Gemini, a cryptocurrency exchange and custodian, has expanded its partnership with Plaid in the US and the UK. The partnership lets Gemini users share account details with other services, including apps for financial planning, net worth calculations and tax advice.
The benefit to merchants of account-to-account (A2A) payments as an alternative to accepting debit cards is largely due to lower cost. A consumer protection regulation that covers most countries in Europe requires banks to provide access to bank account information for free.
The FICO Blaze Advisor decision rules management system has been used in a variety of markets including financial services and telcos for more than 20 years to automate the onboarding of new customers, support lending, facilitate insurance claims and other uses.
Processor SumUp, which handles transactions from four million small merchants in 35 countries, has raised $602 million (€590 million) last month in an approximately 50%-50% combination of debt financing and equity funding. The equity round was SumUp’s first in five years. The company’s valuation was placed at $8.16 billion (€8.00 billion).
Fighting fraud is expensive for online merchants. At merchants that sell physical goods, the combined cost of packaging and shipping, implementing fraud fighting technology, the internal staff needed to oversee questionable transactions as well as chargeback management and resolution can more than double the monetary value of the goods lost to criminals.
Card account processing and management services are available in Europe and the Middle East from Enfuce. The company opened for business in 2017 and handles credit, debit and prepaid issuing, processing, BIN sponsorship and fraud and dispute management in-house.
Behavioral biometric specialist BehavioSec operates within the Business Services group of LexisNexis Risk Solutions following its acquisition in May 2022. Terms of the deal were not disclosed. Sweden-based BehavioSec has clients in North America, Europe and the Middle East that use its behind-the-scenes passive biometric technology to protect against fraud tied to opening new accounts, takeover of existing accounts and other criminal scams.
Plaid announced support for crypto exchanges and investment platforms. Users will be able to link crypto account information with platforms used for financial planning, tax advisory and other services. The company currently connects to Binance.US, Gemini, Robinhood and SoFi. Connections to additional platforms, including Blockchain.com and BitGo, are planned for later this year.
Spectra Technologies, a Hong Kong-based payment terminal manufacturer, has launched a low-cost Android-based model called the Tap-POS. The device, which uses phone-type hardware, is primarily intended for contactless payments. It ships without magstripe or contactless chip readers.
Consumer, small business and commercial credit, debit and prepaid cards tied to the 50 largest issuers in Europe are ranked on pages 6 and 7. Those cards include Visa, Mastercard, American Express, Maestro, Diners Club, UnionPay and general purpose domestic-market-only brands.
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