In today's top payments news, Flywire appointed Rob Orgel to the newly created position of president and chief operating officer. Also, Uber’s Q3 results beat analyst estimates in terms of headline numbers. And Singapore FinTech startup Nium is dropping its pursuit to compete for a digital wholesale banking license in the city-state.
Nium, a Singapore FinTech startup that was formerly branded InstaReM, is dropping its pursuit to compete for a digital wholesale banking license in the city-state. Prajit Nanu, the company’s chief executive officer, told Bloomberg, “Singaporean banks are extremely well entrenched in that ecosystem.” Nanu continued, “Our strengths lie elsewhere and we have decided to consolidate and focus on those areas.”
Society still puts “gut instinct” on the pedestal, but it might not go so far in commerce as well as payments in the coming decade going by the results of a new Mastercard collaboration with Harvard Business Review Analytics on what actually works when it comes to innovation, companies and executives. The report found that a solid majority of leaders in innovation draw insight toward the effort via multiple databases both external and internal.
Uber’s Q3 results beat analyst estimates when it comes to headline numbers. The $1 billion in red ink sent the stock lower, however, even as the firm reported growth in newer segments like Uber Freight and Uber Eats that were in the high double-digit percentage ranges. Revenues of $3.8 billion were better than the $3.7 billion forecast, up 30 percent year over year. And the net loss of $1.1 billion included $400 million in stock-based compensation.
Flywire appointed Rob Orgel to the newly created position of president and chief operating officer. Orgel will oversee its global payment network, business operations, finance, legal, compliance, and corporate strategy and development. The executive will report to CEO Mike Massaro, who will now focus his efforts on the long-term growth plans, strategic partnerships and go-to-market expansion.
Proper identity verification is a priority for any financial service, as a mistaken identity could lead to a financial loss at best and a compromised identity at worst. Point-of-sale lender Affirm leverages a combination of machine learning as well as credit report information to verify identities and prevent losses.
In a feature story, PYMNTS spoke with Affirm’s Sandeep Bhandari, chief strategy officer and chief risk officer, and Nitesh Kumar, senior director of data science, about the five key data points the firm uses to ensure its customers are legitimate.
Brazilian consumer and business customers are unlikely to be attracted to an overseas subscription service that only takes mainstream credit card payments. The majority of the nation’s internet-connected residents do not have credit cards that can make international purchases and many will not bother with firms that do not offer local payment method Boleto Bancário.
This month’s Deep Dive looks at the use of Boleto Bancário for recurring payments, the advantages of leveraging it for international subscription payments and the challenges involved in doing so.