Apple said the Apple Vision Pro will expand to new countries, with preorders for China, Hong Kong, Japan and Singapore starting on June 13 and availability coming June 28. Australia, Canada, France, Germany and the UK preorders will begin June 28, with availability starting July 12. Vision Pro integrates digital content with the real world, enhancing how users work, collaborate, make payments and more, the company noted. Apple CEO Tim Cook emphasized the transformative potential of spatial computing in delivering new experiences. Apple Vision Pro became available Feb. 2, 2024, at all U.S. Apple Store locations and the U.S. Apple Store online.
F.N.B. Corp.'s eStore won the Best Digital Initiative at Fintech Futures' 2024 Banking Tech Awards USA. Fintech Futures mentioned that eStore is a core part of FNB's digital-first customer strategy, enhancing client engagement across approximately 350 branches. The platform, Fintech Futures pointed out, allows users to manage banking transactions via digital devices or kiosks, facilitating activities such as account openings and loan applications. The technology's role in adapting to consumer preferences and integrating physical and digital banking channels reinforce FNB's goal to become the primary bank for its customers, Fintech Futures added.
The Interledger Foundation is allocating $4 million to fund fintechs that incorporate its Interledger Protocol into their payment systems, with the aim of enhancing financial access in emerging markets and for underserved populations. This initiative supports fintechs in overcoming barriers like high costs and network silos, facilitating cheaper and instant cross-border payments, the foundation stated. Fintechs can apply for funding to integrate and expand their payment capabilities, aiding the foundation's mission of global financial inclusivity. The application period closes on Aug. 30, 2024. Learn more at www.interledger.org.
The Payments Association delivered a briefing paper to David Geale, interim managing director of the Payment Systems Regulator. The document outlined significant industry concerns, chiefly regarding the proposed Faster Payments System changes that the association believes increase market entry risks, and suggested delaying any changes and the APP Fraud Reimbursement rules for 12 months. The association also recommended enhancing Pay.UK's dispute resolution mechanisms and lowering the fraud reimbursement threshold to £30,000. The paper additionally emphasized collaboration and strategic focus to foster industry and consumer growth.
CellPoint Digital's Payments Come of Age report identifies inefficiencies in airlines' payment systems, linking these to operational challenges and revenue losses. Surveying 151 airline professionals, the study found limited use of alternative payment methods, with only 11 percent of airlines accepting newer options like open banking. Researchers said this underscores the need for payment orchestration to streamline payments, enhance passenger experience areas like boarding and check-in and drive financial health. Payment orchestration, they added, is a crucial strategy for airlines to increase revenue, reduce costs and improve competitiveness.
The U.S. Faster Payments Council (FPC) released a survey report on faster payments and financial inclusion, conducted in the third quarter of 2023. The report, developed by the FPC Financial Inclusion Work Group, involved 88 respondents including banks and payment providers, examining their readiness to implement faster payment solutions and their impact on inclusion. Key findings show that while many institutions are adopting faster payments, substantial efforts are needed to address inclusion, particularly for the unbanked and underserved. The report emphasized the importance of education, improved user experiences, and stakeholder collaboration to make faster payments accessible and beneficial for all.
FXC Intelligence released a report highlighting female representation in senior leadership roles within the cross-border payments industry. The study revealed that women hold only 26 percent of senior positions in the sector, a figure significantly lower than industry targets. Out of the companies analyzed, a notable portion entirely lacked female representation in top leadership. The findings coincide with notable female leadership at Money20/20 Europe, including Ida Rolek-Kononiuk of FXC Intelligence joining the RiseUp cohort and Lucy Ingham presenting on industry misconceptions about Superapps. The FXC report underscored the need for increased diversity at senior levels in the payments industry.
A study by IBM Institute for Business Value revealed that CEOs in banking and financial markets are aggressively integrating generative AI to maintain competitiveness, with 57 percent believing that advanced AI capabilities are key to competitive advantage. Amid this push, they face challenges in workforce adaptation and cultural shift. The survey highlighted that 60 percent of CEOs indicated they feel their teams are equipped for AI, yet over half struggle to fill emerging tech roles. Cultural adaptation and maintaining customer trust were emphasized, with 64 percent prioritizing trust over product innovations. CEOs mentioned they are navigating the rapid evolution of roles, which is necessitating significant skills upgrading.
Nium, a provider of real-time cross-border payments, partnered with Brazilian digital bank BS2 to enhance FX transactions and enable real-time international payouts, particularly between Brazil, China and the UAE. BS2 will also serve as Nium's Brazilian Real Correspondent Bank, facilitating real-time settlements via Brazil's PIX payment network. This partnership aims to provide competitive FX rates and expand global business opportunities, strengthening Nium's network with more stable and efficient payment capabilities. The collaboration also marks a key development in supporting international commerce with Brazil, offering cost-effective solutions for ecommerce and marketplace sectors.
Factor4, a gift and loyalty solutions provider, expanded its partnership with the Whittle Group to further enhance their offerings on various Ingenico payment terminals. Building on its existing success with the Gift and Loyalty – Tetra application on Ingenico's Desk and Move series, Factor4 plans to extend these solutions to additional models like the Desk 2600 and Lane 3600. Additionally, future expansions are set for the Ingenico AXIUM line. Factor4 CEO Dan Battista expressed excitement about enhancing customer experiences and business growth through this strengthened collaboration.
Digital technology platform HUMBL expanded its partnership with the Oregon Blackbears to deliver an innovative digital ticketing program and fan experience. HUMBL is built on fully verified profiles and new digital technologies, improving the cost, transparency and digital authenticity of tickets for fans, teams, leagues and venues, the partners stated. HUMBL and the Oregon Blackbears added that they will continue incorporating advancements in digital wallets and blockchain technology. While enhancing the fan experience, HUMBL aims to provide unprecedented levels of security and authenticity in ticketing and merchandise.
i2c Inc., a digital banking and payment solutions provider, formed a partnership with Affiniti Finance, a New York-based fintech company focusing on small business sectors typically underserved by traditional financial services. Leveraging i2c's customizable payments platform, Affiniti can now deliver specialized credit programs with industry-specific features and rewards on the Mastercard network. The partnership stated the partnership has also successfully introduced co-branded credit products across various industries like HVAC and podiatry, significantly boosting revenue and transaction volumes, and Affiniti's offerings now include advanced features like expense tracking and accounting integrations, catering to small businesses across nine industry verticals and 17 trade associations.
Maverick Payments reported it is collaborating with Visa to offer direct transaction routing via the Visa Acceptance Platform, enhancing direct payment processing through VisaNet and providing additional services. This partnership allows Maverick's resellers and merchants access to advanced solutions like network tokens, 3D secure, and fraud prevention tools, Maverick noted, adding that it aims to leverage Visa's technology to increase merchant profits by improving authorization rates and reducing fraud. The integration also provides a competitive edge by enabling transactions directly with Visa, bypassing third-party processors, and streamlining the go-to-market process for partners, Maverick noted.
TaskUs Inc. and Mavenoid partnered to enhance AI-powered product support. Combining their expertise in AI and personalized customer service, the partners aim to streamline product support for brands by integrating AI self-service with human assistance. This collaboration, the partners stated, enables customers to perform tasks like troubleshooting and product selection through an intelligent virtual assistant complemented by seamless live agent support. The integration of advanced tools and customer insights will help brands improve operational efficiency, reduce support costs, and enhance customer satisfaction, the partners added.
TransNetwork acquired Inswitch, integrating its instant money movement infrastructure with Inswitch's embedded finance technology. TransNetwork said this acquisition will enhance its capabilities in digital and cross-border payments across Latin America. The merged entity aims to transform banking with a comprehensive suite of products, including digital wallets, card issuance and extensive payment networks. This move, TransNetwork added, strengthens the company's position to offer secure, convenient digital payment solutions, particularly for B2B2C transactions, and expands its technological and regulatory reach in the Americas.
Michael Akkerman was appointed as the new chief business officer at Digital Turbine, where he will lead global go-to-market strategies, including sales, partnerships and business operations. Akkerman brings a wealth of experience from his recent role as general manager, mobility advertising at Uber, where he developed the advertising strategy across its global platform. Previously, he served as chief product & strategy officer at Cardlytics and global head of partnerships at Pinterest. His expertise in scaling high-growth advertising products and strategic partnerships is expected to enhance Digital Turbine's influence in the mobile ecosystem.
Derek Joyce, a fintech veteran with 20 years of experience, was appointed CEO of XYB, a global coreless banking platform-as-a-service. Joyce, previously involved with American Express, Klarna and Alloy, played a key role in XYB’s spin-off from Monese and its fundraising efforts as an independent entity.
His appointment aims to accelerate XYB’s growth and establish the company as a prime provider of cloud-based modular banking, leveraging his strategic leadership skills and knowledge of the fintech ecosystem.
Ingenico appointed Jon Locke as its new chief financial officer. Locke brings over 30 years of experience in finance and public accounting, having previously served as chief risk officer at Nova KBM where he developed key operational and risk management strategies.
As CFO, Jon will manage all financial operations and strategies at Ingenico, leveraging his expertise in financial planning, profitability, strategic growth and operational efficiency. His deep understanding of finance and commitment to excellence are expected to help drive Ingenico’s future success and stability.
Michael Nitsopoulos was appointed as the chief product officer at Zafin, a provider of SaaS core modernization and transformation solutions for banks. Bringing more than 23 years of experience from various sectors including financial services and telecommunications, Nitsopoulos joins Zafin from PNC where he was senior vice president and engineering director.
At PNC, he led a team of over 1,000 technologists, achieved significant advancements in retail banking technology and filed 20 patents, Zafin stated. In his new role, Michael will drive Zafin's product strategy, focusing on innovation and scaling solutions to meet the evolving needs of the banking industry.
Douglas Sabo, former chief sustainability officer at Visa, joined Karma Wallet as a strategic adviser. In this role, he brings extensive experience from his 15-year tenure at Visa, where he spearheaded global sustainability and ESG initiatives, Karma Wallet stated, adding that Sabo is known for his leadership in the sustainable living movement, contributing to various platforms like Sustainable Brands and the World Economic Forum’s Sustainable Tourism Council.
At Karma Wallet, Sabo will guide the company in blending ethical practices with financial decisions to help consumers make impactful and informed choices through the Karma Wallet Card and its ecosystem.
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