The complex nature of bank/fintech partnerships has been on full display during a stormy relationship between
Part of the
“We haven’t withdrawn our damages claim for €917m [$1.027 billion] filed in Greece and we do not have any intention to. We are however happy that WRL is no longer seeking to breach certain aspects of the contractual agreement between us and this has allowed us to narrow other issues in dispute,” a bank spokesperson said in an email.
The legal fight partly stems from disagreements on Viva’s valuation and how that could change
Financial terms of the original
Viva Wallet’s founder, Karonis, is suing
Viva was founded in 2000 and sells payment products in 24 countries. It has a banking license in the European Union through a 2020 acquisition of
When the bank first made its investment in Viva, it viewed the fintech as a way to help sign up merchants across Europe, a complicated task that can differ from one nation to another. Other potential benefits are a path for
But the
In earlier interviews with
Wise names former Western Union exec to head LatAm banking
Money movement and
Ricardo Amaral will oversee Wise’s operations in Brazil, where he will be responsible for the fintech’s
Amaral joins Wise with more than two decades of financial services experience. Most recently, he worked at Western Union, where he managed operations across Brazil, Chile, Columbia, Panama and other countries. —Joey Pizzolato
NuBank adds tap to pay on Brazil’s PIX as QR code alternative
Brazilian neobank
NuBank is rolling out its new feature, called tap-to-pay PIX, to Android users “gradually,” according to the bank. The product uses near field communication technology to facilitate payments at any enabled point of sale terminal.
Customers can pay via debit or in up to 12-month installments. NuBank has touted tap to pay as a replacement for
The Faster Payments Council’s QR Code Interface Work Group found that QR codes helped accelerate faster payment adoption by lowering transaction costs, increasing interoperability for both banks and nonbanks and circumventing complex infrastructures. —Joey Pizzolato
Canada’s debit network adds ‘selfie’ authentication
Citing a need to address growth in
Called Interac Verified, it’s designed to be a reusable verification option that can reduce the need for repeated enrollment for different services. Users create a credential by using the existing login to their online bank account for an institution that’s part of Interac’s debit network. They then take a photo of their government-issued identity document and a “selfie.” The credential can be used for verification at organizations that support Interac. Interac’s enterprise users at launch include FCT, a title and real estate provider, enabling homebuyers to share verified information to parties involved in a property purchase.
“Trust and security are fundamental to every real estate transaction, be it for the consumer or the real estate professional,” said Michael LeBlanc, CEO of FCT, in a release.
Interac, a consortium of Canadian banks, is joining a growing number of organizations that are using government documents to support federated identity, or an ID that can be used in multiple venues.
Adrian Dennis/Photographer: Adrian Dennis/AFP/
Monzo adds a payments eraser
U.K. fintech Monzo now lets consumers cancel a bank transfer in an effort to correct mistakes or to prevent fraud.
The feature gives a window of up to one minute to claw back a transfer, citing a typo such as adding an extra zero or choosing the wrong payee as an example. While most payment apps include a “are you sure you want to send this?” warning, Monzo is enabling consumers to halt a payment after the fact.
Monzo cited internal research that found 30% of U.K. consumers have sent money to the wrong person, or sent the wrong amount, in the past year. And 78% of those consumers realized their mistake within a minute of making the payment.
The London-based Monzo is in the midst of an expansion to the U.S. and other markets. It recently attracted a
Bermuda-based airline to accept stablecoin payments
BermudAir, a Bermuda-based
BermudAir is partnering with Zero Hash, a stablecoin and cryptocurrency infrastructure provider, to embed stablecoin payments into ticket booking on its website and in its app.
“By accepting stablecoins, we’re eliminating the friction of currency exchange and foreign transaction fees for our international passengers,” said Adam Scott, founder and CEO of BermudAir, in a statement. “Allowing customers to pay for flights with stablecoins isn’t just about embracing the future of travel — it’s about making the experience faster, cheaper, and more inclusive for travelers worldwide.”
Zero Hash, which counts MoneyLion, Stripe and DraftKings as customers, will handle conversion and settlement for the transactions. —Joey Pizzolato
Byline Bank bolsters payments and fintech team with new hires
Chicago-based Byline Bank is investing in its embedded finance and digital banking divisions with the appointment of three new hires.
The bank named Ashley Kveton, vice president and fintech banking operations director, last month, following 17 years at MB Financial and Fifth Third Bank.
Byline also named Joe Tarkington as vice president of sales and relationship management. He previously worked as sales and relationship management for Newline at MB Financial and
Paul Garcia was named senior vice president, payments and fintech banking risk manager in January, Byline said. He spent over two decades with First National Bank of Omaha, TSYS, MB Financial and Fifth Third Bank, leading large-scale risk management teams and national business lines.
The hires come amid a yearlong effort to reshape its fintech payment business. Byline in March 2024 hired David Prochnow and Joe Wolsfeld to lead its fintech banking group. Both previously led Fifth Third’s Newline embedded banking division and managed a portfolio of over 100 fintechs representing $2 billion in deposits.
“This team represents an important evolution for Byline as we continue to invest in innovation and meet our clients where they are,” said Alberto Paracchini, president and CEO of Byline Bank. “We’re proud to bring together some of the most experienced fintech banking professionals in the industry.” —Joey Pizzolato
Visa, UN collaborate on financial inclusion
The United Postal Union, a United Nations agency that serves postal services, and Visa are developing three programs that support digital financial services, payments and security.
The card network and postal agency will digitize government disbursements and tax collections that are routed through postal networks in certain nations.
Other programs include building tools and investing in e-marketplaces and mobile loan disbursement for micro, small and medium enterprise businesses in underserved areas.
UPU and Visa will also
The card network and UPU are working through the UPU’s Financial Inclusion Technical Assistance Facility, a Visa and Gates Foundation-funded effort to expand postal service in emerging markets.
“The UPU is a perfect collaborator for us in this respect as it plays a significant role in providing financial services to 1.5 billion people worldwide,” Rajiv Garodia, head of Visa Government Solutions, said in an email. —John Adams