C2 – Internal Natixis
Natixis Payments and TransferWise announce a partnership Banques Populaires’ and Caisses d’Epargne’s customers will be able to access to the best service to send money abroad
Amsterdam, 4 June 2018 – Today TransferWise, Natixis Payments and Groupe BPCE, France’s second largest bank, announce a partnership that will enable Banques Populaires’ and Caisses d’Epargne’s 15,1 million individual active customers to sending money to over 60 countries at the real exchange rate. It’s the first time in Europe that a major bank will directly integrate TransferWise’s API into mobile banking apps.
This partnership between Groupe BPCE, Natixis Payments and TransferWise is set to be launched at the beginning of 2019 and will offer a digital solution to send money outside the eurozone at TransferWise’s usual low fee. The service will be available 24/7 via the banks’ apps.
TransferWise, Natixis Payments and Groupe BPCE are committed to offering the best possible service and the fairest deal to their customers and this collaboration is an important step in making that a reality for everyone. This partnership fits in perfectly with Groupe BPCE’s TEC 2020 strategic plan to embrace digital innovation and tackle the digital revolution head on.
“Integrating fintech services in our customer journey is an integral part of Natixis Payments’ DNA and know-how, allowing us to build better payments every day, says Pierre-Antoine Vacheron, Member of the Senior Management Committee of Natixis, in charge of payments. We are excited to join forces with a solution as innovative as TransferWise, that meets the critical needs of consumers today when it comes to international money transfer. This integration is a concrete use case of Instant Payment, of which Natixis Payments and Groupe BPCE are frontrunners.”
« TransferWise has a mission to make money move around the world as fast and as cheaply as email, explains Kristo Käärmann, co-founder and CEO, TransferWise. This partnership is a momentous step on that journey – for the first time a major mainstream bank is offering its customers the chance to benefit from TransferWise’s lightning fast, low cost service. It’s great to work with such an influential institution trailblazing this innovation for the benefit of its customers. The banking industry is beginning to embrace the services challengers can offer, and we look forward to more banks joining us on this journey. »
About Groupe BPCE
Groupe BPCE, the 2nd-largest banking group in France, includes two independent and complementary cooperative commercial banking networks: the network of 14 Banque Populaire banks and the network of 16 Caisses d’Epargne. It also works through Crédit Foncier in the area of real estate financing. It is a major player in Asset and Wealth management, Insurance, Corporate & Investment Banking and Specialized Financial Services with Natixis. Groupe BPCE, with its 106,500 employees, serves a total of 31 million customers and enjoys a strong local presence in France with 7,800 branches and 9 million cooperative shareholders.
Natixis is the international corporate and investment banking, asset management, insurance and financial services arm of Groupe BPCE, the 2nd-largest banking group in France with 31 million clients spread over two retail banking networks, Banque Populaire and Caisse d’Epargne. With more than 21,000 employees, Natixis has a number of areas of expertise that are organized into four main business lines: Asset & Wealth Management, Corporate & Investment Banking, Insurance and Specialized Financial Services. A global player, Natixis has its own client base of companies, financial institutions and
C2 – Internal Natixis
institutional investors as well as the client base of individuals, professionals and small and medium-size businesses of Groupe BPCE’s banking networks. Figures as at March 31, 2018
About Natixis Payments
Natixis Payments brings together all the Groupe BPCE’s expertise in payments, with the mission to building better payments every day. Natixis Payments is major player in processing for financial institutions, digital payments for consumers, and issuing and acceptance solutions for merchants – With a market share of over 20% for electronic banking and over 7 billion transactions. In addition to card payment and SEPA solutions, the company’s range includes third-party payment services and omni-channel acceptance solutions provided by Payplug and Dalenys in France and across Europe. Natixis Payments also offers a range of service vouchers (Chèque de table/Apetiz, Cesu Domalin, Cado Chèque/Cado Carte), the online money pot Le Pot Commun, the E-Cotiz membership subscriptions online management system, the Depopass online peer-to-peer high value payment solution as well as Comiteo’s platform and market place dedicated to works councils.
TransferWise is a new kind of financial company for people and businesses that travel, live and work internationally. It’s the fairest, easiest way to manage your money across borders. With a simple money transfer platform and borderless accounts, it makes managing your money quick, easy and painless.
Co-founded by Taavet Hinrikus and Kristo Käärmann, TransferWise launched in 2011. It is one of the world’s most successful fintech startups having raised $397m from investors such as IVP, Old Mutual, Andreessen Horowitz, Sir Richard Branson, Valar Ventures and Max Levchin of PayPal.
Over three million people use TransferWise to transfer over €2 billion every month, saving themselves over €2 million every day. www.transferwise.com
Christophe Gilbert: +33 1 40 39 66 00 / +33 6 73 76 38 98 [email protected]
Sonia Dilouya: +33 1 58 32 01 03 [email protected]
Laure Sadreux: +33 1 58 19 34 17 [email protected]
Magali Van Bulck: +44 7872 383 772 [email protected]
Sunak to use budget to expand apprenticeships in England
LONDON (Reuters) – British finance minister Rishi Sunak will announce more funding for apprenticeships in England when he unveils his budget next week, the government said on Friday.
Employers taking part in the Apprenticeship Initiative Scheme will from April 1 receive 3,000 pounds ($4,179) for each apprentice hired, regardless of age – an increase on current grants of between 1,500 and 2,000 pounds depending on age.
The scheme will extended by six months until the end of September, the finance ministry said.
Sunak will also announce an extra 126 million pounds for traineeships for up to 43,000 placements.
Sunak’s March 3 budget will likely include a new round of spending to prop up the economy during what he hopes will be the last phase of lockdown, but he will also probably signal tax rises ahead to plug the huge hole in the public finances.
Sunak is also expected to announce a “flexi-job” apprenticeship scheme, whereby apprentices can join an agency and work for multiple employers in one sector, the finance ministry said.
“We know there’s more to do and it’s vital this continues throughout the next stage of our recovery, which is why I’m boosting support for these programmes, helping jobseekers and employers alike,” Sunak said in a statement.
(Reporting by Andy Bruce, editing by David Milliken)
UK seeks G7 consensus on digital competition after Facebook blackout
LONDON (Reuters) – Britain is seeking to build a consensus among G7 nations on how to stop large technology companies exploiting their dominance, warning that there can be no repeat of Facebook’s one-week media blackout in Australia.
Facebook’s row with the Australian government over payment for local news, although now resolved, has increased international focus on the power wielded by tech corporations.
“We will hold these companies to account and bridge the gap between what they say they do and what happens in practice,” Britain’s digital minister Oliver Dowden said on Friday.
“We will prevent these firms from exploiting their dominance to the detriment of people and the businesses that rely on them.”
Dowden said recent events had strengthened his view that digital markets did not currently function properly.
He spoke after a meeting with Facebook’s Vice-President for Global Affairs, Nick Clegg, a former British deputy prime minister.
“I put these concerns to Facebook and set out our interest in levelling the playing field to enable proper commercial relationships to be formed. We must avoid such nuclear options being taken again,” Dowden said in a statement.
Facebook said in a statement that the call had been constructive, and that it had already struck commercial deals with most major publishers in Britain.
“Nick strongly agreed with the Secretary of Stateâ€™s (Dowden’s) assertion that the governmentâ€™s general preference is for companies to enter freely into proper commercial relationships with each other,” a Facebook spokesman said.
Britain will host a meeting of G7 leaders in June.
It is seeking to build consensus there for coordinated action toward “promoting competitive, innovative digital markets while protecting the free speech and journalism that underpin our democracy and precious liberties,” Dowden said.
The G7 comprises the United States, Japan, Britain, Germany, France, Italy and Canada, but Australia has also been invited.
Britain is working on a new competition regime aimed at giving consumers more control over their data, and introducing legislation that could regulate social media platforms to prevent the spread of illegal or extremist content and bullying.
(Reporting by William James; Editing by Gareth Jones and John Stonestreet)
Britain to offer fast-track visas to bolster fintechs after Brexit
By Huw Jones
LONDON (Reuters) – Britain said on Friday it would offer a fast-track visa scheme for jobs at high-growth companies after a government-backed review warned that financial technology firms will struggle with Brexit and tougher competition for global talent.
Finance minister Rishi Sunak said that now Britain has left the European Union, it wants to make sure its immigration system helps businesses attract the best hires.
“This new fast-track scale-up stream will make it easier for fintech firms to recruit innovators and job creators, who will help them grow,” Sunak said in a statement.
Over 40% of fintech staff in Britain come from overseas, and the new visa scheme, open to migrants with job offers at high-growth firms that are scaling up, will start in March 2022.
Brexit cut fintechs’ access to the EU single market and made it far harder to employ staff from the bloc, leaving Britain less attractive for the industry.
The review published on Friday and headed by Ron Kalifa, former CEO of payments fintech Worldpay, set out a “strategy and delivery model” that also includes a new 1 billion pound ($1.39 billion) start-up fund.
“It’s about underpinning financial services and our place in the world, and bringing innovation into mainstream banking,” Kalifa told Reuters.
Britain has a 10% share of the global fintech market, generating 11 billion pounds ($15.6 billion) in revenue.
The review said Brexit, heavy investment in fintech by Australia, Canada and Singapore, and the need to be nimbler as COVID-19 accelerates digitalisation of finance, all mean the sector’s future in Britain is not assured.
It also recommends more flexible listing rules for fintechs to catch up with New York.
“We recognise the need to make the UK attractive a more attractive location for IPOs,” said Britain’s financial services minister John Glen, adding that a separate review on listings rules would be published shortly.
“Those findings, along with Ron’s report today, should provide an excellent evidence base for further reform.”
Britain pioneered “sandboxes” to allow fintechs to test products on real consumers under supervision, and the review says regulators should move to the next stage and set up “scale-boxes” to help fintechs navigate red tape to grow.
“It’s a question of knowing who to call when there’s a problem,” said Kay Swinburne, vice chair of financial services at consultants KPMG and a contributor to the review.
A UK fintech wanting to serve EU clients would have to open a hub in the bloc, an expensive undertaking for a start-up.
“Leaving the EU and access to the single market going away is a big deal, so the UK has to do something significant to make fintechs stay here,” Swinburne said.
The review seeks to join the dots on fintech policy across government departments and regulators, and marshal private sector efforts under a new Centre for Finance, Innovation and Technology (CFIT).
“There is no framework but bits of individual policies, and nowhere does it come together,” said Rachel Kent, a lawyer at Hogan Lovells and contributor to the review.
($1 = 0.7064 pounds)
(Reporting by Huw Jones; editing by Jane Merriman and John Stonestreet)
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