This week’s roundup will feature titles on digital currency, investment in stocks and cash protection. Join us and Unlimit BaaS’ Managing Director, Jovi Overo in the exploration of some of the biggest headlines of our industry.
- Lloyd’s Bank has launched a PayMe service, allowing one-off B2B pay-outs instantly where the beneficiary’s bank details are not known. The premise supports businesses using one-off suppliers, which can be paid via a secure link through email, SMS or QR code. [source: PYMNTS]
Innovations in finance and payments are about giving access and convenience, and this methodology brings both together! Traditional payment solutions are cumbersome because they require large amounts of information and then approximately three days for settlement. The instant payment method is a great way to manage business relationships efficiently and stay ahead of finances because payments are happening in real-time; overcoming operational challenges. Lloyd’s step into technology is proof that banks are realising the limitations of their legacy systems and solutions, and are making steps to bring flexibility and higher service levels. – Jovi
- Apple has launched its Apple Card savings accounts, with a 4.15% annual percentage yield. American users can set up the account directly from their Apple Card in the digital wallet with no fees, minimum deposits or balance requirements. [source: Financial Times]
A massive tech giant offering savings accounts is not only a great way to promote financial awareness for users to live with better financial management, but also it brings access to users to spend, save and send money conveniently from one location. With so many payment schemes, the cost of living crisis and beyond impacting our everyday finances, the option to make convenient savings with minimal effort is essential to help end-users by leveraging technology. – Jovi
- CaixBank have teamed up with Microsoft to create an AI experience in the metaverse. Customers can take a virtual tour in the metaverse, designed to raise awareness for World Earth Day; allowing them to explore forests, the deep sea and beaches. [source: Finextra]
The collaboration here is one that raises awareness of numerous elements – first banks harnessing the power of AI is another reiteration of the movement in the financial space greater progress to creating a holistic customer experience. Secondly by offering customers the opportunity to step into the metaverse we can expect curiosity to grow and trust to be built. There has been a stir of concern around the birth of the metaverse, and so the presence of reputable brands will help customers take a leap of faith. Lastly, it is important that we recognise the importance of our planet and the environment because it is our own responsibility to protect it. Fintech’s, for example, have been driving a greener economy by raising awareness, creating green investments and using innovation to appeal to environmentally conscious customers. – Jovi
See you next week, back in the blog for your next weekly news roundup.
