Virgin Money downsizes, ACI builds payment rails in Nepal

February 7, 2024 10:23 AM

Virgin Money has cut about 150 jobs and 39 branches thus far in 2024, the Central Bank of Nepal has hired ACI Worldwide to build a payment switch to enable interoperable card payments for merchants, and more.

Here's what's happening around the world.

Jason Alden/Bloomberg

Virgin Money cuts branches, jobs

Virgin Money has cut about 150 jobs and 39 branches thus far in 2024 and plans further reductions in staff and facilities. The financial institution, which pays Sir Richard Branson for the Virgin brand, is attempting to save about $250 million, according to Yahoo Finance, which adds that Virgin Money is also reducing its office footprint. Many financial institutions have laid off staff in recent weeks and months as the industry grapples with higher interest rates, inflation and other economic headwinds. Elsewhere in the U.K., Lloyds recently cut about 1,600 jobs, mostly in branches, in response to an increase in digital banking. In Lloyds' case, the bank also plans to hire more than 800 people in its customer relationship team, with a focus on video and phone service. Virgin Money has also expanded its online products in the past year. —John Adams

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Adyen adds partner to appeal to small business clients

Dutch payment technology company Adyen has signed a collaboration agreement with U.S. payment technology firm BILL to enable card-issuing capabilities for BILL's business clients. Adyen has embedded its card-issuing service into BILL's virtual card product for accounts payable and accounts receivable. The combined products target small to medium-sized businesses that are looking to automate more of their transactions. Selling to small businesses has become a major focus for payment companies globally, as businesses seek technology to move funds faster and with less overhead. Adyen has also added more payment technology over the past year as it focuses on expansion in the U.S. and other global markets. —John Adams

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BBVA launches cross-industry 'green business' initiative

BBVA hosted several organizations to debut the Cleantech for Iberia coalition, which is designed to cooperate on strategies to make the Iberian Peninsula competitive in clean technology. The coalition includes the Cleantech Growth Capital division of the European Investment Bank, which is part of the EU, cleantech industry firms, universities, incubators and other organizations. The coalition plans to develop a reindustrialization plan for the Iberian Peninsula and produce an investment path for the clean technology sector. Policymakers and financial institutions globally are working on initiatives to reduce carbon emissions on their own operations while funding other companies that enable sustainable growth. —John Adams

Tech firms push real-time payment for cars

London-based real-time payment firm Volt is partnering with auto dealership payment company Bumper to speed transaction processing for car dealerships in the European Union and the U.K. Bumper's network covers more than 5,000 dealerships and repair facilities. Volt supports a pay button for Bumper, which executes instant settlements for car payment, auto part purchases and repairs. The integration also includes a relaunched mobile payment experience. The two firms say they are trying to reduce friction from slow settlement times associated with auto payments. By instantly settling payments, dealerships can increase control over cash flow and inventory, Volt said in a release. The new payment products are available in the U.K. and will launch in more European countries in the coming weeks. In the U.S., U.S. Bancorp is among the institutions that are using real-time payments to speed processing for automotive transactions. —John Adams

ACI Worldwide lands deal to power Nepal payments system

The Central Bank of Nepal has hired ACI Worldwide to build a payment switch called NPS-NCS that will enable interoperable card payments for merchants in Nepal. ACI will also contribute to a national card scheme called NEPAL Pay. Payments in Nepal use international processors, and the introduction of a local network and switch is designed to make it easier for banks to manage data and cut processing time and expense costs. Countries such as India and China have also used local data service as leverage in negotiations with outside payment companies. Last year, ACI introduced the ACI Wallet Hub, which provides access to more than 200 digital wallets in about 70 countries. ACI's strategy is to expands its own reach by making it easier for underserved markets to add digital payments that can work both locally and internationally. —John Adams

JCB gives tourists on Japan's transit system a branded gift

Japan-based credit card network JCB has teamed with Tokyo's public transit agency to provide international visitors with a free gift when they use a JCB payment card to buy a subway ticket while sightseeing and shopping in the capital city, according to a press release. Between Feb. 5 and July 31, 2024, travelers who purchase Tokyo subway tickets at tourist information centers operated by Tokyo Metro will receive a collectible plastic subway pass holder with a metal clip decorated with more than a dozen colorful Japanese motifs including JCB and Tokyo Metro logos. The move comes as Japan's Prime Minister Fumio Kishida is promoting sustainable tourism, as more than 25 million people visited Japan last year, a sixfold increase from 2022 when the country still retained certain pandemic restrictions, The Guardian reports. JCB cards, primarily issued in Asian countries, are now accepted at 46 global merchants through JCB's recent expansion of partnerships with hundreds of banks. —Kate Fitzgerald

Stripe-owned Paystack expands Apple Pay acceptance in Africa

Paystack, a fintech launched in Nigeria in 2015 that was acquired by Stripe in 2020, is expanding Apple Pay acceptance in two more African countries, after introducing the payment method in Nigeria in 2021 and Ghana in 2023, Techpoint Africa reports. Merchants integrated with Paystack in Côte d'Ivoire, South Africa and Kenya can now accept payments from shoppers based in the U.S., U.K. and Canada through local and international payment gateways. Paystack also recently obtained licenses to operate in Egypt and Rwanda, according to the publication. —Kate Fitzgerald