The Weekly Wrap: all you need to know by Friday COB | Sept 12th

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

Revolut has integrated Pay by Bank into its Revolut Gateway to accept instant, bank-to-bank payments, offering customers a seamless checkout experience while delivering merchants strengthened security and faster settlement.

The introduction of Pay by Bank comes at a pivotal moment in the evolution of digital payments. Powered by Open Banking, Pay by Bank has experienced exponential adoption in the UK, rising from 15 million to 27 million monthly transactions in just one year. Around 14 million individuals now use this method every month, confirming its position as a mainstream alternative to traditional card payments. Global growth projections further reinforce its significance, with Juniper Research forecasting that the number of Open Banking users will expand from 183 million in 2025 to more than 645 million by 2029.

For merchants, the benefits of Revolut’s new feature are transformative. By requiring customer authorisation directly through their banking app, transactions become highly secure, substantially reducing the risk of fraud and virtually eliminating chargebacks. Real-time settlement also ensures that funds are received instantly, improving cash flow management and reducing operational pressures.

Customers stand to gain from the convenience of the solution. Payments can be made directly from a bank account without the need to manually enter card details. On mobile devices, users are redirected to their banking app for quick authorisation, while desktop users can finalise transactions by scanning a QR code. This streamlined process reflects Revolut’s commitment to building payment experiences that are both intuitive and trustworthy.

By incorporating Pay by Bank into its Gateway, Revolut underscores its dedication to helping businesses meet the demands of a rapidly changing payments landscape. The addition strengthens Revolut’s position as a partner of choice for enterprises of all sizes, equipping them with the tools to meet consumer expectations, increase conversion rates and expand securely in an increasingly digital marketplace.

Deals of the week

• Hanscom FCU launches digital account opening solution with FintechOS
• EBANX expands open banking reach with Capitec Pay integration
• Velexa powers multi-tenant investment platform with CSB Investors
• Mascoma Bank adopts Axxiome Digital Branch to boost customer service
• Viyona secures NPCI approval to expand digital payments in India
• Sikoia, Finova partner to automate document verification with AI
• SBS, Vero team up to accelerate innovation in wholesale finance
• Old Mutual taps 10x Banking to launch OM Bank

Be on the lookout for

Nominate Now!!

The IBSi Global FinTech Innovation Awards 2025, set to take place on 21st November in Mumbai, will once again spotlight the most disruptive and transformative achievements in banking and financial technology. Now in its seventh year, the awards honour innovation across high-impact categories such as Core Banking, Digital Lending, AI/ML, and GenAI.

After a record-breaking 2024 edition—which drew 400+ submissions from 155 banks and 90 tech vendors—the upcoming awards are poised to set an even higher benchmark. Expect broader global participation, richer insights into bank–tech collaboration, and a data-driven judging process powered by IBS Intelligence’s proprietary research and analytics.

Beyond trophies, winners benefit from year-long visibility through editorial features, thought leadership opportunities, and industry event integrations—making this a platform not just for recognition, but for continued growth and influence.

Whether you’re a startup reimagining digital onboarding or an established bank modernising at scale, GFIA 2025 offers the stage to showcase your innovation, impact, and scalability to the global FinTech community