Zoho Dives into FinTech with New Payment Gateway Launch
Hey, FinTech Fanatic!
Zoho is making waves in the payments sector with the launch of Zoho Payments, a unified solution designed to help businesses seamlessly accept online payments.
Zoho Payments offers secure transactions using cards, UPI, and over 35 net banking options. It aims to streamline checkout, reduce cart abandonment, and prevent revenue loss. The platform also features fraud management, transaction insights, refunds, and easy dispute resolution—saving businesses time and money.
Registered with NPCI Bharat BillPay, Zoho Payments can handle B2B payments and onboard users onto the BBPS network. Its integration with Zoho Books ensures smooth invoice and transaction sharing with partners.
With support for various payment methods like RTGS, IMPS, UPI, and NEFT, Zoho Payments automates data updates and reconciliation, reducing manual work. Bulk payment options further simplify the process for businesses.
Zoho’s FinTech debut is definitely one to watch. Stay tuned for more updates!
Cheers,
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FINTECH NEWS
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"We are shutting down a lot of our SaaS providers, as we are able to consolidate," he said on a conference call.
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🇦🇪 Aurem announces licensing by UAE’s Financial Services Regulatory Authority, marking a significant milestone in the company’s mission to connect the world for a better financial future. Access full article
🇺🇸 Unit introduces Business Continuity Tool, a suite of white-labeled digital banking experiences designed to help banks enhance their business continuity procedures and reduce operational disruption in the event of the failure of a third-party program partner—without being dependent on the partner.
🇺🇸 Nasdaq unit reaches $22M settlement with CFTC over supervision failures for allegedly misleading the public, regulators, and its own compliance staff about the details of a trader incentive program. Read on
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🇹🇷 Mastercard Lighthouse invites Turkish FinTech startups to the global stage. The program enables start-ups to connect with business partners and investors via Mastercard’s global network, while accelerating their growth through intensive training with Mastercard and industry experts.
🇺🇸 Invoiv.com launches to revolutionize cash flow management for Small and Medium Businesses. The platform offers comprehensive accounts payable (AP) and accounts receivable (AR) solutions, along with online invoice generation tools embedded with payment links, ensuring businesses get paid faster than ever before.
PAYMENTS NEWS
🇮🇳 Zoho forays into FinTech, rolls out Payment Gateway. According to media reports, the payment solution, Zoho Payments, gives end users a seamless checkout process, significantly lowering the cart abandonment rate and preventing revenue leakage.
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🇯🇵 JCB and BINDO launch world's first metal JCB card. In addition to its premium metallic feel and look, the Wonder x JCB Metal Corporate Card has various innovative and bespoke features, including: Fast Virtual Card Issuance, Beneficial Services, and other benefits.
🇺🇸 FinTech Affirm outpacing industry rivals, including Klarna, CEO Max Levchin said. Affirm had a "killer quarter" as the industry gets more competitive. Levchin joined Ed Ludlow and Caroline Hyde on "Bloomberg Technology," to discuss Affirm's latest earnings report. Watch here
🇬🇧 Payments regulator probes banks over APP fraud. The Payments Systems Regulator has hit firms with a letter to check whether they are ready for new rules that could force them to pay millions in compensation to fraud victims, Financial News has learned.
🇧🇷 PayPal joins group investing $15M in Brazilian startup. PayPal’s venture arm and other investors are injecting $15 million in Ume, a Brazilian payment services provider that caters to small and mid-sized merchants, according to a press release.
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REGTECH NEWS
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DIGITAL BANKING NEWS
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🇬🇧 NatWest banking app down as customers locked out. Users of NatWest and Royal Bank of Scotland banking apps were facing issues to access their accounts and transferring money. A message on the NatWest app stated “some kind of error has occurred” and “cannot establish a connection”.
🇪🇸 Digital banking services provider CaixaBank to expand mobile office services to enable financial inclusion in 800+ municipalities, “amounting to a 27% increase compared to the number of towns reached by the financial institution’s mobile offices service in the first six months of 2023.”
🇺🇸 Goldman, Nomura tap Meta Llama AI models. In the 18 months since launch, the mostly free open source Llama models have seen nearly 350 million downloads and been taken up several major firms, including in financial services.
🇺🇸 Goldman to lay off a few hundred employees in annual talent review, source says. Last year, the exercise reportedly resulted in 1% to 5% of Goldman employees losing their jobs. Over the years, the cuts done under Goldman's strategic resource assessment have fluctuated based on market conditions and its financial outlook.
🇬🇧 Allica Bank enters bridging market with Tuscan acquisition. Allica, which has been steadily expanding its commercial finance offering for its established business customers, will be able to leverage Tuscan’s existing bridging expertise and broker network.
BLOCKCHAIN/CRYPTO NEWS
Binance hiring 1,000 as compliance spending tops $200M. Chief Executive Officer Richard Teng, outlined the employment goals for the world’s largest crypto trading platform. The planned hiring spree also encompasses customer service roles, according to Teng.
🇬🇧 Wirex launches decentralized payment method, Wirex Pay. This blockchain-based payment method allows users to make transactions using cryptocurrencies at more than 80 million merchants in more than 200 countries, the company said in an Aug. 28 press release.
🇰🇷 South Korean tech giant Naver launches crypto wallet in partnership with Chiliz. With its new crypto wallet, Naver Pay Wallet, the company is offering a non-custodial wallet, meaning users directly control their private keys and digital assets.
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🇺🇸 NCR Atleos rolls out Bitcoin cashouts at ATMs in the US. The ATM firm plans to start the rollout in 30 states. It will only be available at ATMs that are ‘ReadyCode’ connected, where ReadyCode is a special API.
🇸🇬 Crypto.com bolsters transaction capabilities with Standard Chartered. Crypto.com’s launch of its global retail services seeks to accelerate the transferring of funds on the platform from more than 90 countries, improving on the efficiency and utility of the crypto-to-fiat, or fiat-to-crypto transaction process.
PARTNERSHIPS
🇮🇳 EbixCash & iPiD team to secure cross-border remittances for Indian students. This collaboration enables students and their families to verify names and bank account details of educational institutions and recipients in key destinations worldwide before making international payments from India.
🇧🇷 Ant International collaborates with Brazilian partners to drive financial jnclusion with innovative credit tech solutions. This collaboration aims to enhance the credit management capability and infrastructure efficiency for Dock’s clients, which include financial institutions, retailers, FinTech start-ups, etc.
DONEDEAL FUNDING NEWS
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MOVERS & SHAKERS
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🇫🇷 Arnaud Bouyer to join Barclays from GBL. Taking overall responsibility for the French investment banking business, Bouyer will work with Francois Baroin, chairman of Barclays in France and global chairman of investment banking, and Raoul Salomon, France CEO, as the firm continues to expand its business in the region.
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🇬🇧 UK’s Tandem Bank hires former JP Morgan exec Adi Kadle as director of engineering. Kadle says he plans to “help lead our journey in transforming our omni-channel strategy, including our app and website”. Read the full piece
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