Top News In Payments: Trulioo Notches $70M In New Funding; Square Rolls Out EIN Assistant

Payments News

Today in the payments news roundup, Trulioo has notched $70 million in new funding. Also, Square has announced a tool to aid businesses in filing for an Employer Identification Number (EIN) called the EIN Assistant. And an increased number of banks are swapping their own regulators for Office of the Comptroller of the Currency (OCC) oversight.


Goldman Leads Trulioo’s $70M Raise To Expand Global Digital ID

Global identity verification provider Trulioo has notched $70 million in new funding, eyeing growth in its core efforts for digital identification. The funding includes $60 million in a Series C round that was led by Goldman Sachs Growth Equity. Other participants included Santander InnoVentures, Citi Ventures and existing investor American Express Ventures.

Square Launches SMB Tax ID Tool

Square has announced a free and new tool to aid businesses in filing for an Employer Identification Number (EIN) dubbed the EIN Assistant. Its purpose is to simplify the challenging EIN acquisition process to create a separate tax infrastructure for the business.

Analysts Report Brisk Demand For Latest iPhone

Pre-sales for of the new iPhone from Apple are coming out ahead of expectations and topping last year’s pre-orders for the same time period. Independent research made by analysts on Wall Street shows that first-weekend sales indicate a healthy start.

Banks Scrapping Regulators For Friendlier OCC Oversight

A higher number of banks are swapping their own regulators for the Office of the Comptroller of the Currency (OCC) oversight. U.S. financial institutions can opt for state or federal oversight. However, it is more common for banks to switch from federal supervision to more-accessible state regulators.

Construction Payments: Building The House With Virtual Cards

Late payments in the $1.8 trillion construction market can have long-ranging effects. Challenges with cash flow can result in construction firms delaying payments to vendors, suppliers or subcontractors. One firm’s use of virtual and purchasing cards, however, enables it to make secure as well as efficient payments across a network of thousands of subcontractors and suppliers.

Visa’s Kevin Phalen: Making The Case For B2B Payments’ Innovation Progress

In his opening keynote at this year’s PYMNTS B2B Payments Executive Forum, Kevin Phalen, global head of Visa Business Solutions, made a case for why commercial payments have indeed made significant headway in the last decade. There are more solutions available, and new FinTechs are emerging to challenge the status quo and encourage traditional banks to innovate.

The real proof of progress in B2B payments, however, he notes, is in how industry stakeholders with the inclusion of financial institutions, FinTechs and corporates have overhauled how they think about those commercial payments challenges as they move ahead to tackle them.


Featured PYMNTS Study:

More than 63 percent of merchant service providers (MSPs) want to overhaul their core payment processing systems so they can up their value-added services (VAS) game. It’s tough, though, since many of these systems date back to the pre-digital era. In the January 2020 Optimizing Merchant Services Playbook, PYMNTS unpacks what 200 MSPs say is key to delivering the VAS agenda that is critical to their success.