Weekly News Highlights – 1 September 2023

Stay up to date with the latest news from fintech! This week, we bring you updates on tech launches, cybersecurity, new entries, acquisitions, and more. Enjoy reading!

Half of Klarna employees using ChatGPT Enterprise (Finextra)

Klarna has become an early adopter of the enterprise version of Open AI’s ChatGPT, with half of the BNPL giant’s workforce now using the technology. Klarna was one of the first firms out of the gate when the ChatGPT generative AI bot was released earlier this year, building a plugin to provide shoppers with personalised product recommendations. Now the Swedish firm is taking advantage of ChatGPT Enterprise – which offers higher speeds, better availability and enterprise-level data security – for internal use. Read more

Visa and Mastercard plan credit card fee increases – WSJ (Finextra)

Mastercard and Visa are preparing to raise credit card fees in a move that could cost merchants an extra half a billion dollars a year, according to the Wall Street Journal. The hikes are set to come in October and April, with many of the rises targeting online transactions, says the Journal, citing sources and documents. Consulting firm CMSPI says the rises could add $502 million a year to merchant costs. In 2022, US merchants paid Visa and Mastercard $93 billion in credit card fees, according to the Nilson Report. Read more

Trustly acquires SlimPay (Finextra)

Swedish open banking and payments firm Trustly has acquired A2A-based recurrring payments platform SlimPay in a deal believed to be worth €70 million. The combination will add to Trustly’s existing Direct Debit capability in the UK – achieved through last year’s acquisition of open banking vendor Ecospend – and Sweden, and provide a pan-European recurring payments service for merchants and consumers across the continent, including Germany, France, Spain and Italy. Read more

Open Banking surpasses 11.4 million payments (The Paypers)

UK-based Open Banking Limited has revealed that financial technology Open Banking has surpassed 11.4 million payments in July 2023.When compared to June 2023, Open Banking experienced a 9.3% increase in total payments, which showcases a growing trend in the system’s adoption. When it comes to year-to-date (YTD) data for 2023 vs. 2022, Open Banking LTD observed a 102.4% growth in total payments. This kind of growth can be seen as a testament to Open Banking’s important role in supporting financial inclusion, innovation, and consumer empowerment. Read more

JP Morgan increases stake in Brazilian bank C6 (The Paypers)

JP Morgan has announced the increase of its stake in Brazil-based digital bank C6 to 46 percent, without disclosing any of the financial terms and conditions. Following this announcement, JP Morgan and C6 did not disclose any other information on a valuation in their agreement made back in 2021. According to JP Morgan insiders, the investment in the C6 Bank represents an important part of the lender’s global expansion strategy. Read more

London fintech Wise accused of ‘inappropriate’ controls over Russia financial sanctions (Evening Standard)

Days before the planned temporary depature of its CEO, London fintech Wise has been accused of ‘innapropriate’ controls over financial sanctions rules by a government watchdog. Wise permitted a cash withdrawal held by a company owned or controlled by a person under the government’s Russia sanctions list in late June, according to the Office of Financial Sanctions Implementation (OFSI). The £250 cash withdrawal, while small, was considered a “moderately severe” breach of the sanctions rules, according to the OFSI, though it did not issue a fine. Read more

PandaDoc acquires Denario: A leap in payment workflow for startups (Fintech Global)

PandaDoc, a digital document automation software company, has announced its acquisition of Denario, a renowned FinTech startup. The merger promises to transform the realm of integrated payment operations. PandaDoc aims to elevate integrated payment operations through this acquisition, with aspirations to offer an extended feature set to its clientele, according to a report from Startbase. Although the exact value of the deal hasn’t been disclosed, its strategic intention is evident. PandaDoc operates in the digital document automation space, streamlining document processes for businesses. Read more

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