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FX exchange
About a year after
Foreign Currency Direct has been stockpiling FX businesses over the past year, acquiring Infinity International and Pure FX as it expands its corporate payments business.
New funds
A group of fintech investors from VC Sequoia, Acrew Capital, Bain Capital Ventures, Active Capital and Inspired Capital have poured $35 million into Finix, a payment company whose founders come from Stripe, Klarna, PayPal and Worldpay.
Finix provides APIs and dashboards for companies trying to build their own payment processing systems in about two months, saving the time and cost of in-house work,
Finix's new round comes a few months after an
Lower ceiling
Australia's Senate is studying a rule that would limit cash purchases over $A10,000, and the government's Treasury investigations unit is being asked about potential loopholes.
The bill is part of an AML measure, and has already been delayed about six months, reports
Potentially, payments could be split into "lots" that would fall under the $10,000 limit, thus avoiding the cap. Also, there is still disagreement over jurisdiction as the Australian government considers how the law will be enforced.
Case closed
Italian regulators have ended an investigation of Telepass, Atlantia's digital toll payment unit, saying the firm made proper adjustments.
The government was concerned the company was making it difficult for consumers wishing to pay from a non-Italian bank account, reports
Telepass is updating its system to support consumers with European bank accounts to pay tolls through Telepass.
From the Web
THE MOTLEY FOOL | Tue February 4, 2020
Your average Starbucks store doesn't look anything like a typical bank. But as surprising as it might sound, there's rising speculation in some corners of the banking industry in Asia that the coffee giant might be seeking to enter the financial services industry.
THE TELEGRAPH | Wed February 5, 2020
According to a survey by payments firm PayPal, a fifth of Brits are not carrying cash anymore, and around 7pc of people have decided to scrap their wallets and purses entirely. In total, as many as 10 million people have stopped taking money out with them, PayPal said, basing this off a survey which asked 2,000 members of the public how they made payments.
FORBES | Tue February 4, 2020
As payments move faster or in real-time, preventing fraud has to change its approach. With faster and real-time the game changes quite a lot, said Sarah Grotta, director, debit and alternative products at Mercator Advisory Group. Mercator has released a report on fraud and faster payments that covers authorized push payment fraud, account takeover fraud, money mule fraud and account opening fraud.
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