fintech | Biz Builder Mike

MetaBank Announces New Collaborations With Finix & TabaPay

September 22, 2020 by bizbuildermike

MetaBank, N.A. announced on Tuesday the expansion of its payments platform to include processors Finix and TabaPay. According to Metabank, Finix builds payments infrastructure for vertically-focused software providers and fintech companies. With Finix, businesses may own and monetize entire payments experience without having to build an in-house system from scratch or rely on third-party payment service providers.

Meanwhile, TabaPay is a card payments processor for fintech companies who want a simple and comprehensive solution to disburse, collect payments, and fund accounts in real-time. While sharing more details about the partnerships, Sheree Thornsberry, Meta EVP and Head of Payments, stated:

“Consumers are demanding seamless, faster payments across the board, and our partners wanted choices for processing these payments. We responded to that demand with more options than ever before, so that they can help businesses and consumers receive funds efficiently and effectively, all via the processor of their choice.”

Richie Serna, Finix CEO and Co-Founder, went on to add:

“We’re excited to partner with Meta, a leading provider of payments services, to help build out their faster payments platform. Faster payments enable merchants to respond with speed and flexibility to new market demands. With Meta, we will bring speed and innovation to even more businesses and consumers.”

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It is ignorant not to embrace crypto at this time, says Binance U.S. CEO

September 22, 2020 by bizbuildermike

Chief Executive Officer of crypto exchange Binance US branch, Catherine Coley, explained that businesses who adopt cryptocurrency may find it easier going forward in this pandemic period.

During an interview with Tracy Alloway and Joe Weisenthal on Bloomberg, she said cryptocurrencies can offer “uses beyond speculation” as investors can apply cryptocurrencies in real-world scenarios like driving new businesses and engaging in e-commerce transactions. She pointed out that startups that do not think about integrating digital assets into their systems will be ignorantly going about their business, particularly in the precarious period.

She also revealed that firms should learn a lot of lessons from cryptocurrency, as it has made conversations about money more accessible to professionals in the mainstream sector as well as more digestible for everyone. She also said crypto has made a lot of people stay off the streets, including her. There are loads of benefits to gain from the cryptocurrency and its industry. Although it is still underestimated, cryptocurrency has a huge role to play in the mainstream finance sector, she pointed out.

Coley has been serving as the chief executive officer of Binance US since last year. In August the exchange revealed that it has been granted full regulatory permissions to expand operations to Georgia, Alabama, and Florida. With the new legislation, the crypto exchange can make it easier for all crypto traders to enter the U.S. market by next year.

Bridging the gap between fiat and cryptocurrencies

Many market observers are taking Coley’s stance on the benefits of cryptocurrencies in the traditional finance market. The development of digital technology is moving at a high pace, prompting some crypto experts to believe cryptocurrency will become highly relevant in finance in the next few years. This is because there are several positive signs of transactions involving cryptocurrencies that are not seen with the Fiat currency. Apart from transaction efficiency, there is another benefit that cryptocurrencies will usher in more financial participation for everyone.

Coley is bemused that some companies are still skeptical about integrating cryptocurrencies into their platform even after seeing the immediate and future benefits of digital currencies.

Fintech companies should tap into cryptocurrency growth

The fintech project started some decades ago when the first credit payment credit card rolled out its services. And the invention of self-service devices, ATMs, and banks started moving the financial industry forward.

The financial sector has been affected by a series of innovations at different stages. Right now, cryptocurrency and Bitcoin is the rave of the moment. While some fintech firms are trying to work their way to integrate the digital currency, others are still backing out, fearing regulation concerns.

People lost confidence in the classical financial system after the 2008 global financial crises. Coincidentally, digital currencies were introduced at that period, which is quite different from the Fiat currency. Several experts have predicted that fintech companies who will take advantage of the present benefits of the cryptocurrency will reap the reward in the future, as the world changes its financial and monetary course.

It is ignorant not to embrace crypto at this time, says Binance U.S. CEO

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TotallyMoney Launches “Credit Assistant” Feature on Mobile App to Help Customers Improve Their Credit

September 22, 2020 by bizbuildermike

TotallyMoney, a UK-based fintech firm that helps its clients make better financial decisions by putting them right at the center of their credit data, announced on Tuesday it has launched a “Credit Assistant” feature on its mobile app to help improve credit scores and move its users towards a better financial future.

“Unlike other companies that offer a credit report, we’re taking things that much further by making financial data work for our customers. Our customers sit at the heart of everything we do, and it’s our commitment to interpreting their data in a way that’s meaningful for them that makes our service one of a kind.”

TotallyMoney further explained that Credit Assistant gives its customers a clear picture of how they use credit, what their latest activity means for their borrowing, and reveals the types of credit they’re using and their borrowing habits could be costing them more in their day-to-day expenses.

“With this knowledge, customers can make better borrowing decisions by avoiding high-cost lending practices and finding products that are better suited to their needs.”

As previously reported, TotallyMoney claims it has “shaken up” the credit industry by providing customers with a range of clear, simple-to-use services, such as their free credit report and analysis, which tells customers what their score is, why it is what it is, and how to improve it.

“TotallyMoney is using technology to redefine consumer credit. In 2017, we launched our free credit report and live credit score, helping customers get on top — and stay on top — of their credit. We’ve built an industry-leading suite of tools to explain to customers why they got their score, what it means, and how to improve it. TotallyMoney’s eligibility checks help protect our customers’ credit ratings by reducing the risk of being rejected for credit. We show customers their chances of being accepted before they apply, allowing them to make better informed financial decisions.”

The launch of the Credit Assistant feature comes just a little over six months after TotallyMoney announced it has signed up its three millionth customer since its launch in 2017. The company also secured a £5 million (appr. $6.5 million) investment from Silicon Valley Bank (SVB) in 2019.

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