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Mar 22 Payments NEXT news: Verifi, ZestFinance, Branch, FIS/Worldpay, EU e-commerce, chatbot future, Instagram shopping feature, news roundup… |
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Welcome to Payments NEXT’s weekly newsletter. Boom! The week started with a bang with the planned $43 billion FIS/Worldpay merger. We covered several exciting new product launches including Verifi’s self-service chargeback service, Branch’s new payday loan features and ZestFinance’s bias-free lending platform. We also looked at the fast growth of e-commerce in the EU and whether chatbots will cure banking service problems.
As always, there’s a full lineup of other fresh news highlights to take you into the weekend, including Instagram’s new shopping and payments feature, eBay’s intro of Google Pay, Target’s cash and go strategy, Dollar General’s big growth plans and more. All the global payments news you can use and more.
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Inside the $43 billion FIS/Worldpay merger
Fidelity National Information Services’ (FIS) $43-billion cash-and-stock deal to merge with payments processor Worldpay Inc is another step in the sweeping shakeout and repositioning happening within the global payments industry. The merger follows Fiserv’s $22-billion deal to buy First Data Corp two months ago. The new FIS/Worldpay company will be based in Jacksonville, Florida at FIS’s current headquarters when the deal closes later this year. Read more… |
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EU shoppers driving e-commerce and Amazon growth
If you’re curious about the state of e-commerce in the Western EU, a new report from Internet Retailer says sales of the top Europe 500 online retailers and consumer brands grew 13.9% in 2017. This came at the expense of off-line retailers whose sales only grew 2.6% in 2017 according to Statista. Read more… |
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Verifi chargeback self-service promises SME savings
To help small and midsize business respond more effectively and reduce losses due to chargebacks, Verifi launched a new cloud-based service called Self-Service Chargeback Representment (SSCR). Chargebacks cost US merchants more than $19 billion in 2018 in lost profits, employee time, company resources, fees, and penalties. They cost issuers another $12 billion. Read more… |
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Branch launches low-cost payday advance feature
US payday loan companies typically charge $15 or more per $100 of payday loans, which works out to an APR rate of 391% for a typical two-week loan. Some payday lenders charge substantially more and failure to repay on time can add crippling debt quickly. Minneapolis-headquartered Branch thinks it has a better, much less expensive solution for those living paycheck to paycheck with new payday advance features for its mobile app. Read more... |
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New software reduces lending bias with AI
ZestFinance, a leader in artificial intelligence (AI) software for credit, today launched ZAML Fair™, a new software tool to reduce bias and discrimination in lending. Following market tests with a leading national mortgage lender, ZestFinance claims its new software would eliminate 70% of the gap between Hispanic and white borrowers and 40% of the gap between black and white borrowers. Read more… |
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Will chatbots translate into savings and better service?
A new study from Juniper Research shows financial institutions will save an estimated $209 million in 2019 by using chatbots for customer service. By 2023, those savings could reach 862 million hours of time saved or $7.3 billion in operational savings globally. It’s no wonder more and more bank customers are speaking with chatbots every day. So much so that Juniper estimates successful banking chatbot interactions between 2019 and 2023 will grow by 3,150%. Read more… |
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Mar 22 Global payments news roundup: Branch, Verifi, ZestFinance, more...
Welcome to Payments NEXT’s weekly global payments news roundup. The week started with a bang with the planned $43 billion FIS/Worldpay merger. We covered several new product launches including Verifi’s self-service chargeback service, Branch’s new payday loan features, and ZestFinance’s bias-free lending platform. We also looked at the fast growth of e-commerce in the EU and whether chatbots will cure banking service problems. Read more... |
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