The information you need to start your day, from PaymentsSource and around the web:
Topping up
Fintech Revolut has raised $80 million from TSG Consumer Partners as part of an earlier Series D round that it announced in February.
The new infusion increases overall Series D funding to $580 million, but keeps Revolut's valuation at $5.5 billion, reports
Revolut got its start as a London-based digital payments app, and has added several markets and financial services over time, most recently partnering with
Real money
A federal court ruled bitcoin is covered under Washington, D.C.'s Money Transmitters Act, creating a legal path to prosecute parties and individuals using the cryptocurrency to launder money.
The court said bitcoin fits the description of a "medium of exchange, method of payment or a store of value," reports
While the ramifications of the ruling are likely limited, it gives a potential citation to those who would argue bitcoin, and potentially other cryptocurrencies, could be subject to the same rules as traditional government-issued currency for purposes of laundering and payment-related crime.
Feed the meter
Hamilton, Ontario has launched an iPhone and Android app that allows people to remotely find and pay for parking spots.
Drivers will also receive an alert when the parking meter is near zero, with an option to remotely add more time.
The city is positioning the app as part of its virus response, given it allows a contactless experience, reports
Bad location
GPS and wearable computing company Garmin, which has drawn support from banks for
The attack shut the company's website, fitness devices, call center and even its aviation app, grounding some planes, reports
From the Web
FINANCIAL TIMES | Sun July 26, 2020
Since it launched in 2016, India’s Unified Payments Interface has helped propel the growth of online payments in the country of 1.4bn people.
REUTERS | Fri July 24, 2020
The collapse of German payments firm Wirecard has become a focal point for an overhaul of how the European Union regulates the finance industry as it evolves away from traditional banks towards fintech companies, its financial services chief said.
VERDICT | Mon July 27, 2020
Under the agreement, American Express agreed to pay IAG Loyalty nearly £750m ($955m) as the latter grapples with a cash crunch amid Covid-19 pandemic.
More from PaymentsSource
Factoring in customer behavior as an element in the risk profile can provide FIs with better assurances in their lending practices, says consultants Maria Arminio and Bo Berg.
Payments in Brazil are about to make a significant pivot, turning a country in which consumers rely heavily on cash and remain skeptical about payment cards into the next region to pioneer faster payments.
Three months ago, Stephen Squeri, the chairman and CEO of American Express, declared a global "economic free fall" due to the coronavirus. Its second-quarter earnings show how far a fall it has been.
Payment errors can happen for various reasons. The number gets transposed on a check, or a virtual card is issued but never charged. Sometimes, an ACH payment hits a closed bank account. These kinds of things happen all the time, but even if your error rate is in the single digits when you’re making tens of thousands of payments a year, that’s still a lot of errors.
In this uncertain environment, companies that are nimble and adaptive are rising to the challenge, finding new ways to navigate the crisis and embracing innovative electronic solutions, says Bank of America's Daniel Stanton.
The CEOs of the credit card lenders Discover and Synchrony are urging Congress to come through with another round of government stimulus so that struggling households can continue paying their bills.
Installment payments are gaining mainstream appeal as an alternative to traditional credit products, prompting Affirm to boost its visibility in an increasingly crowded market.
