Revolut has launched their open API for customers and they have increased their Revolut for Business service; Banking Technology reports that the company said “account owners can generate sandbox and production keys, and set whitelisted IPs as an “extra layer of security”; accounts allow users to send, hold and exchange up to 25 different currencies. Source.
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
Then every Saturday we bring you our weekly news roundup of the top 10 fintech stories of the week with commentary from Peter Renton.
To join our newsletter community please subscribe here.
Bo Brustkern, the CEO of LendIt Fintech and Co-Founder of NSR Invest shares his thoughts on the future of financial services. Source
- DriveWealth Raises $21M in Series B Funding
- DV01’S Q1 Securitization Volume Tops $2.58B, Encompassing Nine Deals from Six Originators
- Equal Pay and the Law: What Business Owners Need to Know (TriNet)
- Connected Banking Customer Report (Salesforce)
- The Online Lending Policy Institute (OLPI) Announces Date for Third Annual OLPI Policy Summit
- The Online Lending Policy Institute (OLPI) Appoints Deputy Director
- Mosaic Readies New Solar Loan Deal
- Funding Circle Expands U.S. Operations with New Office in Denver
- China Rapid Finance Reports Unaudited Fourth Quarter and Full Year 2017 Results
The latest fintech IPO is likely to be GreenSky which focuses on point of sale finance. Source
As real time payments have begun banks are finding it a challenge to implement them; how much should banks charge corporate clients for the service and how best to handle legacy infrastructure are two of the main questions they are grappling with; “Banks need to understand how they monetize these services,” Vinay Prabhakar, head of markets strategy for payments at Finastra, said to TearSheet. “Most banks have lucrative credit card programs, so how do they roll out RTP without cannibalizing their credit card models?”; Christopher Ward, PNC Bank’s head of treasury management product management, believes progress is being made and 90 percent of banks will have implemented real time payments by end of 2019. Source.
Abe Smith, founder and CEO of UK based Dealflo tells Banking Technology about the big opportunity for UK fintechs in China; China and the UK have recently formed as closer partnership with Teresa May signing s number of deals and partnerships; three key areas for UK fintechs to focus on include approaching China for the unique market it is, work with a local group or team of advisors and understand the complex data residency programs. Source.
The settlement totaled $2 million with a Massachusetts banking regulator stemming from claims of making unlicensed loans; LendingClub made over 46,000 loans in the state since 2011 after surrendering their small loan company license; according to a LendingClub spokesperson, “We worked cooperatively with the State of Massachusetts to resolve a licensing dispute. Resolving this is another step in putting the legacy issues behind us and moving forward to concentrate on building the business. There will be no disruption to any operations as a result of this resolution, and we look forward to continuing to provide attractive financing opportunities to residents, patients and students in the State of Massachusetts.” Source
Chris Skinner’s new book called Digital Human will be launching this month; he sat down with Ashok Vaswani, CEO of Barclays Bank UK, and Li Wang, Head of Alipay and Ant Financial for EMEA at his London book launch; in this blog post he shares video of the panel which took place; some of the highlights include Ashok sharing how Barclays has been able to adapt over the 300 years it has been in business and the certainty he has that they will be able to adapt going forward; Li shares how each employee at Ant generates RMB100 million or over £10 million in revenue per year, a stark contrast to efficiency at banks. Source
Enterprise blockchain company Ripple was one of 14 companies top join the Hyperledger consortium last week; Ripple and NTT Data partnered on Hyperledger Quilt, a java based interledger protocol that they submitted to Hyperledger; Hyperledger Executive Director Brian Behlendorf explained to Finovate that this growth is beneficial to the future of the blockchain. “The accelerating pace of growth and adoption of Hyperledger across industries and geographies underscores the power of our community and the technologies it is building,” he said. “It also reflects a global awakening to the impact of blockchain for business.” Source.
CoinDesk reports that an internal memo at JPMorgan Chase states that blockchain lead Amber Baldet is moving on from the bank to start her own firm; Christina Moy, senior product manager of Quorum, will take over Amber’s position; JPMorgan spokeswoman said in a statement, "Amber is extremely talented and helped build the outstanding team we have today. We respect her desire to start her own venture and we wish her nothing but the best." Source.