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DailyPay vs. NY AG: Earned Wage Access Fintech Secures $75 Million in Funding
DailyPay is transforming employee wage access with its on-demand pay services for a fee of $3.49, benefiting over five million users and facilitating over $40 million in savings. However, the company faces regulatory challenges, especially from the New York Attorney General, who has intervened in legislative processes, prompting concerns over increased oversight. Jared DeMatteis, DailyPay’s Chief Legal and Strategy Officer, criticized this move, suggesting it could push consumers towards riskier financial options. Meanwhile, the earned wage access market is growing, with competitors like Rain raising $75 million in funding and providing similar services, reflecting increasing demand for financial wellness solutions.
UK RegTech Innovator NorthRow Pursues Strategic Sale to Enhance Growth Opportunities
Founded in 2010, London-based NorthRow specializes in anti-money laundering and identity verification software for regulated industries, utilizing a platform that aggregates data from global sources across 220 jurisdictions and supports over 13,000 document types. The company is shifting from a sales-led to a product-led growth strategy to enhance market presence and attract new customers efficiently. CEO Andrew Doyle emphasizes this transition and the potential for strategic partnerships. NorthRow has begun discussions with potential partners to solidify its position in the industry, leveraging its advanced technology to adapt to the evolving regulatory landscape. For more details, visit NorthRow’s website.
Transforming the Future: Technology at the Core of FCA’s Five-Year Strategic Vision
The Financial Conduct Authority (FCA) has announced a strategic plan for the next five years, focusing on four key priorities: becoming a smarter regulator, supporting economic growth, assisting consumers, and combating financial crime. To enhance regulatory effectiveness, the FCA will invest in technology and streamline company authorizations. The integration of the Payment Systems Regulator aims to promote Open Banking and Open Finance, leading to innovative products, lower costs, and better consumer choices. FCA chief executive Nikhil Rathi emphasized collaboration to create a fair financial market that benefits consumers and the economy. For more details, visit the FCA’s official website.
Essential Guide to Verification of Payee: Get Ready for the October 2025 Deadlines at NextGen Nordics!
As the deadline for Instant Payment Regulation nears, Nordic banks and fintechs are preparing for compliance, facing both innovation and challenges. While some institutions are adapting to the Voice of Payments (VoP), others remain in planning stages, showcasing varied readiness. NextGen Nordics is leading efforts to support this transition, bringing together stakeholders to standardize VoP implementation. Banks are generally conservative, integrating VoP into existing systems, while fintechs focus on user-centric solutions. Standardizing the Confirmation of Payee (CoP) and VoP rulebooks is essential for secure payment processing. NextGen Nordics 2025 in Stockholm will provide insights into these developments.
Shift4 Payments and SEC Settle Disclosure Violation: Key Insights and Implications
The SEC’s recent enforcement action against Shift4 has highlighted serious compliance issues regarding financial disclosures. The company failed to adequately report significant compensation to family members of executives in its 2020 filings, violating the Securities Exchange Act of 1934. Specifically, a sibling of an executive received about $1.1 million, while another family member earned $280,000. As a result, Shift4 has agreed to a cease-and-desist order and will pay a $750,000 civil penalty. Meanwhile, CEO Jared Isaacman has been nominated by President Trump to lead NASA, despite the scrutiny surrounding Shift4.
FCA Launches Live AI Testing Service to Empower Financial Firms
The Financial Conduct Authority (FCA) has launched a live testing service to support the adoption of artificial intelligence (AI) in finance, addressing a gap that has hindered AI implementation by financial institutions. This initiative encourages collaboration between firms and the FCA, providing insights into AI’s impact on UK financial markets. Running for 12 to 18 months starting September 2025, the service aims to enhance innovation, mitigate risks, and clarify regulatory compliance. FCA’s Chief Data Officer, Jessica Rusu, emphasized the regulator’s commitment to fostering a tech-positive environment to benefit both financial firms and their customers.