Payments platform PayNearMe announced Oct. 3 that it will integrate PayPal’s full-stack processing capabilities into its platform. 

“Reliability is of utmost importance to PayNearMe, and PayPal’s full platform gives access to multiple money movement capabilities supported by numerous banking partners,” John Minor, executive vice president and chief product officer of PayNearMe, told Bank Automation News.

PayNearMe and PayPal first collaborated in 2022 when PayNearMe added PayPal and Venmo products to its platform, Minor said. 

“As PayNearMe grows, PayPal’s robust infrastructure enables us to simplify much of our backend operations, such as settlement and money movement, so we can focus on more value-added functionality to better service our clients and their customers,” Minor said. 

PayNearMe is a payments provider for United Auto Credit, Westlake Financial and OneMain Financial, according to the company. 

Pagaya, LendingClub to acquire Tally Technologies

The AI-driven lending solutions provider Pagaya and online lender LendingClub have teamed up to acquire credit card debt payments company Tally Technologies, which halted operations in August, LendingClub announced today.  

Pagaya plans to use Tally’s technology to create a white-label product for its 31 lending partners while LendingClub aims to use the tech to provide debt management services to its customers, the release stated. 

“Integrating and embedding Tally into our B2B offerings significantly enhances the value we provide to our partners,” Sanjiv Das, president at Pagaya, said in the release. 

Grasshopper, Banzai team up on financial literacy

Grasshopper Bank and financial literacy program provider Banzai have teamed up to offer financial education programs to the digital bank’s business clients, according to a Sept. 25 release from Grasshopper. 

“Education is a powerful tool for growth,” Lauren Savage, director of internal audit at Grasshopper, told BAN. “We are offering free access to financial literacy resources, allowing community members to better manage their money, plan for the future and build strong financial foundations.” 

Banzai and Grasshopper first connected at the end of 2023, Savage said.  

The bank and Banzai are also offering financial education to 10 New York-based schools, according to the release. 

Jack Henry, Victor Tech offer embedded payments

Financial services technology provider Jack Henry announced Sept. 30 that it is working with payments services provider Victor Technologies, a subsidiary of $3.3 billion MVB Bank, to offer Payments-as-a-Service and embedded payments to community and regional banks. 

“Victor has leveraged Jack Henry’s proprietary payments hub to deliver real-time payment capabilities to both consumers and businesses,” Tede Forman, vice president at Jack Henry and president of payment solutions, told BAN. “We are seeing a growing demand for embedded payments, particularly as financial institutions aim to expand low-cost deposits and boost non-interest fee income.” 

Together, Victor and Jack Henry can provide embedded payment capabilities like disbursal of funds, accounts receivable, cross-border payments, escrow payments, and e-commerce payments to banks and credit unions, Forman said. FIs on Jack Henry’s SilverLake core can tap Victor’s embedded payments platform. 

$1.2 billion Dart Bank and $1.1 billion BayFirst National Bank are already using the Victor platform, according to Jack Henry. 

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