Hello Fintech Friends,

I want to highlight a few great pieces of writing from across the TWIFiverse over the last week!

Signals Q3’24: Can fintechs bank on brokered deposits?

A roundup of fintech fundraises, exits, and product launches in Q3. Also: Regulatory takeaways from Synapse’s collapse, digital ID wallets, and $MOODENG.

This Week in FintechSophie Vo

Navigating APP Fraud: How Fraudsters Are Targeting The UK! - TWIF UK & EU Long Reads

Part One in a series of Long Reads on APP Fraud from Kartik Dabbiru

This Week in FintechKartik Dabbiru

The Stablecoin Revolution: Replacing BaaS as the New Infrastructure Layer

In 2020 Angela Strange wrote that Every Company Will Be a Fintech Company. The thesis set the stage for the rapid growth of financial infrastructure as a service. While much of this prediction still holds, the fintech landscape is evolving in two significant ways—through stablecoins and self-custodial wallets, which

This Week in FintechHelghardt Avenant

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This Week in Fintech (10/11)

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Please enjoy another week of fintech and banking news below.

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This Week In Fintech: Nashville Happy Hour · Luma

Who: Nashville’s best operators, investors and founders What: Fintech Happy Hour with wines curated from By The Bottle and light bites! Where: One22One-…

This Week in Fintech

💼 Fintech Job of the Week

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💬 Quote of the Week

🏦 Financial Services & Banking

🚀 Product Launches

Visa launched a new stablecoin-as-a-service platform to help banks issue and manage fiat-backed tokens such as stablecoins on blockchain networks.

Mastercard is rolling out new standards and solutions to accelerate the processing speed for card transactions in South Africa.

Dutch bank ABN Amro added an online tool that lets clients check whether an incoming call is actually from an employee of the bank.

📰 Other News

The UK's 'instant' payments may not be so instant: the Treasury will give banks the ability to delay APPs by up to 3 days to investigate instances of potential fraud. Meanwhile, the US Treasury informed holders of bonds and investments that, if they wish to transfer their holdings to brokerage accounts, it may take as long as a year.

Investing firms and asset managers are all jumping into the private credit space of difficult-to-make loans, buoyed by high recent rates and in the place traditionally taken by banks.

Canadian bank TD's American arm agreed to $3 billion (!!) in penalties and restrictions on its US growth due to anti-money laundering compliance failures. The UK also fined TSB Bank £10.9 million for failing to fairly treat customers in overdraft.

💻 Fintech

🚀 Product Launches

Peer-to-peer payment platform Venmo, a PayPal subsidiary, launched new features to let users schedule one-time or recurring payments and payment requests.

PayPal also broadened its international footprint with the launch of its Complete Payments platform in China and used its proprietary PYUSD stablecoin to pay an invoice.

Payment facilitator Stripe also rolled out new stablecoin features this week – with support for businesses to accept payments in USDC – and in the first 24 hours, customers from 70+ countries have paid with stablecoins.

At their New York tour date, Stripe announced a raft of new features including the ability for businesses to process payments on a dozen other providers (including Worldpay) while still using Stripe, multiprocessor support, improved analytics and enhanced usage-based billing for Stripe Billing, and payment receipt within a few hours for US businesses for free.

Plaid introduced direct pay-by-bank for bill payments.

Modern Treasury rolled out their fall release, including expanded bank support, counterparty eligibility checks, automatic ACH fallback for failed payments, and Request for Payment support, among many other features.

Core banking and embedded finance giant FIS launched support for digital asset trading. Will more banks support crypto as a result?

Money transfer app Paysend partnered with Mastercard to launch Paysend Libre in Mexico, a zero-fee money transfer service that only needs a phone number.

Business banking platform Mercury launched Employee Reimbursements to allow employees to submit expenses and be reimbursed directly from companies' Mercury bank accounts.

Discover the future of fintech with Visa at Money20/20. We're excited to share our latest innovations and insights that are transforming the financial landscape.

Learn more about Visa at Money20/20 and schedule a meeting with us—we would love to connect with you!

Want to sponsor a newsletter? See our sponsorship information here.

📰 Other News

Customers of failed crypto exchange FTX will receive up to $16.5 billion under the company's approved bankruptcy plan.

Revolut will provide businesses in the UK with the ability to accept American Express cards so that they can sell to premium customers.

🤝 Partnership Corner

White-label wallet and closed loop payments provider Ansa partnered with open banking provider Plaid to enable bank payments directly to merchant wallets.

FreedomPay, an embedded payment platform, signed an agreement with Stripe to make it easier for enterprises to use Stripe for in-person payments alongside their existing commerce tools.

Worldline is rolling out embedded payments via a partnership with Online Payment Platform, a provider of payment technology for platforms and marketplaces.

TerraPay, a bank-based payments provider with 7.5 billion bank accounts, partnered with open banking platform Fabrick to enable cross-border payments in Europe.

👎 The Bad News

Crypto.com has filed a lawsuit against the SEC after receiving a Wells notice from the regulator warning that it may be subject to an enforcement action.

Buy-now-pay-later giant Klarna's board removed a boardmember close to one of the original co-founders, who left the company in 2012.

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