The word “fintech” is derived from “financial technology” which means the integration of technological tools and innovations into financial operations in order to enhance and automate the financial processes. Fintech is used to assist financial institutions, businesses in the management of their operations to provide better services to their customers. As the industry of fintech is actively evolving, there is no surprise at all that the news from this sphere can attract wide attention.
Adoption of fintech by a company would mean a significant change to their mode of operations as it involves the use of specialized algorithmic models, mobile applications and dedicated computer software packages.
At its initial introduction stage, companies from a range of industries including banking, education, fundraising, health, venture management, etc. only used fintech for back end systems where they get absolute and full control. Nowadays, most industries have started using the innovation for consumer-oriented services in an attempt to serve their clients better while increasing the transparency in their operations.
As we move towards a significantly digitized world, from the introduction of the internet to social media, smartphone evolution and now blockchain technology, the need for adoption of cryptocurrency cannot be overemphasized. As the underlying framework of pioneer cryptocurrency bitcoin, the blockchain is a vital part of fintech. We’ve seen a number of blockchain-powered fintech apps being employed by banking industries and data inclined platforms.
Fintech has become a major part of the finance space in recent years, this points to the fact that major conglomerates have identified and prioritized its importance in growing their businesses. Fintech works closely with other new technologies such as data-driven analytics and marketing, machine learning, artificial intelligence, etc.
Coinspeaker presents the best and latest Fintech news, ranging from its use in cross border payments, startup business fundraisers, venture management, credit application, to remote banking, as investors and stakeholders’ awareness about the innovation continues to rise daily.
Ripple says that the future of payments will be commanded and shaped by emerging technologies. The company is said to be fully prepared for this future.
Visa, BNP Paribas and a number of other prominent companies have just backed payments startup Currencycloud that powers popular fintech apps like Monzo and Revolut.
Having received big-fat funding last year, Ripple is all geared up to expand its XRP payments network globally. The company is in talks with commercial banks and financial businesses willing to adopt its solution.
The partnership between BitPay and Simplex will facilitate the process of purchasing cryptocurrencies within the BitPay app.
Mastercard has partnered with SoFi, a digital personal finance company, in a program expected to benefit SoFi’s almost one million customers using their cash management accounts.
Within the partnership, UnionPay cardholders will be able to add their UnionPay cards to PayPal accounts and use them in countries where PayPal is accepted.
Two new partners, Bottomline Technologies and Tranglo, are currently working on integrating Ripple’s technology for their cross-border payments. The U.S. Treasury might also be supportive.
As BitPay officially launched support for XRP, eGifter and CareUSA were announced among the first merchants to accept XRP as a payment method.
MoneyGram has unveiled its strategic partnership with UAE-based Lulu Exchange in a move that will enable it to gain ground in the Oman and Asian-Pacific markets.
During the first day of WEF 2020 at Davos, the U.S. Treasury Secretary acknowledged the demand for faster cross-border payment solutions and said that the U.S. will support companies like Ripple offering such services.
The group of the biggest world’s banks led by the Bank of England will investigate the economic benefits of a central bank digital currency (CBDC).
In a short time, Visa has announced major investments in fintech startups Plaid and VGS. Let’s find out what plans for working with them Visa might have.
Amazon, an e-commerce giant, is reportedly working on the solution that will offer customers a possibility to pay for purchases with their hands instead of traditional credit cards.
Ripple has highlighted the poor state of the remittance market in the Asia-Pacific region. The company has announced that it will spread there in 2020 beginning with Thailand.
Now Amazon, Burger King, GameStop, DoorDash, Domino’s, and Home Depot will support gift cards purchased on BitPay using XRP.