The Weekly Wrap: all you need to know by Friday COB | July 12th

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements for Prime subscribers only.

The Big Story

Finastra has announced the completion of a Swiss Interbank Clearing (SIC) instant payments readiness project. Using Finastra’s cloud-based Service Bureau offering, Swiss banks can seamlessly transition to facilitating instant interbank payments.

It is expected that the 50 largest banks will be able to facilitate instant interbank payments in Switzerland and Liechtenstein by August this year. All active participants in the Swiss customer payment transactions system via SIC will be capable of processing incoming customer payments instantaneously by the end of 2026.

Finastra’s 24/7 instant payment service, already being used by several banks, includes real-time sanctions screening, with transactions processed in seconds. Finastra will continually evolve the service, allowing banks to respond quickly to changing customer, industry and regulatory demands.

Deals of the week

• Simply Asset Finance bags £120m loan facility from Bank of America
• Bandhan Bank launches trade products to boost global business transactions
• RAKBANK to enhance banking operations with Microsoft AI
• GoCardless & ICE InsureTech to offer faster payments to insurance firms
• QNB & NPCI International partner to launch UPI Payments in Qatar
• Commercial Bank of Dubai signs partnership with Visa
• Netevia bags $120m in funding from WhiteHorse Capital
• NatWest taps OneID to enable digital identity service in the Nordics
• Outpayce from Amadeus builds B2B digital wallet on Mambu

Be on the lookout for

Fintech Devcon is a premier conference for FinTech developers, taking place from August 7-9, 2024, at the Fairmont Austin in Austin, TX. The event is designed to educate and empower fintech builders, offering hands-on tools, best practices, and industry insights without sales pitches. Attendees will receive limited edition swag, access to sessions, networking parties, and more.