Fathom4sight Newsletter: Weekly FinTech news curated by Fathom4sight!
Financial?Institutions
Barclays Plc is boosting its price targets
JP Morgan is rolling out support for Apple's Tap to Pay
Goldman Sachs is considering the sale
To help support those affected, several banks are collecting financial donations in bank branches for Canadian Red Cross and making corporate donations directly to the Red Cross and other local organizations providing relief efforts.?| Newswire.ca
CIBC announced that it will be donating $100,000 through the CIBC Foundation Northwest Territories Emergency Relief Fund and the CIBC Foundation British Columbia Emergency Relief Fund to provide immediate and long term assistance to those affected by the wildfires and evacuation efforts across the Northwest Territories and British Columbia.?| Newswire.ca
Silicon Valley Bank has named new heads of its payments
Two former precious metals traders at JPMorgan Chase have been sentenced to prison for engaging in fraud, attempted price manipulation, and spoofing as part of a market manipulation scheme that spanned over eight years, involved tens of thousands of unlawful trading sequences, and resulted in over $10 million in losses to market participants.?| Finextra
Scotiabank, in collaboration with the Canadian Administrator of Video Relay Services (CAV), has launched a dedicated phone line aimed at providing assistance to customers with hearing and/or speech impairments, who rely on Video Relay Service (VRS) for their remote banking needs.?| Newswire.ca
Each year, thousands of new residents arrive in Canada with a shared ambition of calling it home. To help newcomers learn about their new country and navigate settling in, CIBC announced today a partnership with the Institute of Canadian Citizenship (ICC), a national charity that supports newcomers on their journey towards full and active citizenship.?| Newswire.ca
J.P. Morgan Payments has launched Tap to Pay on iPhone, enabling its U.S. merchant clients to accept contactless payments at the point-of-sale. Sephora will be the first merchant to leverage the service.?| PaymentsJournal
Citi has introduced a series of new offerings designed to streamline its retail banking business. The new services, announced, come weeks after the banking giant reported a jump in revenue from its personal banking business. Among these services is something called “Relationship Tiers,” which Citi compared to a hotel or airline rewards program.?| PYMNTS
Bank of America (BoA) has announced an expansion to its Customized Cash Rewards credit card, providing cardholders with more benefits and opportunities to earn cash back across several categories.?| PYMNTS
Scotiabank has officially opened the doors to employees and clients at Scotiabank North, its newly built office tower located in the Bay Adelaide Centre in Toronto’s Financial District. The building marks the next stage of the Bank’s multiyear ‘Downtown Campus’ journey to bring employees closer together, enabling a more cohesive culture and innovative experience for employees.?| Scotiabank
"We are very pleased to welcome John and Keith, who bring expansive business, capital markets and banking expertise to the Board," said Brian Levitt, Chair of the Board, TD Bank Group.?| TD Stories
Payments
The round was co-led by existing backer Thrive Capital and new investor Sands Capital. Ramp now serves more than 15,000 firms, and since its last raise has expanded into advanced spend management software, procurement, travel, accounts payable, working capital, global coverage, and intelligence.?| Finextra
This is true for most Canadians - you pay rent on time every month, repaying thousands in contract obligations (just like with your phone bill) but it never helps. Also most people would always pay rent on time even if they can't afford to pay their cc in full as shelter comes first and foremost.?| LinkedIn
“The launch of credit and debit payment on the TTC is just another way our government is making life easier for people across the Greater Toronto Area,” said Stan Cho, Associate Minister of Transportation. “Whether travelling for work, appointments, or anything in between, the transit experience should be as convenient as possible.”?| Fintech.ca
This collaboration allows merchants to have real-time access to their funds and greater control over working capital, liquidity and liability protection, the Solana Foundation. By eliminating intermediaries, Solana Pay eliminates bank fees, chargebacks and holding times, while enabling immediate payment settlement using USD stablecoins compatible with the Solana network.?| PYMNTS
Canadians' reliance on their smartphones continues to increase. Interac data reveals a 53 per cent jump in the use of Interac? Debit for mobile contactless payments in stores and a 17 per cent surge in its use for e-Commerce purchases between August 2022 and July 2023. Over one billion of these mobile transactions have taken place within a 12-month period for the first time ever.?| Newswire.ca
Amazon is expanding its financial services footprint by letting retailers integrate Amazon Pay—its buy now, pay later (BNPL) option—within their checkout to reach a new audience of buyers looking for flexible payment options.?| PaymentsJournal
Tap to pay has tapped into consumers’ desire for speed at the register and to have some control over checkout — in effect taking the checkout with them no matter where they travel. But as so much commerce is returning to stores, the benefits of accepting tap to pay, and contactless payments in general, are proving a boon for both consumers and merchants.?| PYMNTS
IFX Payments' 'ibanq' virtual IBAN solution has garnered widespread acclaim for its seamless integration, enhanced efficiency, and unrivalled convenience. With the Canadian FMSB licence, IFX Payments can now extend the benefits of 'ibanq' to Canadian businesses, streamlining their cross-border transactions and offering a versatile tool to simplify their financial operations.?| Finextra
Checkout.com’s founder and CEO Guillaume Pousaz cut ties with the crypto exchange over “reports of regulators actions and orders in relevant jurisdictions” and “inquiries from partners”, as reported by Forbes. He terminated the relationship over two letters sent earlier this month, the first of which specifically referenced additional regulatory and compliance concerns.?| AltFI
领英推荐
Lending
Sesame Credit Builder helps improve your credit score by building a positive payment history with everyday debit purchases from your coffee to bill payments for your phone, utilities, subscriptions, and more. Historically, users with positive credit payment history can see an average credit score increase of 35 points.?| PR Newswire
The 2023 Grey Cup Festival and FirstOntario Credit Union announced a partnership that confirms FirstOntario as a signature partner of the 2023 Grey Cup Festival. The Grey Cup Festival will deliver an unforgettable experience for CFL fans and members of the surrounding community with a full week of programming this November.?| Newswire.ca
As rivals pull out of Europe, BNPL giant Klarna is reporting strong uptake across the continent, with the value of goods sold through the platform soaring. With some BNPL providers - including Clearpay and Zip - leaving the market due to challenging economic conditions, Klarna says that its investment is paying off.?| Finextra
FI Tech & Software
IBM announced watsonx Code Assistant for Z, a new generative AI-assisted product that will help enable faster translation of COBOL to Java on IBM Z and enhances developer productivity on the platform. This product will be generally available in Q4 2023, and is being designed to help accelerate COBOL application modernization. Watsonx Code Assistant for Z will preview during TechXchange, IBM's premier technical learning event in Las Vegas, Sept 11-13.?| Newswire.ca
Thales has unveiled a tool to help customers adopt a cloud-based payments infrastructure. Thales payShield Cloud HSM is a subscription-based digital payments security service built using the company’s payShield 10K Payment Hardware Security Module (HSM) technology.?| PYMNTS
Following rumors that it was exploring the sale of its weather business as part of a move to streamline operations, IBM says that it’s found a buyer for The Weather Company, the weather forecasting and information company it acquired in 2015.?| TechCrunch
Wealth Management
In a world that feels increasingly uncertain, parents are seeking greater stability through ways that teach their kids lessons that last. Since 2021, Mydoh – powered by RBCx Ventures– has made it easy for parents to help teens make smart money choices and fuel their passions.?| Fintech.ca
Foresters Financial has announced that Louis Gagnon has stepped down from position as president and CEO due to personal reasons. René Zanin has been appointed interim president and CEO as the search for a new permanent leader commences.?| Wealth Professional
Crypto & DeFi
Binance launched Binance Pay in Brazil, enabling local merchants to offer a new alternative for payment that may attract new customers, increase processing speed, and reduce costs.?| Finextra
To regain access to a steady flow of dollars, Binance.US, the American arm of the cryptocurrency exchange, has teamed up with MoonPay, a payment startup. Binance.US has faced numerous legal and financial challenges recently, with multiple banking partners cutting ties with the platform, leaving customers unable to deposit or withdraw dollars. The partnership with MoonPay will provide an alternative way for Binance.US users to convert dollars to cryptocurrency.?| PYMNTS
Challenger Banks
With the rise of digitization and small and medium businesses representing a significant share of Canada's economy, now more than ever, transforming these businesses digitally is critical. At the core of every digital interaction is identity, and every digital interaction is dependent upon trust. In order to ensure systems are trustworthy, SMEs need an identity verification solution that provides the highest level of security when it comes to verifying, accessing, and securing identities, is easy to deploy, and also delivers a seamless customer experience.?| Newswire.ca
Sync Savings, a fintech start-up that aims to connect savings providers to more cost-effective technology and infrastructure, has launched in the UK. The start-up was founded this year by Joss Tasker (CEO) and Alex Fox (COO), both of whom are former Monzo executives, previously serving as compliance director and business banking ops product partner, respectively.?| FinTech Futures
Capital Markets
TMX Group operates global markets, and builds digital communities and analytic solutions that facilitate the funding, growth and success of businesses, traders and investors. TMX Group's key operations include Toronto Stock Exchange, TSX Venture Exchange, TSX Alpha Exchange, The Canadian Depository for Securities, Montréal Exchange, Canadian Derivatives Clearing Corporation, and Trayport which provide listing markets, trading markets, clearing facilities, depository services, technology solutions, data products and other services to the global financial community.?| Newswire.ca
AI
Canadian executives estimate that 42 per cent of their workforce will need to reskill as a result of implementing artificial intelligence (AI) and automation over the next three years, according to a new global study by the IBM (NYSE: IBM) Institute for Business Value. The study, Augmented work for an automated, AI-driven world, surveyed, 3,000 global C-suite executives across 20 industries and 28 countries.?| Newswire.ca
Insurance
Sun Life Financial Inc. has entered into a definitive arrangement agreement to acquire all the issued and outstanding shares of Dialogue Health Technologies Inc., a health and wellness virtual care platform.?| Wealth Professional
Others
In today’s digitalized environment, trust forms the foundation of business relationships, especially when personal information is at stake. A PwC survey found 91% of business executives acknowledge that trust enhances the bottom line. Recent findings from Canadian fintech Interac shed light on the dynamics of digital verification, its implications for the business landscape, and its role in reinforcing trust.?| Fintech.ca