The Weekly Wrap: all you need to know by Friday COB | October 4th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements for Prime subscribers only.

The Big Story

Backbase, the Engagement Banking Platform, has announced an integration with Middesk, a business identity platform designed to automate business verification and underwriting decisions, helping banks and credit unions mitigate risk and reduce fraud.

This partnership will streamline Know-Your-Business (KYB) efforts to ensure that banks and credit unions accept only real and legitimate businesses in real time.

The financial sector has witnessed an increase in regulatory scrutiny, encouraging a greater focus on the need for thorough due diligence practices. Backbase’s Engagement Banking Platform’s integration with Middesk will provide financial institutions of all sizes with access to real-time verification data sourced from a variety of databases, including all 50 Secretaries of State, IRS, USPS, OFAC, and others. By providing these financial institutions with easy-to-understand insights on the businesses they are onboarding, this partnership will not only reduce fraud but ensure compliance with regulatory requirements.

Deals of the week

• PayPal launches PayPal Complete Payments in China
• FOMO Pay & Visa expand digital payments acceptance for Singaporean SMEs
• Magnati and Wio Bank partner to offer embedded finance solutions
• JMR bolsters presence in the Latin American and Caribbean Market
• Western Union & Khipu introduce new digital payment method in Chile
• Vivriti Capital secures $25m from ADB to drive Climate Financing in India
• Axis Bank & Mastercard launch premium credit card for Indian SMBs
• Digital banking platform Plumery raises $3.3m in additional funding

Be on the lookout for

The Cedar-IBSi Digital Banking & AI Summit is scheduled for October 10, 2024, in Muscat. This summit is a significant event for professionals in the banking and technology sectors, focusing on the latest advancements in digital banking and artificial intelligence. The event will feature a series of panel discussions, keynote speeches, and networking opportunities, bringing together industry leaders, bankers, and technology experts.

Attendees can expect to gain valuable insights into the future of banking technology, including the integration of AI in banking operations, the role of fintech in transforming financial services, and the latest trends in digital banking. The summit aims to foster collaboration and innovation, providing a platform for participants to share their experiences and learn from each other.

Key topics likely to be covered include AI-driven customer service, cybersecurity in digital banking, regulatory challenges, and the impact of emerging technologies on the banking industry. The event will also offer opportunities for one-on-one meetings and discussions, allowing participants to build connections and explore potential partnerships.