Today in the connected economy, Verizon joins forces with Nova Credit to help newcomers to America share their international credit history and access 5G cellular plans.
Also, Instagram rolls out a number of new messaging features, TD Bank becomes one of the first auto lenders to offer real-time car payments and Swedish buy now, pay later (BNPL) firm Klarna launches its open banking unit.
Verizon Teams With Nova Credit to Offer US Newcomers Flexible 5G Plans
Verizon and Nova Credit have teamed up to let newcomers to the U.S. access the latest smartphone devices and 5G cellular plans by sharing their international credit history.
The companies note that people coming to the U.S. from other countries often find it difficult to buy new devices and set up smartphones due to lack of credit in America. This partnership lets people who relocate seamlessly share their international credit history with Verizon when they apply to purchase a phone.
“Verizon, in partnership with Nova Credit, is proud to be the first carrier in the U.S. to provide newcomers with easy access to the best devices on the best network,” Nina Bibby, SVP of consumer segment marketing at Verizon, said in a news release.
Instagram Upgrades DM Inbox With Music Sharing, Polls, More
Instagram has unveiled a host of previously announced features designed to help users better connect and interact with those closest to them.
The social media platform says users can now do things like send music clips, reshare content and reply to direct messages (DMs) while scrolling, and quickly see who is online. Instagram is also adding new experiences to message threads, including the ability to customize threads in a variety of ways.
Other features include the ability to set up polls in group chats, to send messages without sending a notification and a new lo-fi chat theme to make conversations feel more personal.
TD Intros Real-Time Payments for Car Dealers as Contracts are Signed
TD Bank’s auto finance division has introduced real-time payments for car dealers, providing funds throughout the day as contracts are signed.
The company says this makes TD Auto Finance is the first indirect lender and the first major auto lender to offer the means for real-time payments nationwide to its dealer network.
“We understand how important cash flow is to dealers,” said Andrew Stuart, president and CEO of TD Auto Finance. “Our goal with real-time payments is to make life easier for dealers by eliminating the need to wait for payments overnight and giving them maximum confidence in their cash position and ability to operate their business.”
Klarna Unveils ‘Klarna Kosma’ Open Banking Unit
Buy now, pay later (BNPL) firm Klarna has debuted its Klarna Kosma sub-brand and business unit that’s geared toward open banking.
The Swedish company says Kosma helps financial institutions, FinTechs and merchants build FinTech apps and services with access to 15,000 banks in 24 countries. Kosma processes close to 1 billion information requests to bank accounts per year, Klarna said.
“With Kosma, we are opening up the power of our proprietary open banking platform and technology to banks, merchants and FinTechs who share our dream of a world where consumers own their data and banks compete for customers by delivering value, not by locking in data,” Yaron Shaer, CTO at Klarna, said in the company announcement.
Germany’s Ratepay Partners With PayPal Checkout
Buy now, pay later (BNPL) firm Ratepay says it has been named PayPal Checkout’s exclusive payment-by-invoice partner in Germany.
The German firm says this means online merchants in its home country who use PayPal Checkout will be able to offer their shoppers Ratepay’s white label payment by invoice.
Under this arrangement, Ratepay will take over the processing and default risk with the help of Ratepay’s new Payment API 2.0, which allows Ratepay payment methods to “be integrated flexibly, scalably and easily with online payment service providers such as PayPal.”
Adyen to Expand Into Embedded Financial Products
Payments group Adyen has unveiled a suite of embedded financial products that lets platforms and marketplaces create tailored financial experiences for their users.
The Dutch company says its embedded financial products will allow platforms to access new revenue streams and increase user loyalty.
“By building our banking infrastructure, as a part of the single platform, from the ground up, we remove the limitations of legacy financial systems, enabling Adyen to deliver the power of a bank combined with the adaptability of a FinTech,” said Thom Ruiter, vice president of banking and financial products at Adyen.
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