Payment Expert’s Fintech Unwrapped delivers the latest and developing news that has shaped the sector over the course of the week.
This week, TrueLayer not only announced its acquisition of Zimpler but also its intention to become Europe’s largest Pay by Bank provider. Elsewhere, Paysend and Visa are making cross-border payments in North America more transparent, while Affirm added its solutions to Worldpay’s embedded finance service.
TrueLayer’s Zimpler acquisition to fuel greater Pay by Bank adoption
On October 21, TrueLayer announced the acquisition of Zimpler to bring together two of Europe’s most prominent Pay by Bank providers.
Zimpler will help TrueLayer grow its Pay by Bank services across the Nordic region and accelerate the shift away from traditional card payments to account-to-account (A2A) payments.
Pay by Bank has seen significant growth this year, with TrueLayer now amassing more than 20 million users. The company will also look to facilitate payment rails from Sweden to help further its expansion of Pay by Bank.
“We’re not just expanding our footprint in the Nordics – we’re combining talent, technology, and scale to accelerate Pay by Bank adoption across the continent, and further strengthening Pay by Bank as a force of disruption that is changing how the world pays,” said Francesco Simoneschi, Co-Founder and CEO of TrueLayer.
Visa & Paysend add greater transparency for cross-border
Paysend and Visa expanded their longstanding partnership on October 21, with the announcement Paysend’s cross-border payment technology will be integrated into Visa merchants in North America.
Leveraging Visa’s global reach and consolidation of the North American market, Paysend intends to provide real-time cross-border payment capabilities for merchants for greater transparency over money transfers.
“Our ongoing collaboration with Paysend demonstrates the value of combining Visa’s global reach with innovative payment technology,” said Justin Zhao, Head of Global Partnerships and Sales at Visa Direct. “With this next phase, we are addressing common challenges in cross-border payments and helping to set new expectations for speed, transparency, and convenience in the industry.”
Affirm provides BNPL to Worldpay
Affirm and Worldpay’s partnership took its next step on October 23 as Affirm will integrate its embedded payment solutions into Worldpay’s infrastructure for software platforms.
Worldpay for Platforms enables embedded payments for companies and will now offer Affirm’s Buy Now, Pay Later (BNPL) capabilities to provide clients with added flexibility at the checkout.
“Through this expanded partnership, we can deliver Affirm to more platforms, more merchants, and ultimately more consumers — while removing friction every step of the way,” said Wayne Pommen, Chief Revenue Officer at Affirm.
SumUp makes Mexico its 37th active market
SumUp confirmed the launch of its services in Mexico, marking it the 37th country the company is active in.
Announced on October 22, SumUp will provide its range of digital payment and business solutions, including SumUp Go. The card reader allows merchants to accept debit and credit card payments with no fixed costs and is backed with 4G connectivity, enabling offline transactions.
“Expanding into Mexico marks a pivotal step in SumUp’s strategic growth across Latin America,” said Andrew Helms, CEO of SumUp, North America. “We see remarkable potential in the region and recognize a strong demand for accessible, user-friendly payment solutions that streamline business operations.
OpenPayd provides greater currency flexibility
OpenPayd significantly expanded its multi-currency account offering for global businesses on October 21. Clients can now access 70 currencies across their banking and payments services.
The extended offering enables clients to make and receive payments in more currencies and hold up to 35 major currencies, such as USD, GBP and EUR, via a single API. OpenPayd stated this is set to address a “critical market gap for high-growth”.
“Through this latest infrastructure enhancement, businesses can now gain access to a global network of currencies, automated reconciliation, real-time FX trades, and seamless cross-border flows via integrating a single API. The result is streamlined operations and greater efficiency at a lower cost,” said Barry O’Sullivan, Director of Banking & Payments at OpenPayd.
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