High street bank NatWest begins trials of a biometric credit card. To make a contactless payment, the account holder presents the card to a terminal together with his or her fingerprint verification. A green light on the card confirms the transaction – which may be for up to £100 (compared to the current £30 limit). Finextra.
Biometric verification for transactions seems to be the way of the future. They are user-friendly and straightforward, without the hassle of a PIN to remember, and customers appreciate the heightened security. By charging for the service, banks can increase their revenue. The value of individual transactions can be raised; and the use of biometrics helps banks to stay ahead of the competition. Fintech Times.
Investors just love the rewarding combination of technology and finance. While major banks and tech giants are posing a higher and more significant threat to Fintech start-ups, the latter are looking further afield for investment in new markets. Bloomberg.
The US stock trading Fintech start-up Robinhood has launched a savings account – complete with a debit card – offering 2.05% interest. It follows a doomed attempt almost a year ago when regulatory authorities curbed its efforts to launch a current account. Finextra.
Delegates to a Fintech conference in Scotland have been urged to get to grips with the complexities of modern banking systems and their regulation. That is essential to Fintech start-ups staying “super focused” on solving customers actual problems, rather than looking for that “Eureka moment” out of the blue. Scotsman.
Investment in Indian Fintech start-ups has reached a total of $3.7 billion so far this year. Most of that funding has found its way into supporting alternative finance and investment. An estimated 100 million people in India are already using digital payment apps. PYMNTS.
US-based Fintech Next Insurance has joined the much-vaunted Unicorn Club – of companies valued at more than $1 billion – thanks to a $250 million investment by German reinsurance multinational Munich Re. The latter now owns 27.5% Next Insurance shares. Business Insider.
Another member of the Unicorn Club, London-based Fintech Checkout.com, is growing so fast it has already outgrown its current headquarters and has moved into new offices in the capital. It has engaged 100 extra staff to help run its payments processing in 150 currencies, major debit and credit cards, and other payments processors such as PayPal and Apple Pay. Business Cloud.
UK-based Fintech Kantox has sealed a partnership with US banking giants Citi Bank. Although the bank already has its own foreign currency trading and payments platforms, the partnership promises to deliver further leads for a range of Kantox’s automated features, including dynamic hedging. Fintech Futures.
The third-largest Fintech company in the world, cloud banking specialist Finastra, has struck a deal with RippleNet to tap into the latter’s worldwide blockchain payments network. Thanks to the partnership, it is claimed that moving money across borders has just become cheaper, faster and more reliable. Finextra.