Fintech To Retailers’ Rescue: Mastercard Builds Solutions for Enhanced Shopping Experience

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Two major announcements came in this week — Mastercard’s revelation of a new suite of solutions to enhance the shopping experience and Instagram’s announcement of Checkout on Instagram.  

Mastercard Advocates Touchless Economy for Safer Shopping Experience

Mastercard Opens a new window has announced a new suite of solutions built for retailers to restructure their physical shopping experience. The new Shop Anywhere and AI-Powered Drive Through solutions deliver low touch, high engagement experiences for retailers, and the end consumer. Mastercard is deploying these new solutions with the support of retailers and sport, entertainment, and hospitality partners, including Circle K, Delaware North, Dunkin’, and White Castle. 

Instagram Becomes the New Battle Ground for Retailers

SaaS eCommerce platform, BigCommerceOpens a new window , announced the availability of Checkout on Instagram for eligible U.S. merchants. The new feature will enable customers to purchase products they see on Instagram seamlessly and securely without leaving the app. Leveraging BigCommerce’s native integration with Facebook Commerce Manager, the company will enable merchants to connect their eCommerce storefront’s catalog to Instagram and give customers the ability to buy from their favorite brands directly on Instagram instead of redirecting to the brand website. 

Finix Bags $75M in Series B

Payment infrastructure platform, FinixOpens a new window , has closed its Series B funding round with $75 million in hand. Lightspeed Venture Partners led the round with participation from American Express Ventures. With this, the total funding has reached $96 million. The company has raised another $30 million as an extension of its Series B to deliver accelerated embedded payments in applications. 

Tech News: Latest Fintech News: Week of August 24, 2020

FIS Brings Subscription-Based Core Banking Solutions

Financial technology leader, FISOpens a new window , announced ClearEdge, a new subscription-based model for delivering a core banking solution. The solution will speed up and simplify access to the advanced technology that banks need to compete and better serve the changing needs of their customers. It offers a pre-integrated, comprehensive bundle of technologies for operating a highly efficient, modern bank and providing a superior customer experience.

Wipro Brings Initial Margin Model To Financial Institutions With Quaternion

IT services and consulting provider, WiproOpens a new window , announced a partnership with Standard Initial Margin Model (SIMM) vendor, Quaternion Risk Management, to offer SIMM-in-a-box for financial institutions covered under Uncleared Margin Rules (UMR). The new offering will enable financial institutions to calculate trade sensitivities, generate CRIF (Common Risk Interchange Format) files, and calculate initial margin in-house. 

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