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SBI Card, the country’s largest pure-play credit card issuer, and the National Payments Corporation of India (NPCI) have announced the linking of SBI credit cards on the RuPay platform with the Unified Payments Interface (UPI). Starting Thursday, SBI Card customers will be able to make UPI transactions through their credit cards issued on RuPay.
The functionality can be availed through registering the credit card with third-party UPI apps. This will further enhance the avenues for customers using SBI Card on the RuPay platform at UPI merchants, thus facilitating an enhanced, convenient, and seamless payments experience.
Cardholders can enrol their active primary cards on UPI and make payments to merchants (P2M transactions) using their credit cards. This facility is free for customers.
To ensure successful credit card linking with UPI, it is important to note that the cardholder’s mobile number registered with SBI Card should also be linked with UPI.
As of June 2023, SBI Card had a cards-in-force (CIF) base of 1.73 crore, up 21 percent year-on-year as of June 2022.
Commenting on the move, Rama Mohan Rao Amara, MD and CEO, SBI Card, said, “With this functionality, SBI Card customers will be able to use their SBI Card-issued RuPay credit cards on the UPI platform. Today, UPI has become a massive digital platform, enabling millions of transactions every day”.
This should give SBI Card customers greater flexibility and mobility along with hassle-free usage, he added. With this, the industry is going to witness a significant increase in credit card usage, Amara noted.
Dilip Asbe, MD & CEO, NPCI, said, “The addition of SBI RuPayCredit Cards on UPI rails is a big milestone in the growth trajectory of digital payments in India. This partnership will enable seamless UPI payments for SBI RuPay credit cardholders, providing them with a digitally enabled credit card lifecycle experience”.
With the rising demand for credit cards in the country, it becomes imperative to continuously build innovative payment solutions, such as linking RuPay Credit Cards with UPI, that are convenient, swift, and secure, Asbe added.
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Financial institutions look to omnichannel offerings to meet clients where they want to be met, and most consumers now prefer a mobile experience — even to pay their bills.
“Eighty-seven percent of Americans prefer to be met over their mobile device than any other channel,” payments provider Solutions by Text Chief Executive Dave Baxter tells Bank Automation News on this episode of “The Buzz” podcast.
Mobile technology allows customers to be reached by billers on demand and in real time.
For billers, reaching clients about payment is effective via text messaging since 97% of text messages are opened and read in less than five minutes, Baxter notes. Meanwhile, emails can end up unread or languishing in spam folders.
Bills sent through text are likely to reach a consumer at the right time. Baxter’s Solutions by Text has a 99% deliverability rate where its messages reach consumers, Baxter said.
Listen as Baxter discusses how to integrate text messaging with payments.
The following is a transcript generated by AI technology that has been lightly edited but still contains errors.
Whitney McDonald 1:08
Great. Well, thanks for joining us on the podcast. I would love to start off by setting the scene here on how you have determined how clients want to be communicated with what works, what doesn’t work. Tell us about your strategy.
Dave Baxter 1:22
Yeah. So when we were thinking about the messaging platform really started with thinking through, we’re an extension of our customers brand, to the extent that we believe that the consumer is always going to win, and you have to meet consumers where they’re at from acquisition of an account all the way through delinquency and everything in between. And there’s no denying the fact that everybody is mobile first, right. And as far as messaging goes, in Gen Z, they’re on their phone greater than, you know, 10 hours per day, on average, people look at their phones, roughly 20 times a minute, there are billions of messages sent every single day. And so we felt that a logical play for us is really thinking through bill pay, and meeting consumers like just give them a very seamless, quick on demand way to view and subsequently pay a bill on the device that they carry with them throughout the day.
Whitney McDonald 2:29
Now, if you could talk us through this idea of turning messages into payments, you discussed that everyone’s on their phone all the time you gave those data points, I think that you said you look at your phone 20 times per minute, can you talk about really meeting the customer, where they are and how you turn this into a way of payments?
Dave Baxter 2:49
Yep, so 87% of Americans and this is through the the last at how Americans pay their bills, the latest one is coming out. So the there will be refreshed data, we can discuss that you know, at another time, but 87% of Americans prefer to be met over their mobile device than any other channel. So it’s don’t phone me don’t write me a letter, don’t send me an email. So it’s clearly the most preferred channel I mean, look at your your daily life, right? And everything that you do, you’re likely, you know, in an in and around your phone using different applications, you’d like to communicate with your friends and colleagues and family through their phones. So why not communicate with a biller through through text messaging? Interesting stats, and so far as 65% of payments are made on demand as a result of an alert, or reminder. So what not they better way to get an alert or reminder than through a text message or for that matter, you know, there’s a myriad of different sorts of messages, right, you’ve got rich communication you got you got Apple business chat, you have iMessage, you have SMS, you’d have text and WhatsApp and so on and so forth. So the technology is really lending itself to this place to meet consumers on demand in real time. And so no wonder that 97% of messages are opened and read in under five minutes. Whereas I look at my phone right now, I probably have 3000 unread emails, because most of my emails are probably either I don’t know who it is, so I delete it or it gets wound up in my spam folder. And I think that that’s part and parcel to why we have such high success deliverability rates so 99% of the messages that we attempt to send actually hit the consumer at the right time in a compliant way to keep our customers on the right path. We operate and really to two very difficult Markets, consumer fi highly regulated market, as well as telecommunications. And one of the reasons that we have very low opt out rates and very high deliverability rates is we maintain the integrity of the rules of the carriers and the carriers are trying to protect against spam. And that’s where email just failed. Only 21% of emails are actually ever written threads he’s been.
Whitney McDonald 5:28
Now if we could talk through how you actually achieve this.
Dave Baxter 5:32
Yep. So proprietary platform that, you know, we built, we just came out with our two Dotto platform that we call fintechs. Because we operate in the center of financial services, as well as tax, we coined the phrase, Fin fintechs. So how do our customers leverage the platform? There’s outbound messages, there’s inbound messages, inbound and outbound MMS. So imagine if, for example, when I said that acquisition piece, I could open up a credit card, through taps with a call center agent, we create some efficiencies for agents, right? How do we make a payment, there’s an alert or reminder. And that first payment, all we need to do is capture the funding information. And we do that in a very seamless way. So in real time, we’re extracting customer account information. So your account number, your address, the amount due the due date, and then we just capture that funding information, whether that’s your bank account information, or your card information, and then you subsequently, you know, make that make that bill pay for all other transactions. So now we’ve tokenized the funding information. We’ve stored and vaulted that funding information. So for the next transaction, it’s all driven by key keywords. Whitney, your American Express bill is due tomorrow. For $500, would you like to make a payment? Reply? Yes, and it’s just it’s really just as simple as that. So that’s how, you know we convert messages to payments, but there’s a lot more that goes into the messaging platform. We were working on text AI, where we can empower the end user of these see themselves in the status of delinquency, we can enable somebody to self cure their debt online, imagine if you know, I have a delinquent credit card, I might be able to negotiate with my bank or card issuer songs, any you know, human interaction, I can make a promise to pay, I can make a series of payments, maybe I could make a payment, make a payment right now just to, you know, satisfy satisfy the debt. We started in consumer fine, because it’s highly regulated. Obviously, that’s not to say that we couldn’t, you know, go after other verticals. But, you know, that’s kind of where we’re playing right now. And then of course, there’s leveraging our platform for marketing services, remarketing, cross sell and upsell opportunities. And what we have found is that the customer satisfaction goes up, call center times go down.
Whitney McDonald 8:22
Now I know you just gave a great an example of an added efficiency any other efficiencies that financial institutions might be able to benefit from?
Dave Baxter 8:31
Yeah, so I think, you know, going back to that whole delinquency piece, you know, we would, we believe that we could reduce charge offs by 10 to 15%, just by enabling somebody to self cure their debt. It’s not like people are, you know, think about tax, there’s a level of anonymity and a texting conversation. Whereas when you’re speaking to a bill collector, one, it’s next to impossible to capture somebody on a phone to the regulatory bodies that make it really difficult to establish right party contact, which you can do over tax. So why not meet the consumer in a way that’s non invasive, make it a little bit easier on them? So I think, you know, reducing charge offs, I think, you know, customer satisfaction goes up, I think this notion of real time. And, you know, capturing a payment right before it’s due, as I said, most payments are made on demand as a result of, you know, an alert or a reminder. And I think that, you know, you know, we obviously live in this world, it’s mobile first, but text messaging is the most widely used app on your phone.
Whitney McDonald 9:42
Now and a question about adoption for this because everyone has a phone in their pocket or is using these types of capabilities and getting text messages in adoption pretty easy to to get folks to opt in to this type of tool.
Dave Baxter 10:00
Yeah, it is. And, you know, we look at it in terms of like, adoption, but also opt out. And, you know, opt out, we opt out less than 1% of all of our transactions. And, you know, and think about, like I have, for the most part part gone paperless. So that’s another material benefit to a financial institution, think about the documents that I could send letters of consent of Bill, just not like isolated to the payment, there are many things that we could be doing to help these financial institutions, you know, reach their consumers and in ways that they hadn’t been able to and often in in real time, right. You know, think about just the, not that long ago, the the amount of clutter that you had with all of the bills that were coming into your house, and I think that there’s a much more a efficient way to be able to, you know, achieve the same outcome and do it where were the consumers at right.
Whitney McDonald 11:01
With that in mind, and Bill Pay in mind and reaching folks by text and allowing this this payment to, to happen. Where’s this all headed? What’s next in the future of payments? Or even in bill pay?
Dave Baxter 11:18
Yeah, you know, um, well, I think that we’re onto something. But, you know, the like, here’s the thing, bills are not going away. You know, there’s, I think there’s a double moat around our business. You know, there’s roughly 16 billion bills per annum 4 billion of which are related to consumer consumer finance vertical, but it’s 40% of the total spender about a trillion dollars is in and around consumer finance. And then I think a few things one, I think that the the notion of like, so we’re more of a push strategy, not a pull strategy, I think people have app fatigue. I know myself, I’m constantly forgetting my username and, and passwords for all the, you know, the different sites that I have to have a username or password password, there’s obviously two factor of that. So it’s like, it’s very complex, I think that what, you know, payments has got to be easy, fast, real time, also, and that it like, has to be great customer experience. And I think that’s where real time payments are, you know, we’re bill pay is going, you know, we live in this world of real time. Nobody has cracked the code in real time as it relates to, to build back, which is strange meat, because everywhere else in the world, real time payments is taken off. So I think you’re gonna see Bill Pay, coupled with real time. I do believe it’s mobile. First, I think it’s tax. And I think that the technology is empowering us to get there with us being able to render a bill over a text message. So there were like two other things that I think are really interesting that afford us to do. So we’re building a text wallet with network tokenization. So imagine if like, I contend that your mobile phone number is your new social security number. When was the last time you changed your mobile number and it’s very secure. Think about I know it’s Whitney, you biometric into your phone, your phone has a phone ID, you can geo located so I know it’s you, I know you made the billpay. And imagine if I could, you know you have wallets that are in your phone, imagine if a wallet was attached to your mobile number that you could use over a text message. So we’re working on that, that you can take to different billers. Hence that that network tokenization of the funding information so I can recognize Whitney, for all of your different bills without you having to continue to reenter your funding information. So I think that, you know, that is another area and no other channel can really do that in such a way that gives you ease of mind that, you know, it’s a secure transaction and the other beauty of gopay there’s very, very limited fraud, right? The likelihood that Whitney is going to pay David’s you know mortgage is zero, right? So that’s another benefit of you know, kind of proving this out and and built that
Whitney McDonald 14:34
you been listening to the buzz, a bank automation news podcast, please follow us on LinkedIn. And as a reminder, you can rate this podcast on your platform of choice. Thank you for your time and be sure to visit us at Bank automation news.com For more automation news,
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Even as war rages in Ukraine, hundreds of thousands of Russians are eyeing popular holiday destinations for a summer break — or even a safe haven to wait out the conflict.
While a weaker ruble and growing economic woes means many ordinary families will be spending the warmer months on their dachas or taking a break inside Russia, those with enough cash to travel are wasting little time jetting off to sunny spots across Europe and Asia.
That means countries still willing to take their money are tapping into a lucrative market. But that can come at a cost, and the politics of taking tens of thousands of tourists from a pariah state is already creating trouble in paradise for some popular destinations.
Here are six of the top places Russians are spending their vacations.
As lazy travel writers so often put it, Turkey is a nation that straddles East and West. That old cliché has taken on new meaning since the start of the war in Ukraine, with the NATO member state offering support to Kyiv while at the same time refusing to impose sanctions on Moscow.
Ankara, as a result, has seen much-needed foreign cash flood into the country as Russians look to move their assets abroad. It’s also one of the only European destinations not to have banned flights from Russia: While the EU’s skies are closed, Turkish operators are offering flights from Moscow to sunny destinations like Antalya and Bodrum for as little as €130.
In the first half of the year, Turkey’s tourism revenues grew by more than a quarter, hitting $21.7 billion, statistics released this week show, with as many as 7 million Russians expected to visit the country this year.
Some have even decided to stay — as many as 145,000 Russians currently have residency permits. But while they’ve escaped political instability and the risk of conscription, they are sharing their new home country with tens of thousands of Ukrainians who’ve fled Russia’s war.
That’s created tensions in resort towns like Antalya, which is popular with both Russians and Ukrainians. And given Turkey’s growing anti-migrant sentiment in the wake of May’s presidential elections, both groups could be at risk of being sent home.
The South Caucasus country holds an almost mythical status in the minds of Russians — and its reputation for having some of the best nature, food and hospitality in the former Soviet Union has made it a go-to destination for middle-class holidaymakers, who flock to its Black Sea beaches and snow-capped mountains or kick back in trendy Tbilisi.
In 2022 alone, more than 1.1 million Russians visited Georgia, up from just 200,000 the year before. That number is on the rise after Moscow in May relaxed rules banning direct flights.
Under the ruling Georgian Dream party, Tbilisi has sought closer relations with the Kremlin since the start of the war and aimed to profit off Russian wanderlust. But many locals are less sure.
In a poll conducted in March, only 4 percent of the 1,500 people surveyed said Russians are welcome in Georgia, while a quarter said Russians were tolerated because of the cash they spend when they visit. More than one in three insisted Russian visitors should be banned until Moscow relinquishes control of the occupied regions of Abkhazia and South Ossetia — accounting for around a fifth of Georgia’s territory.
Tensions are on the rise, with local Georgian and Ukrainian activists staging protests against Russian cruise ships docking in the port city of Batumi over the weekend. Clips shared by local media show Russian holidaymakers defending Russia’s 2008 war against Georgia and taunting the demonstrators from their balconies.
It’s not only about the gleaming luxury resorts and party beaches. For Russians, the appeal of traveling to Thailand has a lot to do with the month of visa-free travel they’re granted.
The number of Russians visiting Thailand has shot up by more than 1,000 percent over the past year, according to a Bloomberg report. Official statistics show 791,574 Russians traveling to the country in the first half of this year alone.
The party city of Phuket has seen a particular influx, with close to half of all villas sold there since January being bought up by Russians — either as holiday homes or as party pads where they can wait out the war.
That rise in tourism comes as Moscow has also sought to forge closer ties with the kingdom. Russian Foreign Minister Sergey Lavrov — one of the most committed supporters of the war in Ukraine — flew into Bangkok in July to hail “the importance of boosting cooperation in trade and investment.”
Dubai isn’t to everyone’s taste. But the billionaires’ playground and its pristine beaches have become a sought-after destination for many wealthy Russians looking for a friendly welcome — and a place to spend huge sums in opulent malls.
The number of Russians jetting to the Gulf nation shot up by 63 percent last year, making them the second largest tourism market. The UAE has also seen a surge in Russian expats, who report feeling more at ease in the desert city than in Western countries because there are no public displays of support for war-ravaged Ukraine.
The influx comes as ties between Russia and the UAE are also booming, with Russian firms relocating to the Gulf nation and the Kremlin selling vast volumes of discounted oil to the country.
But analysts warn that pressure from the U.S., U.K. and EU is making it increasingly difficult to the UAE to profit from sanctions evasion, meaning Russian tourists may find their welcome doesn’t last forever.
The island of Cyprus has long been known as Moscow on the Med — a homage to the country’s largest tourist market.
Those beach holidays are now largely out of reach for ordinary Russians, after Cyprus followed other EU member states in banning commercial flights from Russia and last year imposed an €80 fee for visas. The decision, officials say, has cost the country €600 million worth of income.
But, for those who can stump up the costs, flights from Russia with a brief stop in Istanbul or Yerevan cost around €250. Cyprus has also been one of the most prolific issuers of so-called “golden passports,” which offer EU citizenship in exchange for as little as €2.5 million in investment.
While no statistics exist on how many Russians have taken advantage of the scheme, the country has been under pressure to cancel travel documents for sanctioned oligarchs. As many as 222 passports have already been withdrawn, including those belonging to several Russian billionaires.
For Russians with regular jobs and limited cash to spend abroad, country houses and holiday parks are still the most popular option.
Until recently, many of them would be headed to Ukraine’s occupied Crimean peninsula. An iconic spot for vacations and sanatorium breaks since the days of the Soviet Union, many Russians have bought second homes or paid for package holidays to the region’s Black Sea coast since it was illegally annexed by Moscow in 2014.
Now, a spate of explosions at military facilities and Kyiv’s insistence that Crimea will come back under its control when it wins the war has worried many Russians.
With air traffic close to the border diverted, one of the only remaining routes into the peninsula is across the car and railway bridge opened by President Vladimir Putin in 2018. That bridge has repeatedly been struck by Ukrainian forces looking to disrupt Russian military convoys.
As a result, officials say, hotels are on average more than half empty — despite heavy promotions and discounts. Local proprietors say the situation is even more dire than the government is prepared to admit.
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Mastercard is instructing financial institutions that offer payment services to cannabis sellers via a Mastercard debit card to stop allowing marijuana transactions.
The decision is tied to the fact that the federal government views cannabis sales illegal, a spokesperson told Reuters, which cited a Bloomberg News report.
Cannabis sellers describe Mastercard’s move as “another blow” to the industry.
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Keeping up with expenses can be difficult for small- and medium-sized businesses, which may not always have cash on hand or ready access to capital.
Paris-based fintech Defacto is seeking to solve this by offering cash advances to SMBs through embedded lending, co-founder Jordane Giuly tells Bank Automation News during today’s edition of the Global Startup Cities Podcast from “The Buzz.”
“We believe that there’s a huge opportunity to distribute credit and distribute financing differently,” Giuly said. SMB customers can access financial services through fintech platforms they use on a daily basis.
For example, Defacto, founded in 2021, has partnered with major European fintechs and financial institutions including neobank Qonto, French bank Banque Populaire and accounting platform Libeo, which provide products to SMBs.
Listen as Giuly discusses the benefits of open banking in Europe, the rise of startup culture in Paris and how French President Emmanuel Macron has made entrepreneurship “cool.”
The following is a transcript generated by AI technology that has been lightly edited but still contains errors.
Jordane Giuly 3:34
Yeah, so so so for the end SMBs, the the end cost customers as well as worldwide to the borders, basically, the value proposition, it’s instant eligibility results. So instead of having to go to your bank, upload your your past financial statements, which are documents that that can be like one or two years old, and wait for a few weeks. For manual reviews from your bank, with defaqto embedded in your favorite solution, you can have basically lending in seconds. And so this instant response for SME, it’s a huge differentiation because they can pilot their business and their treasury on a real time basis for the platforms that we are working with. For example, we’re working with malt with the leading freelance marketplace in Europe, they put in relationship freelancers on the sell side, and cooperates on the buy side. So we’re working with them. We are working with contoh with the biggest b2b neobank In continental Europe. We’re also working with Penny Lane, and nibio. Were accounting software and compatible software for SMEs. So what are these guys, those platforms? It’s basically differentiation they can offer have a wider set of features to their end customers, its retention and its monetization. Because they can, either they usually put these, I would say lending solutions in premium plans. So for them, it’s, it’s an upsell opportunity.
Victor Swezey 5:22
I see. And how has this notion of embedding lending into these existing FinTech platforms grown out of the open banking movement in Europe?
Jordane Giuly 5:32
Yeah, so just a word of context before. So in Europe, you have these payment service directive to which which is commonly called Open banking. That is live since 2019, I guess, in basically asked banks to expose the financial data of their customers via API. And you and following this, you have like, I would say, a huge industry, huge number of players that that got built. On top of those, you have like payment aggregation players or payment initiation players, who are basically offering to the ecosystem, access to bank data via API and also payment initiation via API. So that’s one thing on the on the one hand, and so second, so how we leverage that this de facto. So credit is not new, right? There’s always been a need for credit, there will always be need for credit. But I would say the two assumptions that we’re making is that we can innovate in terms of distribution. And in terms of scoring, so on the distribution side, we are leveraging, we are making the bet of embedded lending. Because these drives with, say, user experience to the next level. And on the underwriting side, thanks to open banking, there are huge levels of automations in terms of the data that you can access to the data that you can process to build your scoring and run your your models.
Victor Swezey 7:15
So you know, given the existence of this open banking ecosystem, and in Europe, and you know, this, this growing startup scene in France, maybe we can zoom out a bit. And can you tell me a little bit about the startup ecosystem in France, maybe compared to the rest of Europe? And then maybe also compared to the US and maybe draw some contrast there?
Jordane Giuly 7:36
Yeah, sure. So obviously, very proud of what’s going on in France nowadays. If we put this out, if we put aside all the riots and stuff, due to some I would say, you know, necessarily political reforms. I think it’s been it’s been a few years since France, in Paris, is the second hub in terms of startup investments in Europe, London, London being the first and I think Balinese one is winning against the Berlin has been winning against London for the for the past few years. So the startup scene in in Paris is pretty young, right? When I launched my first startup 10 years ago, it was like a very small ecosystem, very few French VC firms, very few investments, no accelerators, or like incubators program. And now you have like, the biggest names in terms of VC like, I don’t know, Sequoia XL index a16z, just to name a few. We’re investing more and more in Paris. They don’t have Paris offices, yet. They still kind of based in London and operating from there. But still, it’s promising. In Paris, now you have the biggest incubator of startups in Europe. It’s called stache wife. And I think it’s the it’s, it’s, it’s a place where you can have like more than 1000 startups. So so so the there’s a real ecosystem that is also maturing, you have more and more I would say, Li cons in in France. And you have I would say, more and more of a second or third time founders will manage to exit their first company. reinvest a bit as angel investor on the one hand, and launched new startups on the on the other end. So it’s both a growing ecosystem and the maturing ecosystem, which is very exciting. Yeah, and
Victor Swezey 9:46
I think, you know, from from a government perspective, President Emmanuel Macron has been involved in trying to to add some fuel to that fire in terms of France’s startup, eat Also some and that’s kind of been one of his campaign promises and something that he’s made as a as a policy goal. Can you say a little bit more about some of his policies and maybe the ways that the government has helped create and grow France, as you know, what he calls a startup nation?
Jordane Giuly 10:17
Yeah, so so. So first of all, President Macomb kind of what I say, made startups, you know, be cool, right. And so he evangelized I would say, working in startups, you know, taking risk, entrepreneurship, all these kind of values. That before him was not that was not, I would say, the preferred carrier path for friendship engineers, or business guys, etc, the preferred career paths, were more doing bank or consulting, etc. And now, I would say, being an entrepreneur, and aiming for success, ending for monetary success as well is, is more broadly accepted in France, on the one hand, and second, I think prison, Miko contributed to build, to increase confidence in terms of form investors in France. And that’s that that’s really a big part of it, right? You need to build long term confidence from investors to attract investments, to develop projects, and to kind of have this the whole ecosystem maturing. And lastly, there are more and more firms from either like the French public bank, that’s called BP and also more and more investment firms, French investment firms that are dedicating, I would say, first add funds and investments to startups and to innovation. So all of that is contributing to going the ecosystem.
Victor Swezey 12:13
So what’s the what’s the environment like in Paris now for entrepreneurs? And you know, maybe what is that? What does that have to do with you know, Paris’s rich cultural history legacy? How does that history plan with the current startup environment?
Jordane Giuly 12:29
Yeah, so. So I’ve been, I’ve been based in Paris for the past 10 years, but my, my co founders, I’ve both had some pretty extensive international experiences. So they can definitely compare Paris today, compared to Paris like 10, five years ago, and a few things we see more and more, I would say, French guys will have been to working in the US in the past few years, or in London, etc, coming back to friends, actually, and kind of importing or their knowledge or their experiences in the, in the Silicon Valley or in New York or in other startup hubs, and contribute to bringing back knowledge, expertise experience, to Paris, that that’s one thing. Another thing that I can say is that compared to other places, the cost of hiring engineers, it’s is much cheaper in Paris compared to the US. And so you can see companies that have their I would say, r&d hub in Paris, although they are there, they have their their sales and marketing, you know, functions in the US to basically sell on the on the in the US market.
Victor Swezey 13:50
So, you know, looking forward into the future, what are some fintechs coming out of Paris that you think our listeners should be watching? What are some fintechs that you think are pretty exciting coming out of Paris right now?
Jordane Giuly 14:03
We are so super, at defaqto. We really like the fintechs that allow us to bring automation to a next level. And in that context, we are working with two, I would say banking providers, which are Swan, and Mimmo bank. So swan is a banking as a service provider, and mobile bank is actually a bank, they have this credit institution license, but they build their I would say bank banking offering with an API first approach. And I think I think it’s great. And the last one that will actually mention is one of our earliest partners spinny line. We are basically you know, building I would say QuickBooks, in France and they are kind of innovating in this accounting space.
Victor Swezey 14:56
Thank you for that. Um, and you just raised a one interesting See 7 million euro securitization, in partnership with Citi and viola credit. So tell me about what you’re planning to do with with that new race.
Jordane Giuly 15:10
It’s a so it’s. So basically, we’re super happy to be partnering with Citigroup, which is one of the largest banks in the world. And we’re also working again with Viola credit, which has been our partner since since day one. And most basically, the the announce was 167 million, you’re up to 167 million your debt facility that will allow, basically de facto to originate as much loans to our end customers and refinance those loans with the two partners that we mentioned. So it’s basically for us the opportunity to lend up to 1 billion euro per year to the European SME ecosystem that we that we like a lot and work on this on refinancing those loans with the two great partners that
Victor Swezey 16:08
you’ve been listening to the bugs, a bank automation news podcast, please follow us on LinkedIn and Twitter. And as a reminder, you can rate this podcast on your platform of choice. Thank you for your time, and be sure to visit us at Bank automation news.com For more automation news,
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Whitney McDonald
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As a first-time real estate investor or new property manager, you are responsible for choosing which rent collection method(s) you’ll offer your tenants. Automatic rent collection is increasingly popular among landlords and tenants alike, but it often comes with questions and concerns from both parties.
If you’re thinking of offering automatic payments to your tenants, there are a few things you need to know first. In this article, we’ll review the benefits of autopay for rent collection as well as six key points to know before getting started.
Related: How Successful Landlords Approach Rent Collection
Automated rent collection, often facilitated by a bank or property management software platform, is a method of rent collection that automatically transfers funds from your tenant’s account to yours each month.
Autopay differs slightly from online bill pay, which you may also be familiar with. The key difference with online bill pay is that a tenant gives permission for their bank to make recurring payments from their account to the landlords’. Autopay, on the other hand, is when the tenant permits the landlord to debit their account each month.
Autopay is an excellent way to manage regular payments in the same amount each month, like rent. Other benefits of automated rent collection include:
Guaranteed on-time payments
Fewer late fees for tenants
Peace of mind if there is no rent grace period
Less stress on the first of the month for both parties
Before you get started with autopay, however, there are a few important things to know. Keep each of the following six tips in mind before implementing your automatic rent collection system:
It’s important that you establish all your rental policies and expectations in the lease or rental agreement, including payment options and requirements. In every lease, explain in detail the options tenants have for rent payment, including autopay. Be sure to also include a description of how autopay works through your property management software or other platforms, as tenants will likely have varying levels of literacy with technology.
Related: 5 Property Management Tasks to Automate in 2023
This is one of the primary causes of legal issues regarding rent payments for landlords. In certain states (such as California), it’s illegal to require tenants to pay rent electronically. In these states, you’ll need to provide at least one offline method for rent payments, such as cash or check. The same applies to autopay — whether or not you can require tenants to set up autopay depends on which state your property is located in. It’s important to know which state and local laws apply so that you can provide tenants with multiple options to pay rent when necessary.
Even in states that don’t specifically forbid it, requiring tenants to set up and use autopay could be interpreted as a violation of fair housing laws. In some states where tenants are protected against discrimination based on age, a policy requiring tenants to pay via automatic payments may be seen as discriminatory against older renters, who are less likely to be digitally literate.
If you have older tenants, an online-only policy could induce unnecessary stress or even motivate them to find a new rental. Use caution when developing your rental payment policy, and be cognizant of how your leases uphold fair housing laws.
No matter which method of rent collection you use, you must have a way to reject payments. This is important because in some states, accepting full or partial payments during the eviction process could delay the legal action and require you to file an entirely new complaint. For this reason, it’s critical that you are able to reject an automatic rent payment and stop autopay altogether when necessary, such as when the lease ends.
The National Automated Clearinghouse Association (NACHA) is responsible for regulating the ACH network and ensuring its security. For example, NACHA requires merchants (like landlords) to have a written security policy explaining how tenant information is stored. These rules ensure the integrity and confidentiality of sensitive information and are critical whenever you’re dealing with tenant data. Be sure your payment processor is NACHA-compliant before implementing your autopay policy.
Related: ACH Payments: What Are They and How Do They Work?
Just because a tenant has enabled autopay, this does not mean their payments are 100% guaranteed. If a tenant does not have enough funds in their account to cover the debit, the payment will bounce and you won’t receive the rental amount on time. In many states, landlords can charge a service fee when this happens, but be sure you know how much you can legally charge based on your state.
Automated rental payments are a benefit to both landlords and tenants but are typically accompanied by a learning curve. Be sure you’re aware of these six points to prepare for a smooth integration of this rent collection method.
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Dave Spooner
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Whitney McDonald
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