Visa is launching cross-wallet transactions platform Visa+ this summer, and PayPal, Venmo and TabaPay will be among person-to-person payment apps integrated into the platform. 

Visa+ aims to improve interoperability across payment apps and introduces a new payment credential to send funds from one wallet to another, Yuwa Ikhinmwin, director of global partner solutions at Visa, said during a webinar hosted by TabaPay Tuesday.

“Traditionally, you need to be on the same app to be able to transact with friends and family, and so Visa+ came about by thinking of the consumer demand for interoperability,” she said, adding that the payment solution will not require a card. 

Visa+ will not have personally identifiable information held by Visa, improving security for users, and will eliminate the need for multiple mobile wallet apps, according to a Visa release. For example, right now PayPal users cannot send money to Venmo users, even though Venmo is owned by PayPal. 

“Visa+ ultimately becomes a connective tissue that creates interoperability among multiple fintechs at the moment,” Tim Astanov, head of commercialization at TabaPay, said during the webinar. Someone can “send me their Visa+ pay name, [and] I can send money through any participating app.” 

Visa+ is expected to launch later this year with PayPal and Venmo, according to the release. General availability with other payment apps is expected in mid 2024.  

Lama AI commercial tech provider for consortium members

Community and mid-size bank consortium Alloy Labs has teamed up with AI-powered commercial lending technology provider Lama AI to help banks grow their portfolios and manage risk. 

Alloy Labs and Lama AI will work connect the AI technology to Alloy Labs’ 75 bank members via embedded lending channels, according to an Alloy Labs release.

Alloy Labs consortium members include American State Bank, South State Bank, First Financial Bank, Chesapeake Bank, Reading Cooperative Bank and First Northern Bank, an Alloy Labs spokesperson told Bank Automation News. 

Lama AI technology will allow banks to use and access AI and big data, Lama AI Chief Executive Omri Yacubovich said in the release. “Our technology helps financial institutions transform their operations, cut underwriting costs, improve their customer experience and drive growth in a rapidly evolving market.” 

Lenders Cooperative integrates with CSI core processing

Loan origination system Lenders Cooperative is integrating with core processing system Computer Services Inc., the companies announced Tuesday. 

The integration allows the technology providers to offer mapping of data attributes, customer record management, streamlined onboarding and flexible loan creation, according to a CSI release. 

One bank that will use the combined solution is Indiana-based Centier Bank, the bank’s Senior Vice President Timothy Coleman said in the release. “By integrating Lenders Cooperative’s cutting-edge lending technology with CSI’s robust core banking platform, Centier Bank can elevate the customer experience.”