Uber\u202fon Wednesday (July 31) announced a multiyear strategic partnership aimed at integrating 100,000 BYD electric vehicles (EVs) into its platform across several key global markets.
\nThe initiative will begin in Europe and Latin America, with plans to expand to the Middle East, Canada, Australia and New Zealand. This partnership will provide Uber drivers with competitive pricing and financing options for BYD vehicles, representing a major advancement in Uber\u2019s commitment to sustainable transportation.
\nUber, which claims to run world\u2019s largest on-demand EV network, and BYD, a global EV manufacturer, are teaming up to overcome the obstacles that have slowed the broader adoption of electric vehicles.
\nThe partnership is designed to enhance the overall EV experience for drivers. Beyond offering competitive vehicle pricing, the collaboration may include benefits such as discounts on charging infrastructure, vehicle maintenance and insurance, as well as flexible financing and leasing options tailored to the specific needs of each market.
\nUber CEO Dara Khosrowshahi highlighted the scale and impact of the agreement.
\n\u201cAs the largest global agreement of its kind, we\u2019re thrilled about the benefits this partnership will deliver for drivers, riders and cities,\u201d he said in a statement. \u201cWhen an Uber driver makes the switch to an EV, they can deliver up to four times the emissions benefits compared to a regular motorist, simply because they are on the road more. Many riders also tell us their first experience with an EV is on an Uber trip, and we\u2019re excited to help demonstrate the benefits of EVs to more people around the world.\u201d
\nUber and BYD share a commitment to innovating toward a cleaner, greener world. Stella Li, executive vice president of BYD and CEO of BYD Americas, said she is excited about the partnership.
\n\u201cWe are elated to join forces with a global leader like Uber to not only accelerate the transition to electric vehicles but also to make green transportation accessible and affordable for everyone,\u201d she stated. \u201cThis collaboration marks a new era in the electrification of urban mobility, and we look forward to seeing our cutting-edge EVs become a common sight on the streets of cities worldwide.\u201d
\nFor all PYMNTS digital transformation coverage, subscribe to the daily\u00a0Digital Transformation Newsletter.
\nThe post Uber and BYD Forge Deal to Deploy 100,000 Electric Vehicles\u00a0 appeared first on PYMNTS.com.
\n", "content_text": "Uber\u202fon Wednesday (July 31) announced a multiyear strategic partnership aimed at integrating 100,000 BYD electric vehicles (EVs) into its platform across several key global markets.\nThe initiative will begin in Europe and Latin America, with plans to expand to the Middle East, Canada, Australia and New Zealand. This partnership will provide Uber drivers with competitive pricing and financing options for BYD vehicles, representing a major advancement in Uber\u2019s commitment to sustainable transportation.\nUber, which claims to run world\u2019s largest on-demand EV network, and BYD, a global EV manufacturer, are teaming up to overcome the obstacles that have slowed the broader adoption of electric vehicles.\nThe partnership is designed to enhance the overall EV experience for drivers. Beyond offering competitive vehicle pricing, the collaboration may include benefits such as discounts on charging infrastructure, vehicle maintenance and insurance, as well as flexible financing and leasing options tailored to the specific needs of each market.\nUber CEO Dara Khosrowshahi highlighted the scale and impact of the agreement.\n\u201cAs the largest global agreement of its kind, we\u2019re thrilled about the benefits this partnership will deliver for drivers, riders and cities,\u201d he said in a statement. \u201cWhen an Uber driver makes the switch to an EV, they can deliver up to four times the emissions benefits compared to a regular motorist, simply because they are on the road more. Many riders also tell us their first experience with an EV is on an Uber trip, and we\u2019re excited to help demonstrate the benefits of EVs to more people around the world.\u201d\nUber and BYD share a commitment to innovating toward a cleaner, greener world. Stella Li, executive vice president of BYD and CEO of BYD Americas, said she is excited about the partnership.\n\u201cWe are elated to join forces with a global leader like Uber to not only accelerate the transition to electric vehicles but also to make green transportation accessible and affordable for everyone,\u201d she stated. \u201cThis collaboration marks a new era in the electrification of urban mobility, and we look forward to seeing our cutting-edge EVs become a common sight on the streets of cities worldwide.\u201d\nFor all PYMNTS digital transformation coverage, subscribe to the daily\u00a0Digital Transformation Newsletter.\nThe post Uber and BYD Forge Deal to Deploy 100,000 Electric Vehicles\u00a0 appeared first on PYMNTS.com.", "date_published": "2024-07-31T14:45:21-04:00", "date_modified": "2024-07-31T14:45:21-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/09/uber-3.jpg", "tags": [ "automotive", "BYD", "digital transformation", "electric vehicles", "EVs", "News", "Partnerships", "PYMNTS News", "ride-hailing", "Ride-Sharing", "transportation", "Uber", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2019351", "url": "https://www.pymnts.com/partnerships/2024/nexi-and-payac-team-on-instant-credit-union-payments/", "title": "Nexi and Payac Team on Instant Credit Union Payments", "content_html": "Nexi\u00a0has signed a partnership with credit union-owned payment service provider\u00a0Payac.
\nThe agreement allows for SEPA instant payments to\u00a0all participating credit unions in the Republic of Ireland, the companies said in a Tuesday (July 30) news release.
\n\u201cAs a result of this partnership, 176 credit unions of all sizes will use Nexi\u2019s Instant Payments\u00a0platform which will allow credit union members to make instant money transfers,\u201d per the release.
\n\u201cIn addition, credit unions will benefit from Nexi\u2019s anti-fraud service, which is designed to\u00a0identify and manage potentially fraudulent payments through real-time analysis of transactions.\u201d
\nRenato Martini, digital banking solutions director at Nexi, noted that instant payments represent a major opportunity in the continuous evolution of payment services, with these payments poised to grow following new regulations in Europe.
\n\u201cThe provision of this service continues our mission to place the interests of credit unions front\u00a0and center of our business model and ensure credit unions are equipped to meet the\u00a0deadlines for the implementation of Instant Payments in Ireland in 2025,\u201d added Seamus Newcombe, CEO of Payac.
\n\u201cIt ensures that credit unions can offer Irish consumers a competitive alternative to financial services offered by the domestic banks.\u201d
\nPYMNTS examined the concept of payments modernization in the credit union (CU) space in a recent conversation with\u00a0Scott P. Young, senior vice president of emerging services at\u00a0Velera.
\nKnown for their community-focused and member-centric approach, CUs are facing unique opportunities and challenges as they explore\u00a0payments modernization, Young said. Convenience, speed and security, as well as value, are becoming increasingly crucial as customer expectations evolve.
\n\u201cUltimately, we want to meet the behavior that is driving the need for a payment and be there to accommodate different payment rails, while adding value-added services around that,\u201d he said.
\nAnother crucial\u00a0 aspect of payment modernization is the\u00a0adoption of instant payment systems, such as the Federal Reserve\u2019s FedNow\u00ae Service and The Clearing House\u2019s RTP\u00ae network. These systems allow for real-time payments, particularly beneficial for credit unions.
\nYoung pointed to examples such as real-time payroll,\u00a0earned wage access\u00a0and government disbursements, stressing that these capabilities can bolster credit union member satisfaction by delivering immediate access to money.
\n\u201cAnd credit unions, with their focus on personalized service, are well-positioned to capitalize on instant payments,\u201d PYMNTS wrote. \u201cBy enabling members to access their money instantly, credit unions can offer a level of convenience that matches or exceeds that of larger financial institutions and FinTech firms.\u201d
\nThe post Nexi and Payac Team on Instant Credit Union Payments appeared first on PYMNTS.com.
\n", "content_text": "Nexi\u00a0has signed a partnership with credit union-owned payment service provider\u00a0Payac.\nThe agreement allows for SEPA instant payments to\u00a0all participating credit unions in the Republic of Ireland, the companies said in a Tuesday (July 30) news release.\n\u201cAs a result of this partnership, 176 credit unions of all sizes will use Nexi\u2019s Instant Payments\u00a0platform which will allow credit union members to make instant money transfers,\u201d per the release.\n\u201cIn addition, credit unions will benefit from Nexi\u2019s anti-fraud service, which is designed to\u00a0identify and manage potentially fraudulent payments through real-time analysis of transactions.\u201d\nRenato Martini, digital banking solutions director at Nexi, noted that instant payments represent a major opportunity in the continuous evolution of payment services, with these payments poised to grow following new regulations in Europe.\n\u201cThe provision of this service continues our mission to place the interests of credit unions front\u00a0and center of our business model and ensure credit unions are equipped to meet the\u00a0deadlines for the implementation of Instant Payments in Ireland in 2025,\u201d added Seamus Newcombe, CEO of Payac.\n\u201cIt ensures that credit unions can offer Irish consumers a competitive alternative to financial services offered by the domestic banks.\u201d\nPYMNTS examined the concept of payments modernization in the credit union (CU) space in a recent conversation with\u00a0Scott P. Young, senior vice president of emerging services at\u00a0Velera.\nKnown for their community-focused and member-centric approach, CUs are facing unique opportunities and challenges as they explore\u00a0payments modernization, Young said. Convenience, speed and security, as well as value, are becoming increasingly crucial as customer expectations evolve.\n\u201cUltimately, we want to meet the behavior that is driving the need for a payment and be there to accommodate different payment rails, while adding value-added services around that,\u201d he said.\nAnother crucial\u00a0 aspect of payment modernization is the\u00a0adoption of instant payment systems, such as the Federal Reserve\u2019s FedNow\u00ae Service and The Clearing House\u2019s RTP\u00ae network. These systems allow for real-time payments, particularly beneficial for credit unions.\nYoung pointed to examples such as real-time payroll,\u00a0earned wage access\u00a0and government disbursements, stressing that these capabilities can bolster credit union member satisfaction by delivering immediate access to money.\n\u201cAnd credit unions, with their focus on personalized service, are well-positioned to capitalize on instant payments,\u201d PYMNTS wrote. \u201cBy enabling members to access their money instantly, credit unions can offer a level of convenience that matches or exceeds that of larger financial institutions and FinTech firms.\u201d\nThe post Nexi and Payac Team on Instant Credit Union Payments appeared first on PYMNTS.com.", "date_published": "2024-07-30T16:21:40-04:00", "date_modified": "2024-07-30T16:21:40-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Nexi-Payac-instant-payments.png", "tags": [ "credit unions", "instant payments", "Ireland", "News", "Nexi", "Partnerships", "Payac", "PYMNTS News", "SEPA", "SEPA instant payments", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2018772", "url": "https://www.pymnts.com/partnerships/2024/triverity-and-akuvo-team-to-ease-collections-for-credit-unions/", "title": "TriVerity and Akuvo Team to Ease Collections for Credit Unions", "content_html": "Collection agency TriVerity has teamed with collections/credit risk company Akuvo.
\nThe collaboration, announced Tuesday (July 30), is designed to ease the process of third-party charge-off collections through Akuvo\u2019s cloud-based collections platform to help maximize credit unions\u2019 (CUs) recoveries from nonperforming loans.
\n\u201cWe are thrilled to incorporate Akuvo\u2019s cloud-based capabilities into our comprehensive delinquency management suite through this partnership,\u201d TriVerity Senior Vice President, Client Service and Marketing Wendy Elieff, said in a news release provided to PYMNTS. \u201cThis relationship will bolster TriVerity\u2019s ability to efficiently recover charged-off accounts while providing credit unions with a single-source delinquency management solution that elevates the member experience.\u201d
\nAccording to the release, Akuvo\u2019s platform, which employs automation and analytics, will enhance TriVerity\u2019s offerings by delivering \u201cguidance and improved workflow through continuous connections with core processors, credit bureaus, payment providers, text messaging services, legal resources and more.\u201d
\nIn other recent credit union news, recent research by PYMNTS Intelligence and Velera shows that CUs that innovate in self-service banking are well poised to increase memberships among younger consumers.
\n\u201cData shows a correlation between how consumers most often access financial services and their interest in self-service banking convenience,\u201d PYMNTS wrote earlier this month.
\n\u201cWhile 18% of CU members who prefer using ATMs say self-service banking convenience is important when choosing to use a CU as their primary [financial institution], just 9.1% of CU members who prefer in-person banking say the same. CUs wanting to reduce churn and attract new members need to focus their innovation efforts on providing self-service banking,\u201d PYMNTS added.
\nMeanwhile, PYMNTS also spoke recently with Brian Scott, chief growth officer at Velera, to discuss the state and prospects of embedded finance and payments innovation, as part of the series \u201cWhat\u2019s Next In Payments: July Halftime Report.\u201d
\nScott underlined a dichotomy between small and large financial institutions: Those below the $10 billion threshold, often referred to as Durbin-exempt, typically focus intensely on serving specific consumer segments or communities. They leverage their smaller scale to create deep, personalized relationships with their clients.
\n\u201cWe see a lot of opportunities for Durbin-exempt financial institutions to focus on certain aspects of a consumer need and focus on serving that really well,\u201d Scott said. \u201cThey are entrenching themselves into a marketplace, into a community, into an employer group.\u201d
\nBy contrast, institutions above the $10 billion mark are focused on more broader market growth, face higher regulatory burdens and have their interchange fees capped, leading them to seek expansive growth strategies.
\nScott stressed that embedded finance is shaping up to be a key offering for Durbin-exempt institutions to differentiate themselves and capture market share from bigger rivals.
\nThe post TriVerity and Akuvo Team to Ease Collections for Credit Unions appeared first on PYMNTS.com.
\n", "content_text": "Collection agency TriVerity has teamed with collections/credit risk company Akuvo.\nThe collaboration, announced Tuesday (July 30), is designed to ease the process of third-party charge-off collections through Akuvo\u2019s cloud-based collections platform to help maximize credit unions\u2019 (CUs) recoveries from nonperforming loans.\n\u201cWe are thrilled to incorporate Akuvo\u2019s cloud-based capabilities into our comprehensive delinquency management suite through this partnership,\u201d TriVerity Senior Vice President, Client Service and Marketing Wendy Elieff, said in a news release provided to PYMNTS. \u201cThis relationship will bolster TriVerity\u2019s ability to efficiently recover charged-off accounts while providing credit unions with a single-source delinquency management solution that elevates the member experience.\u201d\nAccording to the release, Akuvo\u2019s platform, which employs automation and analytics, will enhance TriVerity\u2019s offerings by delivering \u201cguidance and improved workflow through continuous connections with core processors, credit bureaus, payment providers, text messaging services, legal resources and more.\u201d\nIn other recent credit union news, recent research by PYMNTS Intelligence and Velera shows that CUs that innovate in self-service banking are well poised to increase memberships among younger consumers.\n\u201cData shows a correlation between how consumers most often access financial services and their interest in self-service banking convenience,\u201d PYMNTS wrote earlier this month.\n\u201cWhile 18% of CU members who prefer using ATMs say self-service banking convenience is important when choosing to use a CU as their primary [financial institution], just 9.1% of CU members who prefer in-person banking say the same. CUs wanting to reduce churn and attract new members need to focus their innovation efforts on providing self-service banking,\u201d PYMNTS added.\nMeanwhile, PYMNTS also spoke recently with Brian Scott, chief growth officer at Velera, to discuss the state and prospects of embedded finance and payments innovation, as part of the series \u201cWhat\u2019s Next In Payments: July Halftime Report.\u201d\nScott underlined a dichotomy between small and large financial institutions: Those below the $10 billion threshold, often referred to as Durbin-exempt, typically focus intensely on serving specific consumer segments or communities. They leverage their smaller scale to create deep, personalized relationships with their clients.\n\u201cWe see a lot of opportunities for Durbin-exempt financial institutions to focus on certain aspects of a consumer need and focus on serving that really well,\u201d Scott said. \u201cThey are entrenching themselves into a marketplace, into a community, into an employer group.\u201d\nBy contrast, institutions above the $10 billion mark are focused on more broader market growth, face higher regulatory burdens and have their interchange fees capped, leading them to seek expansive growth strategies.\nScott stressed that embedded finance is shaping up to be a key offering for Durbin-exempt institutions to differentiate themselves and capture market share from bigger rivals.\nThe post TriVerity and Akuvo Team to Ease Collections for Credit Unions appeared first on PYMNTS.com.", "date_published": "2024-07-30T10:00:30-04:00", "date_modified": "2024-07-30T11:11:04-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/TriVerity-Akuvo-Credit-Unions-collections.jpg", "tags": [ "Akuvo", "collections", "credit unions", "CUs", "loan collections", "loans", "News", "Partnerships", "PYMNTS News", "TriVerity", "Velera", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2018691", "url": "https://www.pymnts.com/partnerships/2024/cable-and-vantage-bank-team-on-embedded-banking-compliance/", "title": "Cable and Vantage Bank Team on Embedded Banking Compliance", "content_html": "Risk management platform Cable has launched a partnership with Texas-based Vantage Bank.
\nThe collaboration, announced Monday (July 29), is designed to help Vantage improve its compliance and risk management as it expands its FinTech program and partnerships.
\n\u201cEmbedded banking is under intense scrutiny from regulators,\u201d said Natasha Vernier, Cable\u2019s chief executive. \u201cVantage Bank is incredibly smart to get ahead of that scrutiny by building a best-in-class compliance program right at the outset.\u201d
\nAccording to the release, Cable\u2019s platform will let Vantage automatically monitor 100% of accounts, thus eliminating manual testing and ensuring comprehensive control monitoring as their business scales, without adding staff, to keep on top of regulatory compliance and control over financial crime risks.
\n\u201cVantage believes there is tremendous opportunity to grow and diversify our customer base by leveraging embedded banking,\u201d said Jeff Sinnott, president and CEO of Vantage Bank. \u201cThis opportunity requires that we have a robust risk management program and strong controls to ensure regulatory compliance. Vantage Bank believes Cable is the best platform to help manage our risk and compliance for our embedded banking program.\u201d
\nAs PYMNTS wrote last week, the rise of embedded finance has begun pushing banks to adapt or risk being outpaced by rivals from the Big Tech and FinTech sectors.
\nA recent PYMNTS Intelligence report, \u201cEmbedded Finance and BaaS: From Marketing Buzz to Banking Bedrock,\u201d done in collaboration with NCR Voyix, shows that the integration of application programming interfaces (APIs) is transforming financial services by embedding them into daily digital interactions.
\nWith 41% of financial institutions adopting embedded finance solutions and 48% enhancing their banking-as-a-service (BaaS) capabilities, banks are responding to digital demands and competitive pressures. Despite this progress, challenges such as outdated systems, regulatory hurdles, and security risks remain barriers.
\n\u201cDespite the potential, only 79% of global banks foresee banking becoming deeply integrated into daily activities, indicating that many are still in the initial stages of adopting these technologies,\u201d PYMNTS wrote. \u201cIssues such as legacy systems, fragmented technological infrastructure, and evolving regulatory requirements can slow progress.\u201d
\nThe increasing adoption of these technologies, that report continued, reflects a wider shift in the industry toward more agile and integrated financial services, setting up banks to better compete with emerging digital and FinTech players.
\n\u00a0
\nThe post Cable and Vantage Bank Team on Embedded Banking Compliance appeared first on PYMNTS.com.
\n", "content_text": "Risk management platform Cable has launched a partnership with Texas-based Vantage Bank.\nThe collaboration, announced Monday (July 29), is designed to help Vantage improve its compliance and risk management as it expands its FinTech program and partnerships.\n\u201cEmbedded banking is under intense scrutiny from regulators,\u201d said Natasha Vernier, Cable\u2019s chief executive. \u201cVantage Bank is incredibly smart to get ahead of that scrutiny by building a best-in-class compliance program right at the outset.\u201d\nAccording to the release, Cable\u2019s platform will let Vantage automatically monitor 100% of accounts, thus eliminating manual testing and ensuring comprehensive control monitoring as their business scales, without adding staff, to keep on top of regulatory compliance and control over financial crime risks.\n\u201cVantage believes there is tremendous opportunity to grow and diversify our customer base by leveraging embedded banking,\u201d said Jeff Sinnott, president and CEO of Vantage Bank. \u201cThis opportunity requires that we have a robust risk management program and strong controls to ensure regulatory compliance. Vantage Bank believes Cable is the best platform to help manage our risk and compliance for our embedded banking program.\u201d\nAs PYMNTS wrote last week, the rise of embedded finance has begun pushing banks to adapt or risk being outpaced by rivals from the Big Tech and FinTech sectors.\nA recent PYMNTS Intelligence report, \u201cEmbedded Finance and BaaS: From Marketing Buzz to Banking Bedrock,\u201d done in collaboration with NCR Voyix, shows that the integration of application programming interfaces (APIs) is transforming financial services by embedding them into daily digital interactions.\nWith 41% of financial institutions adopting embedded finance solutions and 48% enhancing their banking-as-a-service (BaaS) capabilities, banks are responding to digital demands and competitive pressures. Despite this progress, challenges such as outdated systems, regulatory hurdles, and security risks remain barriers.\n\u201cDespite the potential, only 79% of global banks foresee banking becoming deeply integrated into daily activities, indicating that many are still in the initial stages of adopting these technologies,\u201d PYMNTS wrote. \u201cIssues such as legacy systems, fragmented technological infrastructure, and evolving regulatory requirements can slow progress.\u201d\nThe increasing adoption of these technologies, that report continued, reflects a wider shift in the industry toward more agile and integrated financial services, setting up banks to better compete with emerging digital and FinTech players.\n\u00a0\nThe post Cable and Vantage Bank Team on Embedded Banking Compliance appeared first on PYMNTS.com.", "date_published": "2024-07-29T18:26:35-04:00", "date_modified": "2024-07-30T22:30:01-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Cable-Vantage-Bank-embedded-banking.jpg", "tags": [ "B2B", "B2B Payments", "Baas", "banking", "banking regulation", "Banking-as-a-Service", "cable", "commercial payments", "compliance", "Embedded Banking", "Jeff Sinnott", "Natasha Vernier", "News", "Partnerships", "PYMNTS News", "risk management", "Vantage Bank", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2018432", "url": "https://www.pymnts.com/partnerships/2024/pinterest-reportedly-turning-to-news-outlets-to-sell-ads/", "title": "Pinterest Reportedly Turning to News Outlets to Sell Ads", "content_html": "Pinterest is reportedly seeking help from news outlets and other publishers in selling ads.
\nThe social media platform is testing a new program to sell ads on Pinterest pages using an ad auction system, according to a report Monday (July 29) by Seeking Alpha, which itself cited a paywalled story by The Information.
\nFrom there, publishers would share ad revenue with Pinterest, said Jeremy Jankowski, the company\u2019s publishing head for North America. According to the report, Pinterest aims to capitalize on the relationships publishers have with advertisers, while also giving publishers the chance to work with more advertisers on larger deals.
\nThe report also noted that executives at TikTok have recently been in discussions with digital media companies about a deal to sell custom video content to advertisers.
\nMeanwhile, the report added, LinkedIn\u2019s Wire Program, which lets outlets sell ads in front of the videos they distribute, recently moved into beta testing.
\nA LinkedIn spokesperson told The Information that while publishers share revenue with the company, they are solely responsible for the ad sales, though the company\u00a0 is exploring a joint selling agreement.
\nMeanwhile, PYMNTS wrote earlier this month about these platforms\u2019 attempts to drive revenue through in-person retail pop-ups.
\nFor Pinterest, that meant its holiday season partnership with Anthropologie, where visitors could visit a home in Brooklyn outfitted with QR codes for shopping throughout, based on popular trends on the social media platform.
\nTikTok, for its part, has turned to in-person pop-ups to capture consumers\u2019 retail purchases as well as their live event ticket spending, teaming up with cosmetics company Rare Beauty in April, and hosting a live music pop-up in London\u2019s King\u2019s Cross featuring emerging artists.
\n\u201cPop-ups provide an opportunity for brands to create immersive, multi-sensory experiences that digital platforms alone cannot offer,\u201d PYMNTS wrote. \u201cThese experiences foster a deeper emotional connection with the brand, which can be crucial for building loyalty and driving sales.
\n\u201cAdditionally, the pop-ups are designed to be shareable on social media, creating a feedback loop that benefits both the platform and the participating brands,\u201d that report added.
\nIn all, social media apps are becoming more and more involved in retail, with younger generations disproportionately engaging with social commerce, according to the PYMNTS Intelligence report \u201cTracking the Digital Payments Takeover: Monetizing Social Media.\u201d
\nThe post Pinterest Reportedly Turning to News Outlets to Sell Ads appeared first on PYMNTS.com.
\n", "content_text": "Pinterest is reportedly seeking help from news outlets and other publishers in selling ads.\nThe social media platform is testing a new program to sell ads on Pinterest pages using an ad auction system, according to a report Monday (July 29) by Seeking Alpha, which itself cited a paywalled story by The Information.\nFrom there, publishers would share ad revenue with Pinterest, said Jeremy Jankowski, the company\u2019s publishing head for North America. According to the report, Pinterest aims to capitalize on the relationships publishers have with advertisers, while also giving publishers the chance to work with more advertisers on larger deals.\nThe report also noted that executives at TikTok have recently been in discussions with digital media companies about a deal to sell custom video content to advertisers.\nMeanwhile, the report added, LinkedIn\u2019s Wire Program, which lets outlets sell ads in front of the videos they distribute, recently moved into beta testing.\nA LinkedIn spokesperson told The Information that while publishers share revenue with the company, they are solely responsible for the ad sales, though the company\u00a0 is exploring a joint selling agreement.\nMeanwhile, PYMNTS wrote earlier this month about these platforms\u2019 attempts to drive revenue through in-person retail pop-ups.\nFor Pinterest, that meant its holiday season partnership with Anthropologie, where visitors could visit a home in Brooklyn outfitted with QR codes for shopping throughout, based on popular trends on the social media platform.\nTikTok, for its part, has turned to in-person pop-ups to capture consumers\u2019 retail purchases as well as their live event ticket spending, teaming up with cosmetics company Rare Beauty in April, and hosting a live music pop-up in London\u2019s King\u2019s Cross featuring emerging artists.\n\u201cPop-ups provide an opportunity for brands to create immersive, multi-sensory experiences that digital platforms alone cannot offer,\u201d PYMNTS wrote. \u201cThese experiences foster a deeper emotional connection with the brand, which can be crucial for building loyalty and driving sales.\n\u201cAdditionally, the pop-ups are designed to be shareable on social media, creating a feedback loop that benefits both the platform and the participating brands,\u201d that report added.\nIn all, social media apps are becoming more and more involved in retail, with younger generations disproportionately engaging with social commerce, according to the PYMNTS Intelligence report \u201cTracking the Digital Payments Takeover: Monetizing Social Media.\u201d\nThe post Pinterest Reportedly Turning to News Outlets to Sell Ads appeared first on PYMNTS.com.", "date_published": "2024-07-29T14:07:24-04:00", "date_modified": "2024-07-29T14:07:24-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/08/pinterest.jpg", "tags": [ "advertising", "ecommerce", "marketing", "News", "Pinterest", "PYMNTS News", "social commerce", "Social Media", "TikTok", "What's Hot", "Partnerships" ] }, { "id": "https://www.pymnts.com/?p=2016896", "url": "https://www.pymnts.com/partnerships/2024/square-teams-with-us-foods-as-restaurants-face-digital-opportunities/", "title": "Square Teams With US Foods as Restaurants Face Digital Opportunities", "content_html": "Square has launched a partnership with foodservice distributor US Foods.
\n\u201cFor over a decade, hundreds of thousands of food and beverage businesses have relied on Square to power their operations,\u201d the companies said in a news release Thursday (July 25). \u201cAs the foodservice industry evolves and competitive pressures increase, this collaboration with US Foods will accelerate restaurants\u2019 ability to adopt Square\u2019s truly differentiated technology designed to help them grow and succeed.\u201d
\nAccording to the release, US Foods already provides customers with access to tech solutions like the CHECK Business Tools program. Now, as a CHECK program provider, Square\u2019s solutions for food and beverage businesses will be available to US Foods\u2019 thousands of customers across the U.S.
\nThis suite of tools aims to help modernize restaurant operations, drive traffic and simplify staffing, US Foods said on its website.
\n\u201cRestaurant operators today are tasked with navigating numerous operational challenges, from labor management to growing sales and managing cash flow,\u201d said Ming-Tai Huh, head of food and beverage at Square.\u00a0\u201cUS Foods shares our commitment to empowering restaurants with the tools and services they need to drive operational efficiency and find success. We\u2019re confident we can bring Square\u2019s comprehensive, easy-to-use, and time-saving suite of solutions to more and more restaurants.\u201d
\nSquare has been rolling out a number of restaurant-related tools this year, and also recently released its Quarterly Restaurant Report, which found that average hourly earnings for restaurant workers have jumped by 66% since 2017 compared to 40% for retail workers.
\n\u201cBars and full-service restaurants rely more on higher-skilled employees who perform hard-to-automate tasks, which increases payroll costs,\u201d Huh said in a news release at the time. \u201cIt\u2019s the exact opposite situation for QSRs and cafes. These sellers can more easily use technology to automate and streamline operations, helping lower operating costs for front and back of house.\u201d
\nMeanwhile, PYMNTS wrote earlier this week that the restaurant industry is facing \u201ca pivotal opportunity with the rise of frictionless digital payments, responding to growing customer demand for convenience.\u201d
\nBut in spite of these advancements, adoption rates lag because of entrenched use of traditional payment methods and ongoing staffing challenges.
\nPYMNTS Intelligence\u2019s new study, \u201cWhy More Restaurants Need to Bite Into Digital Transformation,\u201d looks at how consumers are embracing technologies like digital wallets, mobile apps and QR codes because they meet the preferences of tech-savvy diners, while also enhancing operational efficiency and helping staff to elevate the overall dining experience.
\n\u201cTo stay competitive in this digital-first era, restaurants must integrate these modern payment solutions to ensure seamless dining experiences and avoid falling behind more innovative competitors,\u201d PYMNTS wrote.
\nThe post Square Teams With US Foods as Restaurants Face Digital Opportunities appeared first on PYMNTS.com.
\n", "content_text": "Square has launched a partnership with foodservice distributor US Foods.\n\u201cFor over a decade, hundreds of thousands of food and beverage businesses have relied on Square to power their operations,\u201d the companies said in a news release Thursday (July 25). \u201cAs the foodservice industry evolves and competitive pressures increase, this collaboration with US Foods will accelerate restaurants\u2019 ability to adopt Square\u2019s truly differentiated technology designed to help them grow and succeed.\u201d\nAccording to the release, US Foods already provides customers with access to tech solutions like the CHECK Business Tools program. Now, as a CHECK program provider, Square\u2019s solutions for food and beverage businesses will be available to US Foods\u2019 thousands of customers across the U.S.\nThis suite of tools aims to help modernize restaurant operations, drive traffic and simplify staffing, US Foods said on its website.\n\u201cRestaurant operators today are tasked with navigating numerous operational challenges, from labor management to growing sales and managing cash flow,\u201d said Ming-Tai Huh, head of food and beverage at Square.\u00a0\u201cUS Foods shares our commitment to empowering restaurants with the tools and services they need to drive operational efficiency and find success. We\u2019re confident we can bring Square\u2019s comprehensive, easy-to-use, and time-saving suite of solutions to more and more restaurants.\u201d\nSquare has been rolling out a number of restaurant-related tools this year, and also recently released its Quarterly Restaurant Report, which found that average hourly earnings for restaurant workers have jumped by 66% since 2017 compared to 40% for retail workers.\n\u201cBars and full-service restaurants rely more on higher-skilled employees who perform hard-to-automate tasks, which increases payroll costs,\u201d Huh said in a news release at the time. \u201cIt\u2019s the exact opposite situation for QSRs and cafes. These sellers can more easily use technology to automate and streamline operations, helping lower operating costs for front and back of house.\u201d\nMeanwhile, PYMNTS wrote earlier this week that the restaurant industry is facing \u201ca pivotal opportunity with the rise of frictionless digital payments, responding to growing customer demand for convenience.\u201d\nBut in spite of these advancements, adoption rates lag because of entrenched use of traditional payment methods and ongoing staffing challenges.\nPYMNTS Intelligence\u2019s new study, \u201cWhy More Restaurants Need to Bite Into Digital Transformation,\u201d looks at how consumers are embracing technologies like digital wallets, mobile apps and QR codes because they meet the preferences of tech-savvy diners, while also enhancing operational efficiency and helping staff to elevate the overall dining experience.\n\u201cTo stay competitive in this digital-first era, restaurants must integrate these modern payment solutions to ensure seamless dining experiences and avoid falling behind more innovative competitors,\u201d PYMNTS wrote.\nThe post Square Teams With US Foods as Restaurants Face Digital Opportunities appeared first on PYMNTS.com.", "date_published": "2024-07-25T15:53:20-04:00", "date_modified": "2024-07-25T15:53:20-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/US-Foods-Square-partnerships.png", "tags": [ "Connected Economy", "Digital Payments", "digital transformation", "News", "Partnerships", "PYMNTS News", "restaurant payments", "Restaurants", "ResTech", "Square", "us foods", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2016774", "url": "https://www.pymnts.com/partnerships/2024/spendbase-selects-thredd-as-us-payments-processor/", "title": "Spendbase Selects Thredd as US Payments Processor", "content_html": "Software subscription management platform\u00a0Spendbase has selected global payments processor\u00a0Thredd as its U.S. payments processor.
\nSpendbase is expanding into the U.S. and chose Thredd to issue and process virtual cards for its subscription payments, the companies said in a Thursday (July 25) press release.
\n\u201cWe have selected Thredd as our issuer processor for the U.S. market because they demonstrated both a deep understanding of our ambitions as well as modern processing capabilities, and we are confident in their ability to meet our plans for a successful U.S. launch later this year,\u201d\u00a0Andrew Alex, CEO\u00a0of Spendbase, said in the release.
\nWith this collaboration, Spendbase\u2019s U.S. customers will be able to use corporate virtual cards for their software-as-a-service (SaaS) subscriptions payments, according to the release.
\nThis option will provide companies with more control and transparency over their expenses, as virtual card payments are secure, fast\u00a0and traceable, the release said.
\nSpendbase is Thredd\u2019s second U.S. client, per the release.
\n\u201cThis is our first net-new client to choose Thredd because we can connect them to the U.S.,\u201d\u00a0Kevin Fox, chief revenue officer at Thredd, said in the release. \u201cUnlike other EU\u00a0providers, we were able to offer Spendbase U.S.-compliant debit card processing in time for their anticipated Q3 launch date.\u201d
\nThredd aims to facilitate the\u00a0international expansion of its clients, and the company is focusing its efforts on Latin America, Asia and now the U.S., Thredd CEO\u00a0Jim McCarthy told PYMNTS in an interview posted in May.
\nThe company views these regions as ripe for innovation and growth, using its platform to support clients\u2019 global ambitions.
\n\u201cLatin America is a great market that\u2019s growing like crazy,\u201d McCarthy said. \u201cWe want to be there. We\u2019re\u00a0doing really well\u00a0in Asia, and we\u2019re\u00a0just landing in the U.S. and looking to expand.\u201d
\nThe global value of\u00a0virtual card transactions is expected to grow from about $2 trillion\u00a0to hit $6.8 trillion\u00a0by 2026, according to the \u201cB2B Digital Payments Tracker\u00ae,\u201d a PYMNTS Intelligence and\u00a0American Express collaboration.
\nThe report found that this growth indicates users\u2019 recognition of virtual cards\u2019 simplicity and security compared to traditional payment methods like paper checks.
\nThe post Spendbase Selects Thredd as US Payments Processor appeared first on PYMNTS.com.
\n", "content_text": "Software subscription management platform\u00a0Spendbase has selected global payments processor\u00a0Thredd as its U.S. payments processor.\nSpendbase is expanding into the U.S. and chose Thredd to issue and process virtual cards for its subscription payments, the companies said in a Thursday (July 25) press release.\n\u201cWe have selected Thredd as our issuer processor for the U.S. market because they demonstrated both a deep understanding of our ambitions as well as modern processing capabilities, and we are confident in their ability to meet our plans for a successful U.S. launch later this year,\u201d\u00a0Andrew Alex, CEO\u00a0of Spendbase, said in the release.\nWith this collaboration, Spendbase\u2019s U.S. customers will be able to use corporate virtual cards for their software-as-a-service (SaaS) subscriptions payments, according to the release.\nThis option will provide companies with more control and transparency over their expenses, as virtual card payments are secure, fast\u00a0and traceable, the release said.\nSpendbase is Thredd\u2019s second U.S. client, per the release.\n\u201cThis is our first net-new client to choose Thredd because we can connect them to the U.S.,\u201d\u00a0Kevin Fox, chief revenue officer at Thredd, said in the release. \u201cUnlike other EU\u00a0providers, we were able to offer Spendbase U.S.-compliant debit card processing in time for their anticipated Q3 launch date.\u201d\nThredd aims to facilitate the\u00a0international expansion of its clients, and the company is focusing its efforts on Latin America, Asia and now the U.S., Thredd CEO\u00a0Jim McCarthy told PYMNTS in an interview posted in May.\nThe company views these regions as ripe for innovation and growth, using its platform to support clients\u2019 global ambitions.\n\u201cLatin America is a great market that\u2019s growing like crazy,\u201d McCarthy said. \u201cWe want to be there. We\u2019re\u00a0doing really well\u00a0in Asia, and we\u2019re\u00a0just landing in the U.S. and looking to expand.\u201d\nThe global value of\u00a0virtual card transactions is expected to grow from about $2 trillion\u00a0to hit $6.8 trillion\u00a0by 2026, according to the \u201cB2B Digital Payments Tracker\u00ae,\u201d a PYMNTS Intelligence and\u00a0American Express collaboration.\nThe report found that this growth indicates users\u2019 recognition of virtual cards\u2019 simplicity and security compared to traditional payment methods like paper checks.\nThe post Spendbase Selects Thredd as US Payments Processor appeared first on PYMNTS.com.", "date_published": "2024-07-25T12:19:41-04:00", "date_modified": "2024-07-28T22:05:24-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Thredd-Spendbase-partnerships.png", "tags": [ "B2B", "B2B Payments", "commercial payments", "News", "Partnerships", "payments", "Payments as a Service", "payments facilitator", "Payments Processing", "PYMNTS News", "Spendbase", "Thredd", "virtual cards", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2016628", "url": "https://www.pymnts.com/partnerships/2024/marqeta-teams-with-visa-to-offer-flexible-checkout-options/", "title": "Marqeta Teams With Visa to Offer Flexible Checkout Options", "content_html": "Card issuing platform\u00a0Marqeta\u00a0has launched a partnership with\u00a0Visa\u00a0and\u00a0Affirm.
\nThe collaboration,\u00a0announced\u00a0Thursday (July 25), makes Marqeta the first U.S. processor to enable Visa Flexible Credential, a card offering that toggles between payment methods: debit, credit, cryptocurrency and pay-over-time options.
\n\u201cMarqeta achieved certification with Visa Flexible Credential in May 2024, which will enable cardholders of Marqeta\u2019s participating customers to easily set parameters or choose whether they use debit, credit, \u201cpay-in-four\u201d with Buy Now, Pay Later or even pay using rewards points,\u201d the company said in a news release.
\nBy giving consumers more payment choices, the company adds, Marqeta customers can \u201cimprove the consumer purchase experience and increase merchant acceptance.\u201d
\nPYMNTS covered the Visa Flexible Credential rollout earlier this year, noting that even 10 years ago, the idea of one card that could\u00a0access multiple forms of payment\u00a0was \u201call about a battery-powered plastic card\u201d with buttons representing various payment choices.
\n\u201cFor the consumer Flexible Credentials can work with any type of funding source the bank would offer you,\u201d\u00a0Mark Nelsen, senior vice president and global head of consumer payments at Visa, told PYMNTS CEO Karen Webster.
\n\u201cBuy now, pay later would be one. Pay with cryptocurrency and paying with points would be two others. Whatever that banking institution will allow, the consumer would then have the option to choose the type of transaction and how they want it to be funded.\u201d
\nMeanwhile, recent research by PYMNTS Intelligence shows that while 54% of acquirers \u2014 the financial institutions that process credit and debit card transactions for merchants \u2014 say they support card-linked installment options, the actual percentage is much lower.
\nJust 6% of acquirers surveyed truly offer installment plan payment options linked to credit cards before or during checkout, according to\u00a0\u201cNavigating New Norms: The Use of Card-Linked Installment Plans in Online and In-Store Sales,\u201d created in collaboration with Splitit.
\nOnly three out of the 50 acquirers surveyed offer pay later plans linked directly to credit cards, while 22% of acquirers surveyed cited third-party integration constraints as a barrier limiting their ability to offer credit card-linked installment options.
\n\u201cThe data on this variety in timing and type of pay later plan\u00a0reveals a significant gap\u00a0between perceived and actual capabilities, highlighting the need for enhanced direct integrations and more consistent installment offerings,\u201d PYMNTS wrote.
\nIn spite of these challenges, there\u2019s still a lot of room for growth, as 60% of consumers show an interest in pay-later options at checkout.
\nThe post Marqeta Teams With Visa to Offer Flexible Checkout Options appeared first on PYMNTS.com.
\n", "content_text": "Card issuing platform\u00a0Marqeta\u00a0has launched a partnership with\u00a0Visa\u00a0and\u00a0Affirm.\nThe collaboration,\u00a0announced\u00a0Thursday (July 25), makes Marqeta the first U.S. processor to enable Visa Flexible Credential, a card offering that toggles between payment methods: debit, credit, cryptocurrency and pay-over-time options.\n\u201cMarqeta achieved certification with Visa Flexible Credential in May 2024, which will enable cardholders of Marqeta\u2019s participating customers to easily set parameters or choose whether they use debit, credit, \u201cpay-in-four\u201d with Buy Now, Pay Later or even pay using rewards points,\u201d the company said in a news release.\nBy giving consumers more payment choices, the company adds, Marqeta customers can \u201cimprove the consumer purchase experience and increase merchant acceptance.\u201d\nPYMNTS covered the Visa Flexible Credential rollout earlier this year, noting that even 10 years ago, the idea of one card that could\u00a0access multiple forms of payment\u00a0was \u201call about a battery-powered plastic card\u201d with buttons representing various payment choices.\n\u201cFor the consumer Flexible Credentials can work with any type of funding source the bank would offer you,\u201d\u00a0Mark Nelsen, senior vice president and global head of consumer payments at Visa, told PYMNTS CEO Karen Webster.\n\u201cBuy now, pay later would be one. Pay with cryptocurrency and paying with points would be two others. Whatever that banking institution will allow, the consumer would then have the option to choose the type of transaction and how they want it to be funded.\u201d\nMeanwhile, recent research by PYMNTS Intelligence shows that while 54% of acquirers \u2014 the financial institutions that process credit and debit card transactions for merchants \u2014 say they support card-linked installment options, the actual percentage is much lower.\nJust 6% of acquirers surveyed truly offer installment plan payment options linked to credit cards before or during checkout, according to\u00a0\u201cNavigating New Norms: The Use of Card-Linked Installment Plans in Online and In-Store Sales,\u201d created in collaboration with Splitit.\nOnly three out of the 50 acquirers surveyed offer pay later plans linked directly to credit cards, while 22% of acquirers surveyed cited third-party integration constraints as a barrier limiting their ability to offer credit card-linked installment options.\n\u201cThe data on this variety in timing and type of pay later plan\u00a0reveals a significant gap\u00a0between perceived and actual capabilities, highlighting the need for enhanced direct integrations and more consistent installment offerings,\u201d PYMNTS wrote.\nIn spite of these challenges, there\u2019s still a lot of room for growth, as 60% of consumers show an interest in pay-later options at checkout.\nThe post Marqeta Teams With Visa to Offer Flexible Checkout Options appeared first on PYMNTS.com.", "date_published": "2024-07-25T10:44:23-04:00", "date_modified": "2024-07-25T10:44:23-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/11/marqeta-3.jpg", "tags": [ "Affirm", "BNPL", "credit card issuers", "credit cards", "debit", "installment payments", "Marqeta", "News", "Partnerships", "Payment Methods", "PYMNTS News", "Visa", "Visa Flexible Credential", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2016197", "url": "https://www.pymnts.com/partnerships/2024/nab-and-plenti-team-on-pay-by-bank-for-loan-repayments/", "title": "NAB and Plenti Team on Pay by Bank for Loan Repayments", "content_html": "Australian bank\u00a0NAB\u00a0has launched a collaboration with FinTech lender\u00a0Plenti.
\nThe partnership,\u00a0announced\u00a0Wednesday (July 24), lets Plenti\u2019s customers make faster loan repayments via NAB\u2019s pay-by-bank offering PayTo.
\n\u201cPlenti is the first NAB business customer to integrate the new account-to-account payment solution in its online lending platform, allowing its customers to make real-time payments via PayTo to pay down their debt faster,\u201d NAB said in a news release.
\nAccording to the release, PayTo provides Plenti customers and simpler, more secure experience by eliminating manual entry and giving them the ability to authorize and see payments immediately in their banking app.
\nPlenti Co-founder and Chief Operating Officer Glenn Riddell said customers expect a simple yet superior end-to-end lending experience.
\n\u201cWe wanted to offer our customers a faster, smarter and more convenient way to make payments to their Plenti loans. PayTo ticked all these boxes,\u201d Riddell said.
\n\u201cCustomers making extra loan payments will be the first to access Plenti\u2019s instant PayTo option, and we look forward to working with NAB to make PayTo payments more widely available across our platform.\u201d
\nThe companies say the service can also help business by letting them improve cash flow, speed reconciliation and prevent fraud.
\n\u201cThe improved payment experience for consumers is also a key benefit for businesses enabling PayTo, which offers a faster, more secure and enhanced experience compared to other payment options such as direct debit,\u201d said Shane Conway, who oversees transaction banking and enterprise payments for NAB.
\nPYMNTS explored the growth of pay-by-bank methods \u2014 or open banking payments \u2014 last month in an interview with\u00a0Nate Marquiss, head of financial services at\u00a0Trustly, and\u00a0Johnson Cook, co-founder and president of\u00a0Greenlight.
\nAmong the advantages of\u00a0open banking\u00a0is its potential to revolutionize payment systems, offering an alternative to traditional card payments. These payments can be processed in real time, lowering the costs connected with card transactions and eliminating the risk of chargebacks, Marquiss said.
\nHowever, in spite its benefits, open banking remains relatively new to the U.S. market, with one recent survey showing that\u00a0just 11%\u00a0of U.S. adults had used open banking payments in the prior year, mostly due to a lack of familiarity and understanding of the system.
\n\u201cBut as awareness and understanding grow, the adoption of open banking is likely to increase, driven by the demand for seamless, instant financial services \u2014 particularly from younger generations,\u201d PYMNTS wrote.
\nThe post NAB and Plenti Team on Pay by Bank for Loan Repayments appeared first on PYMNTS.com.
\n", "content_text": "Australian bank\u00a0NAB\u00a0has launched a collaboration with FinTech lender\u00a0Plenti.\nThe partnership,\u00a0announced\u00a0Wednesday (July 24), lets Plenti\u2019s customers make faster loan repayments via NAB\u2019s pay-by-bank offering PayTo.\n\u201cPlenti is the first NAB business customer to integrate the new account-to-account payment solution in its online lending platform, allowing its customers to make real-time payments via PayTo to pay down their debt faster,\u201d NAB said in a news release.\nAccording to the release, PayTo provides Plenti customers and simpler, more secure experience by eliminating manual entry and giving them the ability to authorize and see payments immediately in their banking app.\nPlenti Co-founder and Chief Operating Officer Glenn Riddell said customers expect a simple yet superior end-to-end lending experience.\n\u201cWe wanted to offer our customers a faster, smarter and more convenient way to make payments to their Plenti loans. PayTo ticked all these boxes,\u201d Riddell said.\n\u201cCustomers making extra loan payments will be the first to access Plenti\u2019s instant PayTo option, and we look forward to working with NAB to make PayTo payments more widely available across our platform.\u201d\nThe companies say the service can also help business by letting them improve cash flow, speed reconciliation and prevent fraud.\n\u201cThe improved payment experience for consumers is also a key benefit for businesses enabling PayTo, which offers a faster, more secure and enhanced experience compared to other payment options such as direct debit,\u201d said Shane Conway, who oversees transaction banking and enterprise payments for NAB.\nPYMNTS explored the growth of pay-by-bank methods \u2014 or open banking payments \u2014 last month in an interview with\u00a0Nate Marquiss, head of financial services at\u00a0Trustly, and\u00a0Johnson Cook, co-founder and president of\u00a0Greenlight.\nAmong the advantages of\u00a0open banking\u00a0is its potential to revolutionize payment systems, offering an alternative to traditional card payments. These payments can be processed in real time, lowering the costs connected with card transactions and eliminating the risk of chargebacks, Marquiss said.\nHowever, in spite its benefits, open banking remains relatively new to the U.S. market, with one recent survey showing that\u00a0just 11%\u00a0of U.S. adults had used open banking payments in the prior year, mostly due to a lack of familiarity and understanding of the system.\n\u201cBut as awareness and understanding grow, the adoption of open banking is likely to increase, driven by the demand for seamless, instant financial services \u2014 particularly from younger generations,\u201d PYMNTS wrote.\nThe post NAB and Plenti Team on Pay by Bank for Loan Repayments appeared first on PYMNTS.com.", "date_published": "2024-07-24T16:56:59-04:00", "date_modified": "2024-07-24T16:56:59-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/NAB-Plenti-bank.png", "tags": [ "Australia", "banking", "Banks", "FinTech", "Lending", "loans", "NAB", "News", "Open Banking", "Pay By Bank", "Plenti", "PYMNTS News", "What's Hot", "Partnerships" ] }, { "id": "https://www.pymnts.com/?p=2015290", "url": "https://www.pymnts.com/partnerships/2024/finastra-and-credable-partner-on-supply-chain-finance-for-banks/", "title": "Finastra and CredAble Partner on Supply Chain Finance for Banks", "content_html": "Finastra and CredAble have partnered to enable banks to offer their corporate clients supply chain finance solutions.
\nIn this collaboration, CredAble\u2019s supply chain finance platform has been integrated with the Finastra Trade Innovation trade services platform, the companies said in a Tuesday (July 23) press release.
\n\u201cBy combining our AI-powered supply chain finance platform with Finastra\u2019s leading trade finance solution and global reach, we are delivering a holistic, front-to-back trade and supply chain finance offering to more banks worldwide,\u201d Satyam Agrawal, global head of product and retail business lending, MD ASEAN and ME at CredAble, said in the release.
\nCredAble\u2019s working capital platform enables banks to provide a wide range of supply chain financing solutions, serve both enterprises and small and medium-sized businesses (SMBs), and unlock new revenue opportunities, according to the release.
\nThe Finastra Trade Innovation platform helps banks grow and evolve to meet the demands of compliance, customers and the competitive environment by using straight-through processing, digitalization and data analytics, the release said.
\nTogether, the companies will provide an enhanced, end-to-end offering for trade and supply chain finance to banks around the world, per the release.
\n\u201cThe partnership ensures institutions can continue to innovate at speed, decrease time to value and utilize data for decision making across the whole of their working capital and supply chain finance portfolio, ultimately supporting increased growth for both their business and that of their customers,\u201d Anastasia McAlpine, head of product management for trade and supply chain finance at Finastra, said in the release.
\nIn another collaboration, Finastra said in September 2023 that it launched a trade finance partnership with Microsoft. That collaboration combines the Finastra Trade Innovation platform with a \u201cfull microservices architecture\u201d using Microsoft Azure, enabling financial institutions to meet the needs of their corporate customers.
\nTrade finance is evolving from simple, often singular, financial instruments to ecosystem-based offerings that cater to the complete customer journey and include trade loans, discounting loans and supply chain finance, as well as services like letters of credit, performance guarantees and documentary collections, PYMNTS reported in January.
\nThis change is inspiring banks to innovate their offerings via the use of digitization, automation and the integration of emerging technologies that can enable faster decision-making and make global trade more efficient and transparent.
\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.
\nThe post Finastra and CredAble Partner on Supply Chain Finance for Banks appeared first on PYMNTS.com.
\n", "content_text": "Finastra and CredAble have partnered to enable banks to offer their corporate clients supply chain finance solutions.\nIn this collaboration, CredAble\u2019s supply chain finance platform has been integrated with the Finastra Trade Innovation trade services platform, the companies said in a Tuesday (July 23) press release.\n\u201cBy combining our AI-powered supply chain finance platform with Finastra\u2019s leading trade finance solution and global reach, we are delivering a holistic, front-to-back trade and supply chain finance offering to more banks worldwide,\u201d Satyam Agrawal, global head of product and retail business lending, MD ASEAN and ME at CredAble, said in the release.\nCredAble\u2019s working capital platform enables banks to provide a wide range of supply chain financing solutions, serve both enterprises and small and medium-sized businesses (SMBs), and unlock new revenue opportunities, according to the release.\nThe Finastra Trade Innovation platform helps banks grow and evolve to meet the demands of compliance, customers and the competitive environment by using straight-through processing, digitalization and data analytics, the release said.\nTogether, the companies will provide an enhanced, end-to-end offering for trade and supply chain finance to banks around the world, per the release.\n\u201cThe partnership ensures institutions can continue to innovate at speed, decrease time to value and utilize data for decision making across the whole of their working capital and supply chain finance portfolio, ultimately supporting increased growth for both their business and that of their customers,\u201d Anastasia McAlpine, head of product management for trade and supply chain finance at Finastra, said in the release.\nIn another collaboration, Finastra said in September 2023 that it launched a trade finance partnership with Microsoft. That collaboration combines the Finastra Trade Innovation platform with a \u201cfull microservices architecture\u201d using Microsoft Azure, enabling financial institutions to meet the needs of their corporate customers.\nTrade finance is evolving from simple, often singular, financial instruments to ecosystem-based offerings that cater to the complete customer journey and include trade loans, discounting loans and supply chain finance, as well as services like letters of credit, performance guarantees and documentary collections, PYMNTS reported in January.\nThis change is inspiring banks to innovate their offerings via the use of digitization, automation and the integration of emerging technologies that can enable faster decision-making and make global trade more efficient and transparent.\nFor all PYMNTS B2B coverage, subscribe to the daily\u00a0B2B Newsletter.\nThe post Finastra and CredAble Partner on Supply Chain Finance for Banks appeared first on PYMNTS.com.", "date_published": "2024-07-23T13:48:00-04:00", "date_modified": "2024-07-23T22:56:20-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/07/Finastra.jpg", "tags": [ "B2B", "B2B Payments", "banking", "Banks", "commercial payments", "Credable", "Finastra", "Finastra Trade Innovation", "News", "Partnerships", "PYMNTS News", "SMBs", "supply chain finance", "Trade finance", "What's Hot", "What's Hot In B2B", "working capital" ] } ] }