The Monday Roundup: what we are watching this week | October 23rd

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.

Pay-by-bank

J.P. Morgan has announced its Mastercard-powered pay-by-bank solution has officially gone live. The new solution provides billers with the ability to allow their customers to pay bills directly from their bank account.

Leveraging Mastercard’s open banking technology to enhance J.P. Morgan Payments’ ACH capabilities, Pay-by-bank offers payment choice and provides a simple, secure and frictionless experience for billers to offer to their customers.

“We are dedicated to enabling our clients to offer their customers a variety of payment options,” said Max Neukirchen, Head of Payments & Commerce Solutions, J.P. Morgan. “Our partnership with Mastercard will allow for easy and secure payments directly from bank accounts. We are excited for the future as we have a robust pipeline of biller clients across the U.S. interested to use our Pay-by-bank offering seeking to digitize their processes and increase payments efficiency.”

Airtel Money Tanzania, in partnership with TerraPay, a cross-border payments network, has launched an international remittance service enabling Airtel Money customers in the United Arab Emirates (UAE) to make purchases at points of sale terminals using their Airtel Money accounts at no extra cost.

Andrew Rugamba, Airtel Money Director, said, “Airtel Tanzania is committed to offering innovative solutions that cater to our customers’ daily needs and provide value. With the launch of Airtel Money in partnership with TerraPay in the UAE, we aim to address the payment challenges our customers encounter when traveling to Dubai. We recognize the government’s commendable international diplomatic policies fostering stronger trade relationships with various countries, including the UAE.”

Rugamba added, “The rising number of Tanzanian travelers visiting the United Arab Emirates for diverse purposes, such as trade, tourism, official visits, and government missions, is a clear reflection of the increasing demand. Our partnership with TerraPay eliminates the need for travelers to carry large sums of cash or go through the hassle of currency exchange each time they journey to the UAE.”

Hyper-personalized financial super-app

IndusInd Bank has introduced a hyper-personalized financial super-app named ‘INDIE’. INDIE is a mobile banking app from IndusInd Bank that offers a differentiated experience to customers who are digitally savvy and looking for a superlative digital experience.

The app leverages advanced analytics to provide personalised insights to its customers. The app offers many features, including products that users can personalise as per their needs. The app aims to usher in a revolutionary new way to bank and make finance easier, safer, and much more engaging than traditional banking apps.

INDIE offers an instant line of credit of up to Rs. 5 lakh, unlike a standard personal loan. It also brings safety and security features, such as numberless debit cards so that the customers’ card details are not exposed, single-use disposable virtual debit cards for transactions on lesser-known websites, dynamic PINs for ATM and POS transactions against the typical static PIN, and a ‘Super OTP’ feature that allows users to access one-time passwords even in low network zones.

Insurance Technology firm bolttech has announced the acquisition of Digital Care, an embedded protection company based out of Poland. The acquisition is in line with the Group’s expansion goals in the EMEA region while accelerating growth, particularly within the telecommunications industry.

Digital Care is known for innovation and customer service, and its products and partner ecosystem are a perfect complement to bolttech’s. The deal will provide bolttech with an increased global footprint, expanded product offerings, and enhanced operational scale and distribution partner network in the embedded protection space. By bringing on board Digital Care, the InsurTech will enter four new markets in EMEA – Poland, Croatia, Lithuania, and South Africa.

“We are excited to welcome Digital Care to the bolttech family,” said Rob Schimek, Group Chief Executive Officer, bolttech. “Digital Care’s strong track record of innovation and customer service, combined with their deep expertise in the embedded protection space, makes them an ideal partner for us as we accelerate our growth in EMEA and globally. Together, we will be well-positioned to deliver innovative InsurTech solutions to a wider range of partners and customers, and help more people access the protection they need.”

What is the buzz

Airwallex has signed a definitive agreement to acquire MexPago, as it looks to expand its financial infrastructure into Latin America. The deal, which is still subject to regulatory approval, will see the FinTech unicorn acquire the Mexico-based payment service provider, which is the holder of an Institution of Electronic Payment Funds (IFPE) license.

This strategic move enables Airwallex to expand its financial infrastructure into Latin America, aligning with its goal of empowering businesses to thrive and operate internationally, as part of its overarching growth strategy in the Americas, where the company has experienced remarkable year-over-year revenue growth, surpassing 460%.

Airwallex is a leading global financial platform that offers comprehensive solutions for modern businesses, covering payments, treasury management, spend management, and embedded finance.