Fintech Talk: March 3, 2017
- Money transfer company, TransferWise announced the launch of a new service that allows users to send money internationally through Facebook Inc's chat application. Now, by just talking to a Facebook Messenger chatbot you can send money to friends and family anywhere and everywhere (well almost everywhere) and can also set up exchange rate alerts!
- Nineteen banks announced their efforts to take back the person-to-person (P2P) payments business by launching an app of their own, Zelle, halting the need for customers to use third-party payment apps such as Venmo. So far the banks which have teamed up to start Zelle, a website and app that will let users send and request money similarly to Venmo, include Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo.
- The real estate investment platform BrickVest announced it had raised an additional £2m, bringing the firm’s latest financing round to £4m. The London-based firm has created a pan-European online crowd investing platform that allows users to invest directly in real estate and actively manage these investments. It seems like this platform has the potential to disrupt the current model used to invest in real estate!
- The European Banking Authority (EBA) was inundated with complaints from industry participants on the PSD2 requirements for strong customer authentication on all payments under EUR10, forcing the authority to relax its proposed rules. The mandate has now been modified to raise the threshold to EUR30 for remote consumer transactions, although there would be no exemption for corporate payments. Our client Protiviti noted that, “the introduction of PSD2 opens up opportunities and creates new challenges. These opportunities and challenges are in tension with one another with the competing demands of ease of use, security and reliability being traded off against each other,” which could explain why the requirements have been relaxed.
- Online investment service Wealthify will be partnering with global data analytics company LexisNexis, in order to reduce the costs of compliance with anti-money laundering rules. According to Michelle Pearce, Co-Founder and Chief Investment Officer at Wealthify, LexisNexis Risk Solutions’ software streamlines the compliance process and strengthens the security of Wealthify’s funds.