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FintechOpen Banking

Open Banking Movers & Shakers – Q3 2020

Open Banking Movers

In a recent infographic we looked at some of the open banking gains seen around the world including an expected growth rate of 24.4% by 2026 reaching $43.1 billion in value. Lets look at North American companies and organizations who are helping move open banking forward to create a consumer friendly future for financial data that is secure and helps deliver exceptional products and services.

We’ve listed everyone below that’s included in the graphic above for your browsing convenience. Want to be included in VoPay’s next ‘Open Banking Movers & Shakers’ list? Send us an email at: press@vopay.com

Data Networks

•  Envestnet Yodlee

Flinks

Fiserv

Plaid

MX

Inverite

Direct ID

M Science

KYC/AML

• Equifax

Experian

Transunion

Trulioo

Lending

Quicken Loans

Kabbage

Spending / Savings

Mogo

EQ Bank

Petal

Payment-as-a-Service

Interac

VoPay

Trustly

Investing

• Betterment

• Morningstar

• Wealthica 

Quest Trade

Accounting

• Xero

• Intuit

Policy

FDATA North America

Fintech Growth Syndicate

Canadian Lenders Association

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FintechOpen Banking

Business Payment Pains & Open Banking Gains

Open Banking Growth

Significant pain points persist with business payments but with continued growth in open banking adoption more business then ever are realizing the benefits of embracing the technology. Open banking is projected to have continued growth well into the future. Let’s have a look at some of the numbers below in our latest infographic:

Help Shape The Future of Open Banking

VoPay is a proud FDATA North America member. Learn about membership benefits here.

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FintechOpen Banking

ONE:ONE with Inverite’s Lloyd Evetts

Lloyd Evetts

Welcome to our new ONE:ONE blog series where we sit down with thought leaders and pioneers in the fintech, payments and open banking space.

Our first chat is with Lloyd Evetts, Director of Business Development at Inverite, a leading open banking provider with coverage for over 275 Canadian Financial Institutions. 

Q&A

1. What’s one thing everyone should know about Inverite?

My two partners and myself have each been involved in Financial Technology for over 20 years in payments, lending and now data aggregation.  One of the first questions I’m usually asked is how we have support for so many more FI’s than anyone else – experience goes a long way!

2. What’s your role at Inverite?

My role here is split between product management, business development and operations.  My background in IT has proven to be a great strength too, I work very closely with both our and our client’s technology teams and understand what goes into an integration and how the data is used.

3. What gets you most excited about the VoPay Inverite partnership?

I think the payments space is poised to see the same kind of radical change that we saw in credit decisioning with the introduction of open banking, and I think VoPay is at the forefront.  I’m excited to see how our data and coverage can help them innovate.

4. What does the future of open banking look like?

I’m optimistic that we’ll see a collaborative landscape where the incumbent FI’s and Fintech’s work together and we really unlock the potential of open banking and consumer-directed finance.  We all know the regulatory track has been delayed with COVID-19 but there is important progress being made by industry lead organizations.

5. Who is your fintech/ tech hero and why?

Eva Wong.  Borrowell was one of the first major Canadian players to really see the potential of a data driven approach and invest in data science.   I’m continuously surprised and impressed by how they leverage alternative data in their new products and finally also their involvement with groups like the Canadian Lenders Association who promote ethical lending practices.   

Learn more here about the VoPay + Inverite partnership.

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FintechOpen Banking

Open Banking Payments To Meet Your Data Needs

VoPay Open Banking Payments Data

We’ve teamed up with top financial data providers to deliver our industry leading open banking payments solution that allows you to accept instant bank account verification payments, improve payment speed and reduce NSFs.

Let’s have a closer look at each of our data integration partners who are a part of the VoPay API that’s designed to optimize EFT payment processing:

Plaid

Plaid is focused on democratizing financial services through technology. They provide developers with the tools they need to create easy and accessible experiences for their users. Today, tens of millions of people in North America (and counting) have successfully connected their accounts to apps they love using Plaid.

Learn more about the VoPay + Plaid integration here.

Flinks

Flinks empowers businesses to connect their users with financial services they want. Trusted by hundreds of world-class companies, Flinks enables businesses to connect users’ bank accounts, enrich their data, and utilize it to deliver better products. An award-winning company, Flinks has become the leader in financial data connectivity in just three years.

Learn more about the VoPay + Flinks integration here.

Inverite

With support for over 285 Canadian financial institutions Inverite is the data provider of choice for many of Canada’s leading companies offering innovative, secure and cost-effective banking verification solutions to the financial services industry for income verification, credit decisioning, fraud reduction, and KYC/AML purposes.

Learn more about the Vopay + Inverite integration here.

More to come

We’ll be adding additional partners in the future so keep an eye out on our newsroom for announcements!

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FintechOnline Payments

How Does Bulk e-Transfer For Business Work?

VoPay Bulk e-Transfer

You can access our bulk e-Transfer service through our developer friendly API and easily send thousands of near real-time payments with just an email.

You’ll get the ability to send up to $10,000 per payment to multiple recipients simultaneously with real-time acknowledgement and daily status reports. You can choose to send up to 1,000 e-Transfers in near real-time or send up to 100,000 e-Transfers overnight.

We’re proud to partner with Interac to power our bulk e-Transfer service and provide businesses with a seamless payout solution to meet their operational needs.

Product Features

Sending a Payment: In order to send Bulk Interac e-Transfers, you only need the recipient’s email address. With Bulk Interac e-Transfer businesses can send single or multiple Interac e-Transfers through our API.

Tracking & Reporting: Businesses receive a real-time acknowledgement, processing summary and daily status  reports, including the deposit of funds, and statuses of pending and cancelled transactions.

How It Works?

  1. Businesses only require the recipient’s email address or cell phone number to send money (no financial information of recipient is required for payment).
  2. Once the payment is sent, recipients are notified by email or text message.
  3. Recipients can deposit their payment at the financial institution of their choice by answering a security question.

Key Benefits

Easy Signup Process: No recipient banking information required.

Increased Funding Limits: Unlike regular Interac e-Transfer bulk e-Transfer has $10,000 per payment limits.

Near-Real Time Funding: Send funds within the hour or overnight depending on volume.

Highly Scalable: Send up to 100,000 e-transfers per day leveraging an optimized process.

Quick Reconciliation: Real-time acknowledgement and daily status reports.

Seamless Integration: Access the service through our developer friendly API.

Get In Touch

Schedule a chat with one our product specialist to learn more!

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FintechOnline Payments

What The VoPay + Plaid Payments Platform Partnership Means For You

VoPay Plaid Platform Partnership

Last week we announced the next phase of our partnership with Plaid which saw us become a platform partner. What does that mean? Well, it’s now even easier to implement our payments API that layers Plaid’s data over top of our core payment engine to deliver the most powerful API based EFT payments solution in the market improving funding speed. Also, you maximize payment security and avoid storing sensitive data through our payment data tokenization structure:

Payments made faster, more efficient and more Secure

VoPay + Plaid payments provide businesses six key benefits:

  1. Bank Account Verification: Verify users identities and authenticate bank account prior to the transaction.
  2. Reduce NSF: Reduce NSF fees by having visibility into bank accounts available funds.
  3. Reduce Input Errors: Auto-fill forms with identity data when users link their bank accounts.
  4. Transparent Tracking: Get full visibility into each transaction with courier package like tracking.
  5. Faster Payments: Validate transaction status and access to funds within 24 hours.
  6. New Revenue: Offer on-demand products and services to retail clients.

Are you an exisitng Plaid client?

You can take advantage of your existing data integration with Plaid by leveraging your data tokens and have your users skip all the authorization access and bank account selection steps, streamlining the payment check out experience. You’ll need to sync your data aggregator account with VoPay to enable this.

Getting started

Interested in evolving your existing EFT payments solution to give you real-time data to make better business decisions? Visit our dedicated product and API documentation page to get started or to learn more!

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Fintech

Five Most Read Fintech Blog Posts Of 2020 So Far

Top 5 VoPay Fintech Posts

We are halfway through 2020 so we thought we would look back at our five most popular blog posts of the year so far:

  1. Canada’s In Love With Cashless Payments: 23 Top Findings
  2. 15 Fintech Companies To Watch In 2020: Part I & Part 2
  3. 5 Companies Disrupting The World Of Money
  4. A Message From VoPay’s CEO Addressing COVID-19
  5. Financial Wellness Apps Bank On Credential-Based​ Authentication

Also, if you enjoy infographics, here’re some of our most recent ones:

A Cashless World

Accounts Payable By The Numbers

Please leave a comment below if you would like us to write about anything specific (payments related) or include your company in a future ‘Fintech Companies to Watch’ post.

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FintechOnline PaymentsOpen Banking

How Do VoPay & Plaid Payments Work?

VoPay Plaid Payments

We’ve teamed up with Plaid to help make payment processing faster, more efficient and more secure. Before we dive into how it all works let’s get to know each of them a bit better.

Meet VoPay

VoPay is a leader in payment innovation, digitizing direct bank payments with speed and transparency. The VoPay Platform enhances how digital platforms initiate and accept financial transactions using a single, open API.

Meet Plaid

Plaid is a technology platform and data network that enables applications to connect with users’ financial accounts. They focus on lowering the barriers to entry in financial services by making it easier and safer to use financial data. Today, they support developers across North America and Europe.

How VoPay + Plaid Payments Work

VoPay layers Plaid’s Auth, Identity, Balance, and Transactions solutions over top of its core payment engine to deliver the most powerful EFT payments solution in the market.  The result is a seamless payment experience with reduced NSFs, verified bank accounts and improved payment speed.

Current Payment Challenges

There are three main hurdles when it comes to existing EFT payments:

1. Lack of visibility: Paper checks or electronic payment systems for bank account payments do not allow visibility into the bank account at the time of the payment.

2. No traceability: Businesses accepting check or electronic payments can not track the payments, the status of the transaction or when the funds will be available.

3. High risk: The current paper check and electronic payment service do not offer balance verification at the time of transaction.

Common Payment Use Cases

Some of the most common use cases include lending and market places where the solution can dramatically reduce NSFs, optimize cash flow, streamline back-office operations and improve payment security. Another would be legal and real estate where you can increase revenue with significantly reduced fees and decreased chargeback risk.

In summary, together VoPay + Plaid payments improve efficiency by verifying user identity and bank information prior to processing the transaction, minimize NSF fees by having visibility into available funds and reduce the access to funds time to just 24 hours.

Are you a developer? View more details here.

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Fintech

Calling On Fintechs To Support SMB Lending During COVID-19

small business loans

Hundreds of millions of small businesses require immediate financial relief through government funding in order to stay afloat—and keep economies functioning. But traditional financial institutions and current infrastructure cannot support the sheer volume, scale, security, and timeline of the necessary loans. That is why Canadian and U.S. governments should look to innovative fintech companies to deploy emergency funds quicker.

After President Trump signed the $2 trillion CARES Act, the Small Business Administration (SBA) Administrator Carranza and Treasury Secretary Mnuchin announced a mobilization effort of banks and lenders to supply U.S. small businesses with capital. Canada also announced official funding plans for SMBs on March 27, 2020. 

“Small businesses are the backbone of our economy and an important source of good jobs across this country,” Canadian Prime Minister Justin Trudeau said in his statement. “They are facing economic hardship and uncertainty during the COVID-19 pandemic, and that is why we are taking action now to help them get the financial help they need to protect their workers and pay their bills.”

However, there is a snag in the COVID-19 financial response plans for small businesses in both countries. The scale and timeline of the demand for assistance to keep SMEs afloat are greater and more serious, according to Finance Canada’s top concerns, than that which traditional financial services can currently meet. 

Meeting the scale and timeline of SMEs relief loans

In an open letter to the Government of Canada, the Canadian Lenders Association (CLA) asked to extend the proposed economic stimulus package for small businesses to include financial technology (fintech) lending options. While the fintech community, of which VoPay is a proud member, stands prepared to offer digital lending services, a few steps must also be considered.

In the FDATA COVID-19 letter to Finance Canada and the Minister of Innovation, Science and Industry, they state the need to formally recognize the essential role that fintech companies can play to deliver financial services. The association explained that tens of thousands of truly small businesses (MSMBs) in Canada, such as restaurants, auto repair, and retail shops, may not be adequately served for three reasons:

  1. These businesses don’t meet traditional financial institutions’ credit requirements
  2. Loan amounts by these businesses are relatively small, making them lower priority
  3. The volume of time-sensitive credit requests may overwhelm traditional financial services

How fintechs can support COVID-19 SMB relief funding

In a recent FDATA statement, Fintech Lending to Small Businesses During COVID-19 Response, the association aimed to encourage Canada’s financial institutions to enable their customers to gain access and control over their own financial data. Unfortunately, as we discussed in our post, Healthy Competition Among The Einsteins And Edisons Of Fintech, some financial institutions have taken actions to limit access to essential data that powers digital tools. 

If consumers (and business owners alike) had access to their own financial data, they could continue to use third-party fintech tools to help them manage their money and financial wellness remotely. The choice would be in the hands of small business owners and consumers over who gets access to their data—and what they use it for.   

Learn more about the benefits of Open Banking wherein consumers would have control over who uses their financial data and for what purposes. 

The same goes for accessing capital in this time of need. Current financial infrastructure does not have the bandwidth or capacity, according to FDATA, to adequately service the financial needs of small businesses in this crisis. It is time to turn to fintech lending for additional support. Many of these institutions have already turned to innovative, secure fintech companies for mutually-beneficial partnerships.  
Scale, timeline, and security have thus become unnecessary blockers for moving forward. Innovative fintech companies, VoPay included as a secure payment solution built for lenders, have long since overcome those challenges. VoPay offers real-time funding through bulk e-transfers and reduces withdrawal NSFs and returns through next-generation, tokenized EFT/ACH.

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