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Fintech enabler Plaid offers full support for DeFi

Plaid, a fintech enabler owned by Visa, is currently working with no less than two decentralized finance (DeFi) startups, according to a recent report. Keith Grose, head of Plaid UK, has always been an advocate of the evolution currently playing out in the cryptocurrency industry and how fintech firms can tap into that trend. Presently, the company has a partnership with Uniswap-centered DeFi wallet Dharma, with the integration drawing support from Coinbase and other crypto exchanges. It is also partnering with Teller Finance, which is trying to introduce unsecured lending in Ethereum blockchain. DeFi grows in popularity despite challenges Although…

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UK Regulator Approve VISA’s Plaid Acquisition 

Global payment processor VISA is about to get significantly bigger, as the firm’s latest venture recently got approval from regulators in the United Kingdom. The U.K.’s Competition and Markets Authority (CMA) announced that it had greenlit VISA’s acquisition of FinTech platform Plaid. The approval came following a phase 1 review.  No Way to Hurt Themselves or Competitors Plaid provides a platform for users to connect bank accounts to different apps. It also offers payment initiation services in the U.K., which will allow users to make real-time payments via merchant websites without the use of debit or credit cards. The VISA…

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UK antitrust regulators give Visa’s fintech acquisition a green light

The Competition and Markets Authority find no reason that the merger will affect competition in the U.K. consumer-to-business electronic payments sector. The United Kingdom Competition and Markets Authority, has given the go-ahead to Visa’s acquisition of fintech startup Plaid following a Phase 1 review.According to an Aug. 24 announcement, the CMA investigated several ways in which the deal could potentially harm competition, but ultimately found no evidence that this outcome was likely.Plaid offers a platform enabling apps to connect to a user's bank accounts. In the U.K. it offers payment initiation services (PIS), which allow direct real-time payments to be…

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Customers File New Class-Action Lawsuit Against Fintech Company Plaid 

FinTech startup Plaid is at the center of another class-action lawsuit, as it continues to answer questions over its data privacy practices. Last week, a new complaint concerning the firm surfaced online. Filed by four plaintiffs, it alleged that the company had violated the privacy of over 200 million users. Plaid Conducted “Data Plumbing” According to the complaints, Plaid reportedly used customer accounts acquired from third parties to serve marketing needs. These companies include the likes of Coinbase and Square. It was reported in the lawsuit that the fintech firm acquired data of over 200 million users. The firm had essentially…

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