1. OFAC fines Payoneer $1.4M for 2,260 apparent sanctions violations
2. First collaboration between a bank and a fintech company using the Bank of Russia’s open banking API. Promsvyazbank and Tochka, a fintech company that provides financial services platfrom for SMEs, passed the certification by the Russian FinTech Association to use the API in compliance with regulatory standards, which allows them to unlock and share data without proprietary agreements.
3. A survey among UK Digital Bank users points out that the customers would be highly interested in receiving embedded insurance offers based on their transaction data. 71% out of 527 respondents indicate
d that such an offer will be convenient.
Even though this survey is relatively small it resonates with the survey of 3,551 Americans published last month, and additional surveys executed in 11 other countries. Across the globe, the data points to significant demand for timely and relevant transaction-based insurance offers.
4. Dwolla, which provides an API that allows companies to build and facilitate fast payments, specifically with a focus on ACH, has closed $21 million in funding, money that it will be using to continue building out the functionality of its service and specifically how it integrates and provides more of the responsiveness of card payments; hiring more talent; and starting the process of taking its rails to more markets outside of the U.S., most likely looking at Canada, the U.K. and Australia first.
5. Since 2019 China’s central bank digital currency (CBDC) was utilised for 70.75 million transactions with value totaling RMB 34.5 billion, or US$5.3 billion.