Daily Tearsheet: Join Goldman Sachs at T-POP, Fiserv’s Jon Nordhausen on cloud data integration, and should Block return to its core competencies?


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Daily Tearsheet: Join Goldman Sachs at T-POP, Fiserv’s Jon Nordhausen on cloud data integration, and should Block return to its core competencies?

Join us for a day full of critical insights, invaluable discussions, and in-person networking opportunities at Tearsheet's Power of Payments Conference on Sep 15th, Current, Chelsea Piers, NYC.

Should returning to core competencies be the playbook for Dorsey's Block?

Today, Square hosts a cluster of businesses under its umbrella. Among its primary products are Square Debit Card for businesses, and Cash App, a P2P payments mobile app. In addition to mobile banking, Cash App also offers the option to purchase stock and Bitcoin through its platform. The company also acquired Australian BNPL provider Afterpay.

But maybe the firm has expanded too broadly, too quickly -- analysts are beginning to think so. 

However, it appears Block is establishing a network where everything is integrated through Square in a two-sided closed loop, bridging Square’s products for consumers and merchants.

Read more

'Not all fintech integrations are created equal': Fiserv's Jon Nordhausen

The following was produced by Tearsheet Studios. We worked with payments provider Fiserv to create a podcast series about open finance and the work of empowering fintechs, brands, and FIs to collaborate and innovate together.

In our fourth conversation in the series, we’re speaking with Jon Nordhausen, VP of product management for the fintech organization within Fiserv. As we continue talking about the evolution of open finance, Jon shares how cloud data integration is removing friction and enabling new capabilities for collaborations between fintechs and FIs.

Read more (sponsored by Fiserv)

Join Goldman Sachs at Tearsheet's Power of Payments Conference

On September 15 in NYC, Tearsheet's Power of Payments Conference (T-POP) will bring together the top professionals and brands in the payments space to discuss the challenges and opportunities presented by an undeniable need to stay ahead of the curve of a rapidly changing landscape.

Goldman Sachs is joining VisaSquare/BlockCitiMarqetaWise, as well as JPMorganAndreesen HorowitzAffirmWells FargoBank of AmericaAmerican ExpressKlarnaMastercard, and many others in participating in T-POP.

Luc Teboul, Goldman Sachs' head of engineering, transaction banking, will provide insight and behind-the-scenes information about the building and growth of the firm's transaction banking platform.

Learn more about T-POP and get your ticket here (seats are limited to 150).

Just look at the charts

1. The dominance of cash is slowly eroding in emerging markets

Source: David Jimenez Maireles

2. The most expensive NFTs so far

Source: Hua Li

Today's stories

Revolut revokes grad jobs amid downturn
Revolut is in the middle of a major cost-cutting review codenamed Project Prism, and has revoked job offers to graduates with just days of warning as it tries to shield itself from the economic downturn threatening fintechs. (FT)

Binance to convert users' USD Coin into its own stablecoin
Crypto exchange Binance will automatically convert its users' balances and new deposits of stablecoins USDC, Pax Dollar, and True USD into its own stablecoin, Binance USD. The move is intended to enhance liquidity and capital efficiency for users. (Reuters)

Former OCC head warns digital asset firms are a threat to banks
Eugene Ludwig, a former Comptroller under the Bill Clinton administration, said that fintech and cryptocurrency firms competing with banks but subject to fewer regulations are “getting away with murder”. These new types of companies that take deposits and provide lending without proper oversight could be the reason for the next recession, according to him. (Bloomberg)

Financial firms highlight challenges with fintech partnerships
A recent survey of banking professionals found that 61% see fintech partnerships as the most important part of their growth strategies, or at least a key component. However, only 12% said their institutions had many fintech partnerships and could add more quickly. While fintech partnerships are a top priority for banks, the study also pointed to the challenges they face to deliver new innovations. (ABA Journal)

Who's growing in the SMB lending space?
Despite Covid, several small business finance companies successfully secured spots on the 2022 Inc. 5000 list for their stellar 3-year growth. Here’s a snapshot of who made it. (deBanked)

Stay ahead of the game with Outlier -- Tearsheet’s exclusive members-only content program and join the leading financial services and fintech innovators reading us every day.

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