Banks Embrace Real-Time Data Connectivity With Third-Party FinTechs

With a focus on expanding functionality for business customers, financial institutions (FIs) this week turned to FinTechs that could facilitate real-time data connectivity and analysis.

Some FIs, including Western Union and UniCredit, focused their FinTech collaborations on small- to medium-sized businesses (SMBs) trading internationally in need of working capital. Others, like BBVA, embraced partnerships for payments enhancements. PYMNTS runs down the latest initiatives to connect banks, FinTechs and their clients for a better financial services experience.

Western Union Adds Trade Tech For SMBs

Western Union is bolstering its offering to SMBs that trade internationally through a new FinTech tie-up, PYMNTS reported. The company recently announced its partnership with Morgan Goodwin, which will integrate its EdgeCTP digital trade technology into Western Union Business Solutions’ WU EDGE system. The connectivity enables SMB customers of Western Union to access a suite of products that can support their trading operations, including shipping and logistics tools, warehousing and sales solutions.

In a statement, Western Union Business Solutions Global Head of Channel Partnerships Howard Young pointed to the “many synergies” between the two companies that support “a seamless process and customer experience throughout the international trade journey.”

UniCredit Taps Taulia For Trade Finance

In a new agreement, supply chain financing technology firm Taulia is working with UniCredit to connect joint SMB customers to financing solutions for both buyers and suppliers. With additional functionality like cash flow forecasting, dynamic discounting and eInvoicing, the integration aims to “round out” UniCredit’s existing working capital offerings for SMBs, the company noted, pointing to the flexibility the collaboration provides business owners to access both bank-funded financing, like supply chain finance, and self-funded tools, like dynamic discounting. For Taulia, the collaboration broadens its reach in Europe as the two firms continue their focus on connecting more corporates to working capital.

BBVA, Visa Direct Expand Open Banking Offering

Partnering with Visa Direct, BBVA is expanding its open banking platform to integrate real-time payments within the offering, according to Tearsheet. Designed for third-party financial service providers and FinTechs, the BBVA Open Platform now allows seamless access to functionality that includes real-time money movement across borders for enterprises via BBVA’s Move Money API (application programming interface) service, which supports ACH, push and pull payments to and from debit cards, digital bill pay and other payment capabilities.

“BBVA Open Platform has always been committed to the democratization of financial services, and the Move Money API is a prime example of that philosophy,” said BBVA Open Platform Senior Vice President and Head of Product and Client Operations Susan French, according to the report.

Codat Lands VC For API Offering

Based in London, Codat is a FinTech services startup focused on facilitating business-to-bank connectivity, using its API technology to link SMBs, banks, FinTechs and other financial service providers for seamless, real-time data integration. Targeting the B2B segment, the company can link into SMBs’ existing back-office platforms, granting access between accounting and other portals, and financial service providers. Reports in BusinessCloud said the company raised $10 million in venture capital led by Index Ventures, which, the publication noted, is also an investor in Plaid, another facilitator of finserv data integration. Codat said it plans to use the investment to expand in the U.S. and grow its staff.

ACI Combats Fraud For Federal Bank Of India

Federal Bank of India (FBI) has chosen ACI Worldwide as its technology partner to enhance its fraud mitigation efforts, according to a recent press release. FBI is adopting ACI’s UP Payments Risk Management tool, which supports real-time visibility into card transactions to deter fraud using pre-defined risk parameters.

“Our objective was to equip Federal Bank with real-time reactivity and adaptation to emerging fraud trends, enabling faster decision-making,” said ACI Worldwide Vice President and Country Leader Kaushik Roy in a statement, who also pointed to the support the company is offering FBI in its “ongoing digital transformation journey” through third-party collaboration.