Fathom4sight Newsletter: This week's FinTech news curated by Fathom4sight!
Payments
NCR Corporation, a leading enterprise technology provider, has expanded its partnership with Payfare Inc. , a leading FinTech powering instant payout and digital banking solutions for the gig workforce. The extended partnership makes NCR a provider of self-service financial solutions for Payfare’s cardholders across the United States for both cash in and cash out transactions.?| Fintech Finance News
Affirm’s Adaptive Checkout? is now available to all eligible Canadian Stripe users, allowing merchants and platforms to add this pay-over-time option to their checkout experience in minutes. “Stripe has been powering Canadian businesses since 2012 and our work with Affirm will help them continue to scale and adapt with changing consumer preferences,” said Sophie Sakellariadis, Product Lead for Payment Methods at Stripe. “By adopting Affirm, we’ve seen Stripe users boost their average order value with flexible payment plans.”?| Finextra
Mastercard has launched a tool that helps financial institutions set up international payments for their customers - including consumers and SMEs - in more than 60 currencies to over 100 markets. Mastercard Cross-Border Services Express promises a simple integration that helps deliver cross-border payments to places covering 90% of the world's population.?| Finextra
Square has launched its integration with OpenTable across a number of global markets including the US, Canada, Ireland and Australia. “Ever since the integration between Square and OpenTable, our life became easier,” said Marius Sibian, owner of The Folly Brasserie and one of the first Square sellers in the UK to try out the new integration.?| Finextra
Global payment-processing corporation Mastercard has launched a suite of services dedicated to female business owners across Latin America and the Caribbean. The products were designed based on a survey that the company conducted with Kantar in five markets around the region (including Mexico, Ecuador, Colombia,Brazil, and the Dominican Republic), which aimed to focus on the needs and preferences of female entrepreneurs.?| The Paypers
The integration offers a seamless solution for businesses seeking greater control over their payments by streamlining the preparation and approval of payments. The integration also gives firms the ability to manage client payments without handling manual file uploads, thereby saving time and reducing errors. ApprovalMax has named the new functionality ‘Payments with Airwallex,’ which will be live in beta starting April 2023 for organisations in the UK.?| Fintech Finance News
PayPal's outgoing CEO Dan Schulman saw his pay fall by 32% to $22 million last year after the company failed to meet financial targets. Schulman's $22 million compensation package for 2022 includes $20.2 million in stock awards, according to a filing. The CEO made $32 million in 2021.?| Finextra
Ms. Enescu brings a wealth of legal, public and private company experience, as well as capital markets expertise, to her new role. With a deep understanding of business and commercial finance, Ms. Enescu is an accomplished and proven change agent with international experience in facilitating M&A transactions, structuring and developing scalable frameworks in emerging industries, and skilled in capital raising.?| Baystreet.ca
Global modern card issuing platform Marqeta has revealed the challenges for BNPL use on multiple SMBs across Europe through the publishing of its new survey. According to the `Small business financing done differently’ research, the high levels of inflation seen in the last couple of years are currently affecting small and medium businesses around the continent while allowing them to create an opportunity to reinvent how to access working capital.?| The Paypers
Canadian payment technology company Nuvei Corp. has a new celebrity investor. Nuvei announced on Monday in a press release that actor and investor Ryan Reynolds has invested in the company, although it did not disclose any further details about the size and scope of the investment. The payments firm also launched an advertising campaign that features Reynolds promoting Nuvei alongside chief executive and chairman Phil Fayer.?| Yahoo! Sports
Crypto & DeFi
Elon Musk's ambition to turn Twitter into a financial super app is advancing with the roll out of a feature that will let its users access stocks, cryptocurrencies and other financial assets through a partnership with eToro.?| Finextra
Amid growing demand to address crypto-related risks, the Office of the Superintendent of Financial Institutions (OSFI) launched a consultation on stablecoin regulation. The federal financial regulator is seeking feedback on the latest recommendations from the Financial Stability Board (FSB) for dealing with the risks posed by cryptoassets that are linked to fiat currencies, which are the most common type of stablecoin.?| Investment Executive
Company attorneys say the exchange has begun to look to the future after a months-long effort to track down assets and determine what went wrong under its former leadership. “The situation has stabilized, and the dumpster fire is out,” FTX attorney Andy Dietderich said.?| PYMNTS
Paxos,a company that offers blockchain-based solutions for the global financial industry, has announced its decision to withdraw from the Canadian market. The company released a statement informing customers that they will no longer be able to transact from their Paxos accounts starting from June 2, except for withdrawing their funds. The move comes as Paxos continues to assess “its readiness to re-enter the Canadian market in cooperation with the Ontario Securities Commission (OSC) at a future date.”?| Cointelegraph
New York has updated state digital currency regulations, requiring cryptocurrency firms to adhere to rules similar to more mature financial industries such as banking and insurance, a move that also comes with higher costs.?| American Banker
“Anything is on the table” for Coinbase when it comes to a potential move away from the US, according to the crypto company’s co-founder and CEO Brian Armstrong. Speaking to former Chancellor George Osborne at the Innovate Finance Global Summit, Armstrong said the UK is currently Coinbase’s second-largest market in terms of revenue.?| AltFI
Challenger Banks
Apple is going to offer an APY of 4.15%. It looks like a competitive offering when you look at data from Bankrate — you can currently find savings accounts that offer an APY of 3.5% to 4.75%. The company isn’t making any promise when it comes to future interest rates. It could go up and down at any time. Apple has partnered with Goldman Sachs once again for the banking feature. Savings accounts are technically managed by Goldman Sachs, which means that balances are covered by the Federal Deposit Insurance Corporation (FDIC).?| TechCrunch
Employees at Neo Financial, a Calgary-based challenger bank with ambitions to disrupt the Canadian financial sector, use personal devices when handling customer data, an internal company policy that some sources say has put its clients’ sensitive information at risk.?| The Logic
Wise, the global technology company building the best way to move money around the world, and Bluevine, the leading provider of small business banking solutions, today announced a partnership that leverages the power of Wise Platform to make international payments more convenient, simple and transparent for Bluevine’s customers in its all-in-one digital banking account.?| Finextra
Financial Institutions
Just over a month after concerns were raised about First Republic's viability due to the failure of Silicon Valley Bank, another team is departing the company. According to Halbrook, the group selected RBC because of "its long-standing reputation of financial strength, honesty, and devotion" to assisting advisors and clients. RBC "continues to be the home of best fit" for advisors seeking honesty and financial stability, according to a statement from Tom Sagissor, president of RBC U.S. Wealth Management.?| Wealth Professional
David Sabow, who led technology and healthcare banking for SVB, serving clients across the US and Canada, joins HSBC USA to lead its new offering. He is joined by Sunita Patel, who will oversee investor coverage and business development across the technology and healthcare market, having served as the chief business development officer for SVB.?| Open Banking Expo
EQ Bank has been named the best bank in Canada on the Forbes 2023 list of the World's Best Banks. This is the third year in a row that EQ Bank has been awarded best bank in Canada. EQ Bank is powered by Equitable Bank, Canada's Challenger Bank? and the country's 7th largest bank by assets.?| EQ Bank
The Tax-Free First Home Savings Account (FHSA) is now being offered at National Bank.?| Newswire
For the second consecutive year, CIBC has been named one of Canada's Greenest Employers for 2023 by MediaCorp for its commitment to build a more secure, equitable and sustainable future for all. "Sustainability is at the heart of our purpose at CIBC," said Kikelomo Lawal, Executive Vice-President, Chief Legal Officer and Chair of the Senior Executive ESG Council, CIBC. "This award recognizes our long-term vision and efforts to reduce our carbon footprint and accelerate our climate action by supporting our clients, team members and stakeholders to prioritize sustainability in the communities where we live and work."?| CIBC Media Centre
CWB Financial Group (CWB) has proudly placed number 23 on this year’s Best Workplaces in Canada. Highlighted for our outstanding employee experience among hundreds of other participating employers headquartered in Canada, it marks the fourth straight year that CWB has placed within the top 50 after premiering in 2020.?| CWB
Open Banking
The partnership aims to support internationally mobile people and expatriates when it comes to analysing their own finances and performing informed financial decisions, including investment. Hoxton Capital specialises in helping individuals achieve their financial aspirations and manage their wealth on their own terms by leveraging a team of skilled experts, as well as new technologies.?| The Paypers
领英推荐
Plaid has announced an integration in the US with Monzo, meaning that customers can now connect their Monzo account to over 8,000 fintech apps. Customers may now safely monitor and transfer funds from their accounts to other financial institutions from within the Monzo app. Users of Monzo in the UK can already do this.?| The Paypers
Since hiring Meta veteran John Anderson as its first head of payments last year, Plaid has begun rolling out products that aim to create a streamlined, faster payments experience even when the faster rails aren't yet fully deployed. The first product was Signal, which launched quietly in November 2022, providing a risk score for ACH payments sent to companies like online investment firm Robinhood and digital-goods firm Uphold, when certainty of funds availability is critical for quick settlement of transactions and ACH returns are costly.?| American Banker
Insurance
Westland Insurance, one of Canada’s largest independently owned brokerages, continued its expansion on April 1 with the announcement of three acquisitions. Between them, Haggett & Rogers Group of Companies, BMT Insurance Brokers Limited, and Dimensions Insurance Management bring additional insurance expertise to Westland’s existing P&C verticals.?| Insurance-Canada.ca
CapIntel supports wholesalers and improves the day-to-day workflow efficiency and fund analysis for financial advisors. Empire Life will tap into CapIntel’s technology to enhance the value the sales teams bring to their advisor clients through improved fund comparison and analysis tools, and the ability to prepare personalized proposals.?|?fintech.ca
Sun Life is piloting a new, activity-based, people-focused workspace with an investment of more than $21 million in its Waterloo, Ontario, office. The state-of-the-art renovations include a stronger focus on employee collaboration and well-being, and better support for hybrid work with virtual, in-person and cross-geography teams.?| Newswire
Insurance carrier Nationwide has launched its pet insurance offering through Walmart Insurance Services on Walmart.com. The collaboration with Walmart will see pet parents who shop online for their everyday pet (and people) needs at Walmart.com also now able to find Nationwide pet health insurance offerings on the retailer’s site.?| FinTech Global
FIRST Canada is committed to supporting IBAM’s mission by providing their membership with local support, expertise, and innovation to enhance the client experience with customized payments and digital workflows. “Our goal is to be the partner of choice for brokers in the region to help them improve operations and grow market share,” said Nick Howes, relationship manager at FIRST Canada. “IBAM does great work to support its membership and we are proud to support these efforts via our partnership.”?| Insurance-Canada.ca
The money will be used to continue investing in Massachusetts-based diverse-led companies. It’s close to finishing the deployment of its first MM Catalyst Fund of $50M, which launched two years ago and has so far invested in 16 businesses throughout the state.?| TechCrunch
Announcing the partnership, Carl Carter, Chief Commercial Officer at Blink Parametric said: “This represents Blink Parametric’s first official launch of our flight disruption solution within the US market. To be making this step with our valued partner AwayCare speaks volumes to the strength of our collaboration over the past 12 months.”?| Insurance-Canada.ca
Wealth Management
Launched on April 4, the Purpose Private Asset platform promises to streamline the process of investing in alternative asset funds, while allowing eligible Canadians more opportunities to access some of the world’s best alternative managers, institutional due diligence, and intuitive education tools.?| Wealth Professional
The Toronto-born company, Investipal, was created from a single goal: give everyday investors the tools needed to invest confidently on their own. “Whether that’s helping identify investments that resonate with you, helping construct the right portfolio, or seeing what your friends own—we offer a full stack investment research platform,” the fintech says.?|?fintech.ca
Horizons ETFs Management Inc. is an innovative financial services company that offers one of the largest suites of exchange-traded funds in Canada. Jasmit Bhandal, Interim President And Chief Executive Officer of Horizons ETFs Management Inc., along with the Horizons ETFs' team, joined Keith Wu, Head, Exchange Traded Products, TMX Group, to open the market and celebrate the launch of two new ETFs: the Horizons 0-3 Month T-Bill ETF (TSX: CBIL), and the Horizons 0-3 Month U.S. T-Bill ETF (TSX: UBIL.U).?| Newswire?
?Capital Markets
Janet Bannister, founder and managing partner of Staircase Ventures, joins BNN Bloomberg to talk about why she recently launched a fund to invest in the leaders behind seed-stage B2B software companies. Bannister says she's bullish on Canada's potential to build great technology companies. She also says it's a great place to build a company if you're selling into the U.S. or global market.?| BNN Bloomberg
Fundraising among private Canadian companies has dropped to its lowest level since early pandemic jitters put a chill on the venture capital market in 2020. The decline follows a slight uptick in investing in the last quarter of 2022, before the banking crisis triggered by Silicon Valley Bank’s collapse last month delivered another shock to the VC market. Nearly every sector has been affected by the slowdown—including artificial intelligence, which has attracted a surge of public interest in recent months.?| The Logic
FI Tech & Software
Fiserv, Inc. and its financial institution clients will continue to advance the availability of real-time payments in the U.S. as part of the pilot of the Federal Reserve’s real-time payments network, FedNowSM, which is expected to launch in July 2023. Salem Five will be among the first financial institutions to implement the FedNow Service, utilizing NOW? Gateway from Fiserv, a leading global provider of payments and financial technology solutions.?| Finextra
Alygne's data is now integrated into Fusion Invest through a new connection, allowing customers to harness the solution's portfolio management features to guarantee portfolios reflect their ESG-related values.?| The Paypers
Helping fulfill its mission to enable seamless, sustainable trade for everyone by removing barriers and fostering collaboration, Mr Weiser will focus on reinforcing Surecomp’s market expansion within the financial institution and corporate domains. Mr Weiser joins Surecomp from Finastra’s payments division where he served in several senior roles including SVP Global Accounts, Global Services Managing Director and most recently as APAC Managing Director.?| Finextra
OpenText has released the results of the 2023 OpenText Cybersecurity Threat Report, which explores the latest threats and risks to the small and medium business (SMB) and consumer segments. Powered by the BrightCloud? Threat Intelligence Platform, the OpenText Cybersecurity annual report breaks down a broad range of threat activity, offers insight into the trends observed, and discusses wide-reaching impacts for industries, geographies, companies and individuals.?| Insurance-Canada.ca
AI
The Office of the Superintendent of Financial Institutions (OSFI) and the Global Risk Institute (GRI) today jointly released a report on the ethical, legal, and financial implications of artificial intelligence (AI) on financial services institutions.The partnership between OSFI and GRI created the Financial Industry Forum on Artificial Intelligence (FIFAI) which gathered Canada's financial services experts from industry, government and academia on the application of AI. The rapid growth in digitalization and usage of AI across the financial services industry highlighted how current AI risk management frameworks must adapt to remain relevant, forward-looking, and responsive to industry needs.?| Yahoo! Finance
The European Data Protection Board (EDPB), a body of Europe’s national privacy watchdog, has formed a ChatGPT taskforce to establish privacy guidelines on the AI platform. The announcement trails Italy’s temporary ban of ChatGPT over concerns of data breaches and privacy. Germany’s data protection commissioner followed the announcement with a statement indicating that they could follow suit.?| Finextra
The funding comes from the Québec Research and Innovation Investment Strategy (SQR12), which was established last year. According to Mila, this financial contribution from SQR12 will go towards activities like accelerating investment and the adoption of AI innovations in companies, as well as cementing “Québec’s leadership in the ethical and responsible development of AI.”?| Betakit
Others
Powered by AI, Quota will integrate with small business cloud accounting solutions to provide verifiable, real-time business health checks and insights. By leveraging machine learning technology, Quota will be an indispensable tool for small business owners by providing always-current data on small business health, forecasting, and insights. Gremlin has appointed Ryan Dineen, an expert in financial technology, as CEO.?| Yahoo! Finance
The Canadian retailer's investment comes at a time when it is seeing strength in its pharmacy business, as well as a steady demand for groceries amid rising fears of a recession. Loblaw also expects to use the investment to grow and improve its stores; it said it will open 38 new or relocated stores and renovate or convert nearly 600 others.?| Reuters
Four-time founder Daniel Warner is helping to launch a new tech event, Founders Assemble Summit, meant to help startups navigate the challenging market conditions. Taking place later this month, the two-day virtual event will bring together 15 top founders, investors, psychologists, and other Canadian tech leaders to provide guidance for early-stage startups on how to “navigate these challenging times.”?| Betakit