The Monday Roundup: what we are watching this week | Oct 28th

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.

Simplifying small business lending operations

B2C2, a global institutional liquidity for digital assets, has announced that it is adding OpenPayd’s embedded finance capabilities to its global instant settlement network.

B2C2 provides deep, reliable prices across all market conditions. It is owned and backed by the Japanese financial services conglomerate SBI. With a strong credit profile and an extensive regulatory footprint, B2C2 helps users access the crypto market with confidence and reliability.

OpenPayd’s global payments and Banking-as-a-Service (BaaS) platform reduces the friction associated with traditional banking rails. Working with OpenPayd and leveraging its purpose-built embedded finance infrastructure expands B2C2’s and its clients’ ability to send and receive fiat currency for trade settlement seamlessly. B2C2 clients will also benefit from streamlined onboarding onto OpenPayd, access to multi-currency accounts, and the ability to instantly send or receive third-party payments.

Newgen Software, a global provider of an AI-enabled digital transformation platform, has announced that Bank Midwest selected the company’s banking solutions to simplify its small business lending operations.

Leveraging Newgen’s banking solutions, the US-based bank has successfully digitised the entire lending process, from loan application and underwriting to funding and loan boarding. The collaboration improved digital-first lending experiences, enhanced decision-making, and driven superior growth

Earlier, Bank Midwest enhanced its account opening process with Newgen’s omnichannel digital onboarding offering. The deployed solution, built on Newgen’s low-code platform, enabled the bank’s customers to easily access a self-service online portal to open new deposit accounts, significantly reducing turnaround time.

Eliminating costly, resource-heavy API integrations

DailyPay, Inc., a workTech company and provider of earned wage access, has announced it has secured an additional $100 million commitment from Citi to its secured credit facility capacity. The additional commitment doubles Citi’s commitment from $100 million to $200 million.

DailyPay’s total revolving secured debt facility commitment now stands at $760 million, which includes $500 million from Barclays, $200 million from Citi, and $60 million from TPG Angelo Gordon.

DailyPay’s Secured credit facility will increase to $760 million to support its growth and leadership position in workTech. The facility will provide DailyPay with access to significant funding to service its ever-growing roster of clients.

“This addition to our credit facility speaks to our unwavering dedication and commitment to our clients and their millions of daily workers who leverage DailyPay to live a better financial life,” said Stacy Greiner, Chief Executive Officer of DailyPay.

Nium, the global infrastructure for real-time cross-border payments, has announced that financial institutions can now leverage Swift capabilities and their existing Swift infrastructure to connect to Nium’s global real-time payments network.

This connection provides an efficient and cost-effective solution for financial institutions to connect to Nium’s global infrastructure, eliminating the need for costly and resource-intensive API integrations. Cross-border payments initiated via Swift can be completed on Nium’s network, resulting in faster settlement, end-to-end transparency, and full traceability for the most popular corridors.

Navigating disparate financial systems and message formats can be a barrier to market expansion for global businesses. The lack of standardisation, coupled with the need for tailored integrations, often limits access to new opportunities. However, as the industry moves toward more standardisation, Nium looks to serve as a payment messaging facilitator, supporting existing messaging formats while bridging the path to new standards.

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