Digital-First Banking

Today In Digital-First Banking: Interra Inks Deal With Lumin Digital; Westpac Group Joins Forces With Afterpay On Banking Services

Digital-First Banking News

In today’s top news in digital-first banking, Interra signed a multi-year deal with Lumin, while Australia’s Westpac Group is teaming with buy now, pay later (BNPL) company Afterpay on banking services. Plus, Brazil’s government is reportedly intending to roll out an initial public offering (IPO) for a digital division of Caixa Econômica Federal.

Lumin, Interra Credit Union Team on CU's Digital Banking Solution

Lumin Digital’s cloud-native infrastructure will provide banking solutions to the 50,000-plus business and retail members of Interra Credit Union. Interra inked a multi-year deal with Lumin Digital and expects to be on the platform by May of next year. Lumin Digital provides tailored integrations to assist credit unions (CUs) and financial institutions (FIs) in bolstering their relationships with members and clients.

Afterpay Teams With Westpac to Offer Banking Services

Westpac Group of Australia is joining forces with Afterpay to roll out its new Banking-as-a-Service (BaaS) platform to Afterpay clients. The collaboration will enable Afterpay to provide its 3.3 million users with savings and checking accounts on Westpac’s novel BaaS technology. The platform harnesses 10x Future Technologies to provide Westpac’s partners with the ability to offer banking services and products.

Brazil Planning IPO for State-Run Digital Bank 

The government of Brazil reportedly intends to roll out an initial public offering (IPO) for a new digital division of Caixa Econômica Federal. Also, the country foresees becoming part of the Organization for Economic Cooperation and Development (OECD) prior to the conclusion of next year, Economy Minister Paulo Guedes said during a streaming event, per a report.

Stampli Debuts Direct Pay Feature

Stampli has introduced its Stampli Direct Pay feature, which will allow businesses to make invoice payments with automated clearing house (ACH) from their own bank accounts. CEO Eyal Feldman said Stampli considers payments “to be a commodity, not a revenue generator.” Last year, the company announced $25 million in a SignalFire-led funding round with participation from NextWorld Capital, Bloomberg Beta and Hillsven Capital.

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NEW PYMNTS STUDY: ACCELERATING THE REAL-TIME PAYMENTS DEMAND CURVE – NOVEMBER 2020

About: Accelerating The Real-Time Payments Demand Curve:What Banks Need To Know About What Consumers Want And Need, PYMNTS  examines consumers’ understanding of real-time payments and the methods they use for different types of payments. The report explores consumers’ interest in real-time payments and their willingness to switch to financial institutions that offer such capabilities.

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