In today’s top news, the European Payments Initiative aims to take on U.S. FinTechs with a new pan-European payments firm, and Trustly is scrapping its initial public offering (IPO) plans. Plus, DoorDash is eyeing moving into Europe.
European Payments Initiative Looking To Topple US FinTechs
The European Payments Initiative (EPI), comprised of over 30 banks and credit card processors in Europe, is looking to create a pan-European payments firm that can take on what it sees as an “oligopoly” dominated by some of the biggest U.S. FinTechs and payments companies.
Sweden’s Trustly Scraps $950 Million IPO Plans
Swedish FinTech Trustly Group is halting plans to raise an estimated $950 million in an IPO after the Swedish Financial Supervisory Authority (FSA) found issues with the way the payments startup screens customers. Trustly said that an IPO is still a smart move for the company, but it needs time to examine the FSA’s assessment.
DoorDash Eyes European Acquisition Or Expansion
On the heels of a successful public offering, DoorDash, the biggest food delivery business in the U.S., has its sights set on expanding into Europe, where it currently has no presence. It could seek to move into that region — specifically Germany and the U.K. — on its own or via the acquisition of smaller rivals competing in the crowded European market.
Ripple CEO Calls US Crypto Rules ‘Frustrating’
Ripple CEO Brad Garlinghouse criticized the U.S. Securities and Exchange Commission (SEC) Friday (April 30) for its “frustrating” lack of clarity surrounding cryptocurrency regulations. Ripple faces charges from the SEC that it used an unregistered securities offering to raise more than $1.3 billion, misleading investors.
NEW REPORT: Bank Use Of AI To Manage Credit Risk Tripled In The Last Three Years
The use of artificial intelligence (AI) to manage credit risk has tripled in the last three years as financial institutions (FIs) seek new ways to deliver a better consumer/lender experience. In the AI In Focus: The Navigating Bank Credit Risk Playbook, PYMNTS spoke with 100 bank executives to understand how they are using AI to get a more accurate, real-time view of the borrower to expand their lending options and manage that risk.
JPMorgan: Customer Experience Will Drive Super App Future In The US
The connected economy is evolving in the U.S., but super apps haven’t quite found their superpowers here just yet. Max Neukirchen, CEO of Merchant Services at J.P. Morgan Chase told Karen Webster that super app success is about bringing together the connected digital commerce and economy in a way that makes it seamless for consumers to meet all their needs.
Big Banks See Challenges, Opportunities In Central Bank Digital Currencies
Central bank digital currencies (CBDCs) are, here and there, making their public debuts — starting small (in the Bahamas, for example) but moving to much larger rollouts, such as in China. The impact to traditional banks is far from certain, as at least some observers hint at disintermediation in the offing. Opportunities may be in the wings, as well.
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