NovoPayment, a mission-critical financial and payments infrastructure provider, announced today that it has received Mastercard certification, as part of the Mastercard Network Enablement Partner program, to switch and process Mastercard transactions in Mexico.

The Network Enablement Partner (NEP) program is a Mastercard initiative that enables Service Providers — the vendors of Mastercard-Licensed Issuers and Acquirers who typically have a fully indirect relationship with Mastercard — to play a pivotal role in expediting product innovation, reducing time to market and enhancing overall performance and operational efficiency for their customers. The direct partnership with Mastercard opens the door for Service Providers to collaborate on initiatives that drive value, innovation, and seamless experiences in the evolving payment ecosystem.

Before Mexico, NovoPayment received certifications in Chile, Colombia, Ecuador, Peru, and Venezuela as card issuer processors.

"Our team has a long, successful track record of supporting clients across Latin America. We've worked in Mexico since 2009 and have a deep understanding of the market," said Angelique Strauss, Chief Growth Officer of NovoPayment. "With this certification to process Mastercard transactions in Mexico, NovoPayment continues to execute our multi-rail payments strategy to support our clients' ongoing demands, in addition to offering greater choice and flexibility."

Through the NEP program, direct access to Mastercard also enables NovoPayment to increase speed to market through the ability to test its products and solutions upfront, ensuring alignment with Mastercard standards.

Lowell, a European leader in credit management services, has partnered with Neonomics to enhance their payments offering, implementing, and enabling account-to-account payments in their Norwegian customer portal. With a mission to make credit work better for all, the partnership aims to simplify the way customers pay while driving cost efficiency across the entire value chain from customer to merchant.  

The collaboration will see Lowell integrate account-to-account payments through their customer portal, known as “My Lowell”. With the integration of account-to-account payments, Lowell will benefit from greater cost-efficiency over traditional card payments, a decision further validated by the rising adoption of account-to-account transactions across the Nordics.

Operations Director Tom Kjuusmoen from Lowell said: “Choosing Neonomics as our partner was a strategic move towards enhancing our payment solutions with the latest in open banking technology. Through this partnership, we anticipate not only a reduction in the cost of transactions but also an enrichment of our customers' payment experience in addition to reducing days sales outstanding for our clients. We are setting our sights on the heightened efficiency and security that open banking brings, offering our customers the simplicity and ease they deserve in managing their finances.”

Account-to-account payments have seen increasing adoption across the Nordics and Europe in the last year, as more merchants and financial institutions leverage the clear cost benefits, security and ease of use attributed to this innovative payment method.

Christoffer Andvig, CEO of Neonomics said: "We are excited to embark on this partnership with Lowell, broadening the reach of our technology and know-how in open banking. Enabling more consumers to see the benefit of paying directly via account-to-account payments will strengthen the entire credit management segment and provide better experiences for both merchants and end users."  

Ant International, a digital payment and financial services leader dedicated to building an inclusive and sustainable global commerce ecosystem, is expanding its existing partnership with Yapily, the leading European open banking platform to introduce Europe’s first-ever commercial variable recurring payments (VRPs) for e-commerce via Open Banking on mobile payment platforms.

This new payment method debuts first on HungryPanda, the leading Asian food delivery platform, offering a more convenient and seamless option for customers making mobile payments. This launch includes both commercial VRP “One Click Payment” and standard Open Banking payment “Pay by Bank”, powered by Antom, Ant International’s global merchant payment processing solution.

Starting today, HungryPanda users in the UK can elevate their food delivery experience by placing orders via their mobile devices and seamlessly completing payments directly from their bank accounts. This streamlined payment process not only enhances user satisfaction but also provides merchants with the added benefit of reduced transaction costs.

Implementing open banking changes for mobile payments

The deployment of Open Banking solutions marks the latest development of Ant International’s partnership with Yapily to explore and implement Open Banking technologies on mobile payment platforms. It intends to enable consumers who bank with UK financial institutions to make payments to merchants across the world via Antom, directly from their bank accounts, with a smooth and secure payment experience. The launch will benefit its UK customers, who are mobile-savvy and prefer convenient digital payment options.

This collaboration marks the first step of a wider roll-out of Open Banking technologies to more mobile services. Globally, Antom supports merchants in over 40 countries and provides them with one-stop, vertical-specific digital payment solutions. Open Banking enables UK merchants to benefit from the Antom global digital payment solution using their preferred bank account.

Pietro Candela, Ant International’s Head of Business Development in Europe said: “The UK and Europe is on the front lines of open banking. We’re pleased to continue our collaboration with Yapily to develop payment solutions that bring value and convenience to European consumers and global merchants, including Hungry Panda, and we’re excited to see continued adoption of this technology with our partner merchants as it scales across the platform.”

Stefano Vaccino, CEO and Founder of Yapily said: “We’re delighted to bring the benefits of open banking and commercial VRP to Europe. VRP technology is faster and more secure when making payments, giving an improved experience for both merchants and customers. By innovating finance in this way, we can power a more open and productive economy to the benefit of businesses and consumers. As a London-founded fintech, we’re delighted that the UK is the first country to enable this technology of the future.”

Kelu Liu, CEO and Founder of HungryPanda said: “Our partnership with Ant International enables HungryPanda customers in the UK to order their favourite dishes more conveniently and securely using a preferred payment wallet.”

 

Two in five UK adults have missed a utility bill payment in the last six months according to new research from Moneyhub Payments, highlighting the need for more flexible ways to pay. 

Moneyhub’s recent financial wellbeing survey has shown that around a quarter (24%) of UK adults have missed a payment of some kind in the last 6 months. Of these consumers who have missed a payment in the last six months, more than 2 in 5 (41%) missed utility bills. More than three-quarters (77%) of those surveyed felt anxious when expecting bills to arrive or be paid, with utility bills causing consumers the most concern with 51% citing them as the bill type that causes them the most anxiety.

Escalating utility prices in the UK, combined with the wider cost of living crisis, have become a significant concern for consumers, with households grappling with the daunting challenge of managing their monthly budgets. The size of the issue is exemplified by Ofgem’s figures published in December (2023) that showed the UK consumer energy bill debt had hit a record £3bn.

This surge in utility prices not only strains the average household’s financial resources but also stirs deep anxiety about future affordability, particularly among lower-income families and those already struggling with economic hardships, leading to heightened financial stress and uncertainty.

Across the types of utility bills, energy bills were unsurprisingly found to be the most stressful for consumers, with 41% saying they made them the most anxious. This was followed by water bills (14%) and broadband payments (10%). 

However, there are solutions available for utility companies to support their customers, particularly those who are regularly struggling with payments. When asked what would help them manage their money or reduce instances of missed payments 38% of UK consumers said that choosing the day of the month Direct Debits are taken would make a difference. A warning before payments are expected (28%) and better oversight of their incomings and outgoings (27%) were also key solutions.  In addition, 17% said the ability to pay bills weekly rather than monthly would help them manage their money. With the same percentage (17%) of respondents paid on a weekly basis, this would indicate that such a change could be truly transformative for that group. 

Open Banking and Open Finance payments could offer the flexibility required by customers. With Open Banking and Open Finance payments technology, the provider can much better support the consumer by preventing situations when they are blindsided by an unexpected price increase or payment and at the same time making it very easy for the customer to pay or transfer funds. 

This means that companies that provide essential services like heating, electricity, broadband, and water have another option: they can track how much the customer can afford and offer them the option to split payments in a way that suits their circumstances.

Open Banking payments enable providers to step in and take actions that would go a significant way to mitigating the issues associated with missing payments, payment anxiety and support overall financial wellness.  

Mark Munson, MD of Payments at Moneyhub comments: “Missed payments are causing significant concern for UK consumers, with utility bills the number one culprit. With energy bills high, there is a real worry that this problem will only worsen without intervention. 

“Fortunately, there are technologies that utility providers can adopt to improve their offerings to customers and better support when that customer is showing signs of distress. Often customers just need a little extra flexibility to help them get back on their feet, and with Open Banking and Open Finance, providers will be able to identify those struggling and be able to offer them individualised solutions. 

“Utility businesses can benefit too by offering alternative payment options tailored to the specific needs of their customers.Companies that offer choice and more control over how consumers pay will reap rewards in improved consumer loyalty, reduced churn and increased customer satisfaction.”

Fyle, an expense management platform that works with customers' existing credit cards, today announced a new integration with American Express to offer U.S. Business and Corporate Card Members the ability to issue on-demand virtual Cards via the Fyle platform, with built-in controls, and enhanced security. To achieve this integration, Fyle is participating in the American Express Sync™ Commercial Partner Program.

"We are teaming up with American Express to give our customers access to the control, enhanced security, and cash flow management that come with using an American Express virtual Card, alongside the ability to automate receipt tracking, credit card reconciliation, and expense accounting with Fyle," said Yashwanth Madhusudhan, Co-Founder & CEO of Fyle. "The integration helps us provide an elevated user experience and more value to our customers." 

With the integration, Customers with an American Express Business or Corporate Card can issue unlimited virtual Cards linked to their existing physical cards using Fyle. The benefits of issuing virtual Cards are:

• Establish specific controls for each on-demand virtual Card, including spending limits and expiration dates.
• Pay suppliers using virtual Cards and take advantage of their American Express billing cycle to manage cash flow for their business until their Card payment is due.
• Receive real-time transaction data and notifications via text messages to maximize visibility.
• Automate receipt collection and make reconciliation faster with Fyle's expense management platform.
• Pay with enhanced security by enabling employees, freelancers, and subcontractors to make payments on their behalf without sharing their physical Card details.

B2B payments platform Sprinque today announces a partnership with Mangopay, a modular and flexible payment infrastructure provider for marketplaces and platforms.

The collaboration enables merchants and marketplaces to take advantage of holistic and customizable payment infrastructures and terms, allowing them to grow revenues by tapping into B2B cross-border opportunities.

The partnership between Mangopay and Sprinque launched today highlights both companies’ commitment to driving payment innovation for B2B marketplaces.

Established in Amsterdam in 2021, Sprinque is the B2B payments platform that helps merchants and marketplaces expand globally by enabling frictionless purchasing with business customers. Sellers can conveniently service international buyers by offering them the net payment terms flexibility they need to complete the transaction, while risk and fraud management and other financial operations are handled by Sprinque. Sprinque is headquartered in Amsterdam and has offices in Berlin and Madrid.

Founded in 2013, Mangopay supports multiple business models in the platform economy with its modular payment infrastructure. The company has supported over 2,500 platforms and marketplaces through its programmable e-wallet solution and end-to-end payment infrastructure which covers everything from pay-in to payout.

With market reports suggesting that the B2B marketplace industry has grown by as much as 8.6 times since 2015, the payment experience continues to play a key role in the growth of businesses operating in the sector.

The collaboration between Sprinque and Mangopay is designed to empower B2B marketplaces with robust tools and a choice of payment methods to manage their payment flows with more flexibility, including those looking to introduce a buy now, pay later service to their B2B customers.

Sprinque CEO Juan Espinosa said: “We are incredibly excited about this partnership between Mangopay and Sprinque as this creates collaboration in an ecosystem where ambitious international merchants, both B2C and B2B, will be able to have access to both consumer and business tools to ensure that they can capture and service both sides of the coin, B2C and B2B.“

“We are also extremely aligned with Mangopay's vision in terms of capturing the opportunity at a global scale so we couldn't think of a better partner for us at this stage.”

Derrick Lynagh, Head of Sales, Partners, at Mangopay, said: “We aim to power the payment infrastructure and operations of the world’s largest and most innovative marketplaces and platforms. We’re committed to finding new ways to help our platform customers create and operate payment infrastructures that will help their businesses to scale.

“Partners such as Sprinque are an important part of our strategy, and collaborations like this further strengthen our proposition for B2B marketplaces and platforms. We’re delighted to form this new partnership to offer B2B marketplaces the chance to meet the demand for a greater choice of payment methods.”

Inbank has entered into an exclusive partnership with Montonio, a leading provider of checkout solutions in Estonia. The initial phase of the partnership will be rolled out in Estonia, with future plans to expand to other markets.

Montonio is known for offering a range of payment and e-commerce services to its merchants, including bank payments, card payments, pay later, and financing. These services empower merchants to seamlessly manage various e-commerce transactions, and offer flexible financing to consumers. As of now, Inbank will exclusively provide pay later and financing services through Montonio’s checkout.

Piret Paulus, Inbank’s Head of Growth and Business Development and Member of the Board, comments:
“Inbank looks for solutions that make sense and we want to do things in a smart way. Instead of always building everything from scratch, we sometimes choose to work with highly competent partners. And vice versa – our strategic partners might not have the know-how in financing, but that’s where Inbank can step in and provide valuable support. 

Our current and potential partners have emphasized the need for a full checkout solution and we’ve been on the lookout for a strategic partner who’s capable of delivering a top-notch solution. Montonio caught our attention with its high-quality and user-friendly platform for merchants. Their technological capabilities and user-friendly interface make them an excellent choice for providing a complete checkout solution with.”

Markus Lember, Montonio’s CEO and co-founder, comments:
“Buy now, pay later options have transformed the way consumers shop, offering flexibility In 2024, this trend continues to grow, especially among younger shoppers who appreciate the ability to spread payments over time without incurring interest. This trend not only empowers consumers with more purchasing power but also urges retailers to integrate these options seamlessly into their payment systems.”

London-based RegTech company, docStribute, today announces the successful completion of a pre-Series A funding round, securing £820,000 in investment from financial service angels. 

This substantial funding milestone positions docStribute to advance further its mission of redefining financial services customer communications. docStribute will be using the funding to add to its development and marketing capability to enhance customer integration and accelerate the scale-up of the business.  

docStribute harnesses the power of Distributed Ledger Technology (DLT) to ensure the unalterable integrity of information to meet the stringent requirements set by the FCA guidelines for a durable medium.

This compliance with durable medium guidelines allows docStribute to take an innovative channel-agnostic approach to communicate with customers through their preferred channels to significantly enhance their overall communication experience. 

Results from docStribute's implementation with customers, both large and small, are auspicious, showing elevated levels of engagement and click-through rates. By improving engagement and understanding, docStribute’s clients are driving their organizations to deliver better outcomes for their customers, and by monitoring that engagement in detail they are ensuring an ongoing cycle of improvement. This is at the heart of the Consumer Duty regulation.

By incorporating DLT technology, the company ensures that the communication process not only meets regulatory requirements, but also builds trust between financial institutions and their clients securely, whilst delivering significant cost savings.

Christopher Ansara, Founder of docStribute, said:

"Securing £820k in pre-Series A funding allows docStribute to continue to redefine financial services communication. Our commitment goes beyond compliance, as it is changing our clients’ relationships with their customers by ensuring crucial financial information is communicated effectively and efficiently.

This significant funding milestone follows a notable stride towards industry recognition, as docStribute successfully onboarded a tier 1 bank at the end of 2023. This brings our number of clients to over 30 and means we will be sending out more than 5 million documents a year. Adding such a prominent financial institution underscores the effectiveness of docStribute's solutions in meeting the evolving needs of the finance sector.”

docStribute has now raised over £1.7m to date,  on top of the Innovation Smart grant awarded in 2020. 

10x Banking, the transformational cloud-native SaaS core bank operating system founded by former Barclays CEO Antony Jenkins, has today announced a partnership with Old Mutual as it expands into Africa and scales its evolving core banking system into new markets in response to growing demand.

10x’s expansion into Africa, starting in South Africa, will see its solution used by major financial services companies, including Old Mutual, Africa’s second-largest financial institution, to develop new products that will drive financial inclusion for unbanked populations – a move that closely follows its launch in Australia and New Zealand last year. Further afield, 10x is seeing growing interest in its platform worldwide among banks in India, Sri Lanka, Vietnam, and the USA, and looking further ahead it expects to work closely with banks in Canada, pan-Africa, and central and southern Europe.

“These are the markets where we see a significant shift to a more customer-centric mindset among banks,” commented 10x’s Chief Revenue Officer, Matt Mills, who joined the company last month from fintech scale-up Featurespace. “Banks can see the issue for themselves and come to us because they have a creaky core, unfit for rolling out financial products which meet the increasing demand among their customers for a better, digital-first user experience.”

10x’s international expansion closely follows its $45m (£35m) funding round announced in January, as it continues to capitalize on the significant momentum in the core banking market, underpinned by big banks actively looking to adopt neo-core banking systems to accelerate their digital transformation and thrive in an increasingly competitive battle to win and retain customers.

Old Mutual is actively looking to serve those who have bank accounts but are severely underserved, with their day-to-day money management needs not met by what’s currently available. It is also taking proactive steps to address the barrier of financial literacy across the continent, through a truly customer-centric approach.

“It’s clear that in Africa the big driver is digital”, commented 10x founder and CEO Antony Jenkins. “By 2025, over half a billion people on the continent will have access to mobile internet, providing a platform for them to make payments, source financial advice, secure loans to buy a home or start a business. This opens up a huge set of opportunities for the underbanked and unbanked, which in turn drives economic growth. Working with major players in the financial services space, including Old Mutual whom we are delighted call a customer, we are proud to be at the heart of banking transformation in the most exciting markets with huge potential for growth.”

Having created the modern technology platform focused on a seamless customer experience that powered J.P. Morgan Chase’s entry into the UK retail banking market, 10x is committed to helping banks transform the way they operate in response to a rapidly evolving financial sector, catalyzed in part by the dominance of digital transactions and consumer demand for greater control and flexibility around the way they manage their money.