Fathom4sight Newsletter: Weekly FinTech news curated by Fathom4sight!

Tuesday November 05, 2024

Top FinTech News Headlines this Week

???Vancouver-based spend management solutions provider Procurify receives USD 20M from CIBC Innovation Banking

?? Y Combinator-backed Bamboo expands to Canada with remittance product

?? GuardMe International Insurance, Points for School partner to provide innovative funding option for students and institutions

???Calgary-based Quickly enhances cash flow for construction firms with new Sage Intacct integration

?? Shopify combines its financial solutions into one dashboard

?? Fiserv and Clover launched new tools for small businesses

Payments

Calgary-based Quickly enhances cash flow for construction firms with new Sage Intacct integration

This partnership, now available on the Sage Intacct Marketplace, enables construction firms to automate early payments, streamline payables, and improve cash flow management, delivering tailored financial advantages to an industry with complex payment needs. |?Fintech.ca

Shopify combines its financial solutions into one dashboard

As part of the launch, Shopify’s merchants in the United States (US) will gain access to an all-in-one dashboard that contains Shopify Balance, Credit, Bill Pay, Capital, and Tax, while Canadian merchants will only have access to Shopify’s Capital and Tax offerings. |?BetaKit

Calgary-based payment solutions leader Helcim’s new recurring payments tool simplifies billing for businesses across North America

“With Recurring Payments, we take the hassle out of repetitive billing, giving businesses more time to focus on growth,” says Nic Beique, CEO of Helcim. The tool allows companies to tailor payment schedules, handling memberships, payment plans, lessons, and donations without manual invoicing. |?Fintech.ca

Canada has a new code of conduct for the payment card industry effective October 30, 2024

The changes to the Code are extensive and bring, directly and indirectly, network participants including issuers, acquirers and payment processors within the oversight of the Federal Consumer Agency of Canada. In particular, the new Code formalizes concepts that apply to third-party “downstream” processors involved with merchant-acquirer arrangements and related contracts. |?McCarthy Tétrault

Fiserv and Clover serve up new tools for small businesses

Fiserv has introduced a new suite of tools for small businesses. The offering, rolled out via the payments and financial services technology solutions company’s Clover point-of-sale and business management service, was designed with restaurants, retailers and service-based businesses in mind, per a press release.?|?PYMNTS

Klarna inks global deal with Worldpay

Worldpay is one of the world’s largest payment service providers, processing $2.3 trillion worth of commerce in 2023, for over a million merchants globally. The firm will now switch from offering Klarna as an alternative payment option, added on the request of a retailer, to a default method alongside traditional cards.?|?Finextra

Worldpay partners with Capital One to minimise fraud

The decision to partner can be attributed to the current financial landscape, where strengthened fraud controls can lead to the unwanted consequences of scaling the rate of false positive declines. To combat this, Worldpay built a direct connection into Capital One’s fraud risk decisioning engine which delivers data from individual transactions conducted using a card issued by the latter. |?The Paypers

Coinbase to deliver real-time account funding for customers with Visa Direct

This partnership adds convenience and new services for Coinbase customers across the US and EU, including real-time, reliable, and secure money movement. By integrating with the Visa Direct network, Coinbase customers will be able to deposit funds into their Coinbase account in real-time using eligible Visa debit cards.?|?Finextra

Financial Institutions

Vancouver-based spend management solutions provider Procurify receives USD20M from CIBC Innovation Banking

The company intends to use the funds to support its continued development of innovative procurement technologies. | FinSMEs

Bank of Canada releases more Retail Payments Activities Act resources for FinTech, crypto and Payfac businesses

As part of our series following the evolution of the Retail Payments Activities Act (RPAA) as we approach the initial registration period commencing on November 1, 2024, we highlight key aspects of new resources the Bank of Canada released this month that will be of interest to fintech, neo-banking and crypto business models in Canada. | McCarthy Tétrault

LBC Capital and Northpoint Commercial Finance brands merge

Laurentian Bank announced its LBC Capital and Northpoint Commercial Finance (Northpoint) subsidiaries are uniting under one brand, Northpoint Commercial Finance, as of November 1, 2024. The merging of these two brands is a natural and anticipated evolution of this business, allowing for streamlined efficiencies and offerings for its customers throughout North America. | Laurentian Bank

Diane Cooper and Brian McManus appointed to Bank of Montreal board of directors

Ms. Cooper was formerly President and CEO of GE Capital's Commercial Distribution business and an officer of GE Company. She also led the GE Capital Equipment Finance and Franchise Finance businesses and previously held senior roles in Franchise Finance, Real Estate and Consumer Finance at GE.?| BMO

EQ Bank named Brand of the Year by strategy magazine

"It's rewarding to see our brand and hard-working teams recognized by an industry authority," said Andrew Moor, president and CEO, EQ Bank. "We believe Canadians deserve more from their banks, and we follow through on this commitment by delivering exceptional products that set new industry standards for how modern banking should be – and feel. While exciting, this recognition is a reminder, not a finish line. As Canada's seventh largest bank, we're more committed than ever to building a more competitive ecosystem where Canadians can thrive with true choice." | Newswire

EQ Bank announces recipients of the Emerging Digital Artists Award

EQ Bank, the digital platform of Canada's Challenger Bank? with a mission to drive change in banking and enrich people's lives, is pleased to announce the five recipients of the 10th annual Emerging Digital Artists Award (EDAA), Canada's leading award for critical experimentation in digital media. | EQ Bank News

Insurance

GuardMe International Insurance, Points for School partner to provide innovative funding option for students and institutions

"Furthering our mission to assist all students and educational institutions, this partnership provides a new source of funding for all students," said Keith Segal, President and Global CEO of GuardMe. "We recognize that funding is major barrier to access, persistence and completion of post-secondary education in Canada. Points for School provides a unique new source of funding for every type of student: domestic, international and from direct-entry to mature." | Newswire

BrokerLink completes three acquisitions in Alberta and Ontario

Brokerlink continues to grow with the acquisition of Grandin Agencies Insurance on September 1, and Beauchamp Insurance Limited operating as All-Risks Insurance Brokers Sudbury and 2694215 Ontario Inc. operating as All-Risks Insurance Brokers Callander, effective October 1. These three acquisitions enable BrokerLink to expand and serve additional customers in Alberta and Ontario. | Insurance-Canada.ca

Wealth Management and PFM

FusionIQ launches wealth management product for digital wallet providers

FusionIQ is bidding to integrate wealth management into the increasingly popular payment method. FIQ Wallet lets users invest their earnings directly from their payment wallets without the need to transfer funds to traditional bank accounts, reducing fees and simplifying the process. | Finextra

YC-backed Bamboo expands to Canada with remittance product

Bamboo, the Y Combinator-backed investment app that allows Africans to buy and trade local and international stocks, is expanding to Canada after securing the country’s Money Service Business (MSB) licence. The company also launched its remittance payment service, Coins by Bamboo. The product will enable diaspora money transfers to Africa, to reduce high cross-border fees through fee-free transfers and competitive exchange rates. | TechCabal

Crypto & DeFi

Calgary-based digital asset custodian Balance becomes Canada's second qualified digital asset custodian

According to Bordianu, this registration enables Balance to offer its services to other regulated entities, including public exchange-traded funds (ETFs) and mutual fund issuers, registered investment advisers, restricted dealer crypto trading platforms (CTPs), stablecoin providers, and accredited investors in Alberta and other authorized jurisdictions across Canada and the United States (US). | BetaKit

Canadian investment firm Sol Strategies sells Bitcoin to capitalize on Solana’s growth potential

Leah Wald, the CEO of Sol Strategies, emphasized the firm’s strategic decision, stating that reallocating funds from Bitcoin to Solana aligns with their vision of capitalizing on Solana’s potential in the decentralized finance sector. | CryptoDNES

Others

Taxpayers' Ombudsperson is pleased that the Canada Revenue Agency is exempting bare trustees from the 2024 filing requirement

The Taxpayers' Ombudsperson, Mr. Fran?ois Boileau, is pleased that the Canada Revenue Agency (CRA) has proactively waived the 2024 filing requirement for bare trusts, unless it makes a direct request. In July 2024, the Taxpayers' Ombudsperson announced that our Office was opening a systemic examination into whether the CRA had respected taxpayers' rights in its administration of bare trust filing requirements for the 2023 tax year. | Newswire