Today in the connected economy, Meta Platforms unveils the payment tools for creators using its Horizon Worlds metaverse platform. Also, Microsoft launches a Banking-as-a-Service partnership with U.K. FinTech Finastra, while Mastercard joins forces with operational resilience firm Interos to expand its security strategy.
Meta Opens Its Metaverse Platform to Payments
Meta is launching payments tools for creators of virtual mini-worlds and communities in its Horizon Worlds metaverse platform.
The social media giant said Tuesday it’s charging a 30% platform fee for sales in its Meta Quest virtual reality (VR) platform — previously known as Oculus, which also makes some of the most popular VR headsets required for the complete metaverse experience.
CEO Mark Zuckerberg says the company will charge a 25% sales fee in Horizon Worlds. Combine the two — 30%, plus 25% of remaining 70% — and Meta will be taking in 47.5% of the profits on virtual goods and services.
Finastra, Microsoft Form BaaS Partnership for Small Business Lending
London-based FinTech Finastra has begun a Banking-as-a-Service (BaaS) partnership with Microsoft, designed to provide new lending options to small and medium-sized businesses (SMBs), which the two companies call an underserved sector in terms of accessing financing.
Businesses that use Microsoft Dynamics 365 will be able to gain access to financing offers without needing to leave their business management platform.
“This move will enable [SMB] owners to access relevant and valuable business financing in a seamless and frictionless manner,” the companies said in a news release. “Users will be able to unlock lending options within Dynamics 365. With consent from the [SMB], the solution will use information an [SMB] already stores within Microsoft Dynamics 365, making it easier for them to apply for lending.”
Mastercard Partners With Interos to Detect and Eliminate Risk to Financial Institutions
Mastercard has teamed up with operational resilience firm Interos to expand its security strategy and add Interos’ multi-tier risk monitoring capabilities for financial institutions.
That will include letting organizations detect and eliminate risk in sectors such as cyber, financial, environmental, social and governance (ESG), restrictions, geopolitical and operational. The companies say the threat of risk has increased due to more connected and complex supplier and merchant business relations.
“The threat landscape is evolving rapidly and financial institutions are being exposed to potential disruption across multiple dimensions,” said Johan Gerber, executive vice president, cyber and security products at Mastercard.
Fidelity Investments Launching Crypto, Metaverse ETFs
Fidelity Investments plans to launch exchange-traded funds (ETFs) to let investors gain exposure to the broader world of digital assets.
The world’s fourth-largest asset management firm will debut seven new funds later this month for individual investors and financial advisers to purchase — with no commission — using Fidelity’s online brokerage platforms.
“Leveraging Fidelity’s decades of investment expertise, we are focused on growing our broad product lineup with innovative strategies that offer choice, value and new opportunities to investors,” said Greg Friedman, Fidelity’s head of ETF management and strategy.
Form3, Goldman Sachs Launch Cross-Border Transaction Banking
British payment technology provider Form3 and Goldman Sachs Transaction Banking (TxB) have unveiled a solution aimed at delivering foreign exchange (FX) and payments capabilities to Form3’s banking clients.
The companies say the platform will provide clients access to FX payments in 124 currencies from 163 countries, leveraging TxB’s international payments and FX capabilities for a value-added service for Form3’s institution customers.
Helmed by TxB’s application programming interface, the tool will give Form3 customers competitive, real-time FX rates, coupled with payment implementation and tracking.
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