The information you need to start your day, from PaymentsSource and around the web:
Investing spree
Stripe has joined a $35 million funding round in Check Technologies, a company that builds technology that links payroll to enterprise resource planning, HR and other back office functions as a way to simplify data management.
It's been a busy time for Stripe's fintech scouts. Stripe earlier this week co-led a $102 million round in
Stripe has drawn multiple rounds of investment, boosting the company's valuation and providing support to startups, which has enhanced
Merchant pitch
In an attempt to build geographic bulk for its digital shopping platform, ING has expanded DealWise to Germany.
DealWise uses analytics to help merchants tailor offers to consumers based on past shopping and transaction behavior. The deals often carry extra incentives beyond the merchant's normal discounts.
The ING platform has built a network of more than 1,000 brands in categories such as fashion, travel, electronics and IT. Consumers can use the feature to track their own spending, giving the platform a budgeting function.
Central bank cooperation
Central bank digital currency projects have advanced to the point where the operation of digital currencies among nations has become a concern.
Officials from China and Singapore this week discussed the impact of CBDCs, and suggested the two jurisdictions may negotiate a deal to ensure the currencies are supported in each country, reports
Danger zone
Cryptocurrency crime is declining, but there are emerging threats in other sectors of decentralized finance.
Theft, hacking and fraud losses totalled $1.9 billion in 2020, which was 57% less than 2019, reports Reuters, attributing its data to CipherTrace.
The most prevalent crime was fraud, followed by theft and ransomware. Much of the decline was due to improvements in security, as well as heavier regulations on cryptocurrency.
That regulation is creating risks in decentralized finance, which does not fall under the same enforcement rules that centralized cryptocurrency exchanges must follow, Reuters reports. Given the growth in DeFi platforms — Reuters reports there's $25 billion in loans on DeFi platforms, or 500% more than August 2020 — the sector has become attractive for fraudsters.
From the web
TECHCRUNCH | Thursday, January 28, 2021
The cryptocurrency exchange was founded in 2012 and allows users to buy and trade decentralized tokens like bitcoin and ethereum. The company has raised over $540 million in funding as a private company.
ENGADGET | Friday, January 29, 2021
The policy change allowing gambling apps starting on March 1st covers 15 countries in all.
TECHCRUNCH | Thursday, January 28, 2021
Cybersecurity startup CybSafe, a “behavioral security” platform, has raised $7.9 million in a Series A funding round led by IQ Capital with participation from Hanover Digital Investments (HDI) GmbH and B8 Ventures.
More from PaymentsSource
Visa wants to take part in the rampant development of stablecoins and central bank digital currencies, and the card brand spent a chunk of its earnings call making its pitch.
Continuity and speed are just two benefits of payment automation, says VPay's Elisa Logan.
E-commerce and services diversification have been a lifeline for credit card companies during the pandemic, enough to make up a substantial portion of Mastercard's business.
Walmart’s warehouse unit Sam’s Club is introducing digital features and new rewards tiers to modernize its Synchrony-issued Mastercard.
Against a backdrop of high fraud, you’d be forgiven for thinking that, for merchants, PSD2’s Secure Customer Authentication (SCA) couldn’t come soon enough. In reality, however, the European Economic Area’s Dec. 30, 2020 deadline has had Europe’s suppliers in a tailspin, and many remain so even though the cut-off has passed. In the U.K., the extended deadline of September 30, 2021 still feels ambitious, particularly now, as merchant productivity is strained under the pressure of lockdown and remote working.
Opening up universal payments and authentication methods that feel familiar, for both online and face-to-face transactions, could unlock a world of possibilities when it comes to redefining how businesses engage with consumers, says MYPINPAD's Justin Pike.
The application process was a mess in the first rounds of the Paycheck Protection Program. Fintechs say their efforts will make it go smoothly in the latest iteration.
Five companies in the early wage access industry have reached landmark agreements with California regulators that will govern their operations in the nation’s largest state.
The Biden administration is closing in on its nomination for chair of the Office of the Comptroller of the Currency, a job with a dramatically higher profile given the maturation of challenger banks, cryptocurrency and security risks.
B2B cross-border payments provider Currencycloud is partnering with online foreign exchange trading service OANDA to establish an international money transfer network for companies in North America.
