Global Payments

Deposit Solutions Brings Savedo To Switzerland; Mall Retailers Take WeChat Pay

The Axis

Welcome to The Axis, your late look at payments news from around the world. Coverage includes Deposit Solutions’ rollout of business-to-consumer (B2C) open banking channel Savedo in Switzerland. Yooz launched an automated accounts payable (AP) solution based on the cloud for the U.K., Mall of the Emirates retailers are set to accept WeChat Pay in the U.A.E., and the Hotel Caesars Bluewaters Dubai is tapping into a payment solution that uses blockchain technology for its staff in the U.A.E.

Open banking platform Deposit Solutions has brought business-to-consumer (B2C) open banking channel Savedo to Switzerland, the company said in an announcement. The company said it brings deposit products directly to customers through proprietary channels, and that over 50 partners also let customers access deposit products on its open banking platform. Deposit Solutions Founder and CEO Tim Sievers said in the announcement, “There is a high need among Swiss savers to invest their money simply and securely while benefiting from attractive interest rates. With Savedo, we are paving the way for savers to finally receive interest on their savings again.”

In the U.K., P2P software provider Yooz rolled out an automated accounts payable (AP) solution based on the cloud, according to reports. The company said it uses technology such as machine learning and artificial intelligence (AI) to help automate processes. It claims that it can lower the cost per invoice by as much as 70 percent, and can automate more than 80 percent of invoices. Yooz Director Magali Michel said, according to reports, “With Yooz, AP automation becomes an easily achievable strategy for businesses to significantly boost efficiency and keep one step ahead of the market. Technology that used to be only available to big firms is now accessible for all.”

And, in the U.A.E., Mall of the Emirates retailers are set to accept WeChat Pay to appeal to tourists from China, The National reported. The number of overnight tourists visiting Dubai has “more than doubled since 2014,” according to the report, and nine out of 10 consumers in China favor mobile payments over cash. “Having this e-wallet feature at the mall is a significant step in enhancing our Chinese visitors’ experience and creat[ing] great moments whenever they visit,” said Fuad Sharaf, Majid Al Futtaim Properties’ managing director of shopping malls for UAE, Bahrain and Oman. “They can also take advantage of customized services and a wide range of choices, from the best hotels to family leisure options, all in one place.”

In other U.A.E. payments news, Hotel Caesars Bluewaters Dubai is tapping into a payment solution that uses blockchain technology for its staff, Arabian Industry reported. The system, which uses Liquid D’s Lucid Pay solution, enables staff to spend allowances at entertainment and food and beverage outlets in the hotel. Lucid Pay’s infrastructure works with the PMS and POS systems of the hotels, and its wallet works with Android and iOS. Liquid D Founder Jawad Riachi said, according to the report, “We are happy that our clients value the platform and realize its potential in terms of functionality, speed, effectiveness and ROI.”

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