Discover the latest developments of the week

By Gloria Mathias

FinTech continues to play a central role in transforming and reshaping the traditional contours of the financial sector. As technology becomes more intertwined with financial services, FinTech innovations are not just incremental but rather revolutionary, paving the way for improved efficiency, accessibility and innovative business models.

This week’s FinTech Focus presents a selection of the most significant developments that highlight the dynamic nature of this sector.

Let’s look up six announcements made by FinTech bigwigs this week:

BNY is delighted to announce a first-of-its-kind international business alliance with the leading global banking company based in Japan Mizuho. The strategic alliance between our companies will help expand correspondent banking network connectivity for international trade, easing compliance requirements and associated costs for our clients. This marks a significant step forward in digitalizing commerce and promoting seamless processes.

DailyPay secured an additional $100 million credit commitment from Citibringing our total secured credit facility to $760 million. “This addition to our credit facility demonstrates our unwavering dedication and commitment to our customers and their millions of daily workers,” said Stacy Greiner, CEO of DailyPay.

Emirates NBD is pleased to announce that it has entered into a strategic agreement with Leave to explore participation in their blockchain-based platform to transform clearing and settlements across the financial ecosystem. The bank is also exploring the possibility of investing in Partior as part of its strategic vision to shape the future of value exchange globally.

Mastercard is excited to expand the reach of the Product Express platform to more partners, regions and solutions. With Product Express, customers can launch payment solutions in record time, such as card programs, in as little as 15 days; choose plan-certified partners who are ready to support rapid implementation and track progress transparently at every stage creating a better experience for all parties, we drive innovation and reduce time to market walk.

Neowise by decentro introduced 𝑵𝒆𝒐𝑩𝒐𝒕 𝒂𝒏𝒅 𝑵𝒆𝒐𝑺𝒊𝒈𝒉𝒕 𝑵𝒆𝒐𝑺𝒊𝒈𝒉𝒕 𝑵𝒆𝒐𝑺𝒊𝒈𝒉𝒕 𝑵𝒆𝒐𝑺𝒊𝒈𝒉𝒕 𝒇𝒊𝒓𝒔𝒕 𝑨𝑰 𝑨𝑰 𝒅𝒆𝒃𝒕 𝒅𝒆𝒃𝒕 𝒄𝒐𝒍𝒍𝒆𝒄𝒕𝒊𝒐𝒏 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔 𝒕𝒐𝒐𝒍𝒔, in collaboration with Sarvam! NeoBot, a debt voice assistant, and NeoSight, an industry-leading call analytics tool, are transforming the debt collection landscape. With retail loans contributing 40% of NPAs, 𝒖𝒑 𝒕𝒐 20𝒙 𝒎𝒐𝒓𝒆 𝒆𝒇𝒇𝒊𝒄𝒊𝒆𝒏𝒕—𝒂𝒏𝒅 𝒄𝒖𝒕 𝒄𝒐𝒔𝒕 𝒔 𝒃𝒚 33%.

Santander launched Open banking in the United States, allowing it to serve retail banking customers nationwide for the first time. Openbank will provide a quick and easy experience with competitive pricing and more products to come. Openbank is now Europe’s largest fully digital bank by deposits, operating in Spain, Germany, Portugal and the Netherlands. This US launch represents a key milestone in our transformation, leveraging Santander’s proprietary technology platform.

Also read: NextGen Core Banking: The Future of Banking in Q3 2024