Wednesday , October 28, 2020

Visa Backs Currency Cloud and other Digital Transactions News briefs from 1/27/20

  • Visa Inc. is among backers of an $80-million investment in Currency Cloud Ltd., whose software runs cross-border payments for financial apps, primarily in Europe. The funding round, co-led by Visa and SAP’s venture-funding unit Sapphire, included backing from Google. The funding follows Visa’s $5.3-billion deal to acquire Plaid, whose software enables fintechs to connect to users’ bank accounts.
  • ransomware attack on the city of Dunwoody, Ga.’s computer systems is expected to cost the Atlanta suburb at least $80,000, a local newspaper reported.
  • Iguazio Ltd. announced that payments provider Payoneer Inc. has selected its machine-learning platform to help predict and prevent fraud.
  • Remitly Inc., whose mobile-payments service allows users to make international remittances, announced a deal with Chinese mobile-payments provider Alipay in which Remitly users will be able to send money that can then be received by Alipay users within the Alipay app.
  • Skrill USA Inc. launched the Skrill Visa Prepaid Card for consumers using its digital wallet. The card enables U.S. consumers to draw on their Skrill account balances for in-store and online purchases, and cash withdrawals. Skrill USA is not affiliated with Skrill Ltd. outside of the United States, which is owned by Paysafe Group.
  • In a speech, Ripple Labs Inc. chief executive Brad Garlinghouse hinted Ripple could be among initial public offerings for cryptocurrency companies in 2020.
  • Financial Data Exchange LLC (FDX), a non-profit founded in October 2018 that oversees an application programming interface and technical standards governing control, security, and transparency in the exchange of financial data, said 25 new organizations have joined FDX, including Discover Financial Services and credit-reporting agency TransUnion. FDX now has 82 members and says 8 million of their customers use the API.
  • Mercator Advisory Group released its “Digital Gift Cards: U.S. Market, 2019,” report that found digital gift card fraud amounts to $950 million in annual losses.

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