Connected Economy: SWIFT Unveils Data Tool

Today in the connected economy, financial messaging services provider SWIFT has rolled out a predictive data intelligence tool that identifies potential problems with cross-border transactions.

Also, banking giant Santander is joining forces with cash management platform Trovata, and cross-border payments company Thunes is collaborating with Ant Group’s Alipay+ to let merchants accept various mobile wallets in Europe.

New SWIFT Tool Predicts Cross-Border Payment Problems

SWIFT, a financial messaging services provider, is debuting a predictive data intelligence tool that identifies potential problems with cross-border transactions before payments are sent.

According to a news release, the capability is part of SWIFT’s strategy to remove friction while promoting real-time international payments. The new tool pinpoints accounts that had been credited successfully on the SWIFT network and uses the data to find possible mistakes in payee information — the most common reason for delays in cross-border transactions.

Santander Taps Trovata for Cash Management

Santander has teamed with Trovata for its cash management solution, with the partnership allowing the Spanish bank to market Trovata’s cash management platform to its clients to modernize treasury workflows via data-driven automation.

The companies said they want to collaborate to continuously improve cash visibility and cash flow insights to assist large corporate customers with better, faster business decisions.

“Santander’s commitment to innovation meets our clients’ need to evolve tools and adapt their processes to a changing environment,” said Eva Bueno, managing director and global head of cash management for Banco Santander. “Trovata aggregates and transforms corporate banking data at scale and that automates much of the cash forecasting process, which will allow our clients to gain efficiency.”

Thunes, Alipay+ Partner to Ease Acceptance of Mobile Wallets in Europe

As international tourism rebounds, cross-border payments company Thunes has teamed with Ant Group’s Alipay+ to let merchants in Europe accept the mobile wallets that are most popular among Asian consumers.

The collaboration allows merchants to accept payments from mobile wallets like Alipay, Boost, GCash, KakaoPay, Rabbit LINE Pay, Touch ‘n Go and True Money, the companies said in a news release.

“This partnership will allow merchants to engage with shoppers through their favorite digital payment tools both online and in-store, and help speed up the digitalization and globalization of their business operation,” said Kevin Liu, Ant Group’s country manager for France.

Will MrBeast Burger’s Digital Success Translate to Physical Restaurants?

Some virtual restaurant brands are looking to find long-term omnichannel success, such as MrBeast Burger, which is leveraging its online notoriety as it prepares to open a brick-and-mortar restaurant.

MrBeast Burger is a collaboration between ghost kitchen company Virtual Dining Concepts and YouTube personality MrBeast, who recently tweeted, “I’m opening a physical Beast Burger restaurant at the American Dream Mall on September 4th! I’ll be working at the restaurant all day the first day and if you stop by you might see me.”

Wix Collabs With Choice to Bring ACH Payments to Merchants

Wix is ​​partnering with global payments firm Choice to bring Automated Clearing House (ACH) electronic funds transfer payments to Wix merchants in the US

The companies said this account-to-account payment option lets retailers using Wix access Choice’s ACH payments infrastructure and its omnichannel software solution.

“Offering ACH as a payment option enables Wix merchants to convert more shoppers into buyers and expand revenue,” said Choice CEO John Paul Golino. “We are eager to elevate the payment acceptance experience for Wix merchants and their customers with Choice’s cutting-edge technology.”

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About: The findings in PYMNTS’ new study, “The Super App Shift: How Consumers Want To Save, Shop And Spend In The Connected Economy,” a collaboration with PayPal, analyzed the responses from 9,904 consumers in Australia, Germany, the UK and the US and showed strong demand for a single multifunctional super apps rather than using dozens of individuals ones.

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