![\"\u2122\"](\"https://s.w.org/images/core/emoji/15.0.3/72x72/2122.png\")
Monthly Report: The Evolving Digital Daily.\u201dPeloton\u00a0and\u00a0Google Fitbit have formed a multi-year, multi-country partnership to promote their fitness-oriented offerings to each other\u2019s customers.
\nStarting in September,\u00a0Fitbit Premium members will have access to Peloton classes, while Fitbit users without a Premium subscription will have access to a select group of those classes, Peloton said in a Tuesday (Aug. 13)\u00a0press release.
\nThe Peloton classes will be available to Fitbit Premium members in the United States, the United Kingdom, Canada\u00a0and Australia, according to the release.
\nIn addition, through this content distribution partnership, Peloton Members will receive special offers\u00a0on\u00a0Google Pixel Watch and\u00a0Fitbit Charge 6 devices, per the release.
\n\u201cWe\u2019re thrilled to bring Peloton\u2019s classes and world-class instructors to Fitbit users, and\u00a0continue to establish Peloton as a one-stop shop for all types of fitness content,\u201d\u00a0Greg Hybl, senior vice president and general manager of Peloton for Business, said in the release. \u201cTogether we share a commitment to make health and wellness more accessible and ensure even more people can reach their fitness goals.\u201d
\nThe convergence of technology and\u00a0fitness, exemplified by the proliferation of wearable innovations aggregating diverse fitness data sources, has been a post-pandemic trend, PYMNTS reported in May.
\nYounger consumers are especially likely to use\u00a0healthcare-related wearables, according to the March 2023 edition of PYMNTS Intelligence\u2019s \u201cThe ConnectedEconomy Monthly Report: The Evolving Digital Daily.\u201d
Thirty percent of Gen Z respondents said they use wearable technology that gathers health information on a daily basis, as did 27% of millennials, the report found.
\nIn another collaboration, Peloton and\u00a0TikTok said in January that they had partnered to offer Peloton\u2019s workout content to TikTok users in the U.S., the U.K. and Canada.
\nThis partnership marked the first time the connected fitness platform produced bespoke social content for a partner outside of its own channels.
\n\u201cWe collectively recognize the way people engage with fitness is constantly changing,\u201d\u00a0Oli Snoddy, who was vice president of consumer marketing at Peloton at the time, said in a press release announcing the partnership. \u201cOur team is excited to complement TikTok\u2019s already burgeoning fitness content by introducing the magic of Peloton to new audiences, and in completely new ways.\u201d
\nThe post Google Fitbit Users to Gain Access to Peloton Classes appeared first on PYMNTS.com.
\n", "content_text": "Peloton\u00a0and\u00a0Google Fitbit have formed a multi-year, multi-country partnership to promote their fitness-oriented offerings to each other\u2019s customers.\nStarting in September,\u00a0Fitbit Premium members will have access to Peloton classes, while Fitbit users without a Premium subscription will have access to a select group of those classes, Peloton said in a Tuesday (Aug. 13)\u00a0press release.\nThe Peloton classes will be available to Fitbit Premium members in the United States, the United Kingdom, Canada\u00a0and Australia, according to the release.\nIn addition, through this content distribution partnership, Peloton Members will receive special offers\u00a0on\u00a0Google Pixel Watch and\u00a0Fitbit Charge 6 devices, per the release.\n\u201cWe\u2019re thrilled to bring Peloton\u2019s classes and world-class instructors to Fitbit users, and\u00a0continue to establish Peloton as a one-stop shop for all types of fitness content,\u201d\u00a0Greg Hybl, senior vice president and general manager of Peloton for Business, said in the release. \u201cTogether we share a commitment to make health and wellness more accessible and ensure even more people can reach their fitness goals.\u201d\nThe convergence of technology and\u00a0fitness, exemplified by the proliferation of wearable innovations aggregating diverse fitness data sources, has been a post-pandemic trend, PYMNTS reported in May.\nYounger consumers are especially likely to use\u00a0healthcare-related wearables, according to the March 2023 edition of PYMNTS Intelligence\u2019s \u201cThe ConnectedEconomy Monthly Report: The Evolving Digital Daily.\u201d\nThirty percent of Gen Z respondents said they use wearable technology that gathers health information on a daily basis, as did 27% of millennials, the report found.\nIn another collaboration, Peloton and\u00a0TikTok said in January that they had partnered to offer Peloton\u2019s workout content to TikTok users in the U.S., the U.K. and Canada.\nThis partnership marked the first time the connected fitness platform produced bespoke social content for a partner outside of its own channels.\n\u201cWe collectively recognize the way people engage with fitness is constantly changing,\u201d\u00a0Oli Snoddy, who was vice president of consumer marketing at Peloton at the time, said in a press release announcing the partnership. \u201cOur team is excited to complement TikTok\u2019s already burgeoning fitness content by introducing the magic of Peloton to new audiences, and in completely new ways.\u201d\nThe post Google Fitbit Users to Gain Access to Peloton Classes appeared first on PYMNTS.com.", "date_published": "2024-08-13T18:05:28-04:00", "date_modified": "2024-08-13T18:06:32-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/FitBit-Peloton-exercise-partnership.png", "tags": [ "exercise", "Fitbit", "Google", "Health and Wellness", "Healthcare", "News", "Partnerships", "Peloton", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2051963", "url": "https://www.pymnts.com/partnerships/2024/tekmetric-and-affirm-enable-auto-repair-payments-in-installments/", "title": "Tekmetric and Affirm Enable Auto Repair Payments in Installments", "content_html": "Tekmetric has partnered with Affirm to enable auto repair shops to offer their customers the ability to pay over time.
\nWith this partnership, Affirm\u2019s payment network can be accessed through Tekmetric\u2019s automotive repair shop management solution, the companies said in a Tuesday (Aug. 13) press release.
\nAuto repair shops that use Tekmetric\u2019s platform can add Affirm as a payment option with a few clicks, according to the release.
\nThen, the repair shops\u2019 customers can select Affirm at checkout and, when approved, split the cost of their purchase into monthly or biweekly payments and see the total cost of their purchase, per the release.
\n\u201cOur partnership with Affirm allows our partner shops to improve customer satisfaction by offering flexible payment plans, and to drive higher repair order values and loyalty through versatile payment choices,\u201d Sunil Patel, founder and CEO of Tekmetric, said in the release.
\nTekmetric joins more than 292,000 retail partners that offer Affirm at checkout, according to the release.
\n\u201cConsumers increasingly expect payment flexibility at checkout, with a recent Affirm survey revealing that more than half of respondents have used or would use \u2018buy now, pay later\u2019 options,\u201d Pat Suh, senior vice president of revenue at Affirm, said in the release. \u201cBy partnering with Tekmetric, we can help the auto repair shops leveraging their platform meet this consumer demand and accelerate revenue growth.\u201d
\nDigital tools and platforms are making hefty auto repair bills, particularly unplanned ones, more manageable for drivers, PYMNTS reported in February.
\nMillennials are especially likely to use BNPL for vehicle maintenance, according to \u201cThe Credit Accessibility Series: BNPL\u2019s Wide-Ranging Impact on Consumers and Merchants,\u201d a PYMNTS Intelligence and Sezzle collaboration.
\nThe report found that 5.8% of millennials said they purchased vehicle maintenance in their last BNPL transaction, compared to 3.9% of Gen Z consumers, 3.2% of Gen X consumers and 1.7% of baby boomers and seniors.
\nIn January, Bumper, a London-based FinTech that lets customers fund car repairs in installments, raised $48 million and said it would use the funding to expand throughout Europe, targeting car dealers and repair shops in the United Kingdom, Spain, Germany, the Netherlands and Ireland.
\nThe post Tekmetric and Affirm Enable Auto Repair Payments in Installments appeared first on PYMNTS.com.
\n", "content_text": "Tekmetric has partnered with Affirm to enable auto repair shops to offer their customers the ability to pay over time.\nWith this partnership, Affirm\u2019s payment network can be accessed through Tekmetric\u2019s automotive repair shop management solution, the companies said in a Tuesday (Aug. 13) press release.\nAuto repair shops that use Tekmetric\u2019s platform can add Affirm as a payment option with a few clicks, according to the release.\nThen, the repair shops\u2019 customers can select Affirm at checkout and, when approved, split the cost of their purchase into monthly or biweekly payments and see the total cost of their purchase, per the release.\n\u201cOur partnership with Affirm allows our partner shops to improve customer satisfaction by offering flexible payment plans, and to drive higher repair order values and loyalty through versatile payment choices,\u201d Sunil Patel, founder and CEO of Tekmetric, said in the release.\nTekmetric joins more than 292,000 retail partners that offer Affirm at checkout, according to the release.\n\u201cConsumers increasingly expect payment flexibility at checkout, with a recent Affirm survey revealing that more than half of respondents have used or would use \u2018buy now, pay later\u2019 options,\u201d Pat Suh, senior vice president of revenue at Affirm, said in the release. \u201cBy partnering with Tekmetric, we can help the auto repair shops leveraging their platform meet this consumer demand and accelerate revenue growth.\u201d\nDigital tools and platforms are making hefty auto repair bills, particularly unplanned ones, more manageable for drivers, PYMNTS reported in February.\nMillennials are especially likely to use BNPL for vehicle maintenance, according to \u201cThe Credit Accessibility Series: BNPL\u2019s Wide-Ranging Impact on Consumers and Merchants,\u201d a PYMNTS Intelligence and Sezzle collaboration.\nThe report found that 5.8% of millennials said they purchased vehicle maintenance in their last BNPL transaction, compared to 3.9% of Gen Z consumers, 3.2% of Gen X consumers and 1.7% of baby boomers and seniors.\nIn January, Bumper, a London-based FinTech that lets customers fund car repairs in installments, raised $48 million and said it would use the funding to expand throughout Europe, targeting car dealers and repair shops in the United Kingdom, Spain, Germany, the Netherlands and Ireland.\nThe post Tekmetric and Affirm Enable Auto Repair Payments in Installments appeared first on PYMNTS.com.", "date_published": "2024-08-13T17:01:18-04:00", "date_modified": "2024-08-13T17:01:18-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/11/Affirm.jpg", "tags": [ "Affirm", "automotive", "BNPL", "buy now pay later", "car repairs", "installment payments", "News", "Partnerships", "PYMNTS News", "Tekmetric", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2050785", "url": "https://www.pymnts.com/partnerships/2024/lili-teams-with-dun-bradstreet-business-banking/", "title": "Lili Teams With Dun & Bradstreet on Business Banking", "content_html": "Lili, a small business-focused financial platform, launched a business banking collaboration with Dun & Bradstreet.
\n\u201cMore than three-quarters of small business owners are concerned about their ability to access capital, and hurdles in accessing credit can significantly curtail business growth,\u201d the companies said in a Tuesday (Aug. 13) news release provided to PYMNTS. \u201cThrough this integration with Dun & Bradstreet, Lili continues its mission to simplify business finances and provide business owners with the tools they need to succeed.\u201d
\nDun & Bradstreet\u2019s small business customers can now apply for a Lili business checking account from the Dun & Bradstreet myD&B platform, according to the release.
\nOnce they open their account, customers can sync their financial data with D&B Credit Insights, letting them potentially impact key business scores and helping them build their business credit file and history, per the release.
\n\u201cWith a majority of small businesses relying on their personal savings to fund their business due to lack of access to credit and capital, there is a pressing need for more tools to help small businesses succeed,\u201d Lili co-founder and CEO Lilac Bar David said in the release.\u00a0
\nThe partnership comes as small- to medium-sized businesses (SMBs) contend with a \u201cperfect storm\u201d of financial troubles.
\n\u201cSMBs are experiencing financial strain from late payments, inflation and antiquated payment systems \u2014 delayed payments average 29.1 days, exacerbating cash flow issues,\u201d PYMNTS reported in July. \u201cWith 76% of SMBs under $10 million in revenue facing inflationary pressures and 71% experiencing cash shortfalls, many resort to personal savings or loans to survive.\u201d
\nFurther underscoring the need for digital solutions are manual processes such as paper payments.
\nAgainst this backdrop, expanding on \u201cthe efficiency of working capital has become a strategic priority for businesses, with innovations in working capital financing not only reshaping how businesses manage their cash flow but also fueling a new era of growth opportunities,\u201d PYMNTS wrote in a separate report last month.
\nStrategies such as optimizing inventory levels, extending payment terms with suppliers and accelerating receivables have been instrumental in improving both cash flow and operational efficiency for businesses.
\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.
\nThe post Lili Teams With Dun & Bradstreet on Business Banking appeared first on PYMNTS.com.
\n", "content_text": "Lili, a small business-focused financial platform, launched a business banking collaboration with Dun & Bradstreet.\n\u201cMore than three-quarters of small business owners are concerned about their ability to access capital, and hurdles in accessing credit can significantly curtail business growth,\u201d the companies said in a Tuesday (Aug. 13) news release provided to PYMNTS. \u201cThrough this integration with Dun & Bradstreet, Lili continues its mission to simplify business finances and provide business owners with the tools they need to succeed.\u201d\nDun & Bradstreet\u2019s small business customers can now apply for a Lili business checking account from the Dun & Bradstreet myD&B platform, according to the release.\nOnce they open their account, customers can sync their financial data with D&B Credit Insights, letting them potentially impact key business scores and helping them build their business credit file and history, per the release.\n\u201cWith a majority of small businesses relying on their personal savings to fund their business due to lack of access to credit and capital, there is a pressing need for more tools to help small businesses succeed,\u201d Lili co-founder and CEO Lilac Bar David said in the release.\u00a0\nThe partnership comes as small- to medium-sized businesses (SMBs) contend with a \u201cperfect storm\u201d of financial troubles.\n\u201cSMBs are experiencing financial strain from late payments, inflation and antiquated payment systems \u2014 delayed payments average 29.1 days, exacerbating cash flow issues,\u201d PYMNTS reported in July. \u201cWith 76% of SMBs under $10 million in revenue facing inflationary pressures and 71% experiencing cash shortfalls, many resort to personal savings or loans to survive.\u201d\nFurther underscoring the need for digital solutions are manual processes such as paper payments.\nAgainst this backdrop, expanding on \u201cthe efficiency of working capital has become a strategic priority for businesses, with innovations in working capital financing not only reshaping how businesses manage their cash flow but also fueling a new era of growth opportunities,\u201d PYMNTS wrote in a separate report last month.\nStrategies such as optimizing inventory levels, extending payment terms with suppliers and accelerating receivables have been instrumental in improving both cash flow and operational efficiency for businesses.\nFor all PYMNTS B2B coverage, subscribe to the daily B2B Newsletter.\nThe post Lili Teams With Dun & Bradstreet on Business Banking appeared first on PYMNTS.com.", "date_published": "2024-08-13T08:30:21-04:00", "date_modified": "2024-08-12T09:55:24-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/SMB-small-businesses-loans.jpg", "tags": [ "B2B", "B2B Payments", "banking", "Banks", "commercial payments", "credit", "Dun & Bradstreet", "Lili", "loans", "News", "Partnerships", "PYMNTS News", "SMBs", "What's Hot", "What's Hot In B2B", "working capital" ] }, { "id": "https://www.pymnts.com/?p=2049546", "url": "https://www.pymnts.com/partnerships/2024/realpage-teams-with-flex-to-offer-flexible-rent-payments/", "title": "RealPage Teams With Flex to Offer Flexible Rent Payments", "content_html": "Real estate software platform\u00a0RealPage\u00a0has picked\u00a0Flex\u00a0to provide customers with \u201cflexible\u201d rent payment options.
\nThe partnership,\u00a0announced\u00a0in a news release Thursday (Aug. 8), expands on the company\u2019s existing integration, letting RealPage customers offer Flex as a payment option for residents within LOFT, RealPage\u2019s resident portal and app.
\nThe release notes that the integration is in response to high demand among renters for payment flexibility, with one recent survey showing that 93% are interested in flexible payment schedules instead of paying their rent in full once a month.
\n\u201cFlex\u2019s mobile application will allow residents to split their rent bill into smaller, more manageable payments while ensuring property managers receive their full rent payment due on time,\u201d the release said. \u201cWith over $8 billion in annual rent payments processed, Flex has become a trusted partner to property managers who offer the solution across more than 6 million rental units.\u201d
\nThe release adds that flexible rent payments can offer property managers a way to boost net operating income, improve resident retention and stand out in a competitive rental market.
\n\u201cThrough this technology partnership, RealPage multifamily customers can offer their residents a convenient alternative to traditional payment methods,\u201d the companies said. \u201cWith Flex, residents can better align their rent payments with their pay cycles, introducing flexibility that makes paying rent easier to manage and less financially stressful.\u201d
\nAs PYMNTS wrote last year, offering digitized payment and refund options tends to make for happier tenants, whether they\u2019re renting a home, office or apartment.
\n\u201cAs\u00a0digital options have proliferated\u00a0for paying rent directly from a bank account, data shows that digitization of refunds has picked up steam,\u201d that report said.
\n\u201cSince these deposits are sizable \u2014 usually the cost of one month\u2019s rent \u2014 it makes sense that tenants, especially those with high rents who tend to receive higher refunds, may want access to these refunds via instant pay.\u201d
\nIn fact, renters prefer receiving instant refunds straight to their bank accounts. Of the 40% who received rent-related refunds and primarily used instant methods, 19% received most of those payments\u00a0straight to a bank account, while 13% received most of those payments instantly to a digital wallet.
\n\u201cMore importantly, renters are more satisfied when receiving rent-related refunds instantly,\u201d PYMNTS wrote. \u201cThis satisfaction suggests that property management companies offering instant pay may have a competitive advantage.\u201d
\nThe post RealPage Teams With Flex to Offer Flexible Rent Payments appeared first on PYMNTS.com.
\n", "content_text": "Real estate software platform\u00a0RealPage\u00a0has picked\u00a0Flex\u00a0to provide customers with \u201cflexible\u201d rent payment options.\nThe partnership,\u00a0announced\u00a0in a news release Thursday (Aug. 8), expands on the company\u2019s existing integration, letting RealPage customers offer Flex as a payment option for residents within LOFT, RealPage\u2019s resident portal and app.\nThe release notes that the integration is in response to high demand among renters for payment flexibility, with one recent survey showing that 93% are interested in flexible payment schedules instead of paying their rent in full once a month.\n\u201cFlex\u2019s mobile application will allow residents to split their rent bill into smaller, more manageable payments while ensuring property managers receive their full rent payment due on time,\u201d the release said. \u201cWith over $8 billion in annual rent payments processed, Flex has become a trusted partner to property managers who offer the solution across more than 6 million rental units.\u201d\nThe release adds that flexible rent payments can offer property managers a way to boost net operating income, improve resident retention and stand out in a competitive rental market.\n\u201cThrough this technology partnership, RealPage multifamily customers can offer their residents a convenient alternative to traditional payment methods,\u201d the companies said. \u201cWith Flex, residents can better align their rent payments with their pay cycles, introducing flexibility that makes paying rent easier to manage and less financially stressful.\u201d\nAs PYMNTS wrote last year, offering digitized payment and refund options tends to make for happier tenants, whether they\u2019re renting a home, office or apartment.\n\u201cAs\u00a0digital options have proliferated\u00a0for paying rent directly from a bank account, data shows that digitization of refunds has picked up steam,\u201d that report said.\n\u201cSince these deposits are sizable \u2014 usually the cost of one month\u2019s rent \u2014 it makes sense that tenants, especially those with high rents who tend to receive higher refunds, may want access to these refunds via instant pay.\u201d\nIn fact, renters prefer receiving instant refunds straight to their bank accounts. Of the 40% who received rent-related refunds and primarily used instant methods, 19% received most of those payments\u00a0straight to a bank account, while 13% received most of those payments instantly to a digital wallet.\n\u201cMore importantly, renters are more satisfied when receiving rent-related refunds instantly,\u201d PYMNTS wrote. \u201cThis satisfaction suggests that property management companies offering instant pay may have a competitive advantage.\u201d\nThe post RealPage Teams With Flex to Offer Flexible Rent Payments appeared first on PYMNTS.com.", "date_published": "2024-08-08T16:39:56-04:00", "date_modified": "2024-08-08T16:39:56-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/RealPage-Flex-rent.png", "tags": [ "Flex", "News", "Partnerships", "Property Management", "PYMNTS News", "real estate", "real estate software", "RealPage", "Rent Payments", "software", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2049328", "url": "https://www.pymnts.com/partnerships/2024/thredd-helps-lianlian-launch-virtual-cards-in-apac-market/", "title": "Thredd Helps LianLian Launch Virtual Cards in APAC Market", "content_html": "Payments processor Thredd has helped LianLian Global launch a virtual card program in the APAC market.
\nLianLian, a cross-border payments firm based in China, chose Thredd to power its Yueda virtual card for Asia-Pacific (APAC) region customers in industries such as eCommerce, travel and international B2B trade, the company announced Thursday (Aug. 8) in a news release emailed to PYMNTS.
\nTim Shen, LianLian\u2019s co-CEO, said that Thredd\u2019s virtual card-issuing capabilities will help fuel his company\u2019s growth plans, after securing payments licenses in major markets such as mainland China, Hong Kong China, Singapore, the U.S., the U.K., Luxembourg, Thailand and Indonesia.
\n\u201cWe are delighted to find a partner in Thredd who can support us with virtual cards that will ensure that no matter where a client needs to send a payment, it will be supported,\u201d he said, according to the release. \u201cAccess to a local team of experts who speak our language has made the implementation and ongoing operations seamless.\u201d
\nThe partnership comes at a time when \u2014 as PYMNTS wrote last month \u2014 virtual cards are changing the relationship between buyers and suppliers.
\nSpeaking with PYMNTS CEO Karen Webster, Boost Payment Solutions CEO Dean M. Leavitt noted that virtual cards are poised for wider adoption in commercial payments, letting buyers extend their payment periods while allowing suppliers to receive payments faster.
\n\u201cThe leverage that exists on both sides of the [buyer and supplier] equation often dictates the payment type,\u201d he told Webster.
\nLeavitt added that in transactions between large companies, there\u2019s typically balanced leverage, driving the choice of payment methods. This balance makes sure that both parties are on equal footing in negotiations, resulting in fairer and more efficient payment agreements. At times where suppliers hold the leverage, Leavitt stressed the importance of striking some balance.
\n\u201cYou have to make sure that the supplier is getting something for agreeing to take cards,\u201d he said in a conversation for the \u201cWhat\u2019s Next in Payments: Halftime\u201d series.
\nAt the same time, reluctance among suppliers is holding back virtual cards from wider adoption, as PYMNTS noted recently.
\n\u201cDespite a clear economic advantage, the uptake is far from the potential growth projected on the horizon, and the industry does not yet have good enough tools to improve the value proposition of virtual cards for suppliers, nor to explain that value proposition well enough or to sell and implement the product,\u201d that report said.
\nPaul Christensen, CEO of B2B payments accelerator Previse \u2014 which has researched virtual card use with PYMNTS Intelligence \u2014 pointed out that while 80% of buyers favor virtual cards, their use makes up just 2% of those buyers\u2019 accounts payable (AP) transactions.
\nThe post Thredd Helps LianLian Launch Virtual Cards in APAC Market appeared first on PYMNTS.com.
\n", "content_text": "Payments processor Thredd has helped LianLian Global launch a virtual card program in the APAC market.\nLianLian, a cross-border payments firm based in China, chose Thredd to power its Yueda virtual card for Asia-Pacific (APAC) region customers in industries such as eCommerce, travel and international B2B trade, the company announced Thursday (Aug. 8) in a news release emailed to PYMNTS.\nTim Shen, LianLian\u2019s co-CEO, said that Thredd\u2019s virtual card-issuing capabilities will help fuel his company\u2019s growth plans, after securing payments licenses in major markets such as mainland China, Hong Kong China, Singapore, the U.S., the U.K., Luxembourg, Thailand and Indonesia.\n\u201cWe are delighted to find a partner in Thredd who can support us with virtual cards that will ensure that no matter where a client needs to send a payment, it will be supported,\u201d he said, according to the release. \u201cAccess to a local team of experts who speak our language has made the implementation and ongoing operations seamless.\u201d\nThe partnership comes at a time when \u2014 as PYMNTS wrote last month \u2014 virtual cards are changing the relationship between buyers and suppliers.\nSpeaking with PYMNTS CEO Karen Webster, Boost Payment Solutions CEO Dean M. Leavitt noted that virtual cards are poised for wider adoption in commercial payments, letting buyers extend their payment periods while allowing suppliers to receive payments faster.\n\u201cThe leverage that exists on both sides of the [buyer and supplier] equation often dictates the payment type,\u201d he told Webster.\nLeavitt added that in transactions between large companies, there\u2019s typically balanced leverage, driving the choice of payment methods. This balance makes sure that both parties are on equal footing in negotiations, resulting in fairer and more efficient payment agreements. At times where suppliers hold the leverage, Leavitt stressed the importance of striking some balance.\n\u201cYou have to make sure that the supplier is getting something for agreeing to take cards,\u201d he said in a conversation for the \u201cWhat\u2019s Next in Payments: Halftime\u201d series.\nAt the same time, reluctance among suppliers is holding back virtual cards from wider adoption, as PYMNTS noted recently.\n\u201cDespite a clear economic advantage, the uptake is far from the potential growth projected on the horizon, and the industry does not yet have good enough tools to improve the value proposition of virtual cards for suppliers, nor to explain that value proposition well enough or to sell and implement the product,\u201d that report said.\nPaul Christensen, CEO of B2B payments accelerator Previse \u2014 which has researched virtual card use with PYMNTS Intelligence \u2014 pointed out that while 80% of buyers favor virtual cards, their use makes up just 2% of those buyers\u2019 accounts payable (AP) transactions.\nThe post Thredd Helps LianLian Launch Virtual Cards in APAC Market appeared first on PYMNTS.com.", "date_published": "2024-08-08T12:37:17-04:00", "date_modified": "2024-08-08T12:37:17-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/virtual-cards-LianLian-Thredd-APAC.jpg", "tags": [ "B2B", "B2B Payments", "commercial payments", "cross-border payments", "Global Payments", "International Payments", "LianLian", "LianLian Global", "News", "Partnerships", "Payment Methods", "PYMNTS News", "Thredd", "virtual card use", "virtual cards", "What's Hot", "What's Hot In B2B" ] }, { "id": "https://www.pymnts.com/?p=2037146", "url": "https://www.pymnts.com/partnerships/2024/walmart-and-worldfirst-team-to-help-chinese-ecommerce-sellers-get-paid/", "title": "Walmart and WorldFirst Team to Help Chinese eCommerce Sellers Get Paid", "content_html": "Digital payments platform\u00a0WorldFirst\u00a0has partnered with\u00a0Walmart to let eCommerce sellers based in China collect funds from Walmart Marketplace.
\n\u201cThis partnership with Walmart further strengthens WorldFirst\u2019s international digital trade ecosystem, which includes marketplaces, logistics, customs brokers, and other trade service providers,\u201d the company said in a Wednesday (Aug. 7) news release. \u201cThis ecosystem broadens businesses\u2019 access to essential resources needed to succeed in overseas markets.\u201d
\nAccording to the release, this new digital payment collection service will provide online sellers with added security and compliance, with funds deposited straight into a merchant\u2019s World account, with no service charges.
\nIn addition, WorldFirst\u2019s \u201cGlobal Voyage Program\u201d lets merchants quickly set up their store \u2014 in as little as a day \u2014 with no monthly fees.
\nWorldFirst also recently introduced a solution to help small businesses\u00a0speed cross-border payments. WorldTrade, announced in April, is designed for small and medium-sized enterprises (SMEs) that procure products from suppliers based in China.
\n\u201cThe launch of WorldTrade aims to build trust in B2B trade through digital means,\u201d Ma Qisheng, head of global B2B business at WorldFirst, said in a news release.
\n\u201cWorldTrade facilitates intelligent payment processing aligned with agreed trade terms, minimizing trade barriers and streamlining global business interactions.\u201d
\nIn other Walmart news, PYMNTS wrote last week that the retail giant and its rival Amazon were looking to improve their margins through digital media sales by\u00a0courting potential advertisers.
\nWalmart announced recently that its warehouse club chain subsidiary Sam\u2019s Club\u2019s Member Access Platform (MAP) is launching display ads within its Scan & Go feature, making it the first\u00a0retail media platform\u00a0to introduce advertisements via a mobile self-checkout app. The company says its aim is to offer advertisers a way to reach consumers at the highest-intent moments.
\n\u201cThis new capability reflects our member obsession and commitment to ensuring ads reach the right members at the right time in their shopping journeys,\u201d\u00a0Diana Marshall, the warehouse club chain\u2019s executive vice president and chief growth officer, said in a statement. \u201cCreating a closed loop, omnichannel advertising experience enables us to better understand member shopping behavior and ad performance, ensuring we keep the member experience at the forefront while helping our advertisers achieve their objectives.\u201d
\nThe post Walmart and WorldFirst Team to Help Chinese eCommerce Sellers Get Paid appeared first on PYMNTS.com.
\n", "content_text": "Digital payments platform\u00a0WorldFirst\u00a0has partnered with\u00a0Walmart to let eCommerce sellers based in China collect funds from Walmart Marketplace.\n\u201cThis partnership with Walmart further strengthens WorldFirst\u2019s international digital trade ecosystem, which includes marketplaces, logistics, customs brokers, and other trade service providers,\u201d the company said in a Wednesday (Aug. 7) news release. \u201cThis ecosystem broadens businesses\u2019 access to essential resources needed to succeed in overseas markets.\u201d\nAccording to the release, this new digital payment collection service will provide online sellers with added security and compliance, with funds deposited straight into a merchant\u2019s World account, with no service charges.\nIn addition, WorldFirst\u2019s \u201cGlobal Voyage Program\u201d lets merchants quickly set up their store \u2014 in as little as a day \u2014 with no monthly fees.\nWorldFirst also recently introduced a solution to help small businesses\u00a0speed cross-border payments. WorldTrade, announced in April, is designed for small and medium-sized enterprises (SMEs) that procure products from suppliers based in China.\n\u201cThe launch of WorldTrade aims to build trust in B2B trade through digital means,\u201d Ma Qisheng, head of global B2B business at WorldFirst, said in a news release.\n\u201cWorldTrade facilitates intelligent payment processing aligned with agreed trade terms, minimizing trade barriers and streamlining global business interactions.\u201d\nIn other Walmart news, PYMNTS wrote last week that the retail giant and its rival Amazon were looking to improve their margins through digital media sales by\u00a0courting potential advertisers.\nWalmart announced recently that its warehouse club chain subsidiary Sam\u2019s Club\u2019s Member Access Platform (MAP) is launching display ads within its Scan & Go feature, making it the first\u00a0retail media platform\u00a0to introduce advertisements via a mobile self-checkout app. The company says its aim is to offer advertisers a way to reach consumers at the highest-intent moments.\n\u201cThis new capability reflects our member obsession and commitment to ensuring ads reach the right members at the right time in their shopping journeys,\u201d\u00a0Diana Marshall, the warehouse club chain\u2019s executive vice president and chief growth officer, said in a statement. \u201cCreating a closed loop, omnichannel advertising experience enables us to better understand member shopping behavior and ad performance, ensuring we keep the member experience at the forefront while helping our advertisers achieve their objectives.\u201d\nThe post Walmart and WorldFirst Team to Help Chinese eCommerce Sellers Get Paid appeared first on PYMNTS.com.", "date_published": "2024-08-07T12:10:35-04:00", "date_modified": "2024-08-08T22:21:28-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2022/04/Walmart-Marketplace.jpg", "tags": [ "B2B", "B2B Payments", "china", "commercial payments", "ecommerce", "eCommerce sellers", "News", "Partnerships", "PYMNTS News", "walmart", "Walmart marketplace", "What's Hot", "What's Hot In B2B", "WorldFirst" ] }, { "id": "https://www.pymnts.com/?p=2036737", "url": "https://www.pymnts.com/partnerships/2024/chime-teams-with-ncr-atelos-walgreens-atm-partnership/", "title": "Chime Teams With NCR Atleos on Walgreens ATM Partnership", "content_html": "Banking app Chime expanded its relationship with self-service banking provider NCR Atleos.
\nThe expanded collaboration will see Atleos begin branding ATMs at 4,000 Walgreens stores with the Chime brand to increase customer awareness, according to a Wednesday (Aug. 7) press release.
\nAtleos\u2019 Allpoint Network has provided ATM access for Chime members since 2021 at more than 50,000 fee-free ATMs, the release said.
\nThe expanded relationship will make it \u201ceasier than ever for Chime cardholders to identify and use fee-free ATMs to access cash,\u201d Atleos Chief Operating Officer Stuart Mackinnon said in the release.
\nChime Vice President of Marketing Nick Fairbairn added in the release: \u201cOur members love the mobile-first convenience and ease of Chime, but they still expect convenient, fee-free access to cash. This partnership with Atleos has ensured our members have easy access to cash when they need it \u2026\u201d
\nThe collaboration is happening at a time of change for consumers\u2019 relationships with ATMs.
\nFor millions of customers, \u201cATMs are changing to become more interactive and take on different tasks than simply producing paper currency. Most estimates put the number of ATMs still in use at around 450,000 after peaking at 470,000 pre-pandemic,\u201d PYMNTS wrote earlier this year.
\nATMs are cropping up more in nontraditional settings \u2014 boutique retail stores, restaurants and doctor\u2019s offices \u2014 according to cash automation manufacturer and distributor Wittenbach. The company said it\u2019s also witnessing demand for mobile ATM locations that can be transported easily to places with a variable amount of foot traffic.
\n\u201cAnd they are performing different services in the connected economy,\u201d PYMNTS wrote. \u201cFor example, NCR Atelos \u2026 is positioning its machines as a full-service location that can allow deposits, cash recycling and access to account information. By making cash more convenient, it says, branch employees can be more productive and customer-centric.\u201d
\nAccording to Atleos, roughly half of the 66% of people who earn less than $100,000 per year still use cash regularly.
\n\u201cAnd more than half of respondents across all demographics still like to have cash with them when they leave home,\u201d a company report stated.
\nThe post Chime Teams With NCR Atleos on Walgreens ATM Partnership appeared first on PYMNTS.com.
\n", "content_text": "Banking app Chime expanded its relationship with self-service banking provider NCR Atleos.\nThe expanded collaboration will see Atleos begin branding ATMs at 4,000 Walgreens stores with the Chime brand to increase customer awareness, according to a Wednesday (Aug. 7) press release.\nAtleos\u2019 Allpoint Network has provided ATM access for Chime members since 2021 at more than 50,000 fee-free ATMs, the release said.\nThe expanded relationship will make it \u201ceasier than ever for Chime cardholders to identify and use fee-free ATMs to access cash,\u201d Atleos Chief Operating Officer Stuart Mackinnon said in the release.\nChime Vice President of Marketing Nick Fairbairn added in the release: \u201cOur members love the mobile-first convenience and ease of Chime, but they still expect convenient, fee-free access to cash. This partnership with Atleos has ensured our members have easy access to cash when they need it \u2026\u201d\nThe collaboration is happening at a time of change for consumers\u2019 relationships with ATMs.\nFor millions of customers, \u201cATMs are changing to become more interactive and take on different tasks than simply producing paper currency. Most estimates put the number of ATMs still in use at around 450,000 after peaking at 470,000 pre-pandemic,\u201d PYMNTS wrote earlier this year.\nATMs are cropping up more in nontraditional settings \u2014 boutique retail stores, restaurants and doctor\u2019s offices \u2014 according to cash automation manufacturer and distributor Wittenbach. The company said it\u2019s also witnessing demand for mobile ATM locations that can be transported easily to places with a variable amount of foot traffic.\n\u201cAnd they are performing different services in the connected economy,\u201d PYMNTS wrote. \u201cFor example, NCR Atelos \u2026 is positioning its machines as a full-service location that can allow deposits, cash recycling and access to account information. By making cash more convenient, it says, branch employees can be more productive and customer-centric.\u201d\nAccording to Atleos, roughly half of the 66% of people who earn less than $100,000 per year still use cash regularly.\n\u201cAnd more than half of respondents across all demographics still like to have cash with them when they leave home,\u201d a company report stated.\nThe post Chime Teams With NCR Atleos on Walgreens ATM Partnership appeared first on PYMNTS.com.", "date_published": "2024-08-07T11:02:26-04:00", "date_modified": "2024-08-08T07:00:58-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/05/Chime-Financial.jpg", "tags": [ "ATMs", "banking", "Chime", "NCR Atleos", "News", "Partnerships", "PYMNTS News", "Technology", "Walgreens", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2023892", "url": "https://www.pymnts.com/partnerships/2024/akuvo-adds-alacriti-loan-payment-processing-solution-collections-platform/", "title": "Akuvo Adds Alacriti\u2019s Loan Payment Processing Solution to Collections Platform", "content_html": "Akuvo and Alacriti teamed up to offer financial institutions a loan payment processing solution that integrates directly into the collections process.
\nAlacriti\u2019s Orbipay EBPP loan payment solution will be integrated into Akuvo\u2019s collections platform, enabling seamless, in-platform loan payment processing, the companies said in a Tuesday (Aug. 6) press release.
\n\u201cOur customers will now benefit from a more efficient, integrated solution that enhances visibility and operational efficiency across payments,\u201d Mike Ruggiero, senior vice president of relationships at Akuvo, said in the release.
\nThe loan payment experience enabled by this partnership covers loans that are current, delinquent and in collections, according to the release. As a result, this fully consolidated experience provides the financial institution with complete visibility across all their loan payments.
\nThe integration also allows collections agents to process payments directly within the Akuvo platform, eliminating the need for them to switch between systems, per the release.
\n\u201cCombining Alacriti\u2019s payment capabilities with Akuvo\u2019s collections platform creates a powerful tool for financial institutions,\u201d Jamie Harris, chief sales officer at Alacriti, said in the release. \u201cThis integration delivers on our commitment to eliminate friction and barriers in the payments process for financial institutions.\u201d
\nThe PYMNTS Intelligence report \u201cPlatform Business Survey: The Rise of Embedded Payments\u201d found that embedded payments address companies\u2019 need to improve the customer experience, which has become a market trend across industries.
\nBy improving payments and catering their businesses to customer bases that value easy buying experiences enabled by the latest technologies, businesses can access markets more quickly and increase market share through planned growth.
\nIn July, Alacriti teamed up with Lumin Digital to enable financial institutions to offer a seamless loan payment experience by integrating Alacriti\u2019s Orbipay loan payment solution with Lumin\u2019s digital banking solutions.
\nAlso in July, Akuvo partnered with collection agency TriVerity to ease the process of third-party charge-off collections through Akuvo\u2019s cloud-based collections platform to help maximize credit unions\u2019 recoveries from nonperforming loans.
\nThe companies said at the time that Akuvo\u2019s platform would enhance TriVerity\u2019s offerings by delivering \u201cguidance and improved workflow through continuous connections with core processors, credit bureaus, payment providers, text messaging services, legal resources and more.\u201d
\nThe post Akuvo Adds Alacriti\u2019s Loan Payment Processing Solution to Collections Platform appeared first on PYMNTS.com.
\n", "content_text": "Akuvo and Alacriti teamed up to offer financial institutions a loan payment processing solution that integrates directly into the collections process.\nAlacriti\u2019s Orbipay EBPP loan payment solution will be integrated into Akuvo\u2019s collections platform, enabling seamless, in-platform loan payment processing, the companies said in a Tuesday (Aug. 6) press release.\n\u201cOur customers will now benefit from a more efficient, integrated solution that enhances visibility and operational efficiency across payments,\u201d Mike Ruggiero, senior vice president of relationships at Akuvo, said in the release.\nThe loan payment experience enabled by this partnership covers loans that are current, delinquent and in collections, according to the release. As a result, this fully consolidated experience provides the financial institution with complete visibility across all their loan payments.\nThe integration also allows collections agents to process payments directly within the Akuvo platform, eliminating the need for them to switch between systems, per the release.\n\u201cCombining Alacriti\u2019s payment capabilities with Akuvo\u2019s collections platform creates a powerful tool for financial institutions,\u201d Jamie Harris, chief sales officer at Alacriti, said in the release. \u201cThis integration delivers on our commitment to eliminate friction and barriers in the payments process for financial institutions.\u201d\nThe PYMNTS Intelligence report \u201cPlatform Business Survey: The Rise of Embedded Payments\u201d found that embedded payments address companies\u2019 need to improve the customer experience, which has become a market trend across industries.\nBy improving payments and catering their businesses to customer bases that value easy buying experiences enabled by the latest technologies, businesses can access markets more quickly and increase market share through planned growth.\nIn July, Alacriti teamed up with Lumin Digital to enable financial institutions to offer a seamless loan payment experience by integrating Alacriti\u2019s Orbipay loan payment solution with Lumin\u2019s digital banking solutions.\nAlso in July, Akuvo partnered with collection agency TriVerity to ease the process of third-party charge-off collections through Akuvo\u2019s cloud-based collections platform to help maximize credit unions\u2019 recoveries from nonperforming loans.\nThe companies said at the time that Akuvo\u2019s platform would enhance TriVerity\u2019s offerings by delivering \u201cguidance and improved workflow through continuous connections with core processors, credit bureaus, payment providers, text messaging services, legal resources and more.\u201d\nThe post Akuvo Adds Alacriti\u2019s Loan Payment Processing Solution to Collections Platform appeared first on PYMNTS.com.", "date_published": "2024-08-06T17:26:29-04:00", "date_modified": "2024-08-06T17:26:29-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/Akuvo-Alacriti-partnership-loans.jpg", "tags": [ "Akuvo", "Alacriti", "banking", "Banks", "Digital Payments", "embedded finance", "loans", "News", "Orbipay", "Partnerships", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2023258", "url": "https://www.pymnts.com/partnerships/2024/bmg-money-webbank-team-to-offer-employment-based-loans/", "title": "BMG Money, WebBank Team to Offer Employment-Based Loans", "content_html": "Salt Lake City, Utah-based\u00a0WebBank is teaming up with BMG Money to expand access to lower-cost loans.
\nThe partnership aims to broaden financial inclusion for employees and retirees with limited access to socially responsible loan programs, the companies said in a Tuesday (Aug. 6) news release.
\nWebBank and BMG Money are launching LoansAtWork, which is issued by the former, to give their customers flexible, employment-based loans that don\u2019t take credit scores into account.
\nLoans typically range from $500 to $10,000 and are deposited directly into customers\u2019 bank accounts. Repayments are scheduled around when customers get paid and are collected automatically to avoid missed payments, the release said.
\nPayment amounts are designed to be affordable and manageable, with no prepayment penalties, the release added. Additionally, loan performance will be reported to the credit bureaus.
\n\u201cAs BMG Money strives to level the playing field for the financially underserved, our alignment with WebBank\u2019s incredible team extends holistic services to more customers in need,\u201d BMG Money President and CEO Kieran Noonan said in the release. \u201cThis partnership offers tremendous value for thousands of individuals, and we look forward to the nationwide impact it will have.\u201d
\nJason Lloyd, president and CEO of WebBank, said: \u201cWebBank\u2019s partnership with BMG Money is a testament to our commitment to support underserved individuals and communities. We believe that everyone deserves access to financial services and the opportunity to achieve economic stability.\u201d
\nSixteen percent of U.S. consumers don\u2019t have a credit card, PYMNTS Intelligence has found, dampening their financial flexibility and limiting their access to a lifeline when facing an emergency.
\n\u201cSecured Credit Solutions: Assessing Credit Accessibility for Disenfranchised Consumers,\u201d a PYMNTS Intelligence\u00a0and\u00a0Atelio collaboration, examines why some consumer groups are unable to access credit cards and how this impacts their financial lifestyles. It draws on insights from a survey of 2,630 U.S. consumers conducted from March 13 to April 2.
\nCredit card outsiders, as PYMNTS calls them, are a diverse group. PYMNTS Intelligence found that 52% of outsiders once had a credit card, yet three-quarters chose to close their accounts, citing a range of personal reasons for doing so.
\nThe post BMG Money, WebBank Team to Offer Employment-Based Loans appeared first on PYMNTS.com.
\n", "content_text": "Salt Lake City, Utah-based\u00a0WebBank is teaming up with BMG Money to expand access to lower-cost loans.\nThe partnership aims to broaden financial inclusion for employees and retirees with limited access to socially responsible loan programs, the companies said in a Tuesday (Aug. 6) news release.\nWebBank and BMG Money are launching LoansAtWork, which is issued by the former, to give their customers flexible, employment-based loans that don\u2019t take credit scores into account.\nLoans typically range from $500 to $10,000 and are deposited directly into customers\u2019 bank accounts. Repayments are scheduled around when customers get paid and are collected automatically to avoid missed payments, the release said.\nPayment amounts are designed to be affordable and manageable, with no prepayment penalties, the release added. Additionally, loan performance will be reported to the credit bureaus.\n\n\u201cAs BMG Money strives to level the playing field for the financially underserved, our alignment with WebBank\u2019s incredible team extends holistic services to more customers in need,\u201d BMG Money President and CEO Kieran Noonan said in the release. \u201cThis partnership offers tremendous value for thousands of individuals, and we look forward to the nationwide impact it will have.\u201d\n\nJason Lloyd, president and CEO of WebBank, said: \u201cWebBank\u2019s partnership with BMG Money is a testament to our commitment to support underserved individuals and communities. We believe that everyone deserves access to financial services and the opportunity to achieve economic stability.\u201d\nSixteen percent of U.S. consumers don\u2019t have a credit card, PYMNTS Intelligence has found, dampening their financial flexibility and limiting their access to a lifeline when facing an emergency.\n\u201cSecured Credit Solutions: Assessing Credit Accessibility for Disenfranchised Consumers,\u201d a PYMNTS Intelligence\u00a0and\u00a0Atelio collaboration, examines why some consumer groups are unable to access credit cards and how this impacts their financial lifestyles. It draws on insights from a survey of 2,630 U.S. consumers conducted from March 13 to April 2.\nCredit card outsiders, as PYMNTS calls them, are a diverse group. PYMNTS Intelligence found that 52% of outsiders once had a credit card, yet three-quarters chose to close their accounts, citing a range of personal reasons for doing so.\nThe post BMG Money, WebBank Team to Offer Employment-Based Loans appeared first on PYMNTS.com.", "date_published": "2024-08-06T16:05:57-04:00", "date_modified": "2024-08-06T16:05:57-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/BMG-Money-WebBank-loans.png", "tags": [ "BMG Money", "employment-based loans", "financial inclusion", "Lending", "loans", "News", "Partnerships", "PYMNTS News", "WebBank", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2023117", "url": "https://www.pymnts.com/partnerships/2024/marqeta-becomes-issuer-processor-for-varo-bank/", "title": "Marqeta Becomes Issuer-Processor for Varo Bank", "content_html": "Card issuing platform\u00a0Marqeta\u00a0has been named issuer-processor for online bank\u00a0Varo.
\n\u201cVaro selected Marqeta for its ability to combine sophisticated virtual, tokenized and physical card-issuing technology with faster speed-to-market which will help its customers improve their daily relationship with money,\u201d the companies said in a\u00a0news release\u00a0Tuesday (Aug. 6).
\nThe release notes that Marqeta\u2019s platform allows Varo Bank to enable digital wallet tokenization with Apple and Google Wallets for its cardholders. It also points to a Marqeta report \u2014 backed by PYMNTS Intelligence research \u2014 showing consumer\u00a0interest in digital-only banking.
\n\u201cWe sought an issuer partner that complements our unique position as both a technology company and a regulated financial institution,\u201d said Varo Bank CEO Colin Walsh.
\n\u201cThis partnership with Marqeta enables us to offer cutting-edge card issuing technology, giving our customers enhanced ability to view and manage their transactions efficiently. This advancement aligns perfectly with our mission of financial empowerment.\u201d
\nPYMNTS spoke earlier this year with Sachin Shetty, chief technology officer at Varo Bank, about\u00a0the concept of composable banking, which is built around microservices and cloud-native architecture \u201cinstead of monolithic mainframes\u201d to deliver financial services.
\n\u201cGen 3 systems, built as microservices, allow us to choose the parts of the core that give us the highest leverage in our build-versus-buy decisions,\u201d Shetty said. \u201cWe can leave the commonality of what the core does and focus on\u00a0building unique experiences\u00a0for our customers.\u201d
\nAs that report notes, Varo Bank\u2019s composable approach has helped to launch products like Varo Advance, a short-term loan program, and the Varo Line of Credit, designed to help customers manage unexpected expenses.
\n\u201cThese products, developed leveraging composable architecture, provide quick, hassle-free access to funds, illustrating the agility and customer-centricity that modern core systems afford,\u201d PYMNTS wrote.
\nMarqeta\u2019s partnership with Varo comes weeks after the company teamed with Visa and Affirm as it became the first U.S. processor to\u00a0enable Visa Flexible Credential, a card offering that toggles between payment methods: debit, credit, cryptocurrency and pay-over-time options.
\n\u201cMarqeta achieved certification with Visa Flexible Credential in May 2024, which will enable cardholders of Marqeta\u2019s participating customers to easily set parameters or choose whether they use debit, credit, \u201cpay-in-four\u201d with Buy Now, Pay Later or even pay using rewards points,\u201d the company said in a news release.
\nBy offering consumers more payment choices, the company said, Marqeta customers can \u201cimprove the consumer purchase experience and increase merchant acceptance.\u201d
\nThe post Marqeta Becomes Issuer-Processor for Varo Bank appeared first on PYMNTS.com.
\n", "content_text": "Card issuing platform\u00a0Marqeta\u00a0has been named issuer-processor for online bank\u00a0Varo.\n\u201cVaro selected Marqeta for its ability to combine sophisticated virtual, tokenized and physical card-issuing technology with faster speed-to-market which will help its customers improve their daily relationship with money,\u201d the companies said in a\u00a0news release\u00a0Tuesday (Aug. 6).\nThe release notes that Marqeta\u2019s platform allows Varo Bank to enable digital wallet tokenization with Apple and Google Wallets for its cardholders. It also points to a Marqeta report \u2014 backed by PYMNTS Intelligence research \u2014 showing consumer\u00a0interest in digital-only banking.\n\u201cWe sought an issuer partner that complements our unique position as both a technology company and a regulated financial institution,\u201d said Varo Bank CEO Colin Walsh.\n\u201cThis partnership with Marqeta enables us to offer cutting-edge card issuing technology, giving our customers enhanced ability to view and manage their transactions efficiently. This advancement aligns perfectly with our mission of financial empowerment.\u201d\nPYMNTS spoke earlier this year with Sachin Shetty, chief technology officer at Varo Bank, about\u00a0the concept of composable banking, which is built around microservices and cloud-native architecture \u201cinstead of monolithic mainframes\u201d to deliver financial services.\n\u201cGen 3 systems, built as microservices, allow us to choose the parts of the core that give us the highest leverage in our build-versus-buy decisions,\u201d Shetty said. \u201cWe can leave the commonality of what the core does and focus on\u00a0building unique experiences\u00a0for our customers.\u201d\nAs that report notes, Varo Bank\u2019s composable approach has helped to launch products like Varo Advance, a short-term loan program, and the Varo Line of Credit, designed to help customers manage unexpected expenses.\n\u201cThese products, developed leveraging composable architecture, provide quick, hassle-free access to funds, illustrating the agility and customer-centricity that modern core systems afford,\u201d PYMNTS wrote.\nMarqeta\u2019s partnership with Varo comes weeks after the company teamed with Visa and Affirm as it became the first U.S. processor to\u00a0enable Visa Flexible Credential, a card offering that toggles between payment methods: debit, credit, cryptocurrency and pay-over-time options.\n\u201cMarqeta achieved certification with Visa Flexible Credential in May 2024, which will enable cardholders of Marqeta\u2019s participating customers to easily set parameters or choose whether they use debit, credit, \u201cpay-in-four\u201d with Buy Now, Pay Later or even pay using rewards points,\u201d the company said in a news release.\nBy offering consumers more payment choices, the company said, Marqeta customers can \u201cimprove the consumer purchase experience and increase merchant acceptance.\u201d\nThe post Marqeta Becomes Issuer-Processor for Varo Bank appeared first on PYMNTS.com.", "date_published": "2024-08-06T13:44:49-04:00", "date_modified": "2024-08-06T13:44:49-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2023/08/marqeta.jpg", "tags": [ "banking", "card issuing", "credit cards", "debit cards", "Digital Banking", "digital wallets", "Marqeta", "News", "online banking", "PYMNTS News", "tokenization", "Varo Bank", "What's Hot", "Partnerships" ] } ] }