Vladimir Putin to compete with Swift; Caribbean gets second currency from central bank



The information you need to start your day, from PaymentsSource and on the web:

East Block

Russia offers a payment platform to compete with the Swift Network, which Russian politicians see as a monopoly of Western influence that could cut Russia off due to geopolitical pressures.

The rival would use blockchain technology to dilute the need for centralized management and to take advantage of new payment innovations, reports Coindesk. Russian President Vladimir Putin threatened to set up a rival payment system before, in particular following the Western sanctions which followed the annexation of Crimea by Russia in the early 2010s.

Russia would be lateVenezuela formerly oil-backed cryptocurrency, while North Korea used cryptocurrency hacks to circumvent the sanctions.

Central Caribbean Currency

While much of the early adopters’ attention to central bank digital currencies has been focused on China, the greater Caribbean region has also grown.

Following the Bahamas Sand dollar, which is the world’s first CBDC, the Eastern Caribbean Central Bank has launched its own digital currency, DCash, a digital coin designed to support P2P transfers and merchant payments.

DCash can be accessed through participating financial institutions or through an app on Google Play or Apple Store. Initial markets include Antigua, Grenada, Saint Kitts, Nevis and Saint Lucia.

Little biz seed

Ribbit Capital led a $ 26.7 million funding round at Cora, a Brazilian fintech that provides loans and payments to Latin American companies.

The Central Bank of Brazil recently granted Cora a banking license ahead of its launch in October 2020, reportsTechCrunch, adding that Cora has grown to 60,000 customers and 110 employees. The founders of Cora, Igor Senra and Leo Mendes, are pioneers of fintech in Brazil. Their first online payment company, MOIP, was launched in 2005.

Ribbit invests in various FinTech companies and has partnered with Walmart to support the retail chain fintech business.

Installation of VC

Soros Capital Management, JS Capital, Tybourne Capital Management and Wellington Management have invested $ 120 million in the Japanese buy now / pay later company, Paidy, suggesting investments in the point-of-sale credit market show no signs of slowing down despite regulatory pressure.

Paidy’s BNPL product has its roots in a 2014 product that allows consumers to shop online without a credit card, reports Finextra, adding that the company’s network includes five million consumer accounts and 700,000 merchants.

Consumers use a cell phone and email address to complete a full shopping cart and set up monthly payments. Payments can be made online, at a convenience store, or by wire transfer.

On the Web

Payments giant Stripe expands to Middle East with Dubai office
REUTERS | Tuesday April 6, 2021
Digital payments giant Stripe on Tuesday announced the opening of an office in the UAE’s financial capital, Dubai, its first expansion in the Middle East region.

China creates its own digital currency, a first for major economies
THE WALL STREETJOURNAL | Monday, April 5, 2021
A cyber yuan gives Beijing the power to track spending in real time, as well as money unrelated to the dollar-dominated global financial system. It could also ease the bite of US sanctions.

Charles Raises $ 6.4 Million in Seeds to Bring ‘Conversational Commerce’ to WhatsApp
TECHCRUNCH | Tuesday April 6, 2021
Charles, a Berlin-based startup that offers “conversational-commerce” SaaS for businesses that want to sell on WhatsApp and other chat apps, has raised € 6.4 million in funding.

Learn more about PaymentsSource

Money laundering rules become stricter, but also easier to follow
There are new regulations to deal with, but many requirements streamline current AML practices, says Mark Srere, lawyer at Bryan Cave Leighton Paisner.

Why card issuers are hanging on to old technology despite demand for modernization
The trend towards open banking and open networks is forcing issuing banks to take a closer look at how they can keep pace with customer demands – without risking a complete technological overhaul.

BofA Acquisition Makes Its Healthcare Payments Business More Agile
Bank of America is a major player in healthcare – over 2,000 hospital customers in the United States and over 17,000 relationships with healthcare providers – and is now focused on getting to market faster.

Citi Hires Fincen’s Blanco as Financial Crimes Compliance Officer
Citigroup has hired Ken Blanco, the director of the Financial Crimes Enforcement Network, as the chief compliance officer of its new financial crimes unit.

Plaid would be close to funding around $ 13 billion
Financial technology firm Plaid is close to another round of funding worth around $ 13 billion, nearly three months after it abandoned its sale to Visa, people familiar with the matter say.

EMV gas is a daunting task, but a triage approach is possible
The April 17 transition deadline for EMV to outdoor fuel pumps is a few weeks away. Non-compliance means that operators, instead of credit card companies, will take 100% responsibility for chargebacks associated with fraudulent transactions at the pump.

How the FIS helped expand food assistance programs
While working with government agencies and supermarkets to implement the supplemental nutritional assistance program, the company also had to innovate on the fly.

Card fraud has become more brazen during the pandemic
One particular type of system, swapping, involves thieves stealing and replacing cards before the consumer realizes it, says James Crawshaw of The ai Corporation.

Most digital movements in a pandemic are likely permanent
Online ordering, outdoor pickup and digital shopping functions are more than emergency workarounds, and merchants need to incorporate them into their strategies on a regular basis, says Mike Cassidy of Signifyd.

Neptune Wallet allows multi-currency management
Cryptocurrency wallet provider Neptune is launching a new service that will allow investors to manage multiple currencies for various uses through a single channel.

Digital payments, fintech meets a pandemic need. Banks have to adapt.
Payment technology companies and challenger banks are addressing the pandemic in a way that is gaining the trust of customers, says Anvil’s Mang-Git Ng.

Best fintechs to work for
Top executives from the 49 companies that earned a spot in this year’s ranking of Best Fintechs to Work for cite the need for agile changes in business strategy, leadership style and recruiting tactics among the lessons they have. learned from the challenges of the coronavirus crisis.


Leave A Reply

Your email address will not be published.