Three bank technology vendors CFM, NXTsoft, and IMM have merged to form a single company: Kinective. The new firm will provide application programming interfaces and workflow and analytics software to banks and credit unions. It is a product of IMM, an electronic signature vendor for financial institutions; CFM, which helps financial institutions integrate branch hardware such as cash recyclers and self-service kiosks with their core systems, and NXTsoft, a “connectivity as a service” firm that connects financial institutions and fintechs using APIs. Kinective is the force multiplier financial institutions need to scale transformation efforts faster by integrating fintechs and banking cores.
Breef launches Breef(Pay), a BNPL for brands to pay agencies for marketing spend
Breef has launched Breef(Pay), powered by Tranch, a payment infrastructure that allows brands to invest in agencies now and pay overtime. Breef users can now pay on their terms for up to $500,000 in agency marketing spend over 2 to 12 months. By partnering with Tranch, a market-leading B2B flexible payments platform, Breef is an end-to-end “find and pay” agency growth platform. Breef(Pay) provides the financial flexibility to prioritise marketing projects without jeopardising quality or spending. Brands no longer must compromise on strategic marketing and growth goals. Instead, businesses can spend more over time with multiple agency partners and be rewarded through a market-first initiative to regenerate budgets based on marketing success. For Breef’s agency community, this means more project opportunities and payment security.
Facctum enables low-latency payment screening and infinite scalability for real-time risk detection
Facctum announces the release of a new payments screening technology, FacctShield. FacctShield combines Facctum parallel processing technology with its cloud-native risk detection technology. This approach delivers low-latency payment screening and infinite scalability that is ready for true real-time risk detection. The pairing of these technologies also provides payments industry operators with the compliance and operational agility to respond quickly and effectively to high-frequency, high-impact regulatory obligations. FacctShield uses patented risk-matching technology that gives industry high levels of efficiency, resulting in strong detection performance, while minimising missed payment cut-offs and customer friction
Spreedly’s payments vault melds lifecycle features, network tokenization and active management
Spreedly has launched a payment vault solution that improves transaction success. Advanced Vault combines modern lifecycle features and network tokenization with active management to optimize how payment methods are stored, refreshed and used. Spreedly’s Advanced Vault monitors and maintains payment methods to eliminate overpayment for unnecessary account updates, reduce duplicate payment methods, improve data quality, automate best practices in vault management and decrease transaction decline rates. The product keeps card details up to date, manages payment methods and expands payment attributes. It is meant to help customers reduce the costs of their current payment retention methods that require payment teams to create and manage the optimization process themselves.
Payrails is building an OS for complex multiprocessor payments flows, ledgers and automations
Startup Payrails, has developed a framework to build and operate more stable enterprise payment services. Designed as a kind of “operating system” for payments — or a “SAP for payments”, as Payrails says, to really drive the idea of its composability — the idea is to offer customers a range of services in three distinct categories: Payments (covering smart payment routing, auto retries on failed payments, customizable check-out); Ledgers (related to how funds are split or merged); and Automations (for reconciliations, running simulations on services, anomaly detection and analytics). “Enterprise customers require a high quality, reliable payments product that can manage complex money flows, increasingly in a multiprocessor environment”
Fintechs’ reliance on payment networks has increased; seek flexibility and innovation : Discover’s survey
Fintechs are dependent on payments networks, with 93% saying the current economic environment has increased their business’s reliance on payments networks. Fintechs are looking for payments partners who are flexible (44%) and innovative (44%). Fintechs also say they benefit from payment networks the most through financial investment (42%), access to customers (38%), and technology enablement (38%). As the industry continues to innovate, fintechs are considering the impact of emerging technologies on their business – 91% of respondents believe real-time payments are relevant and 85% believe open banking is relevant.