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Pick five of this week’s top news stories from the world of finance and technology.
OFA plans to develop an open financial ecosystem
Many fintech companies are joining forces to develop and promote open financial ecosystems in both the UK and the EU, underpinned by application programming interfaces (APIs).
The Open Finance Association (OFA), whose members include Plaid, GoCardless and TrueLayer, wants to usher in an era of open finance, just as the EU’s 2016 Payment Services Directive (PSD2) has done to open banking. thinking about.
As a next step for open banking, the nonprofit industry group hopes that open finance will give businesses and consumers “greater control and visibility into their economic lives.”
Based in Brussels and London, OFA has three main objectives: Development of instant payment method based on open payment. Promote a well-functioning open financial ecosystem.
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Italian paytech Satispay has won 320 million in Series D funding led by Addition, at a valuation of over 1 billion.
Existing investors Greyhound Capital, Coatue, Lightrock, Block Inc, Tencent, and Mediolanum Gestione Fondi SGR also participated in the round.
New funding to fuel growth and international expansion brings Satispay’s total capital raised to over 450 million since its inception.
Founded in 2013 and based in Milan, Satispay is a mobile payment alternative to credit and debit cards.
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Celsius Interim CEO and Chief Restructuring Officer Chris Ferraro
U.S. cryptocurrency firm Celsius, which filed for bankruptcy protection in July, has appointed Chris Ferraro as interim CEO after co-founder and CEO Alex Mashinski announced his resignation on Tuesday.
Ferraro, who was the company’s chief financial officer (CFO), will also become its chief restructuring officer (CRO). Prior to joining Celsius, he worked at JP Morgan Chase for nearly 18 years and held various positions, including Global Head of Financial Planning and Analysis, Retail He Bank Treasurer.
In his resignation letter, Mashinsky said he was “pleasantly open” to working with the company and its advisers to achieve a “successful restructuring,” but that his role as CEO was “increasingly unceremonious.” It is said that it has become a thing to scatter.
Celsius suspended withdrawals in June to stabilize liquidity and protect and preserve assets, citing “extreme market conditions.”
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UK-based super app Revolut is now able to offer cryptocurrency services in the UK after meeting the Financial Conduct Authority (FCA) anti-money laundering (AML) standards.
Revolut, which has been licensed by the FCA as an e-money institution for over four years, was added to the FCA’s Financial Services Register on September 26.
An FCA spokesperson said: As with provisional registered companies, fully registered companies must comply with money laundering regulations.
Revolut has agreed to a number of directives designed to ensure systems and controls meet the requirements of money laundering regulations.
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Pay.UK will retire Paym in March 2023
Mobile payment service Paym will be completely shut down in 2023 due to changing consumer payment preferences.
According to Pay.UK, Paym will be permanently shut down on 7 March 2023, citing a “rapid evolution” in payment technology as consumers have moved to new forms of mobile payments and faster payments through online banking. .
These changes in consumer preferences are building on the foundation created by Paym, said the organization that acts as the operator and standards body for the UK retail interbank payment system.
Pay.UK and 15 UK banks and building societies have decided to scale back their services after falling payment volumes and declining enrollment numbers over the past three years.
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