Cross River And Forward Team On Embedded Payments For SaaS Firms

?? NEWS HIGHLIGHT

• Flutterwave’s Send App & MainStreet Bank extend payments in 49 US States.

Flutterwave, Africa’s payments technology company, has announced the expansion of its Send App service across 49 US states through a partnership with MainStreet Bank, a subsidiary of MainStreet Bancshares Inc.

Send App by Flutterwave facilitates faster, easier, and more affordable money transfers from Africans in the diaspora to their families and friends back home.

Remittances to Africa have doubled over the last decade, reaching an estimated $100 billion in 2022, according to the United Nations. These funds support the medical bills, education costs, and living expenses of an estimated 200 million Africans. The importance and necessity of staying connected, no matter the distance, is a key driver of this expansion.

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?? ARTICLE OF THE WEEK

• How do Network Tokens work? And why are they so fundamentally beneficial?

NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS

???? NATIONAL HIGHLIGHTS

?? Cross River and Forward Team on Embedded Payments for SaaS Firms.

?? Thread Bancorp, Inc. Welcomes Banking Veteran Michael Farrell as Chief Financial Officer to Drive Next Phase of Growth.

?? Merchants are key as Zelle's sibling Paze seeks growth.

?? Klarna adds more AI features to its assistant powered by OpenAI.

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FINTECH

Robinhood to adorn The Miami Heat Jerseys in Latest NBA sponsorship deal. The Miami Heat announced a multi-year partnership with the commission-free trading giant yesterday, Sept. 24. The partnership will begin with the 2024–25 NBA season, featuring Robinhood's logo on all The Miami Heat jerseys.

PAYMENTS

Visa faces Justice Department antitrust case on debit cards. The US DOJ plans to sue Visa Inc. for allegedly illegally monopolizing the US debit card market. The antitrust division is set to file the lawsuit in federal court soon, accusing the payments network operator of various anticompetitive practices, according to sources familiar with the matter.

OPEN BANKING

Walmart is reportedly enhancing its pay-by-bank offering via a partnership with Fiserv. Under the new system, customers who make pay-by-bank transactions will see the purchase show up in their bank account balance right away, with Walmart receiving the funds instantly, the report said.

DIGITAL BANKING

Wells Fargo & Company (WFC) expanded its Application Programming Interfaces (APIs) portfolio with the launch of specialized APIs for its Commercial Banking clients. WFC’s new APIs offer faster order processing, enabling instant credit checks and approvals within their own systems.

Goldman’s old headquarters turned into $4,000-a-month apartments. The financial sector's presence in the neighborhood has diminished, accelerated by the pandemic. Today, anyone with $4,000 a month can live where Goldman Sachs once cemented its trading legacy.

Financial Institutions, Inc. (FII), the parent company of Five Star Bank and Courier Capital, says it is to commence an “orderly wind down” of the BaaS offerings it operates through Five Star. The company says the decision follows “a careful review” conducted by FII’s executive management and board of directors.

Nasdaq expands digital bank presence in Latin America. Nubank has chosen Nasdaq’s AxiomSL regulatory reporting system for its operations in Latin America. This expands their existing partnership, with Nasdaq already providing technology support for Nubank’s treasury, fixed income, and money market activities.

Galileo targets underbanked consumers with a new credit offering. Secured Credit with Dynamic Funding is designed to simplify the secured credit process, making it easier for consumers to manage debit and credit accounts, while also reducing lenders’ risk by backing credit with secured deposits.

CRYPTO

PayPal enables business accounts to buy, hold and sell cryptocurrency directly from their PayPal business accounts. At launch, this functionality for Business Accounts will not be available in New York State. This move is part of PayPal's broader strategy to enhance cryptocurrency utility for millions of merchants across the U.S.

MOVERS & SHAKERS

Multi-billion-dollar-valued US FinTech Plaid appoints internal exec as new European boss. Mike Saunders, who leads Plaid’s credit team, is now also heading up Plaid’s European business as well. Plaid has European offices in Amsterdam and London and its customers include Google and Shopify.