Finance

FinTech: Alt Finance needs enhanced identification security

today in fintech, Ola, Avail, Relay, Yellen, crypto, investments, yoco, self employedjpg

In today’s FinTech news, ride-sharing company Ola is acquiring challenger bank Avail Finance, while Relay Payments is launching a payments solution for the fleet industry. Additionally, a recent survey shows that financial advisors are slow to recommend digital assets for client portfolios.

The Indian Ola will buy Neo Bank Avail

Indian ride-sharing platform Ola is considering acquiring challenger bank Avail Finance, which was founded by Ankush Aggarwal, Ola’s co-founding brother Bhavish Aggarwal. The deal will help Ola’s subsidiary, Ola Financial Services, grow its lending business and expand its offerings to underserved blue-collar workers across the country.

Planning for long hauls, trucking companies embrace driver-friendly payments

Relay Payments, a provider of digital payment solutions for the transportation, logistics and supply chain industries, recently rolled out RelayGo, an all-in-one fleet expense card and mobile app. Ryan Droege, CEO of Relay Payments, told PYMNTS that the trucking industry has long been waiting for a change from outdated processes.

BNPL and other Alt payments need stronger authentication

As digital becomes the gold standard for banking and payments, new solutions such as Buy Now, Pay Later (BNPL) are attracting the attention of consumers eager to explore alternatives in financial services. However, the new solutions also open new avenues for fraud, making stricter authentication measures more important than ever.

Survey Finds Financial Advisors Reluctant to Recommend Crypto to Clients

Financial advisors are still conflicted over the investment strength of cryptocurrencies and are slow to allocate a portion of their clients’ portfolios to the digital asset space. Although the percentage is growing, a recent survey shows that 85% avoid the recommendation.

Yellen highlights the possible benefits of crypto

US Treasury Secretary Janet Yellen made a surprise statement that she was less skeptical about cryptocurrencies and highlighted the growing role digital tokens are playing in people’s investment decisions. While there are still concerns, the Treasury will work with other agencies on crypto regulation, as outlined in President Biden’s recent executive order.

Bespoke payment solutions unlock growth in Africa’s underserved self-employed segment

Africa has more entrepreneurs than any other continent, but most find that traditional financial institutions cannot meet their needs, said Lungisa Matshoba, co-founder and chief technology officer of the African payments company and of Yoco software, to PYMNTS. Yoco seeks to change that and become the central financial platform used by freelancers in Africa.

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NEW PYMNTS DATA: 57% OF CONSUMERS PREFER ADVANCED IDENTITY VERIFICATION AFTER TRIING IT

On:Fifty-seven percent of consumers who used advanced identity verification methods such as voice recognition when contacting customer service say they would do it again. The Consumer Authentication Experiences report surveyed nearly 3,800 US consumers to find out how delivering innovative verification experiences helps businesses deliver superior customer service across all channels.