Hello Fintech Friends,

I really enjoyed sitting down with MX founder and CEO Ryan Caldwell last week at the Money Experience Summit and getting his thoughts on how open banking has evolved in the 14 years since he founded his company. You can find the Spotify link in the news below.

Signals: it’s been a good year for public fintech companies

Hello, Fintech Friends! September was a quiet month. It’s one of those “off-season” months when companies have completed reporting their previous quarter and are focused on delivering great results for the upcoming earnings season. So the most notable event of the month was the Federal Reserve (finally) cutting the fed

This Week in FintechJevgenijs Kazanins

Please enjoy another week of fintech and banking news below.

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🏦 Financial Services & Banking

🚀 Product Launches

Citi launched its Token Services for Cash, allowing institutional clients to move money between branches around the world 24/7, and supporting multimillion dollar transactions and fast settlement speeds for intra-bank transfers.

Mastercard is launching a new enhanced ID service in Europe to give issuers the ability to verify more detailed personal information about cardholders. 

Citi and Mastercard are also working together to enable clients to make real-time cross-border payments to debit cards.

International money transfer and messaging platform Swift rolled out an AI-powered anomaly detection service to help banks detect fraud.

The Prague Stock Exchange launched a distributed ledger technology in the settlement of securities.

📰 Other News

Wall Street asset managers and American banks are starting to flirt with the idea of tokenized funds and deposits – referred to in crypto as RWA or real-world assets – as a way to improve trading and liquidity. Relatedly, Zero Hash* announced that investors can now use USDC to invest in BlackRock’s USD Institutional Digital Liquidity Fund.

Visa is helping its merchants improve their non-financial business operations in a new partnership with Analytic Partners, focused on improving the return on advertising investments, with value-enhancing AI-driven data analytics.

Barclays took over the management of Goldman Sachs' branded GM card business, launched in 1992, as the latter exits retail banking. Meanwhile, Goldman's traders are behind a 45% profit jump, Citi beat analyst expectations, Bank of America was buoyed by strong investment banking and trading, and . JP Morgan sold $8 billion in corporate bonds following strong earnings.

South Africans are rapidly adopting cashless payments through credit or debit cards and new systems such as PayShap as the country's reserve bank pushes to make it cashless.

Russia is pushing BRICs countries to develop an alternative to the Swift cross-border payments messaging system... good luck.

💻 Fintech

🚀 Product Launches

Global neobank Revolut launched its own payment terminal for small businesses to compete with incumbents like Square and Adyen. Its competitor Monzo launched a new premium plan called Team, which offers expense cards, bulk payments, and payment approals over set limits for businesses – at a price of £25 a month – and announced that business customers have surpassed 500,000.

Open banking platform Plaid launched a new fraud review dashboard.

PayPal is launching a retail advertising media network.

Worldline is launching account-to-account payments across Europe.

Mattilda launched new payments features to make tuition easier in Mexico. 

Metawealth launched the UK's first tokenized real estate investment fund.

Bitcoin rewards provider Lolli launched Lolli Wallet Connect, which enables users to connect directly to the Lolli app using their Coinbase Wallet.

Liberis launched faster small business funding in various markets.

Want to do Money 2020 right? Footprint’s got you covered with a giveaway that’ll make you the envy of Vegas.

No really, you could win prizes like:

🍒 Tickets to Chiefs vs Raiders

🍒 Tickets to Flames vs Golden Knights

🍒 Tickets to the Sphere

🍒 A pedicure at the Venetian spa

🍒 Secure Airport Pickup + transfer to the Venetian

Ready to roll? Enroll today.

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

📰 Other News

Latin American payment giant Mercado Pago added Dinero Móvil, the payments platform developed by the Bank of Mexico, to its payment options.

Wealth management platform Arta launched globally – it is now open to accredited investors in Singapore and to international investors open to managing their wealth in Singapore – and added UBS chief executive Ralph Hamers as an advisor.

Crypto platform Ripple is getting ready to launch its own US dollar-denominated stablecoin.

MXS 2024: TWIF Interviews Ryan Caldwell, Founder and CEO of MX by This Week in Fintech’s Podcast

In an exclusive interview, MX’s founder and returning CEO Ryan Caldwell opens up about 14 years as a fintech founder, why consumer-permissioned data is integral to MX’s DNA, and the future of open banking.

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🤝 Partnership Corner

Corporate spend giants Navan and Brex partnered to launch a new travel management solution, embedded Brex's payments in Navan's corporate travel software.

Stripe's new pay with crypto feature will use Paxos' PYUSD stablecoin.

Klarna loans are now available when checking out with Apple Pay.

👎 The Bad News

German banking-as-a-service company Solaris will lay off a third of its workforce, primarily in its British subsidiary Contis.

Neobank Revolut was named in more fraud complaints in the UK than any of the country's major banks.

A man who had £165,000 stolen from his Revolut business account says criminals managed to bypass the ID verification process to gain access to his account.

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