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Mode Eleven taps Finzly for cloud-based payments platform

FinTech Futures | May 31, 2023 | Read time : 04:18 min

Mode Eleven taps Finzly for cloud-based payments platform

Through the partnership, Mode Eleven will now be able to facilitate large-scale and high-value payments on the ACH and Fedwire networks.Finzly says that by using its payments platform to process ACH and wires, Mode Eleven has boosted its operational efficiency by simplifying its operations, reducing manual effort by 99% and eliminating the need for “laborious” file processing.

Mode Eleven can now provide its customers with a single payment portal across various payment rails using Finzly’s unified, rail-agnostic offering.Finzly’s unified API ensures that Mode Eleven can onboard and process payments for fintechs and other platforms, unlocking revenue opportunities for the bank in embedded payments.

Finzly, headquartered in North Carolina, provides financial infrastructure to banks, fintechs and businesses through a cloud-based and API-enabled core platform.Its payment hub allows banks to provide “a single API for all payment rails to fintech partners” and also establishes a direct connection with the Federal Reserve, The Clearing House and Swift, offloading all payment processing from banks’ legacy cores.

About Finzly



Finzly help banks to prepare for the embedded, connected and real-time demands of the new economy through an digital, real-time, cloud-native operating system. Using our payment hub on this operating system, banks can centrally process ACH, FedWire, RTP, SWIFT and FedNow payments. We easily integrate with the banks’ core. Banks can innovate using Finzly's parallel core platform, that is modern, cloud-based, real-time and API enabled. The digital core readily integrates to the banks’ existing core, saving banks time and money replacing the core, allowing them to focus on innovation. With an array of readymade solutions including a multi-rail payment hub (ACH, wires, RTP, FedNow and SWIFT), foreign exchange, multi-asset deposit core, Digital Account Opening, KYC, Risk, Compliance, and a suite of customer experience components.

 

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ID TECH Launches NEO 3 Platform of Products With the Release of the VP3350 Mobile Payment Reader

Newswire | July 04, 2023

ID TECH is proud to announce the launch of the NEO 3 Platform of Products with the release of the VP3350 all-in-one mobile payment device. The NEO 3 Platform of Products is ID TECH's next generation of payment solutions, featuring sleek and powerful products designed to serve multiple payment environments, including unattended, retail, restaurants, vending, parking, mobile, and more. The NEO 3 Platform of Products offers industry-leading technologies and features across a consistently high-performing platform of multiple state-of-the-art payment solutions. Featuring ID TECH's L2 common kernel, businesses that certify one product on the NEO 3 Platform of Products can adopt all NEO 3 products without having to recertify the others, effectively eliminating the extensive time and costs associated with multiple certifications for different products. ID TECH's NEO 3 Platform of Products includes the AP6800 Android-based unattended payment terminal, the Kiosk V unattended contactless reader, the VP3350 all-in-one mobile payment reader, the VP6825 unattended all-in-one payment terminal, the VP7200 contactless solution with QR scanner, and the VP8810 and VP8810P countertop payment terminals. "The launch of the NEO 3 Platform of Products brings to life the vision that our team has passionately shared," said George Jiang, Chief Technology Officer. "Today's release of the VP3350 is not merely the release of a single product, but the launch of an entire platform. ID TECH is continuing our tradition from previous generations of platforms, incorporating the latest and most advanced technologies while continuing to improve our platform design. The VP3350 marks the first of our NEO 3 products and will lead the way for many other innovative payment solutions to follow." The ID TECH VP3350 is a PCI PTS 6.X SRED all-in-one card reader that allows merchants to accept EMV contact, EMV contactless, and magstripe payments on mobile devices. Supporting all major contactless brand certifications, including American Express, Discover, Mastercard, and Visa, the VP3350 is ID TECH's latest and most robust mobile payment device. With Apple Lightning, USB-C, and Bluetooth connectivity options, the VP3350 provides flexibility to connect to a wide variety of mobile devices for any payment environment. The VP3350 became the first EMV payment device to achieve MFi Certification for Apple's Lightning Connector, ensuring proper compatibility with Apple devices that utilize the Lightning Connector. By integrating with a stand, the VP3350 can easily transform a mobile device into a payment kiosk or a countertop POS terminal. With multiple connectivity options, support for all common payment methods, and suitability for any payment environment, the ID TECH VP3350 is a truly versatile all-in-one mobile payment solution. "The launch of the VP3350 is monumental in that it delivers to the market the first of many solutions from ID TECH's NEO 3 Platform of Products," said Karen Roberts, Senior Vice President of Products. "The beauty of the VP3350 is that it fits the need of the growing mobile and tablet-based POS environment and is available in a variety of interfaces, making it a great fit for point-of-sale applications. ID TECH has listened to feedback from the market and is releasing a feature-rich solution that is already proving to be a critical piece in continuing ID TECH's reputation for quality, innovation, and payments expertise." About ID TECH ID TECH is a world-recognized leader in the design and manufacture of secure payment solutions, ranging from state-of-the-art contactless/NFC payment devices to EMV and Magstripe readers. For more than 30 years, ID TECH has built a reputation based on technical excellence, innovation, and a commitment to superior customer service. Headquartered in Cypress, California, USA (with additional engineering centers in Rocklin, California, Shanghai, China, and Taoyuan City, Taiwan), ID TECH is an industry leader in delivering payment solutions across the globe.

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Crypto Payment App, Oobit, Announces Fireblocks Integration Ahead of European Launch

Globenewswire | June 26, 2023

Oobit, a leading provider of cryptocurrency payment solutions, is pleased to announce its integration with Fireblocks, an easy-to-use platform to create new blockchain-based products and manage day-to-day digital asset operations. This collaboration marks a significant milestone for both companies as they join forces ahead of Oobit’s Crypto Tap-to-Pay launch in Europe & UK this summer. Oobit aims to bridge the gap between cryptocurrency and traditional finance to provide a solution that will allow the seamless adoption of crypto in everyday life. By integrating with Fireblocks, Oobit gains access to an extensive network of partners, protocols, banks, and ecosystems. "Our integration with Fireblocks not only opens doors for potential collaborations but also enables us to expedite the setup process with new partners. As Fireblocks is already integrated with major players in the market, we can seamlessly connect with these entities, eliminating the need for extensive integration efforts from scratch," said Amram Adar CEO of Oobit. Stephen Richardson, Managing Director, Financial Markets at Fireblocks, said, “We are excited to support Oobit’s vision of making it easier for users to pay with crypto with the launch of their new Tap-to-Pay feature. Fireblocks employs next-generation, institutional-grade technology so Oobit users can rest assured that their digital assets are safe and secure.” Fireblocks has established itself as the leading enterprise-grade platform delivering a secure infrastructure for moving, storing and issuing digital assets. With partnerships and integrations spanning across major players in the market, Fireblocks has earned the trust of over 1,800 financial institutions, having secured the transfer of over $4 trillion in digital assets to date. Oobit is a mobile payments app that provides a seamless crypto payment experience, comparable to Apple Pay but with crypto. With Oobit, users can conveniently make crypto payments anytime and anywhere by utilizing existing VISA/Mastercard POS terminals. Additionally, Oobit enables merchants to receive payments in their local fiat currency, eliminating the risks typically associated with crypto transactions. The feature is set to launch this summer, where European & UK Passport holders will be able to use the app for in-store transactions globally. Oobit technologies UAB, headquartered in Lithuania, strategically positions itself to access the vast and economically significant European market. With its presence in Lithuania, Oobit is well-positioned to offer its services throughout the European Economic Area (EEA) and beyond. The collaboration between Oobit and Fireblocks is expected to bring forth new opportunities and improved services for cryptocurrency users, further promoting the mainstream adoption and integration of digital assets. About Fireblocks Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks supports exchanges, lending desks, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. Fireblocks serves over 1,800 financial institutions, has secured the transfer of over $4 trillion in digital assets and has a unique insurance policy that covers assets in storage and transit. Some of the biggest trading desks have switched to Fireblocks because it's the only solution that CISOs and Ops Teams both love. About Oobit Oobit is a leading mobile payment app that offers a seamless way to pay with crypto both in-store and globally. Users can enjoy a crypto Tap-to-Pay experience as convenient and smooth as Apple Pay, utilizing existing Visa/Mastercard point-of-sale systems while ensuring merchants receive fiat currency. Since 2017, Oobit has been spearheading the mass adoption of cryptocurrencies as a means of payment for goods and services. The app is designed to provide a secure, practical, and user-friendly solution for individuals to effortlessly utilize their crypto in everyday transactions.

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Nuvei and Plaid extend partnership to new regions and eCommerce verticals

Globenewswire | July 19, 2023

Nuvei Corporation ,the Canadian fintech company, and Plaid, a data network that enables consumers to connect their bank accounts to more than 8,000 apps and services, announce today an extension of their existing global partnership to support a wider range of businesses with accepting bank-based payments for multiple use cases, including recurring payments and payouts, and to serve additional verticals within the eCommerce landscape, such as utilities and B2B. Nuvei and Plaid are also announcing an intention to scale their partnership globally before the end of the year. Nuvei’s global reach, including local acquiring in 47 markets, combined with the Plaid network which covers 12,000 financial institutions across the US, Canada, UK and Europe, will enable businesses in multiple regions across the globe to enhance their online checkout through offering best-in-class, pay-by-bank experiences. 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While bank-based payments are typically not guaranteed, the Nuvei, Plaid partnership offers merchants the ability to assess transaction risk in real time and reduce return rates through Plaid Signal, a network-based machine learning model. This includes confirming the consumer has available funds to complete a transaction, eliminating transactions that are falsely declined by banks and further benefiting top line performance. Historically, adoption of bank-based payments have been hamstrung by the cumbersome manual experience of entering account and routing numbers, as well as general security concerns around consumers providing sensitive bank details online. In the study conducted for Nuvei, 35% of consumers expressed security concerns as a key barrier to bank-based payment adoption. These hurdles are overcome with the Nuvei Instant Bank Transfer solution. Nuvei's Instant Bank Transfer combines Nuvei's speed of bank payment processing with Plaid's seamless and secure user experience for bank account linking, which has been used by approximately 1 in 3 US consumers with a bank account to connect to digital financial services. The combination of these leading technologies results in a consumer payment experience that is as easy as a click of a button, and merchants receive their funds instantly. Nuvei CEO and Chair Philip Fayer commented: “We want to support merchants with payment solutions with lower processing costs and quicker access to funds. Consumers are increasingly turning to online bank transfer payments, but their user experience has often been poor. Nuvei Instant Bank Transfer eliminates the barriers to adoption, democratizing this payment method for consumers and offering merchants a genuine revenue-driving alternative to card payments. 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Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 47+ markets, 150 currencies and more than 600 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration. About Plaid Plaid is a data network that powers the tools millions of people rely on to live a healthier financial life. Nearly 1 in 3 US consumers with a bank account have connected via the Plaid network, which covers more than 12,000 financial institutions across the US, Canada, UK and Europe, and connects to an ecosystem of more than 8,000 leading digital finance apps and services. Headquartered in San Francisco, the company was founded in 2013 by Zach Perret and William Hockey.

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ID TECH Launches NEO 3 Platform of Products With the Release of the VP3350 Mobile Payment Reader

Newswire | July 04, 2023

ID TECH is proud to announce the launch of the NEO 3 Platform of Products with the release of the VP3350 all-in-one mobile payment device. The NEO 3 Platform of Products is ID TECH's next generation of payment solutions, featuring sleek and powerful products designed to serve multiple payment environments, including unattended, retail, restaurants, vending, parking, mobile, and more. The NEO 3 Platform of Products offers industry-leading technologies and features across a consistently high-performing platform of multiple state-of-the-art payment solutions. Featuring ID TECH's L2 common kernel, businesses that certify one product on the NEO 3 Platform of Products can adopt all NEO 3 products without having to recertify the others, effectively eliminating the extensive time and costs associated with multiple certifications for different products. ID TECH's NEO 3 Platform of Products includes the AP6800 Android-based unattended payment terminal, the Kiosk V unattended contactless reader, the VP3350 all-in-one mobile payment reader, the VP6825 unattended all-in-one payment terminal, the VP7200 contactless solution with QR scanner, and the VP8810 and VP8810P countertop payment terminals. "The launch of the NEO 3 Platform of Products brings to life the vision that our team has passionately shared," said George Jiang, Chief Technology Officer. "Today's release of the VP3350 is not merely the release of a single product, but the launch of an entire platform. ID TECH is continuing our tradition from previous generations of platforms, incorporating the latest and most advanced technologies while continuing to improve our platform design. The VP3350 marks the first of our NEO 3 products and will lead the way for many other innovative payment solutions to follow." The ID TECH VP3350 is a PCI PTS 6.X SRED all-in-one card reader that allows merchants to accept EMV contact, EMV contactless, and magstripe payments on mobile devices. Supporting all major contactless brand certifications, including American Express, Discover, Mastercard, and Visa, the VP3350 is ID TECH's latest and most robust mobile payment device. With Apple Lightning, USB-C, and Bluetooth connectivity options, the VP3350 provides flexibility to connect to a wide variety of mobile devices for any payment environment. The VP3350 became the first EMV payment device to achieve MFi Certification for Apple's Lightning Connector, ensuring proper compatibility with Apple devices that utilize the Lightning Connector. By integrating with a stand, the VP3350 can easily transform a mobile device into a payment kiosk or a countertop POS terminal. With multiple connectivity options, support for all common payment methods, and suitability for any payment environment, the ID TECH VP3350 is a truly versatile all-in-one mobile payment solution. "The launch of the VP3350 is monumental in that it delivers to the market the first of many solutions from ID TECH's NEO 3 Platform of Products," said Karen Roberts, Senior Vice President of Products. "The beauty of the VP3350 is that it fits the need of the growing mobile and tablet-based POS environment and is available in a variety of interfaces, making it a great fit for point-of-sale applications. ID TECH has listened to feedback from the market and is releasing a feature-rich solution that is already proving to be a critical piece in continuing ID TECH's reputation for quality, innovation, and payments expertise." About ID TECH ID TECH is a world-recognized leader in the design and manufacture of secure payment solutions, ranging from state-of-the-art contactless/NFC payment devices to EMV and Magstripe readers. For more than 30 years, ID TECH has built a reputation based on technical excellence, innovation, and a commitment to superior customer service. Headquartered in Cypress, California, USA (with additional engineering centers in Rocklin, California, Shanghai, China, and Taoyuan City, Taiwan), ID TECH is an industry leader in delivering payment solutions across the globe.

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Crypto Payment App, Oobit, Announces Fireblocks Integration Ahead of European Launch

Globenewswire | June 26, 2023

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Read More

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Nuvei and Plaid extend partnership to new regions and eCommerce verticals

Globenewswire | July 19, 2023

Nuvei Corporation ,the Canadian fintech company, and Plaid, a data network that enables consumers to connect their bank accounts to more than 8,000 apps and services, announce today an extension of their existing global partnership to support a wider range of businesses with accepting bank-based payments for multiple use cases, including recurring payments and payouts, and to serve additional verticals within the eCommerce landscape, such as utilities and B2B. Nuvei and Plaid are also announcing an intention to scale their partnership globally before the end of the year. Nuvei’s global reach, including local acquiring in 47 markets, combined with the Plaid network which covers 12,000 financial institutions across the US, Canada, UK and Europe, will enable businesses in multiple regions across the globe to enhance their online checkout through offering best-in-class, pay-by-bank experiences. The growing demand for a streamlined user experience In recent years the demand for bank-based payments has grown steadily from both consumers and merchants. According to proprietary data compiled for Nuvei, bank-based payments is already the third most popular online payment method in the U.S. behind credit and debit cards, and almost a quarter (23%) of all U.S. consumers are considering using bank-based payments for general eCommerce payments in the next 12 months. This rises to 44% of all U.S. consumers that have chosen bank-based payments for any type of transaction previously. For merchants, the benefits of bank-based payments are clear and revolutionary. Faster settlement times, reduced disputed transactions, and reduced operating costs result in higher profit margins and accelerated revenue growth. Frictionless payment methods boost conversion rates, accelerating revenues even further. While bank-based payments are typically not guaranteed, the Nuvei, Plaid partnership offers merchants the ability to assess transaction risk in real time and reduce return rates through Plaid Signal, a network-based machine learning model. This includes confirming the consumer has available funds to complete a transaction, eliminating transactions that are falsely declined by banks and further benefiting top line performance. Historically, adoption of bank-based payments have been hamstrung by the cumbersome manual experience of entering account and routing numbers, as well as general security concerns around consumers providing sensitive bank details online. In the study conducted for Nuvei, 35% of consumers expressed security concerns as a key barrier to bank-based payment adoption. These hurdles are overcome with the Nuvei Instant Bank Transfer solution. Nuvei's Instant Bank Transfer combines Nuvei's speed of bank payment processing with Plaid's seamless and secure user experience for bank account linking, which has been used by approximately 1 in 3 US consumers with a bank account to connect to digital financial services. The combination of these leading technologies results in a consumer payment experience that is as easy as a click of a button, and merchants receive their funds instantly. Nuvei CEO and Chair Philip Fayer commented: “We want to support merchants with payment solutions with lower processing costs and quicker access to funds. Consumers are increasingly turning to online bank transfer payments, but their user experience has often been poor. Nuvei Instant Bank Transfer eliminates the barriers to adoption, democratizing this payment method for consumers and offering merchants a genuine revenue-driving alternative to card payments. Our partnership with Plaid makes online bank transfer payments even more seamless for millions of U.S. consumers, which is why we’re excited to be expanding our partnership to target a broader range of eCommerce verticals.” “The shift to bank-based payments is a natural, inevitable progression and will become a seamless part of most payments experiences in the next few years,” said John Anderson, Head of Payments at Plaid. “Plaid and Nuvei have a proven track record of helping companies streamline account funding experiences through bank transfers. We are excited to extend our partnership with Nuvei to bring safe, secure and seamless bank-based experiences to more companies and industries within the eCommerce realm.” About Nuvei Nuvei is the Canadian fintech company accelerating the business of clients around the world. Nuvei’s modular, flexible and scalable technology allows leading companies to accept next-gen payments, offer all payout options and benefit from card issuing, banking, risk and fraud management services. Connecting businesses to their customers in more than 200 markets, with local acquiring in 47+ markets, 150 currencies and more than 600 alternative payment methods, Nuvei provides the technology and insights for customers and partners to succeed locally and globally with one integration. About Plaid Plaid is a data network that powers the tools millions of people rely on to live a healthier financial life. Nearly 1 in 3 US consumers with a bank account have connected via the Plaid network, which covers more than 12,000 financial institutions across the US, Canada, UK and Europe, and connects to an ecosystem of more than 8,000 leading digital finance apps and services. Headquartered in San Francisco, the company was founded in 2013 by Zach Perret and William Hockey.

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