The Monday Roundup: what we are watching this week | August 12th

By Puja Sharma

The Monday Roundup sets the scene for the week’s biggest news stories, industry deals, and upcoming events. For Prime subscribers only.

Travel Reward Credit Card

Reward, an expert in customer engagement and commerce media, has expanded its partnership with NatWest to power its new Travel Reward Credit Card. This follows a longstanding partnership between the two brands, with Reward powering NatWest’s MyRewards programme, helping deliver real value to Credit Card customers.

Leveraging Reward’s customer engagement platform, the new product enhances travel experiences through an extensive travel rewards programme. It allows Credit Card customers to seamlessly earn and redeem rewards on domestic and international travel spend.

The partnership will allow Travel Reward Credit Card holders access to a suite of personalised retailer offers through their MyRewards. Cardholders will benefit from 1% rewards on every travel-related spend and gain rewards on everyday transactions.

ClearBank, the enabler of real-time clearing and embedded banking, has expanded into Europe, working to fulfil client demand for Euro settlement and accounts.

The newly established ClearBank Europe N.V. secured a Credit Institution Licence from the European Central Bank under the supervision of De Nederlandsche Bank. Expansion to Europe marks the first step in ClearBank’s international growth plans, with the company now competing on a regional level.

“We are thrilled to be open for business in Europe – and this marks the first milestone in our global expansion strategy. We will soon fulfil client demand for Euro clearing, as well as Sterling, with the US Dollar coming next,” said Charles McManus, CEO, ClearBank.

Unlike other European providers with legacy systems, ClearBank’s services are accessed via a single API, underpinned by a scalable and flexible, real-time cloud-native platform. The platform was purpose-built from scratch, allowing for more efficient and cost-effective transactions and free of legacy issues associated with traditional banking infrastructure. It also operates a unique business model, where client funds are held at the central bank for maximum security.

This combination of fully licenced banking services, next-generation technology platforms, and innovative business models is in demand by both new and existing clients. The new banking licence allows ClearBank to meet that demand by providing Euro accounts and payments in addition to Sterling. This will include operating accounts, virtual accounts, and access to major European payment rails, including SEPA Credit Transfer, SEPA Instant Credit Transfer and TARGET2 (T2).

Speeding up checkout processes

Checkout.com, a global digital payments provider, has partnered with Google Pay to offer merchants its biometric-based secure payment authentication service.

Checkout.com, which offers authentication to merchants such as Remitly, will offer Google Pay’s biometric authentication to brands that seek to increase their digital payment performance and speed up their authentication for customers. This offers a streamlined alternative to other authentication methods, where a customer verifies their identity with a one-time passcode and, in the process, is often redirected to multiple different pages.

By integrating with Google Pay’s payment authentication service, Checkout.com will offer device biometric checks like a PIN, password and facial recognition to speed up merchants’ checkout processes. This will increase acceptance and authentication performance and drive higher conversion rates at the checkout.

The technology has already proven successful in its initial rollout. eSky, the travel platform in CEE on Checkout.com’s platform, reported a 14-second reduction in checkout time, a 5-percentage point uplift in authentication rate and a 3-percentage point uplift in authorization success rate compared to the 3DS alternative.

PT Wibmo Services Indonesia and Ayoconnect, payment security and Open Finance solutions, respectively, have announced a strategic partnership.

This collaboration aims to boost the security landscape for digital paymentsch for businesses across Southeast Asia. The partnership will focus on integrating advanced security solutions into the card and notecard offerings.

This empowers businesses to leverage both Wibmo’s expertise in fraud detection and prevention and Ayoconnect’s extensive Open Finance platform. This collaborative approach ensures robust transaction security, paving the way for a more secure and seamless digital payment experience.

Combining Strengths for Secure Innovation Established in 2016, Ayoconnect leads the way in Open Finance throughout Southeast Asia. Wibmo, with over 20 years of experience in payment security, fosters innovation across Southeast Asia, India, and the Middle East. Together, they offer a comprehensive solution that meets regional compliance requirements and leverages the power of the cloud.

“This partnership signifies a major step towards offering unparalleled security and a seamless payment experience for our clients,” said Chiragh Kirpalani, Founder and CEO of Ayoconnect.

What is the Buzz

Standard Chartered’s latest investment in United Fintech turbocharges its mission to lead digital transformation across capital markets, wholesale banking, wealth management, and beyond. This move not only secures Board observer rights but also positions Standard Chartered for a rotational Board seat, amplifying its influence on United Fintech’s strategic trajectory.

United Fintech, a trailblazer in FinTech innovation since 2020, has been merging top-tier engineering-driven firms to redefine Capital Markets, Wholesale Banking, and Wealth Management. The company is on a relentless quest for strategic acquisitions, driving cutting-edge solutions that elevate the global financial ecosystem.