Payment Expert’s Fintech Unwrapped delivers the latest and developing news that has shaped the sector over the course of the week.
This week, a report from Basware reveals the surge in AI investment is bearing fruit for fintech companies. PayU has integrated new account-to-account payment capabilities in Africa and Conferma taps J.P. Morgan to launch new virtual cards.
AI no longer optional
A report published by Basware on June 11 reveals fintech companies are prioritising AI investment more than ever, with return on investment increasing by 136%, asserting “AI is no longer optional – it’s essential”.
The global AI market is set to surge to $4.8 trillion by 2033 according to the report, as 82% of businesses investing significantly in AI see an increase in revenue, while 53% are seeing an increase in gross profit.
This report comes following large-scale investment from Big Tech companies, such as Google, Meta and Microsoft, in AI development. Jason Kurtz, CEO of Basware, stated t finance leaders “are facing the most pressure they’ve felt in 40 years”.
“We’ve been speaking with customers during our World Tour and it’s clear that some finance leaders are facing the most pressure they’ve felt in 40 years,” he said.
“Companies prioritising AI investment in areas that drive significant ROI becomes essential for gaining CFO and boardroom approval. It’s not solely about saving money but funding the ability to accelerate growth.”
PayU launches A2A payments in Nigeria
Payment service provider PayU announced on June 9 it will connect Nigerian merchants and customers to new account-to-account (A2A) payments solutions.
“Our focus on A2A payments and mobile-first methods is critical to our strategy in Africa,” said Imraan Appleby, Africa Head of Product at PayU. Customers are clearly signalling a demand for faster, simpler ways to pay. Merchants, in turn, need solutions that meet customers where they are.”
The PayU A2A payment solution enables consumers in Nigeria to pay merchants directly from their bank accounts. Benefits range from lower transaction costs for merchants, real-time settlements, and a greater accessibility for underbanked areas in the country.
Conferma rolls out J.P. Morgan virtual cards in Europe
Conferma will expand its virtual card offering with the inclusion of J.P. Morgan Payments’ virtual cards as part of its roll out in Europe, it confirmed on June 10.
European merchants will be able to issue and manage Conferma and J.P. Morgan virtual cards which provide multi-currency capabilities such as reduced FX costs and greater flexibility when making payments across the continent.
“J.P. Morgan Payments is a powerhouse in global payments, and this collaboration brings together the best of both worlds, enhancing payment flexibility and security for businesses worldwide,” said Jason Lalor, CEO at Conferma. “Together, we aim to reshape the future of B2B payments in Europe.”
Payhawk to rehaul Novutech’s expense operations
Payhawk struck a new partnership with Novutech on June 10 that will see the latter integrate its expense management solution to overhaul the operational efficiency of Novutech’s financial infrastructure.
As enterprise resource planning (ERP) systems are yet to be fully realised by companies, with 20% managing to capture just half the full benefits, Payhawk offers Novutech real-time control and visibility of its expense management through the integration, eliminating the need for manual processing.
“Today’s finance teams are being asked to provide strategic insights while still bogged down by manual reconciliation and data entry,” said Valentin Gerbi, Country Director of France at Payhawk.
“This partnership with Novutech is particularly meaningful because they experienced firsthand how our real-time NetSuite integration transformed their own financial operations. Now they can bring that same efficiency to their entire client base, helping finance teams shift from processing to analysing.”
Form3 prepares IFX Payments for compliance
IFX Payments announced on June 10 it will be using Form3‘s Verification of Payee (VoP) solution for SEPA account to strengthen its defences against payment fraud.
Aligning with the Instant Payments Regulation mandate and VoP scheme going live in October 2025, IFX Payments will now be able to verify payees before payments are executed.
Mike Walters, CEO of Form3, said: “We’re proud to be working with IFX Payments, a forward-thinking global organisation at the forefront of FX and payments. Their decision to adopt our VoP solution marks this as the third Form3 product that IFX Payments has signed up to – highlighting the strength of our ongoing partnership and their commitment to growth.”
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