At this year’s PAY360 conference held at London’s Excel – one of the largest payment events of the year in the UK –  more than 5,000 payment and finance professionals from around the globe gathered to network and share insights on the hot topics in the industry.

The Fintech Times took the opportunity to catch up with Lloyds Bank and fast-growing fintech CoBa Technology – a cloud-hosted platform that seamlessly connects banks and businesses – to learn more about their recent collaboration.

Robin Scher, head of fintech investment at Lloyds Banking Group and Tom Stoddart, head of market sales at Lloyds Banking Group, were joined by Carl Hasty, CEO and co-founder of CoBa, to discuss their partnership as well as how they are collaborating to enable clients to digitally manage their banking needs through automation and workflow connections.

Investing in startups

According to Scher, Lloyd’s created a £50million fund internally to invest in early-stage fintech startups in order to “reduce the cost of change or increase the pace of change”.

He explained why that included CoBa: “One of the things we look for and we absolutely love is great founders with real vision and an ability to execute. We look at the product-market fit as well, something that we think is going to work in the market. We also invest in things that we are going to learn from, that will innovate with us and partner with us in a true partnership fashion.”

In agreement, Stoddart added: “We look for an aligned philosophy particularly with the purpose that we have as an organisation. An alignment over goals of what looks good from a execution and delivery perspective is absolutely critical.

“What we have found by working with CoBa is that as a large organisation with multiple data sources we can bring that together and hand it to CoBa who are much more nimble and agile in terms of the way that they can deliver solutions for our customers.”

Hasty also added: “We focus on strategic relationships and want to work with a bank right at its core. We’re very much about bringing the bank and the client together.”

To find out more about their collaboration and how the strategic partnership plans to co-create tailored solutions for clients., watch our interview below.

The Fintech Times meets Lloyds Bank and CoBa Technology at PAY360

The payments process can often be arduous and infuriating when unforeseen complications arise. Looking to ensure a checkout experience is as seamless as possible, Skipify, the checkout fintech specialist, has partnered with Visa through the Visa Digital Commerce programme to simplify and accelerate the payment process. 

By combining Visa’s extensive digital payments expertise with Skipify’s digital wallet, Skipify is poised to deliver convenience and security to consumers at checkout. In the early phases of the partnership, Skipify customers in a growing list of global markets will be able to link Visa Click to Pay cards with their Skipify Connected Wallet.

Skipify’s digital wallet is embedded by merchants to help ease the challenges of checkout commonly experienced by shoppers and increase the rate of conversion. Once enabled, the direct connection means that Skipify’s identity-powered wallet will be able to recognise participating Visa Click to Pay cardholders on a merchant’s website, surfacing available cards more seamlessly.

The integration utilises advanced Visa network tokenisation technology to help minimise the risk of fraud and provide a more secure payment environment, helping to allow merchants to offer a more frictionless checkout experience without increasing exposure to fraud risk.

Advancing the future of commerce

The participation also allows Skipify to significantly expand its reach and offer its innovative payment solutions to a broader audience than ever before.

“We’re empowering merchants with an unparalleled checkout experience,” said Ryth Martin, founder and CEO of Skipify. “Merchants can authorise more shoppers automatically, drive revenue, and ultimately earn more shopper lifetime value. We are proud to deliver this level of impact with Visa by our side.”

Additionally, Skipify’s partnership with Visa reinforces a commitment to advancing the future of commerce through innovation and collaboration.

“We’re empowering businesses with convenient and secure ways to accept payments, giving them the opportunity to enrich consumer experiences and get even closer to their shoppers,” said Mark Nelsen, SVP, regional product and innovation at Visa. “Skipify has been an incredible partner because of their dedication to our merchants and cardholders. We’re delighted to drive this next wave of innovation in payments with them.”

Ecommpay, the international payment service provider, can increase its UK and EU market coverage by almost 50 per cent without cannibalising existing payment methods following a new partnership with GoCardless, the bank payment company. 

Together, Ecommpay now has the ability to offer direct debit payments for UK and EU businesses. Direct debit has seen a surge in popularity and consumer demand. In fact, it is now one of the UK’s most popular and trusted ways to pay, with 80 per cent of Brits having at least one to pay for their regular outgoings according to GoCardless.

Arthur Ribakovs, head of financial partnerships, Ecommpay said: “The addition of direct debit capabilities further expands Ecommpay’s already extensive portfolio, including global card acquiring via a single integration, Open Banking: Advanced, and 100+ local payment methods.

“With a full-stack proprietary ecosystem that ensures 99.999 per cent uptime and around-the-clock business and IT support, Ecommpay is not only strengthening its presence in the UK and Europe, but continues to improve its offering for FinTech and e-commerce merchants.”

Building on subscription service popularity 

A survey conducted by Ecommpay at the end of 2023 found that 54 per cent of UK consumers used subscriptions during the pandemic. Since then, 42 per cent have continued to do so and 14 per cent have even increased their usage. UK consumers have on average 1.6 active subscriptions, with 32 per cent using one regularly and 30 per cent using two.

In addition to evolving consumer payment preferences, businesses face challenges such as fraud prevention and reducing checkout abandonment rates. Recognising existing barriers and shifting end-consumer payment trends, Ecommpay has introduced direct debit payments as a proactive response.

The strategic partnership with GoCardless opens access for Ecommpay merchants to offer subscription-based payments across the UK and Europe. This includes improved acceptance rates and the security against fraud that comes with bank payments.

Deepak Colluru, director of product management for GoCardless Embed, said: “We’re extremely proud to help Ecommpay launch its direct debit offering, enabling its customers to tap into a payment option that is seamless, secure and highly preferred.

“Ecommpay’s speed to market is a testament to the simple ‘plug-and-play’ nature of GoCardless Embed, allowing payment service providers to access a global bank payment network in a matter of weeks. We look forward to helping millions of businesses realise the benefits of bank payments, from reducing costs, fraud and manual admin to increasing cash flow and conversion.”

Currencycloud and Paysend have expanded their longstanding partnership helping Paysend to expand its services around the world.

Following the deal, Currencycloud will boost Paysend’s FX and treasury capabilities, becoming a key partner of cross-border money movement flows for Paysend across the US, EMEA and Asia-Pacific.

The deal also means that Paysend customers now have access to multi currency wallets, which let users hold up to 34 currencies in the same app. Paysend customers will also access payments via the Swift network adding further choice to Paysend’s extensive global coverage.

“We’ve worked with the team at Currencycloud for several years now and our partnership keeps going from strength to strength,” commented Ronnie Millar, CEO and co-founder of Paysend. “I believe the secret to our success together is that we share a vision for making the global money transfer landscape simpler and more inclusive.”

Paysend is also significantly expanding its remittance offering in the UK, EU, Canada, and the USA, drawing on Currencycloud’s experience working with innovative digital remittance firms that offer cheaper, fairer and more transparent services than traditional suppliers. Paysend customers in those regions will be able to send remittances to over 180 countries around the world via Swift and local payment networks.

Piers Marais, head of product for Currencycloud, also added: “UN estimates suggest that between 2015 and 2030 around $6.5 trillion will be sent home to developing countries by migrants. It’s a vital cross-border flow that well exceeds even international aid budgets.

“Paysend bringing their technology and expertise into this space is a huge boost for the sector, and we’re proud to be on the growth journey with them”.

Currencycloud will also be supporting Paysend on the launch of new consumer-facing products and services scheduled for release in late 2024.

La Banque Postale has joined forces with JCB, the Japan-based card issuer and acquirer and global payments brand, in an effort to facilitate payment transactions for JCB cardmembers throughout France.

By partnering with La Banque Postale, JCB can now offer a range of benefits to its card members. La Banque Postale has a strong physical presence across France, with 17,000 points of contact including 7,000 post offices, and an extensive network of 6,000 ATMs.

This long-term collaboration will be rolled out in phases, with the first of these seeing La Banque Postale’s ATMs made available to JCB cardmembers. In the second phase, JCB cardmembers will be able to pay for their purchases in France directly on the terminals of retailers affiliated with La Banque Postale. The final phase will also see additional acceptance at online locations as part of JCB’s growing global merchant network.

Jean-Marc Vedrune, director of electronic payment at La Banque Postale, explained: “This strategic partnership with JCB, represents a significant step forward in facilitating payment transactions especially for international tourists and professionals travelling to France.

“With a history of involvement in various international payment initiatives, both in terms of transfers and the acceptance of foreign cards in our network, it shows our joint commitment to meeting the needs of our customers, with JCB being the ideal partner for us to provide seamless and secure transactions.”

Bolstering international payments

Ray Shinzawa, managing director of JCB International (Europe) Ltd, also commented: “With more and more JCB cardmembers planning their next vacation in Europe, France remains a popular destination for travellers looking to make the most of their time abroad – whether for leisure or business purposes. This is why we’re excited to be partnering with La Banque Postale, one of France’s leading financial organisations, to offer our over 156 million cardmembers even more ways to spend easily and conveniently throughout France.”

As a member of the European Payments Initiative (EPI) and committed to international payments, La Banque Postale remains a major player on the payments front.

This partnership with JCB is in line with the growing need for foreign tourists to be able to use their credit cards to make payments in France.

For JCB, ensuring that cardmembers have easy and expanded access to their preferred payment choice is a high priority. It explained that France is a key market, and the collaboration with La Banque Postale is an important pillar in JCB’s strategy to increase its acceptance across Europe.

Looking to make financial services more accessible, M-PESA Safaricom has signed an International Money Transfer Agreement with Onafriq, the African digital payments network, to enable Ethiopian users to receive remittances from different parts of the world through M-PESA.

Individuals do not need a bank account, something which has historically been challenging for some to acquire in Ethiopia, to send remittances. All they need is a Safaricom SIM card. With Onafriq operating in 40 African countries, seamless cross-border transactions will be enabled for Ethiopians starting July 2024, following National Bank of Ethiopia authorisation.

Paul Kavavu, general manager at Safaricom Ethiopia, states: “Our goal is to make payments easier, and the incorporation of international money transfer services into M-PESA serves that purpose perfectly. Ethiopia generates more than $5billion in remittances annually and this partnership will provide the Ethiopian Diaspora with an easy and fast formal channel to send money to their loved ones in Ethiopia.”

Ensuring greater reach and simplicity for remittances

Last year, the World Bank stated that the remittances flow to countries in sub-Saharan Africa reached $54billion in 2023 – an increase from the previous year’s gain. This increase was driven by strong remittance growth in countries like Mozambique, Rwanda and Ethiopia.

The receipt of remittances plays a crucial role in reducing poverty as well as the GDP of a country. Ethiopia’s director general of Ethiopian Diaspora, Mohammed Endris, previously noted this, stating that in some countries remittances take up to 40-50 per cent of the GDP. Meanwhile, the remittance sent by the diaspora to Ethiopia is five per cent.

A partnership such as the one between M-PESA Safaricom and Onafriq will only serve to contribute to this figure.

The incorporation of international money transfer capability into its offering allows M-PESA to tap into and leverage Onafriq’s extensive network. In turn, this will connect 500 million mobile money wallets and 200 million bank accounts. This vast reach enables domestic and cross-border disbursements and collections, card issuing and processing, agency banking, and treasury services.

Digital Ethiopia 2025

Nika Naghavi, group head of growth at Onafriq, states that the partnership will directly stimulate the realisation of Ethiopia’s digital transformation strategy. The strategy termed ‘Digital Ethiopia 2025’, emphasises enabling systems through digital transformation, of which digital payments form a crucial part. Consequently, the country’s solution to this includes ensuring financial inclusion, innovation in the banking system and the adoption of innovative solutions.

“We have always believed that payments should be a simple process, as simple as a phone call – connecting individuals through increased access. The agreement with M-PESA Safaricom extends our reach in Africa even further and strengthens our position as the largest payment network on the continent. We are confident that this partnership will positively impact economic growth and the achievement of greater sustainable development goals,” says Naghavi.

The service complements Ethiopia’s efforts to generate foreign currency inflow through formal channels, offering a safe, inclusive and reliable service to customers through M-PESA.

International insurtech bolttech is set to begin its expansion into the Middle East, following the launch of its new partnership with stc Group, the telecommunications company acting as the engine of digital transformation in the region.

The collaboration with stc Group will see bolttech provide stc’s customers with new embedded device protection offerings through a technology-enabled experience.

stc Group offers provides a comprehensive suite of services encompassing digital infrastructure, cloud computing, cybersecurity, Internet of Things (IoT), digital payments, digital media, and digital entertainment. The group comprises over 13 subsidiaries across the Kingdom of Saudi Arabia, the Middle East, North Africa, and Europe.

Aligning with stc Group’s ‘DARE 2.0’ strategy to become a world-class digital leader, bolttech and stc will also explore expanding the partnership to embed IoT-enabled solutions beyond mobile devices into other aspects of a customer’s digital lifestyle, including protection for home appliances, health electronics, and cyber assets.

Rob Schimek, group chief executive officer at bolttech, commented: “stc Group is an ambitious digital leader, always striving to offer innovative solutions to their customers.

“Their aspirations align perfectly with ours, and together with their well-established presence in the Middle East, they are an ideal partner for our launch into the region. We are excited to work together with stc Group to help their customers safeguard their valued devices to ensure an uninterrupted digital lifestyle.”

Towards the end of 2023, bolttech acquired Digital Care, an embedded protection company based out of Poland, in a move that saw it expand its global footprint and enter four new markets in EMEA – Poland, Croatia, Lithuania and South Africa.

Fingerprint Cards AB, a Sweden-based biometrics firm, is rolling out the first biometric payment card in Turkey, in partnership with digital security company Thales.

Beyond speed, security and convenience the Fingerprints biometric payment card also integrates with existing bank infrastructures and Point-of-Sale (POS) systems without requiring upgrades. The contactless biometric payment card has already been certified by major EMV payment schemes.

The Fingerprints biometric technology, which features a T-Shape sensor (T2) and biometric payment software, is also set to become part of the customer offering for Garanti BBVA, one of the largest private banks in the country, alongside Thales’ payment cards.

By adding the biometric payment card to its portfolio, Garanti BBVA enables its customers to remain at the forefront of secure contactless biometric payments.

Fingerprints’ newest launch marks its eleventh biometric payment card commercial rollout globally in collaboration with Thales.

Adam Philpott, CEO at Fingerprints, commented: “With our fast, secure and cost-efficient biometric payment sensor, our partnership with Thales is helping us drive innovation. As we continue to lower market barriers, and consumers make their preferences clear, interest from banks continues to grow. Banks that seize the opportunity can leapfrog the competition and enhance customer acquisition, brand reputation and fraud reduction.”

The Fingerprints biometric sensor scans as customers tap their contactless card on a payment terminal, capturing biometric data, checking to see if it matches its database and then authenticating the payment, in under a second.

Two-thirds of people have used biometrics and view them as easier and faster to use than traditional passwords, according to payments giant Visa. Frost & Sullivan, a research and consulting firm, has also predicted that, due to the rising demand for automated authentication and identification, the biometrics market will reach $54.97billion in revenue by 2025 – highlighting a desire for more secure payments across the globe.

Cisco has expanded its strategic partnership and signed a Whole Portfolio Agreement (WPA) with BBVA, the global financial services group, providing BBVA with faster access to Cisco’s comprehensive software and Customer Experience (CX) portfolio.

BBVA now becomes the first EMEA-based financial services institution to sign a WPA with Cisco in Europe and Latin America.

The five-year agreement includes solutions in cybersecurity, collaboration, data centre, networking and services. The agreement with BBVA spans operations across multiple countries. It includes proactive services provided by a specialised Cisco team and promotes collaborative innovation.

José Luis Elechiguerra, global head of engineering at BBVA, explained: “BBVA’s alliance with Cisco is more than a supplier-customer relationship. After eight years of strategic partnership working together, BBVA premises and employees worldwide will have access to not only current but future Cisco technological developments.”

The deal also simplifies management by consolidating 3,000 individual contracts into a single unified agreement. This streamlines BBVA’s global IT operations, significantly improving efficiency.

Oliver Tuszik, president of Cisco’s Europe, Middle East and Africa region (EMEA), also discussed the need for the collaboration: “We are proud to support the continued growth of one of the world’s leading financial institutions.

“For over a decade, BBVA has pioneered the digitisation of banking in Spain and globally by putting customer experience at the centre. During the next stage of our strategic partnership, together we will leverage the power of Cisco’s whole portfolio, including the latest AI-driven innovations, to accelerate their transformation.”

Since 2016, BBVA and Cisco’s dedicated team have collaborated to create the bank of the future, leveraging technologies like collaboration, networking, data centre and security. This strategic digital partnership, along with alliances with other leading tech companies, has accelerated BBVA’s transformation. As an early adopter of digitalisation, BBVA is now at the forefront of financial services innovation.

Many firms in developing regions are looking towards technology as a way of advancing their financial marketplaces. For example, in Rwanda, I&M Bank (Rwanda) Plc., the oldest bank in Rwanda and licensed by the Central Bank of Rwanda, and Network International (Network) have partnered to improve financial inclusion in the country. 

The agreement with Network International will reinforce I&M Bank’s digital-first strategy and leadership in the Rwandan market. Amidst surging interest in digital payment solutions across the country influenced by rising internet penetration and mobile phone usage, Network will enable I&M Bank to benefit from advanced digital payment solutions, robust security protocols and a sophisticated API gateway.

Through this partnership, Network will offer a variety of payment products and services including credit and prepaid card hosting and processing. The bank will also have access to a host of value-added services such as card fraud prevention, 3D secure authentication, and card control solutions.

Benjamin Mutimura, CEO of I&M Bank (Rwanda) Plc., emphasised the importance of customer delight, stating: “Our partnership with Network International complements our desire to facilitate the inclusion of more citizens in the formal financial system. Our collaboration with a market leader like Network International will help us satisfy the growing demand among Rwandans for new and superior digital banking experiences that are convenient, safe, and seamless, thereby ensuring customer delight.”

Dr. Reda Helal, group managing director – processing, Africa and co-head group processing at Network International, commented: “We are excited to collaborate with I&M Bank in meeting the rising interest among Rwandans, especially the unbanked, for services that support a digital lifestyle.

“We welcome the opportunity to support I&M Bank’s passion for providing best-in-class digital customer experiences by enabling innovation and enhanced operational efficiency, as well as broaden our contributions to the success of Rwanda’s financial inclusion strategy.”