomware attack, as the hackers reportedly did not impact client services or ATM networks.

The attack in late April disrupted parts of the company's corporate network that communicate with field technicians, but was discovered quickly enough to cut connections to external-facing operations, according to security writer Brian Krebs.

The attackers used ProLock ransomware, which is a rare attack form that has been upgraded frequently over the past months, Krebs explains.

QSR seed

Bala Investments has led a $3.25 million seed round in Austin-based startup ConverseNow, a firm that uses AI to automate and personalize remote order and pay for quick serve restaurants.

The platform also manages traffic spikes and makes personalized upsell recommendations, reports Crunchbase. Rajiv Bala, the investor's managing director, will join ConverseNow's board of directors.

The two-year old ConveseNow will use the funding to expand in anticipation of more demand as chains update to accommodate coronavirus shutdowns and more heavily regulated reopenings.

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