NatWest open banking speeds refunds; Coinbase’s direct listing

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Opening up

NatWest has launched a service that allows businesses to send payments to customers without requiring bank account details.

The bank is using Payit by NatWest, an open banking portal that allows parties to replace checks and transfers, enabling instant payments for refunds, customer services, compensation or emergency disbursements, reports Finextra.

The bank plans an additional API that will allow merchants to integrate Payit into their own technology infrastructure. NatWest is trying to address what it says is a slow process for refunds and other payments that come at « crucial moments » in a relationship between businesses and consumers.

Direct to the source

Coinbase has filed to go public and has reported its revenue more than doubled in the past year.

The crypto exchange had net revenue of $1.14 billion in 2020, compared to $483 million in 2019, reports CNBC. It also reported net income of $322 million after posting a loss in 2019.

The company is using a direct listing instead of an IPO. Investors and employees will convert ownership stakes to stock listed on an exchange — Nasdaq, in Coinbase’s case. Many technology firms are avoiding the long process of a traditional IPO, turning to alternatives such as special purpose acquisition companies (SPACS) to go public.

Crypto license

Singapore’s sovereign wealth fund, GIC, and Andreessen are among the investors in an $80 million Series C round at blockchain company Anchorage.

Anchorage recently received a federal banking charter. That gives it a green light to offer banking services such as lending and transfers to cryptocurrency companies — or challenger banks that wish to offer cryptocurrency products, according to TechCrunch.

The company’s core product is a custody solution that allows cryptocurrency holders to safely store crypto without having to regularly monitor their wallet, public and private keys.

Terror track

The U.S. Congress is examining how cryptocurrency, decentralized technology and other alternative payment methods are being used to fund domestic terrorism.

The House Financial Services Subcommittee on National Security, International Development and Monetary Policy is following up concerns Treasury Secretary Janet Yellen raised about extremists’ crypto use. The House Select Committee Intelligence has requested more information about how extremists may be using a crypto transfer service called DLive, reports Coindesk.

Several payment companies, including PayPal, Venmo, and Stripe, recently cut services to organizations tied to the Jan. 6 U.S. Capitol attack.

From the web

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