Payments are becoming more real-time (TWIF 9/22)

Hello Fintech Friends,

For all our sins, it’s events season in the fintech world.

But this week also saw some interesting headlines - banks are increasingly launching products around enabling real-time payments and fighting fraud on RTP rails. Fintechs, meanwhile, are launching instant payouts using anything from stablecoins to Visa Direct. As real-time payment rails develop, it will be interesting to see if they embed the same functionality (disputes, escrow, insurance) and consumer features as cards.

We're excited to partner with a16z for NY Tech Week next month - we have one sponsor slot left, and would love to throw an event with you :) If you are interested, please reach out to [email protected].

And of course, join us at the Fintech Formal: fintechformal.com/rsvp

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

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Banks are increasingly innovating around real-time payment rails.

Nine European banks from six countries are joining forces to launch a new fraud-fighting tool for real-time payments.

HSBC launched HSBC TradePay, a document-free trade finance solution that enables clients to instantly drawdown trade loans and pay suppliers.

Mastercard partnered with Saxo Bank to launch an open banking account payment feature.

Standard Chartered spun audax, a new banking-as-a-service solution, out of its incubator.

Citizens Bank hired away the First Republic startup banking team to unveil a new startup-focused private banking group.

Visa’s credit card disputes keep rising to dovetail with the growth of e-commerce: the network recently passed 90 million annual disputes (when will real-time payment rails enable this?).

Deutsche Bank partnered with Swiss crypto infrastructure firm Taurus to manage cryptocurrencies.

Finastra partnered with financial crime platforms Fincom and ThetaRay to offer pre-packaged compliance screening for banks delivering instant payments. Finastra also signed a deal with Microsoft to modernize its trade platform.

Citi joined the BondbloX Bond Exchange for issuing blockchain bonds.

Goldman Sachs fired the head of its transaction banking business.

Brex launched an AI expense assistant for businesses:

Everyware launched instant payouts using Visa Direct. The UK's SumUp also launched an instant payouts feature.

Episode Six launched buy-now-pay-later for businesses.

Philippines fintech Salmon launched a new line of credit for customers.

Revolut launched its RevTag challenger to SWIFT for cross-border payments.

Flex (formerly Flexbase), launched a new super app for business owners.

Trading platform Stocktwits launched a new options trading tool.

Stripe launched a set of upgrades to its checkout flow.

Small business banking platform Novo launched new invoicing features.

Document-scanning platform Ocrolus launched a new automated document processing offering.

Genesis Global launched a bond market solution for asset managers.

Jack Dorsey is stepping back in to take the reins from the head of Square's merchant business.

Rapyd expanded its card acquiring service to Singapore for small businesses. Revolut is on a hiring drive to expand its mortgages product in Europe. Ebanx, meanwhile, expanded to 8 more African countries and 2 more Latin American ones.

Apple brought its tap-to-pay wallet functionality to Brazil using local fintech Cloudwalk.

Trading platform eToro will offer crypto services across Europe, on the heels of its new Cyprus license.

Gemini announced that its Earn product users may be able to expect nearly a full recovery of assets.

ClearBank announced 144% revenue growth in H1 2023 to almost £50 million.

HSBC partnered with international credit scoring provider Nova Credit to allow immigrants to include their international credit histories when applying for a new card.

Tuum and Paymentology partnered on a card payment processing and core ledger solution for the European and Middle East markets.

Noda and BVNK partnered on open banking stablecoin payments.

Paysend and Visa announced a five-year extension to their global money movement arrangement through Visa Direct.

Mexico's Credolab partnered with Circulo de Credito for credit-scoring, fraud, and risk solutions.

Swift partnered with Wise to enable better cross-border payments.

Payroll platform Deel changed its terms of service, cutting off 'high risk' sites.

Banking-as-a-service platform Solid reportedly faked revenue numbers, leading a special committee to be appointed to investigate.

Revolut missed its annual accounting deadline for the second year in a row.🤨

The SEC is coming after Binance's US arm for its lack of secure crypto custody and asking courts to inspect the firm and has warned that more charges are coming for crypto and DeFi providers.

Rent-to-own platform Divvy Homes is going through its third round of layoffs in just a year.

Australia is suing crypto platform BitTrade over its margin trading product.