In today’s top news in digital-first banking, Tesco Bank has introduced an online payment platform for credit card customers, and Square has rolled out on-demand payroll. Plus, Monit is rolling out its mobile finance platform for owners of small businesses.
Tesco Bank Debuts Digital Payment Platform For 2.6M Credit Card Customers
Scotland’s Tesco Bank has indicated that it is the first U.K. financial institution (FI) to unveil technology that enables its 2.6 million credit card clients to more simply control and pay their balances. The Open Banking Connect service of Mastercard will make the FI’s “Pay by Bank” platform possible.
The Pay by Bank technology lets clients view their account balances prior to determining how much to pay, while enabling them to view instant updates to their bank balances.
Square Launches On Demand Payroll
Square unveiled the rollout of two new functions that the firm says will simplify payroll for both companies and workers. Businesses can fund payroll in nearly real time with the new “Instant Payments” feature, removing the delay between when funds depart the account of a business and enter the accounts of workers. The company also unveiled an “On-Demand Pay” offering to provide workers with quicker access to wages than they have with digital payment setups.
Monit Debuts Platform For SMB Cash Flow Management
Monit is launching its mobile finance platform to help small business owners by providing them with more control over their finances. The predictive intelligence company says it uses “patent-pending” prediction technology combined with an instinctual mobile package. Its platform encompasses a “dynamic cash flow view” to create a forecast, among other features.
Apple Concludes Barclays Tie-Up Amid Focus On Apple Card Financing Plans
Apple ended its Barclays Plc card collaboration as it seeks to home in on Apple Card product financing solutions. Customers won’t have the ability to apply for the card in physical stores or on the company’s website as of Tuesday (Sept. 15). The tech firm will reportedly point clients to the Apple Card Monthly Installments plan.
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