Square has teamed up with American Express to launch business credit cards to its customers. The launch is in beta phase with an unknown number of Square’s merchants using the card.

The credit card takes additional data points into account, like business sales processed through Square’s platforms or a business’s credit score, to determine  credit limit, a Square spokesperson told Bank Automation News. 

Interest rates on the cards will primarily depend on the business’s payment processing history. Rates range from 13.9% to 26.9%, according to the spokesperson. 

The payments giant also launched a new loan offering using “unique visibility into the health of our sellers’ businesses [including signals like processing volume, payment frequency and customer mix, among others] to make credit decisions and proactively extend financing offerings,” the spokesperson said. 

Financing options for banks are interest free and Square will present the “total borrowing cost, including a one–time fee, up–front when sellers apply for an offer,” the Square spokesperson said. 

Celtic Bank will serve as a banking partner for Square’s new loan offerings, according to a release.  

Danske Bank taps Infosys to revamp its digital banking platform 

Danske Bank has entered a strategic partnership with the Indian IT-firm Infosys to revamp its digital banking operations.  

Infosys will provide “technology services and solutions across the bank’s channels, platforms for its key business functions as well as underlying technology platforms,” Jay Nair, senior vice president and industry head of financial services at Infosys, told BAN. 

Danske’s new digital banking platform will be built on Infosys Topaz, an AI-first set of services and platforms, including generative AI technologies, Nair said. 

As a part of the deal, Danske will sell Danske IT, a fully owned information technology subsidiary headquartered in Bengaluru, India, to Infosys. The Indian tech giant will absorb 1,400 personal from Danske IT, according to a release. 

Visa acquires Pismo for $1 billion 

Credit card network giant Visa acquired Pismo, a Brazilian core-banking company for $1 billion on June 28. 

The acquisition will allow Visa to provide core banking services along with issuer processing capabilities for debit, prepaid, credit and commercial cards to its customers through its cloud native APIs, according to a release.  

Pismo has received $118 million in funding since its inception in 2016, from investors including SoftBank and Amazon, according to Crunchbase. 

“Through the acquisition of Pismo, Visa can better serve our financial institution and fintech clients with more differentiated core banking and issuer solutions they can offer their customers,” Jack Forestell, chief product and strategy officer at Visa, said in the release. 

In a bid to remain competitive, Visa has been partnering and acquiring fintech companies to increase its digital offerings. Visa acquired the Swedish banking company Tink for $2 billion last year and has invested an undisclosed amount in Remitly, a cross-border remittance payments company.  

Pismo provides its services in Latin America, Southeast Asia, Europe and Australia. Its customers include Revolut, Citi and N26.  

Lone Star National Bank selects Alkami digital banking platform 

Lone Star National Bank selected digital banking service provider Alkami to enhance its tech stack and improve customer experience. 

The $2.95 billion, Texas-based bank chose Alkami because of its unified platform, use of emerging technology, focus on small business growth and integration capabilities, Stephen Bohanon, founder and chief product and strategy officer at Alkami, told BAN. 

Partnering with Alkami will allow the bank to enhance its money movement, account opening capabilities, security, financial wellness offerings, customer service, and card and business experience, Bohanon said. 

Alkami “provides financial institutions with a powerful online and mobile banking ecosystem that empowers customers to effortlessly access and manage their accounts, conduct transactions and apply for loans with ease and convenience,” Bohanon said. 

Treasury Prime network to use Sardine fraud management 

Embedded banking software company Treasury Prime and fraud detection platform SardineX are teaming up to provide fraud management for Treasury Prime bank clients.  

Through the collaboration, Treasury Prime’s customers can integrate SardineX’s fraud–fighting services on their platforms, Ravi Loganathan, president at SardineX, told BAN. This will allow SardineX to serve a wider client base.  

“As regulatory scrutiny increases in the financial services industry, companies and banks need effective fraud detection controls,” Mark Vermeersch, chief platform officer of Treasury Prime, said in a release. “By leveraging Sardine’s expertise, our customers and partners can identify fraud, ensure compliance with regulatory standards, and mitigate operational and reputational risks as their embedded banking programs grow.” 

Stearns Bank is the latest bank to integrate with SardineX, Loganathan told BAN.  

In February, Treasury Prime raised $40 million in a series C funding round led by BAM investors. It has raised over $70 million since its inception in 2017. 

LendingClub, Azbio and FirstDollar are some of Treasury Prime’s customers, while SardineX works with ING Bank, Brave, Brex and Bakkt.