Real-time cross-border payments are becoming the new norm (TWIF 8/30)

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Please enjoy another week of fintech and banking news below. (👍👎 Have feedback for us? Let us know!)

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Sydecar builds tools that remove the headache of organizing private investments for investors so they can focus on making deals. The team is looking to hire a Sr. Tax Manager for $150-175k per year.

Share your job with 2,000+ fintech people in our Slack #hiring-and-jobs channel.

Singapore's DBS Bank completed a pilot to use blockchain for programmable government grant disbursements to businesses.

British bank NatWest partnered with card network Visa to launch a new travel rewards credit card, available in the UK for NatWest customers.

China’s use of the renminbi in cross-border transactions reached record highs this year, as it diversifies away from the dollar:

Commonwealth Bank of Australia rolled out near real-time cross-border payments to businesses and consumers receiving international payments from American bank BNY.

The UK plans to delay its next wave of bank reforms until January 2026.

Revolut signed a global partnership agreement with Visa Direct to offer its customers instant card-based cross-border business transactions.

Nationwide banking customers in the UK were notified that their faster payments will be delayed.

TD Bank is provisioning $2.6 billion in anticipation of anti-money laundering penalties.

Banking-as-a-service provider Unit* launched support for wallets, a way for customers to move and store money for use cases that do not require a traditional bank account.

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Business payments provider Conotoxia introduced multi-currency cards, which can be used to pay in more than 160 currencies.

European stablecoin payments provider Banking Circle launched Eurite, a euro-backed stablecoin.

Canadian business banking platform Vault* launched automated vendor payment functionality designed to increase payment accuracy with enhanced accounting software integrations.

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Buy-now-pay-later giant Klarna made an adjusted operating profit of $66.1 million in the first six months of the year; revenue also grew 27% year-over year. The company continues to augment and replace more business functions using AI.

Meanwhile, rival BNPL provider Affirm's shares jumped 34% as it reported a per-share loss of 14 cents, while analysts were expecting a loss of 51 cents per share.

Now that third-parties are allowed to develop apps that leverage the iPhone's contactless NFC payments in Europe, PayPal plans to build a mobile wallet with physical payments capabilities for users. PayPal's stablecoin, the PYUSD, also recently crossed $1 billion in market cap. You can see our breakdown of the company's strategy – and where they're headed next – below:

Embedded finance platform Liberis is partnering with buy-now-pay-later provider Sezzle to promote Sezzle Capital, which makes loans to small to medium-sized businesses.

PrizePool, the provider of a lottery-based savings app, will reportedly shut down.

Kentucky regional bank First & Peoples Bank is facing tens of millions of dollars in loan write-downs from its relationship with fintech US Credit.