Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
FairFX, a London-based multicurrency payments service, has acquired Q Money and its e-money licence.
Western Union has admitted turning a blind eye as criminals used its money transfer services to launder money and commit fraud. It has agreed to pay a $586 million fine to the US authorities.
Philippines-based Ayannah, a provider of financial services to migrants and the unbanked, was the overall start-up winner in the Next Money Fintech Finals 2017 in Hong Kong.
Daimler Financial Services is acquiring e-payments services provider PayCash Europe, based in Luxembourg. This will enable Daimler to launch its own e-payments service under the Mercedes Pay brand.
Rabobank is implementing ACI Worldwide’s UP Immediate Payments solution to support SEPA instant payments.
The Competition and Markets Authority (CMA) in the UK has accepted undertakings from the Bacs payment scheme that commit it to delivering the improvements required by the CMA retail banking market investigation within a year.
With last year’s Brexit decision casting uncertainty on UK-based e-money passporting, the Emerging Payments Association (EPA) has released a new report recommending the best options for UK-licensed fintech and financial services companies in danger of losing their European Union passporting rights following the UK’s exit from the EU.
Payments software and services vendor ACI Worldwide says its latest version of UP Immediate Payments provides “single point of access to all immediate payments schemes globally”.
Private equity firm AnaCap Financial Partners is taking over a controlling stake in Heidelpay, an online payment service provider (PSP) in Germany. Heidelpay’s co-founders and existing management will retain a minority stake in the business.