X Money Setbacks Continue
Hey Payments Fanatic,
Elon Musk’s plan to add payments to X is facing setbacks. The company has failed to secure approval from New York’s financial regulator, preventing a U.S.-wide rollout.
Over the past 12 months, several executives have also left the payments unit, X Money, including its CEO and two chief compliance officers. Musk himself has recently shifted more of his attention to xAI, which acquired X earlier this year.
Here’s the rest of today’s news 👇
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NEWS
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🇺🇸 Elon Musk’s X Money loses executives amid regulatory problems. Several executives have left the payments service, known as X Money, over the past 12 months, including its CEO and two chief compliance officers. Keep reading
🇺🇸 FIS builds on its awards momentum for treasury solutions by launching an AI-powered neural treasury suite. The solution suite combines AI, machine learning, and robotics to help corporate treasurers in businesses of various sizes with increasing efficiency, reducing operational risk, and unlocking cash flow to help fund strategic growth opportunities.
🇺🇸 Stripe and Paradigm announce new payments-focused blockchain Tempo, a so-called Layer-1 blockchain built around stablecoins, or cryptocurrencies typically pegged to the U.S. dollar. Layer-1 blockchains like Bitcoin or Ethereum are more demanding to build and operate than “Layer 2s,” which sit atop other blockchains.
🇨🇳 PayPay integrates with the new overseas cashless payment service WeChat Pay. With this initiative, users of 26 cashless payment services from 14 countries and regions will be able to make payments at PayPay merchants when visiting Japan, including fees for dining, souvenirs, and accommodation.
🇮🇪 Fiserv continues European growth by closing the acquisition of AIB merchant services. The acquisition supports Fiserv’s growth in the broader European market, including expanding growth opportunities for Clover, the world’s smartest point-of-sale system, across the region. AIBMS is one of Ireland’s largest payment solution providers and one of Europe’s largest e-commerce acquirers.
🌍 Ripple partners with Chipper Cash, VALR, and Yellow Card to launch RLUSD in Africa. The move brings RLUSD into the African market for the first time. Ripple said the expansion is intended to address institutional demand for regulated and reliable digital assets.
🇮🇩 Founder of Indonesian payments platform Gojek was arrested in connection with a graft probe. This is part of an investigation into an alleged $115 million corruption scandal linked to the government’s procurement of Google Chromebook laptops for schools.
🇨🇩 Visa launches “Visa Pay” in the Democratic Republic of the Congo to connect banked and unbanked users to digital payments. The service is designed to let consumers and businesses pay, receive funds, and transfer money across participating banks and mobile networks.
🇬🇭 Bank of Ghana suspends Flutterwave, Cellulant, and 6 others over breaches. The Bank of Ghana stated that the crackdowns are part of an overall attempt to enforce compliance and enhance supervision of remittance and payment service companies operating in the country.
🇳🇿 Xero rolls out AI 'superagent' JAX. JAX will unify the Xero experience and learn a business’s rhythms, automatically adapting to how that business operates. It will automate routine tasks and workflows, such as bank reconciliations, data entry, and invoicing, which saves customers valuable time and helps them stay compliant.
🇸🇪 Qliro taps Vilja to power next-gen payments expansion. The move is a milestone in Qliro’s expansion journey, strengthening its ability to deliver next-generation checkout and unified payment services across the Nordic region and into new European markets.
🇰🇪 Tanzanian FinTech NALA enters Kenya in partnership with Equity Bank and Pesalink. This partnership will give FinTechs and remittance firms direct access to trusted local rails and provide merchants and SMEs with quicker, more predictable international transactions.
🇧🇪 Thomas Delaet appointed as new Swift CPO. Delaet joins Swift from McKinsey and Company's division McKinsey Digital, where he focused on core technology modernisations and headed the Cloud Services business. Keep reading
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