Weekly news highlights 16 October 2020

Bravura Solutions, provider of wealth management applications software to the pension, investment management, and life insurance industries, acquired for £23m Delta Financial Systems, a software company providing pension administration services for the UK market. With this new purchase, Bravura Solutions will be able to expand its products and offerings on its Sonata platform and also its reach in the UK market. Read more

Chase, an U.S. consumer and commercial banking business of JPMorgan Chase & Co., launched new offerings for children accounts. With the new fee-free account, Chase First Banking, parents will be able to use the Chase Mobile app set allowances and assign chores, including how much kids will receive and when they need to be completed. Children are offered their own debit cards with a limited amount of spending established by their parents. Read more

Fiserv, a fintech company, launched an AI-based fraud detection system – Advance Defense – for card payments in order to combat illicit activities. Due to the fact that the payments ecosystem is continuously evolving, new opportunities for cyberattacks and fraudulent transactions are on the rise. By implementing anti-fraud systems, businesses can benefit and have increased revenue, better data access and more efficient operations for their cardholders. Read more

Ternio, a Georgia-based fintech platform built on top of blockchain technology, has become Visa’s first crypto-focused enablement partner for debit cards. With Ternio’s product, Visa will be able to give its customers more efficient interoperability between the different payment services and also connect the world of blockchain with legacy financial systems. Read more

The European Banking Authority is currently in the process of shifting its strategy for banking software assets. The new Regulatory Technical Standards (RTS) draft plans to let banks include software assets in their capital requirement calculations, encouraging banks to spend money on digitisation and cybersecurity. Read more

PayPal is currently following in the footsteps of Klarna and AfterPay, planning on introducing for the UK market a buy now, pay later shopping service. Users will be able to pay for their goods in 3 monthly, interest-free installments. The offering, PayPal Pay in 3, will be available on the consumers’ PayPal wallets, giving them the opportunity to manage transactions either online or on the PayPal app. Read more

The House of Representatives antitrust subcommittee’s report on Big Techs mergers presents numerous threats arising from these partnerships. However, the analysis has received backlash from the Big Four (Google, Amazon, Facebook and Apple), who see the report as a form of “misguided interventions in the free market”, failing to set clear boundaries for the types of companies that qualify for the new proposed regulations. As such, Microsoft was not included in the report analysis. Read more

Pennyworth, a digital bank aimed for young professionals and middle managers, is being launched as a project by two former Barclays executives. The neobank will focus on open banking and providing financial planning tools for clients, and also offerings in terms of savings and deposits, loans and overdrafts, suited for young professionals with complex financial needs. In this sense, Pennyworth will provide its customer base with personalized and customized financial services in a fast and efficient manner. Read more

Stripe, a technology company that builds economic infrastructure for the internet, is acquiring Nigerian online payments processing startup Paystack for $200m. For Stripe, the acquisition provides an opportunity to expand to other regions and focus especially on the emerging markets of Africa. With a market valuation now at $36 billion, Stripe reached with Paystack its biggest startup acquisition up to date. Read more

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