Our hosts, Simon Taylor, Sam Maule and Sarah Kocianski are joined by great guests in three groups.
Group one: Courtney Kelso Senior Vice President at American Express, Samant Nagpal Global Head of Amazon Business Payment Products at Amazon and Mark Heimbouch COO at Worldpay
Group two: Shannon Johnson Group President of Financial Institutions at Cardlytics and Ken Lin Founder and CEO at Credit Karma.
Group three: Ian Ormerod Head of New Digital Business at BBVA and Matt Loos Senior Product Manager for Global Wholesale Payments in Treasury Services at JPMorgan Chase.
First up, we have group one to talk about the American Express and Amazon partnership for co-branded business cards. Amazon Business and American Express will announce the launch of the Amazon Business American Express Card, a tool designed to change the way businesses buy online on October 23. Card Members can choose between cash back or instantly qualify for an interest free payment term to help with working capital or cash flow. American Express and Amazon are thrilled to offer a solution that puts the power of big business into the hands of small business owners.
Verifone and Worldpay Introduce EMV-Grade Contactless Solution at Jimmy John’s. Piloting a new EMV-grade contactless payment acceptance solution at Jimmy John’s (a fast food sandwich chain, a bit like Subway, for all our international listeners). By combining Worldpay’s ultra-fast and highly-secure processing services with Verifone’s Engage P400 device, Jimmy John’s will deliver more convenient, powerful and flexible payment options to its customers. Jimmy John’s are the guinea pig/ early adopter for this initiative - combining faster payments and with fast service and fast food.
Next we have group two to talk about, Lenders share their underwriting secrets with Credit Karma. Ken broke this news story on the Avant Garde stage here at Money2020 right before our show. Credit Karma CEO Ken believes that within just a few years, computers will help optimize and execute these financial decisions for us. Will cyber risks derail consumer trust and hinder the rise of autonomous finance? Or will advanced data science enable the masses to benefit from the type of specialized financial advice and services previously only available to the super rich.
Finn AI closes $11 Million Series A financing. Finn AI today announced it has completed a $11 Million Series A financing round. The new funding will be used to support the growth momentum underway at Finn AI across North America and Europe. The financing will allow Finn AI to enhance enterprise tooling and extend its core product to support additional banking and personal finance capabilities for existing customers including ATB Financial, Bank of Montreal, Banpro Grupo Promerica, Commonwealth Bank, and Fidor Bank.
Finally, we have group three to talk about, JPM’s blockchain announcement. J.P. Morgan Interbank Information Networks expands to more than 75 banks. Sept 25th - announced the expansion of its Interbank Information Network (IINSM), the first live blockchain service offered by the firm. More than 75 banks have signed up to be part of IIN, the largest number of banks to join a live application of blockchain technology. IIN, launched as a pilot in 2017, minimizes friction in the global payments process, enabling payments to reach beneficiaries faster and with fewer steps. Using blockchain technology, IIN reduces the time correspondent banks currently spend responding to compliance and other data related inquiries that delay payments.
BBVA launches Open Banking platform in the US. BBVA has officially launched its Banking-as-a-Service platform in the US, using APIs to let firms offer their customers financial products without having to take on fulling banking themselves.
While PSD2 is driving open banking in Europe, BBVA is taking a proactive approach in the US. Operating its Open Platform in beta for six months, allowing third parties that pass security and compliance checks to access, through APIs, a range of the bank's services.
And finally, A day in the (improbable) life of a banking exec.
All this and so much more on today's episode of Fintech Insider!
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This week's episode was written and produced by Laura Watkins. Edited by Michael Bailey.