Nov 11, 2020

Central Bank of Ireland grants SumUp an e-money license

Central Bank of Ireland
SumUp
digital payments
e-wallet
William Girling
2 min
The Central Bank of Ireland, the country’s financial services regulator, has granted SumUp a license to issue e-wallets in Ireland and across Europe
The Central Bank of Ireland, the country’s financial services regulator, has granted SumUp a license to issue e-wallets in Ireland and across Europe...

The Central Bank of Ireland, the country’s financial services regulator, has granted SumUp a license to issue e-wallets in Ireland and across Europe.

Founded in 2012, SumUp is a UK-based global payments service provider and a leading mobile point of sale (mPOS) company in the European market. However, its reach extends to 31 countries around the world, including the US and Brazil.

Backed by high-profile investors such as American Express and Groupon, the company’s trailblazing EMV (Europay, Mastercard and Visa) mPOS system has proven to be an asset to thousands of global clients. SumUp also develops its own hardware, mobile apps, APIs and SDKs.

Helping businesses navigate COVID-19

With its newly acquired e-money license, the company hopes to assist Irish SMBs (small-medium businesses) that are struggling under the operational restrictions caused by the COVID-19 pandemic. This assistance is needed now more than ever following the announcement in late October that the country is undergoing a second lockdown.

“Small businesses are the cornerstone of a healthy economy. Securing our licence during this critical time means that we can continue to empower those small businesses and help them succeed despite the challenges presented by the ongoing pandemic,” said Gareth Walsh, CEO Ireland at SumUp.

“Our core products allow our users to take remote and contactless card payments during lockdown situations, and so in a very real way, this licence will ensure Ireland’s entrepreneurs can keep trading and keep recovering.”

Fintech: leading the charge for recovery

The general recognition of SMBs’ importance to the world economy and the finance sector’s efforts to support them have represented an important shift in consciousness following the pandemic.

Moreover, fintech is demonstrating both its capacity and capability for finding solutions to imposing challenges that, perhaps, more traditional financial service providers cannot. Justin Knowles, Director of Digital and Payments at CitiBank, suggests that further collaboration between the two will be imperative in the long-term:

“I believe this pandemic has created an urgency for all financial services. I see two large factors that will play a part in the success or failure of anyone in this market. 1) Current employees’ ability to be agile - to work quickly and to adjust and modify the existing strategic plan. 2) Partnerships with fintech partners out there will also be key.” 

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Jun 17, 2021

Tink partners with Novalnet AG for open banking payments

novelnet
Tink
Fintech
Digitalpayments
2 min
Novalnet AG will collaborate with Tink for the fintech’s payment initiation services

The Munich-based fintech Novalnet AG, which was founded in 2007 and is one of Europe’s leadingfintech companies, has announced a new partnership with Tink, the Swedish open banking platform currently connected to more than 3,400 European banks.

Novalnet AG delivers payment solutions and fully automated services, from checkout to debt collection. Its solutions are also available worldwide. 

According to reports, the fintech company plans to launch a real-time payments feature for merchants across Europe, to expand its current services and enhance the transaction experience it operates through its platform. 

The new feature, says Novalnet, will revolutionise payments for ecommerce with transactions being credited to merchant’s accounts almost instantly. 

Novalnet partnership with Tink

By partnering with Tink for payment initiation services (PIS) technology, Novalnet will take previous region-specific payment methods and offer a new unified digital payments service to its merchants across Europe. 

The fintech’s real-time merchant payments feature, which will be launched initially in Germany and the United Kingdom, will then be integrated across other European markets during 2021. 

Speaking about the new collaboration, Emmanuel Kirse, COO of Novalnet, explained, "We expect great things from our strategic partnership with Tink, which is a significant development for both parties. 

“With Tink, Novalnet can offer a new set of open banking-related solutions in Europe. The new opportunities offered by this partnership will help both Tink and Novalnet grow together, along with our merchants." 

Cyrosch Kalateh, Regional Director for the DACH region at Tink said, “Our partnership with Novalnet is a big step for Tink in the German market, and we are excited to work together to bring new, innovative payments services to merchants across Europe.”

He added, “At the end of 2020 Tink committed to expanding its payment initiation services from five to 10 markets, fuelled by an €85mn investment round. We are proud to add Germany to this list by announcing we have now fully launched Tink’s PIS services in this market.”

Image credit: Novalnet AG

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