Payment Expert’s Fintech Unwrapped delivers the latest and developing news that has shaped the sector over the course of the week.
This week, NatWest has expanded the usage of its Open Banking payment arm Payit in a partnership with Prommt while also developing its MyRewards programme. Meanwhile, Ant International is helping Abu Dhabi realise its digital transformation.
NatWest powers Open Banking payments
NatWest’s Open Banking solution Payit will enable Prommt corporate clients and merchants to offer their customers manual bank transfers in this latest partnership.
The payment offering requires no manual entry for bank or card details, with Payit allowing Prommt to receive instant, secure payments directly from customers’ bank accounts with no additional need for card schemes or interchange fees attached.
“Our partnership with Prommt combines the strength of open banking with Prommt’s platform to give merchants more control, more efficiency, and a better customer experience. It’s a powerful solution for businesses looking to modernise their payment journeys,” said James Hodgson, CEO of Payit by NatWest.
NatWest also extended its decade-long partnership with customer engagement company Reward. The renewal will see a continued focus on providing personalised banking experiences for NatWest customers by supporting the bank’s MyRewards programme.
Ant International supports Abu Dhabi’s digitisation
Ant International signed a Memorandum of Understanding (MoU) with the Abu Dhabi Investment Office and received payment/card licenses to support the digitisation of Abu Dhabi’s financial landscape.
This will enable Ant International to support local payments businesses in the Emirati state with its suite of digital tools to promote financial inclusion and bring greater connectivity between the United Arab Emirates and the rest of the world.
“The support from ADIO has been instrumental in helping us to establish our presence in Abu Dhabi. This strategic collaborative relationship is foundational to our mission to empower local businesses, especially SMEs, and connect them to new global growth opportunities” said Peng Yang, Chief Executive Officer of Ant International.
“We are excited to contribute to the UAE’s growing digital economy and look forward to a future of shared success.”
Worldpay seeks for greater AI security
Worldpay announced it has enlisted the services of Trulioo to bring forth new security protections around AI-powered commerce for customers performing digital payments.
Both companies will work together to develop a new Know Your Agent (KYA) framework powered by a Digital Agent Passport, which enables merchants to assess whether an AI agent is legitimate before it can be used to help customers make transactions online.
“By partnering with Trulioo, we’re delivering the trust infrastructure our ecosystem needs and empowering businesses and consumers to embrace AI-powered commerce with confidence, knowing that safety and transparency are at the heart of every transaction,” said Cindy Turner, Chief Product Officer at Worldpay.
UK B2B payment receives boost with Bluechain & Visa
Bluechain struck a new partnership with Visa, enabling UK businesses to perform B2B payments to suppliers with Visa cards – even when suppliers do not support Visa cards.
The partnership seeks to deliver real-time visibility and end-to-end control over B2B payments with a new infrastructure layer to help UK businesses manage the £2.8 trillion B2B UK payment market.
“We’re building the infrastructure layer that business payments have been missing”. “Visa shares our vision, not just digitising payments, but making them frictionless, visible, and intelligent,” said Tim Annis, Co-Founder and CEO of Bluechain.
Airwallex to launch mutual funds in the Netherlands
Airwallex received a Markets in Financial Instruments Directive (MiFID) licence from the Dutch Authority for the Financial Markets (AFM) to launch Airwallex Yield.
This will enable Airwallex to offer Money Market Funds (MMFs), providing small to medium-sized businesses with direct access to generate returns on idle cash.
“This significant milestone not only underscores our commitment to compliance and robust financial practices but also paves the way for us to empower European businesses with innovative financial solutions like Yield, helping them to unlock greater value from their capital,” said Laurens Maartens, Executive Director Yield at Airwallex.
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