Today in FinTech: Meeting of the Cross-Border Payment Minds; Elevating Security with Behavioral Analytics
In Thursday’s (April 28) FinTech news, a pilot program for immediate cross-border (IXB) payments is being launched by three of the industry’s most influential payments players on the world stage. Plus, why behavioral analytics is the new security stack must-have.
IXB Payments Pilot Launched by EBA, SWIFT, TCH
EBA Clearing, SWIFT and The Clearing House (TCH) are launching a pilot program for IXB payments with the goal of enabling faster, seamless global money transfers by using options available in domestic payments. The initial proof of concept was finished last October with input from seven banks.
Elevate on Deploying Behavioral Analytics as Part of a Multilayered Security Stack
When it comes to rounding out the best security stack for preventing FinTech fraud attacks, behavioral analytics is a potent weapon, Elevate Senior Data Scientist Ryan Prince told PYMNTS in the latest “Monetizing Digital Intent Tracker.” Single-layer security systems can’t stand up against most attacks, whereas a multilayered approach offers multiple lines of defense.
Tink Expands Open Banking Services Across Europe
Tink is taking its Payment Initiation Services (PIS) product to five new markets — the Netherlands, Norway, Estonia, Finland and Latvia — as the demand for frictionless digital payments experiences keeps growing. Using Tink’s payments technology, people can checkout with an online merchant securely using their bank account credentials.
MercadoLibre’s Payments App Packs Lucrative Wallop in Latam
MercadoLibre — a Latin American eCommerce giant akin to Amazon — is experiencing a growth surge in its payments unit MercadoPago. With as many as half of Latam adults underbanked, MercadoPago has stepped up as a needed alternative. MercadoPago handled a 55% hike in app-based payments in 2021 over the previous year.
Minka Raises $24M for Clearinghouse and Central Bank Modernization
Colombian FinTech Minka is using its fresh $24 million in capital to update its clearinghouse and central banks infrastructure. It also plans to expand its network with full-service publishing and money-movement functionality. Minka links legacy systems via blockchains and application programming interfaces (APIs).