Main fintech events of this week from Monoup
Fintech and payment news never stop, and our new format will help you stay updated on the main events every week. If you don't have time to gather information piece by piece from various news magazines or search for it on company corporate websites — this material is for you.
We release digests with the main news and brief analysis of events changing the financial industry. Every Friday on Mono Talks.
Worldpay acquired Ravelin
Payment system Worldpay has expressed concern about security and announced the acquisition of anti-fraud solutions developer Ravelin. The AI-based technology is expected to significantly enhance Worldpay's current payment portfolio and strengthen payment security for merchants.
This move comes amid increasing discussions about rising fraud levels in many countries and stricter anti-money laundering (AML) legislation. Many merchants are dissatisfied with this trend, as stringent conditions reduce user satisfaction with online platforms and complicate business operations. Indeed, gaming industry is currently facing a challenging period. Full user verification, transaction monitoring solutions, PEP status checks, and many other mandatory requirements are now part of daily processes. This demands constant attention and additional personnel.
However, benefits of such close attention to users outweigh potential downsides of increased costs. A quality anti-fraud system can protect against fraudsters, subsequent chargebacks, or even involvement in money laundering schemes. For payment systems, such cases can lead to significant expenses or even loss of license, so they are among the first to pay attention to this. Worldpay processes billions of dollars annually, putting it in a risk zone. We are confident that the new technology from Ravelin will help minimize this risk.
TransferGo to offer business services
International payment provider TransferGo, which has long focused solely on personal transfers, has decided to enter B2B market.
The company primarily provided personal transfer services focusing on currency exchange. For example, expats in the UK could make payments to their home countries, and relatives would receive these funds at a favorable exchange rate in the national currency. The main audience for this solution has always been immigrants working abroad who need a service to transfer money to their families. For instance, a similar service is Western Union, which has long been available only offline. TransferGo operates online, and by registering an account, users can make transfers to almost any country in the world.
Now, company will open accounts for businesses, allowing them to save on bank charges and use multi-currency IBANs for their operations. The motivation behind launching a B2B solution is likely to conquer new heights, but company faces stiff competition. Identical multi-currency services are offered by Wise, Revolut, and several other major companies in the UK and beyond. Competing with them is no easy task, and we will be interested to see how successful TransferGo will become in this direction.
Argentina fights crypto crimes
With increasing attention to the crypto sector in Argentina, AML efforts are also gaining momentum. Residents suffer from fluctuations in the national currency's exchange rate and have chosen cryptocurrency as a way to save their assets. Some citizens have even expressed a desire to receive their salaries in crypto.
At the same time, criminals are actively using cryptocurrency for their purposes, and country is concerned about national security. The police will receive clear instructions on how to act if cryptocurrency is involved in criminal cases. This will enhance the safety and tracking of assets and prevent cases where crypto disappears during investigations or its exact amount was unknown from the start.
Authorities clarify that country already has positive experience tracking gambling-related cryptocurrency, and using this experience, they can further improve their skills.
Coinbase becomes VASP in the UK
Crypto exchange Coinbase has decided to establish itself in its largest market and has obtained a VASP (Virtual Asset Service Provider) license in the UK. FCA has approved the company's operations in the country, and its activities will now be fully under the regulator's control. This will help build a more loyal audience, as the legality of operations significantly influences users.
Users need to know that their crypto partner is reliable and verified by a trusted government agency, which Coinbase has achieved with the FCA. Additionally, Coinbase is important for the UK itself, as it is one of the largest exchanges available to the population.
This can be considered a mutually beneficial collaboration that is advantageous to both parties.
That's the news! This has been the news digest from Monoup. Stay updated on fintech and payment events with us, follow our Telegram channel, and catch new expert article releases. Stay connected!
