American Express and digital payment platform Square are teaming up to launch a credit card for Square merchants on the AmEx network. 

The expanded partnership will better support small businesses by organizing expenses and managing cash flow, according to a release. 

“Our brands will offer a credit-card product specifically designed for Square sellers, backed by the trust and security of the AmEx network,” William Stredwick, senior vice president of global network services at American Express, said in a statement. 

The card, which is set to integrate with Square’s broader ecosystem of solutions, will be powered by payment processing company i2c and issued by Salt Lake City-based, $1.8 billion Celtic Bank, according to the release. 

UBS teams with iProov on ID verification

Zurich-based UBS on Monday announced a partnership with London-based iProov to integrate automated identity checks within its key4 digital banking platform. 

The collaboration will provide faster onboarding — within five minutes — onto the $1 trillion UBS’ platform, using facial verification technology and a government-issued document, according to a UBS release.

iProov’s technology gives banks protection against compliance threats using its information security operations center (iSOC) to verify identities in real time within its cloud-based platform, according to the iProov website. 

Finastra, Fragmos Chain collaborate on OTC derivatives

Core provider Finastra and blockchain platform Fragmos Chain are partnering to enable banks to digitalize their over-the-counter (OTC) derivatives products, which will cut costs and reduce risks associated with manual processes, according to a release. 

“Integrating Fragmos Chain with Finastra’s Summit, via our open platform for innovation FusionFabric.cloud, will help to reduce the challenges associated with traditional post-trade processes, such as reconciliations and disputes, to support a bank’s continued growth,” Benoit Riquet, chief product officer at Finastra, said in a statement. 

The API-first integration will give banks the freedom to match their trades, events and cash flows while storing data securely and exchanging it with outside parties in real-time, according to the release. 

Quantum to acquire AtlasClear

Special purpose acquisition company Quantum FinTech Acquisition Corporation has entered into an agreement to acquire financial services firm AtlasClear.  

The new company will provide specialized banking and clearing services to other financial services firms in under-serviced global markets, the release said. Banking partners will receive expanded product development capabilities for a lower cost and greater credit extension, according to the release. 

“Together, we believe this business combination will advance our vision to create a fintech forward alternative for market participants,” Craig Ridenhour, chief business development officer of Atlas FinTech Holdings, said in a statement. 

Bank Automation Summit US 2023, taking place March 2-3 in Charlotte, is a crucial event on automation and automation technology in banking. Learn more and register for Bank Automation Summit US 2023.