Mastercard dives into Open Banking with Aiia buyout

Key Insights and Signals in Banking & Financial Services

Mergers and Acquisition  
Community Bank N.A. to acquire Elmira Savings Bank
The parent company of New York-based Community Bank N.A. has agreed to acquire Elmira Savings Bank in an all-cash deal valued at approximately USD 82.8 Mn. The merger is expected to close in the first quarter of 2022, subject to regulatory approvals and customary closing conditions. Read More>>
Southern California Bancorp completes acquisition of Bank of Santa Clarita
The acquisition, which was first announced earlier this year, was concluded following the receipt of the requisite approvals from the shareholders of Southern California Bancorp and the shareholders of Bank of Santa Clarita and the requisite regulatory approvals. Read More>>
Houlihan Lokey acquires GCA Corporation
The acquisition followed the successful completion of a tender offer process resulting in the firm acquiring approximately 90% of GCAs common stock. Houlihan Lokey will now seek to acquire the remaining GCA shares, which is expected to be completed before the end of 2021. Read More>>
Mastercard’s acquisition of Aiia indicates open banking’s bright future
The acquisition of Danish fintech Aiia is the second sign in a few months that open banking is entering a new phase. Mastercard’s takeover of Aiia – previously the Nordic API Gateway – for an undisclosed sum further confirms that the Nordic region is blazing a trail in a critical segment of the fintech sector. Read More>>
IPO-bound Paytm acquires lending startup CreditMate
Paytm has acquired a 100% stake in digital lending startup CreditMate for an undisclosed amount. The Paytm Group had previously invested an undisclosed amount in the startup in 2017. CreditMate is a collection platform that helps lenders to collect overdue payments from borrowers. Read More>>
FinLync partnered with Standard Chartered to accelerate the adoption of API
The partnership will enable corporate treasury and finance teams to connect rapidly to Standard Chartered’s API offerings via FinLync. By partnering with FinLync, the bank can support its clients in making the shift to real-time treasury and significantly increasing working capital efficiency. Read More>>
Mastercard welcomes NymCard as its newest Network Enablement Partner
As a Network Enablement Partner, NymCard gets direct connectivity with Mastercard, providing it with privileged access to Mastercards core assets: network, reach, solutions, and information to unlock opportunities for disruption, transformation, and growth within the digital payments ecosystem. Read More>>
Mastercard ties up for easy digital remittances via Lulu app
Mastercard recently collaborated with UAE-based financial services provider Lulu Exchange in a bid to enable seamless, safe, and accelerated remittances through the Lulu Money mobile app for UAE customers. Read More>>
Paysend partners with Flinks to expand funding options for Canadians
Paysend selected Flinks not only for its robust technology but to further its commitment to Canada. Flinks recently received USD 103 Mn in funding from the National Bank of Canada. Read More>>
KBC taps Personetics to drive customer insights
KBC partnered with Personetics to boost digital customer engagement and financial wellness. The companies will be working together to deliver multi-lingual, proactive, data-driven solutions to increase customer engagement on KBC’s mobile application to meet customer needs. Read More>>
Executive Movement 
Robeco elevates the new CEO from within
Ms. Van Baardwijk, currently the firm’s deputy CEO and chief operating officer, will succeed Gilbert Van Hassel as the new CEO of the firm. Karin has shown robust and inclusive leadership and management skills in her current role as COO and deputy CEO. Read More>>
UCO Bank to get a new Managing Director
The government is considering appointing Soma Sankara Prasad, the deputy managing director of State Bank of India, as a new MD of Calcutta-based UCO Bank. According to sources, since Prasad was on the reserve list for the appointment of the MD of Indian Bank, he has been recommended to head UCO Bank. Read More>>
James Lowry departs State Street
James Lowry has left his role as Chief Operating Officer (COO) of State Streets Alpha solution to become COO at Janus Henderson Investors. Lowry, who began the Alpha role in January 2020, has left the bank after more than 11 years of service. Read More>>
Ibotta names Valarie Sheppard and Amanda Baldwin to the Board
The company announced two new additions to its board of directors: former global head of P&G’s finance and treasury team Valarie Sheppard. In conjunction with Sheppard’s appointment, Ibotta also expanded its board strength with Amanda Baldwin’s onboarding. Read More>>
Deals and Deal Renewal
Woodforest National Bank picks Repay for clearing, settlement processing
Repay’s solution will provide services such as boarding APIs, merchant billing options, online chargeback and dispute processing, and next-day funding while complying with PCI-DSS. Repay will also offer high-touch service, a payments engine, and reporting software to deliver accurate and speedy transaction processing. Read More>>
U Gro Capital signs co-lending agreement with IDBI Bank to support MSMEs
The partnership will provide formal credit facilities to small and medium businesses at affordable rates, in addition to Data Tripod, the platform’s digital technology platform.  The partnership is focused on addressing the capital needs of small businesses operating in select sectors by providing customized loan solutions. Read More>>
Visa is building a payment channel network on Ethereum
The company is showing clear investment in becoming a leader of payment processing through central banks via crypto. Ethereum test net is host to Visa’s first take at a Universal Payment Channel protocol. Visa has shown a clear favorite in Ethereum and is utilizing the chain once again with the Universal Payment Channel. Read More>>
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Latest Industry Insights from Draup Braindesk

Banks are trying to reimagine the in-branch customer experience by digitalizing the branch premises, reducing human-based interaction, and automating transactional workloads. 

  • HSBC deployed Pepper, a humanoid robot, to assist the in-branch staff in attending to the customers, providing them basic information, and routing them to the relevant branch staff to carry out the desired service. 

  • Standard Chartered’s Express Banking Centre is now equipped with a full range of automated banking machines, including an Internet kiosk to make banking even easier that is available 24 hours a day, seven days a week. 

  • Schroders developed the SchrodersLink web portal for clients to access their accounts and use them to view their portfolios from anywhere at any time. 

The current scenario of COVID-19 has forced the banks to rethink their existing legacy architectures and accelerate their strategies to digitalize banking operations. 

  • Barclays partnered with Paypal for Ewallet, enabling Barclays’s credit and debit cards to connect to a PayPal wallet and make payments. 

  • Standard Chartered launched DigiSmart, a virtual debit card that allows customers to transfer money using a phone number and email address. 

  • Royal Bank of Scotland has launched an innovative payment device named Tyl that enables small businesses to accept Chip & PIN, contactless and telephony payments either in-store, over the phone, or online using a mobile terminal. 

As the bargaining power of customers is increasing due to the entry of Neo banks and other banking substitutes, providing a better customer experience (CX) is the only imperative for incumbents. 

  • Barclays developed a blockchain network that allows users to undergo one-time KYC verification on an on-demand basis progressively. 

  • Lloyds Bank developed a Voice ID system that enables customers to use their voice to verify themselves when banking over the phone. 

  • Bank of Ireland has launched a mobile banking app for customers, allowing users to access a range of payment options like direct debit and standing order services. 

Key Funding Alert

Nuula raises USD 120 Mn to build a financial services “super app” aimed at SMBs 
The funding is coming in the form of USD 20 Mn in equity from Edison Partners and a USD 100 Mn credit facility from funds managed by the Credit Group of Ares Management Corporation. The funding will be used to fuel the launch of its app and first product, a line of credit for its users. Read more>>

Startup Spotlight

Company –  Rize 
Total Funding  USD 13.4 Mn
About: Rize builds customer-centric financial applications for Fintechs, incumbents, and non-financial brands. Rize’s patent-pending Synthetic Account technology seamlessly integrates checking, saving, and individual brokerage with one flexible platform. It enables Fintechs, financial institutions, and brands to build across multiple account types with one API. Read more>>

Latest Reports Published in Draup

Wells Fargo Account Intelligence Report: Wells Fargo focuses on enhancing security for business customers and reduces payment issues by tracking cross-border payments. The company also launched Clear Access Banking, which gives customers comfort through payment access and digital banking experience & services. Read More>>
HSBC Holdings Account Intelligence Report: HSBC Holdings is expanding global and commercial banking services by focusing on emerging climate solutions, interactive analytics portals, blockchain technology, transactions services, and foreign exchange services-related engagements. Read More>>
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