The Fintech Nexus 5 is our new fast-paced news show recorded every Thursday afternoon to bring you the top five fintech news stories of the week.
Here is this week’s episode:
The top five news stories this week:
Apple’s Next Big Play: Personal Finance Management Meets Payments from Forbes – The beta release of iOS 17.1 came out this week. Normally this would not be big news for fintech but there is an interesting new feature in this release that could have profound implications. Now, when selecting a debit or credit card for payment in the Wallet app you will see your account balance displayed. This is an excellent use of open banking by Apple that would not have been trivial to implement. This is only available to UK iPhone users initially.
Atomic Launches New Open Banking Tool Called PayLink from Fintech Nexus – Speaking of open banking, Atomic released a new tool this week (in the US) to help with switching bank accounts. With PayLink you can move recurring expenses in a single session as Atomic has created a Plaid-like interface for many of the major subscription services.
The World’s Biggest Crypto Firm Is Melting Down from The Wall Street Journal – It has not been a good year for Binance. They are under siege on many fronts from US regulators, more than a dozen senior execs have left, they have laid off 1,500 employees, their crypto trading market share is down from 70% to 50% and several countries no longer allow Binance to operate (this is not even a complete list of their travails).
Keeping track of multiple BNPL loans? There’s an app for that. from Banking Dive – It was inevitable that someone would come up with a way for consumers to track all their BNPL loans. The average user has four BNPL loans outstanding at any one time and Cushion has used some sophisticated technology to track these. They even have a credit-building product that can combine these loans into a monthly payment reported to the credit bureaus.
Mercedes and Mastercard Debut Fingerprint Payment Offering in Germany from PYMNTS – Mercedes drivers in Germany will now be able to pay for gas at more than 3,600 gas stations in that country with just their fingerprint. The automaker is using Mastercard’s Card on File for Commerce Platforms technology to make this happen. While the technology seems cool, I have to think this is a solution in search of a problem. You need to get out of the car to pump the gas anyway…
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.