Transak, the leading payments infrastructure provider for crypto and NFTs, has announced a strategic collaboration with Visa,a world leader in digital payments, to implement Visa Direct capabilities and help enhance its global off-ramp service.

This collaboration marks a significant milestone by enabling users in over 145 countries to seamlessly convert their cryptocurrency holdings into local fiat currencies.

Addressing the Gap: Crypto-to-Fiat Conversion for Everyone.

In the race towards faster and easier crypto adoption, the ability to exit the market has taken a back seat. Most platforms and gateways are highly optimized for fiat-to-crypto conversions, but the reverse is not true.

Many consumers need a fast, secure and compliant way to exit the crypto market — a fitting tribute to the liquid nature of cryptocurrencies.

The bridge to convert crypto to fiat is missing for most people.

As a result, they are stuck parking their funds in stablecoins or resorting to other methods of cashing out that may fall in the gray zone of local regulations.

“By enabling real-time card withdrawals through Visa Direct, Transak is delivering a faster, simpler and more connected experience for its users — making it easier to convert crypto balances into fiat, which can be spent at the more than 130M merchant locations where Visa is accepted,” said Yanilsa Gonzalez-Ore, North America Head of Visa Direct and Global Ecosystem Readiness.

A Revolutionary Step in Crypto-to-Fiat Transactions

One of the most significant features of Visa Direct is its ability to process transactions in real-time. This means that money can be transferred almost in 30 minutes or less, which is a significant advantage over traditional banking methods that can take days. Combining this with Transak’s robust infrastructure and support forover 40 cryptocurrencies, the collaboration welcomes a new dawn for those who want to quickly exit the crypto market.

In traditional banking systems, converting and transferring funds, especially across borders, can be a slow and cumbersome process. This collaboration can help dramatically reduce these delays, allowing users to swiftly and securely access their funds in their local currencies.

Meanwhile, Transak's presence on 350+ leading Web3 wallets and games like MetaMask, Trust Wallet, Coinbase Wallet, Ledger, Splinterlands, and Decentraland ensures widespread accessibility. It places crypto-to-fiat conversion at the fingertips of millions of users globally. These platforms are already familiar to many within the crypto community, and their use extends beyond mere storage of digital assets to include various interactive and transactional activities in the Web3 space.

Emphasizing the impact of this collaboration, Sami Start, Co-founder & CEO of Transak remarked, “We believe this partnership is an inflection point for Web3 as a whole. Now, millions across the globe have a straightforward way to cashout their digital asset holdings to their local currency in real-time and intuitively. They no longer have to walk the treacherous path of compliance uncertainty or face risks of fraud — Transak and Visa have them covered for over 40 cryptocurrencies.”

A Big “W” For Crypto

Transak is widely known for its rapid product shipments for Web3 onboarding. Visa Direct is one of the global leaders in Web2 payments.

The collaboration of Transak and Visa Direct is a crucial step towards the maturation and mainstream acceptance of digital currencies.

This collaboration is about bridging a gap that has long been a bottleneck in the crypto world: Converting cryptocurrency holdings into a local fiat currency quickly.

The ability to easily convert cryptocurrencies to fiat efficiently is not just a convenience – it dismantles the barriers of complexity and uncertainty that have hindered crypto adoption among the general public.

Ajman Bank has initiated a collaboration with Mastercard aimed at leveraging the technology giant’s innovative solutions to drive sustainability. The award-winning bank will implement Mastercard’s Carbon Calculator and sign its UAE Sustainable Cards Pledge.

Developed by Mastercard in partnership with Swedish fintech company Doconomy, the Carbon Calculator allows consumers to receive a snapshot of the estimated carbon emissions generated by their purchases. It also offers them the option to contribute to reforestation through Mastercard’s Priceless Planet Coalition. Banks and financial institutions can seamlessly integrate the feature into their mobile apps through APIs that are available on Mastercard Developers website.

Announced at the 28th UN Climate Change Conference (COP28) in Dubai, the UAE Sustainable Cards Pledge mobilizes the country’s banks to switch to cards made from more sustainable materials- including recycled or bio-sourced plastics such as rPVC, rPET, or PLA1 - by 2025. This makes the UAE the first nation in the world to do so three years ahead of Mastercard’s global deadline of 2028. The initiative has witnessed a strong uptake among key industry players, which means that 80% of Mastercard cards issued in the local market from 2025 will be made from more sustainable materials. To date, 576 issuers from 100 countries have signed up to transition 449 million cards across Mastercard’s network.

The company is supporting its issuing partners through the transition away from first-use PVC by connecting them with approved suppliers they can use to produce their cards. It has also prepared a dedicated toolkit that will assist them in converting their card portfolio.

“As a natural extension of our long-standing strategic partnership with Mastercard, our latest collaboration is in line with our commitment to sustainability and the UAE's net-zero ambitions. By integrating Mastercard's innovative Carbon Calculator into our services, our objective is to empower our customers to make more environmentally conscious purchasing decisions. This, along with our active participation in the UAE Sustainable Cards Pledge will help us reduce significantly the environmental impact of our operations. By minimizing our ecological footprint our goal is to contribute positively to our planet's health and our community's well-being,” said Mustafa Al Khalfawi, CEO of Ajman Bank.

“At Mastercard, we actively contribute to building a sustainable world in line with our ethos of doing well by doing good. To realize this vision, we are developing products and solutions that harness the power of our global network to encourage environmentally conscious consumer behavior and promote sustainability across the banking and finance sector. We are delighted to see Ajman Bank reaffirm its commitment to sustainability through the signing of our UAE Sustainable Cards Pledge and making our Carbon Calculator available to its customers,” said Khalid Elgibali, Division President, Middle East & North Africa, Mastercard.

A 2021 Mastercard study shows that nine in 10 adults in the Middle East are willing to take personal action on sustainability issues. Over 72% of respondents in the region think it is now more important for businesses to do their part for the environment, and more than 25% are going to stop using brands that do not intend to behave sustainably. Meanwhile, nearly 15% admitted boycotting companies that have not adopted sustainable values. The top three issues the participants want companies to focus on include safeguarding the health and well-being of their employees, reducing air and water pollution, and offering more sustainable and durable products.

Global financial technology leader FIS® has today announced the launch of its 2024 FIS Fintech Hangout Series, an initiative that fosters and connects fintech startups, investors, financial institutions, FIS experts, and participants from the FIS Fintech Accelerator Program. This series will spark meaningful conversations, share best practices, and showcase the amazing work of the participating fintechs.

The Fintech Hangouts supports FIS’ 9-year focus on identifying, mentoring, and connecting innovative fintech startups with the broader financial services community. The program aligns with the FIS Fintech Accelerator Program, which has seen 80 graduates help advance innovation in financial services. Consisting of monthly thematic events, the series kicked off in January with a deep dive into the importance of risk and compliance, one of the biggest barriers to entry for prospective fintechs. The event broke down these challenges and what’s involved in setting up the relevant frameworks for fintechs to address these important regulatory priorities.

Neepa Patel, Founder and CEO of Themis was the featured speaker at January’s inaugural event. A 2022 graduate of the FIS Accelerator, Themis is the first compliance collaboration tool to help companies accelerate partnerships with vendors, banks, and fintechs. Patel shared her experience and insights on how to navigate the complex and evolving financial regulatory landscape and how to build trust and credibility with customers and regulators.

“We are thrilled by the reception of this new program and its role to inspire promising new fintechs and foster a deeper sense of community within the industry," said Annie Destefano, Head of Ecosystem Banking at FIS. "As the company that advances the way the world pays, banks and invests, we embrace our role in creating opportunities that help early-stage scale emerging tech more quickly and safely, to help modernize banking, bolster the economy and bring consumers closer to financial empowerment.”

The FIS Fintech Accelerator Program is a 12-week program that helps fintechs refine their product models and scale their businesses. During the program, bankers, subject matter experts, and financial service executives engage with pre-vetted, market-validated fintech companies. This provides financial institution leaders with the unique opportunity to work alongside each of the portfolio companies participating in the program and help refine their product models to suit customer needs. Accelerator graduates have a track record of success with four members - Lama AI, Forage, Sardine, and Array - just named to the GGCV U.S 2024 Fintech Innovation 50.

 ZILO™, the UK-based FinTech specialising in global asset and wealth management software continues building momentum with the appointment of leading industry figures to its board.  

The addition of Cuan Coulter, Executive Vice President, Head of UK and Ireland at State  Street, Adam Felesky, Co-Founder and CEO of Portage, James Devlin, Principal at Fidelity  International Strategic Ventures, and Pervaiz Panjwani, Managing Director, Securities Services at Citi adds significant industry insight and guidance to the ZILO™ Board.  

“These appointments demonstrate the high level of confidence that our new investors have in  ZILO™’s future. Their insight and judgement will have a significant positive impact on  ZILO™ as it continues its disruption in the sector.” Said Gordon Neilly, Chairman of the  Board at ZILO™.  

The Board appointments further support ZILO™'s leadership as it continues driving successful innovation in product design and enabling its clients to exceed their transformation ambitions.  These appointments follow the successful £25 million fundraise which saw ZILO conclude one of the largest Fintech Series A globally of 2023 (Click here for announcement). 

Amplifi Capital (U.K.) Limited announces it has secured £22.5m in funding from M&G Investments.  Amplifi Capital is the fintech disruptor behind the credit union broker and introducer brand My Community Finance. This significant investment marks a pivotal moment for the company, enabling the fast expansion of Reevo Money - its newest brand and own lending platform. 

As a pioneer in the financial technology sector, Amplifi Capital aims to revolutionise access to credit products for underserved households, ensuring affordable and inclusive financial solutions.  This investment will further bolster the company's mission to provide as many customers as possible with access to affordable lending, so they can confidently pursue their financial goals. 

Amplifi Capital is committed to responsible lending practices and strives to foster a culture of financial empowerment. By combining cutting-edge technology with a customer-centric approach, Amplifi aims to create a level playing field, granting individuals with near-prime credit scores equal opportunities to achieve their financial aspirations. 

This backing from M&G signifies Amplifi's growing influence as a major player within the industry. Amplifi's visionary initiatives, coupled with the rise of Reevo Money, will undoubtedly shape the future of the market and solidify its position as a force to be reckoned with. 

Tobias Gruber, CEO of Amplifi Capital (U.K.) Limited said: "Amplifi Capital are delighted that M&G are joining NatWest in supporting Reevo Money by providing £22.5m in mezzanine funding to complement the £100m NatWest facility. This gives us access to financing Reevo Money at an important time to enable us to continue offering customers access to credit when traditional lenders have turned them away." 

Vincent Charles-Gervais, Structured Credit portfolio manager, M&G Investments, said:  "M&G is pleased to be supporting Amplifi Capital's mission to provide affordable credit to underserved communities in the UK. The mezzanine funding will allow Amplifi Capital to support and broaden its lending offered through Reevo Money”.  

 Volt, the global real-time payments platform, today announces its partnership with Bumper, a payment platform for car dealerships, to harness the power of open banking and real-time payments so that consumers can pay for vehicle deposits, repairs, parts, services, and even purchase vehicles outright.

This partnership comes amidst a rebound in UK car sales, as more were sold in the UK in 2023 than in any year since the Covid-19 pandemic, with used car sales particularly booming, experiencing 5.5% year-on-year growth in Q3 2023. This rebound is already being reflected in Volt and Bumper’s sales volume, as since dealerships began quickly adopting the integration in January 2024, more than £3 million in payments has been processed in the UK, with some customers using Volt to buy cars outright.

Volt now powers Bumper’s ‘Pay Now’ function, facilitating these automotive payments, with dealerships receiving the benefit of instant settlements, which are tracked in real-time. Helping to digitize dealerships, the integration also allows checkout flow and pay-by-link options, providing a mobile-first experience to the service car dealerships provide.

The collaboration addresses a key pain point for dealerships by eliminating friction caused by slow settlement times. With the freedom of knowing payments settle instantly, dealerships gain greater control over their cash flow and inventory, also reducing the risk of non-payment or system errors. Volt’s integration is currently available in the UK, but will later launch in more European countries, as part of Bumper’s European expansion plans.

Volt and Bumper’s collaboration shows that when merchants actively push open banking payments, customers are happy to use them, reporting safer and safer experiences; helping to drive UK open banking adoption in a pivotal year of the technology’s development. The partnership brings open banking payments to customers of over 5,000 dealerships throughout the UK, including several of the world’s major automotive manufacturers, such as Audi, Ford, Porsche and Volkswagen.

Commenting on the news, Richard Drury, VP of Partnerships at Volt, said: “For car dealerships, the payments process has been a major challenge and our solution is a real asset in alleviating those challenges many dealership owners are facing today. We’ve created a perfect solution for Bumper, with the initial results and quick adoption proving that it resonates with both buyers and sellers. There’s huge potential for real-time payments to take off in the automotive industry, so this partnership was a no-brainer for Volt.” 

Jack Allman, CCO and Co-Founder at Bumper added: "The move to Volt as Bumper's Open Banking payment provider will have a huge impact on functionality for our partnered dealerships and their customers, providing them with a frictionless account-to-account payment experience.

"This new partnership enhances our open banking infrastructure with increased functionality including settlement accounts, real-time notifications, and refunds. These developments will increase operational efficiency and automation across all users, whether they work in accounts, sales or service. Additionally, Volt’s global payment network facilitates Bumper to roll out our Open Banking product across Europe shortly. We're incredibly excited to have launched this next phase of our Open Banking platform and can't wait to see the increased value this new iteration will bring to our partners."

Having announced partnerships with Shopify and Worldpay last year, working with Bumper marks another step in Volt’s growth journey, which includes a successful Series B funding round and Australia expansion in 2023. Meanwhile, Bumper has started 2024 on a high, raising £40m in its own Series B funding round, fuelling plans to launch in more European countries this year, which Volt’s global payments network will help facilitate.

Today, FinTech Scotland, working with professional services supporter Deloitte, and with Tesco Bank, Morgan Stanley and abrdn, launched a first-of-its-kind innovation challenge. The industry-led call to action will encourage financial institutions and innovators from across the Fintech community and beyond to learn collaboratively and facilitate industry forums to collectively share best practices for companies to develop new solutions to key financial regulatory challenges.

The inaugural innovation challenge, spearheaded by the newly established Financial Regulation Innovation Lab (FRIL), and funded through the UK Governments’ Innovation Accelerator programme, delivered by Innovate UK, focuses on 'Simplifying Compliance through the Application of AI and Emerging Technologies'.

The first in a series of industry-led innovation calls, the initiative is dedicated to fostering confidence in the adoption of emerging technologies into financial services. Notably, this call aims to demonstrate the ability technology could have in meeting global regulatory requirements, setting a new standard for future advancements in the industry.

FinTech Scotland and the financial services firms, in conjunction with professional services leader Deloitte, are inviting entrepreneurs and innovators to identify and use technologies to address industry compliance challenges. Launched under the principle of responsible innovation, these calls set the stage for exploration and development of effective solutions that will yield positive outcomes for the pressing needs of consumers and businesses alike, resulting in an overall economic contribution.

Nicola Anderson, CEO of FinTech Scotland, said: “We are extremely excited to kick off this inaugural industry innovation challenge. Demand-led innovation calls are an important part of the toolkit that the Financial Regulation Innovation Lab will employ to drive positive outcomes. It is also an opportunity to bring together financial institutions and innovators, enabling financial institutions to learn collaboratively about ways to improve compliance processes to drive efficiency for the sector and, ultimately, increase consumer protection.”

In partnership with the University of Strathclyde and the University of Glasgow, the Lab aims to leverage expertise in financial services risk and compliance and combine this with emerging technologies to build capabilities that maintain and grow both Scotland and the UK’s position as a global leader in financial services regulatory innovation. 

Kent Mackenzie, Fintech Lead for Scotland at Deloitte said: “Deloitte is excited to be one of the challenge supporters of the Financial Regulation Innovation Lab’s first innovation call. Simplifying compliance is critical to delivering change in financial services, and industry-wide solutions can help enable us to accelerate this positive change. The Lab provides a unique environment to support collaboration, and this groundbreaking initiative will further support how financial services firms are innovating to meet their regulatory obligations.”

Joanne Seagrave, Head of Regulatory Affairs at Tesco Bank: “At Tesco Bank we embrace the opportunity that the Financial Regulation Innovation Lab’s innovation call series offers to collaborate with innovators. This will allow us to gain further insight on how utilising AI and emerging technologies could help support us in managing the evolving regulatory change landscape. It also presents a significant opportunity to advance industry understanding.”

Angela Benson, Head of Glasgow Finance at Morgan Stanley: “Morgan Stanley recognises the opportunity in employing AI and emerging technologies to address the industry’s global regulatory obligations. We are delighted to partner with FinTech Scotland on this innovation challenge to foster ideation and support the next generation of innovators in this space. Having opened our office in Glasgow over 20 years ago, we have seen first-hand the depth of talent Scotland has to offer.”

Gareth Murphy, Chief Risk Officer at abrdn: “At abrdn, we're delighted to join the Financial Regulation Innovation Lab's inaugural innovation call to action.  It is essential that we continue to evolve the mix of people, process and technology in all of our activities.  We draw on extensive experience in financial services, in Scotland and globally. This collaboration is a testament to our commitment to seizing the ongoing opportunities that financial services and innovation present."

The programme includes three phases: challenge definition, solution design & testing, and final demonstrations. Applicants will receive invaluable insights about financial firms through close collaboration, a support network, academic expertise and service design support. Successful companies will receive grant awards up to £50,000 for further development and implementation.

Fintechs and other teams of innovators are invited to join the challenge. The application window is open from 1st February. To find out more click here

The Innovation Challenge Call finale event will take place in April 2024.

The FRIL project is funded by the Glasgow City Region Innovation Accelerator programme.

Led by Innovate UK on behalf of UK Research and Innovation, the pilot Innovation Accelerator programme is investing £100m in 26 transformative R&D projects to accelerate the growth of three high-potential innovation clusters – Glasgow City Region, Greater Manchester and West Midlands. Supporting the UK Government’s levelling-up agenda, this is a new model of R&D decision making that empowers local leaders to harness innovation in support of regional economic growth and help attract private R&D investment and develop future technologies.

Glasgow has a remarkable history rooted in industry and innovation and is home to world-leading science and technology expertise. The Innovation Accelerator programme will support the Region’s key economic aims of increasing productivity, delivering inclusive growth and achieving net zero.