#BankTech / Visa, Plaid terminate $5.3 billion merger agreement

Almost exactly a year after announcing their $5.3 billion merger, Visa and Plaid have called off the proposed marriage, and the U.S. Department of Justice has agreed to drop its antitrust lawsuit challenging the deal. “We are confident we would have prevailed in court as Plaid’s capabilities are complementary to Visa’s, not competitive,” said AlContinue reading “#BankTech / Visa, Plaid terminate $5.3 billion merger agreement”

#OpenBanking / Citi builds fintech marketplace

Citi is building a marketplace of third party fintech apps, signing data access agreements to customer-approved accounts with eight startups and data aggregators. Citi customers will be provided with a way to permission and share their account information with financial apps and services through the use of API token-based technology. The first companies covered byContinue reading “#OpenBanking / Citi builds fintech marketplace”

#OpenBanking / OneBanks bids to bring human banking back to Scottish town

OneBanks, a UK startup that is working to put fully-staffed banking kiosks in places that high street lenders have left, is gearing up to open its first location in the Scottish town of Denny. While not a bank, OneBanks is promising to provide bank-agnostic in-branch services – such as cash withdrawals, deposits, payments, and face-to-faceContinue reading “#OpenBanking / OneBanks bids to bring human banking back to Scottish town”

#EmbeddedBanking / Moov raises $27m for open source banking platform

Moov Financial, the US startup behind an open source embedded banking platform, has raised $27 million in a Series A funding round led by a16z. Founded by fintech veterans Wade Arnold and Bob Smith in 2017, Iowa-based Moov creates open-source infrastructure that makes it easier for businesses to send, receive and store money for theirContinue reading “#EmbeddedBanking / Moov raises $27m for open source banking platform”

#PayTech / Primer, the fintech helping merchants consolidate the payments stack, raises £14M

Founded by ex-PayPal employees – via PayPal’s acquisition of Braintree – Primer wants to offer one payments API to (hopefully) rule them all, with the explicit aim of bringing greater transparency to a merchant’s payment stack. The thinking is that larger merchants, especially those that operate in more than one geography, have to support anContinue reading “#PayTech / Primer, the fintech helping merchants consolidate the payments stack, raises £14M”

#OpenBanking / Plaid Teams With Jack Henry To Bring Plaid Exchange To Banks

[Plaid:] “We developed Plaid Exchange to make open finance as simple as possible for financial institutions — no matter their size.” Plaid Exchange is the industry’s first open finance platform… It gives banks, wealth managers, and FinTechs a way to offer stable solutions to connect accounts to apps and services. The Plaid Exchange API platformContinue reading “#OpenBanking / Plaid Teams With Jack Henry To Bring Plaid Exchange To Banks”

#Open Banking / Customers of Australia’s Big Four Banks Now Able to Effectively Share Financial Data with Home Loan Providers

Customers of Australia’s four major banks… are now able to share their home loan and mortgage offset data with accredited or approved recipients. The expansion of Australia’s Open Banking guidelines… are focused on allowing consumers to share the number and type of bank account data… Australian consumers will be able to provide consent which willContinue reading “#Open Banking / Customers of Australia’s Big Four Banks Now Able to Effectively Share Financial Data with Home Loan Providers”

#OpenBanking / Basiq announces partnership with Plaid to expand financial access

… Basiq, a platform providing fintechs with access and insights into financial data, has partnered with Plaid, a data network powering thousands of digital financial tools, to expand developers’ financial access and consumer access to open finance. Together, Basiq and Plaid enable their clients to expand into new markets and disrupt financial services on aContinue reading “#OpenBanking / Basiq announces partnership with Plaid to expand financial access”

#OpenBanking / Goldman Sachs data governance code goes live on Finos

The Fintech Open Source Foundation (Finos) has lunched Legend, a flagship data management and data governance platform from Goldman Sachs, following pilot implementations with a host of international banks. Seven-years in development and used by both engineers and non-engineers alike across all divisions of Goldman Sachs, the source code for five of the platforms’ modulesContinue reading “#OpenBanking / Goldman Sachs data governance code goes live on Finos”

#OpenBanking / Former Barclays execs to launch digital bank

A team of financial services experts led by two former Barclays executives has unveiled plans to launch Pennyworth, a new digital bank to serve the needs of young professionals and middle managers. [Chief product officer:] “ We are building a digital bank for ‘aspiring affluent’ young professionals, busy people climbing the corporate ladder with complexContinue reading “#OpenBanking / Former Barclays execs to launch digital bank”