Money Management Archives | Page 95 of 239

Digital Lending / Digital Payments

Bank of America Enhances CashPro with Smart Transaction Search Tool

Bank of America has taken a significant step forward in corporate financial management with the introduction of a smart transaction search engine, integrated with investigative capabilities, on its CashPro platform. This innovative tool promises to revolutionize the way corporate clients manage financial transactions, enhancing efficiency, transparency, and user experience. By integrating client feedback into their development process, Bank of America

July 16, 2024

Digital Lending / Digital Payments

Alacriti Partners with Lumin Digital to Elevate Modern Banking Solutions

The rapidly evolving landscape of digital financial services has been marked by numerous collaborations aimed at providing superior solutions to financial institutions and their clients. One such significant development is the partnership between Alacriti, a leader in cloud-based payments and money movement services, and Lumin Digital, a provider of cutting-edge digital banking solutions. This collaboration aims to modernize digital money

July 16, 2024

Fintech Blockchain

Can Blockchain Transform FX Settlements for Global Financial Inclusion?

The rise of blockchain technology promises to revolutionize various financial domains, one of the most significant being foreign exchange (FX) settlements. Traditional FX settlement systems have long faced challenges related to efficiency, security, and inclusiveness, especially for emerging markets. Recent advancements by Partior, a Singapore-based blockchain network, and its collaborators showcase the potential of blockchain to address these longstanding issues

July 15, 2024

Digital Lending / Digital Payments

Could a Cashless Society Survive Major Payment System Outages?

On July 12, 2024, UK shoppers faced significant disruptions due to a major payments outage that affected card and online payments through Visa and Mastercard. Major retail chains such as Sainsbury’s, ASDA, and M&S were notably impacted, with many customers reporting that they were unable to complete purchases. Records from DownDetector corroborated the widespread nature of the issue, illustrating how

July 15, 2024

Robotic Process Automation In Fintech

UAE, Mastercard, and FAB Launch AI Challenge to Foster Innovation

The recent collaboration between Mastercard, the UAE’s Artificial Intelligence, Digital Economy, and Remote Work Applications Office, and First Abu Dhabi Bank (FAB) marks a significant stride in elevating the UAE’s AI landscape. This partnership aims to bolster the nation’s artificial intelligence capabilities through a pioneering AI challenge, aligning with the UAE’s ‘Strategy for Artificial Intelligence’ that was introduced in 2017.

July 15, 2024

Digital Lending / Digital Payments

Why Do Banks and Credit Unions Favor Receive-Only Mode on FedNow?

The rapid rise in digital transactions has birthed new technologies aimed at enhancing the efficiency of financial operations. Among these innovations, the Federal Reserve’s FedNow instant payments platform stands out, widely adopted by financial institutions (FIs), including banks and credit unions. Despite its potential for transformative change, a significant trend has emerged: many FIs prefer to use the platform in

July 15, 2024

Digital Lending / Digital Payments

Latin America’s Digital Payments Revolution: From Cards to PIX

The digital payments landscape in Latin America is undergoing a significant transformation, driven by advancements in technology and strategic partnerships that are making financial services more accessible, efficient, and secure. Two major developments exemplifying this change are the partnership between Inswitch and N1CO to deploy Visa cards and the groundbreaking impact of Brazil’s PIX system. These milestones not only illustrate

July 15, 2024

E-Commerce

How Will Datapro-Mastercard Partnership Transform Cross-Border Payments?

The recent strategic collaboration between Datapro, a leading provider of core banking systems and digital solutions, and Mastercard aims to revolutionize cross-border payment offerings for financial institutions in Latin America and the Caribbean. This partnership addresses the increasing demand for efficient, secure, and transparent international payment solutions, promising to enhance the consumer experience and streamline financial processes. Strategic Inter-Company Collaboration

July 15, 2024

AI and ML

SoftBank Acquires Graphcore to Strengthen Position in AI Chip Market

SoftBank has officially announced the acquisition of Graphcore, a pioneering British company specializing in Artificial Intelligence (AI) hardware. The acquisition, reportedly valued at approximately $600 million, marks SoftBank’s continued interest and investment in the UK’s tech industry. This isn’t SoftBank’s first engagement with the UK tech scene; it previously acquired British chip designer Arm Holdings in 2016 in a significantly

July 15, 2024

Embedded Finance

Embedded Payments: Enhancing Digital Solutions for Business Growth

In today’s digital age, the landscape of financial services is undergoing a transformative shift driven by the integration of embedded payments. This innovative approach allows companies to embed financial services such as payments, lending, or insurance directly into their products and platforms. By making the payment provider practically invisible to the end-customer, embedded payments enhance user experiences, streamline processes, and

July 12, 2024

Digital Wealth Management

Could This $4.5B Acquisition Transform Wealth Management Technology?

In a move that could potentially reshape the wealth management technology landscape, private equity giants Bain Capital and Reverence Capital have announced their agreement to acquire Envestnet for a staggering $4.5 billion. Envestnet, a key player in the wealth management technology market, manages assets worth over $6 trillion and supports approximately 20 million accounts. The company’s platform is widely utilized

July 12, 2024

E-Commerce

UnionPay and BankservAfrica Fuel E-Commerce Growth Across Africa

The digital landscape in Africa is set for a significant transformation as BankservAfrica and UnionPay International (UPI) collaborate to facilitate UPI e-commerce acceptance across a multitude of African countries. This partnership builds upon UPI’s 2023 appointment of BankservAfrica as its domestic processor in South Africa. BankservAfrica, known as Africa’s largest automated payments clearing house, manages billions of low-value transactions annually.

July 11, 2024