{"id":15123,"date":"2025-05-14T22:46:00","date_gmt":"2025-05-14T22:46:00","guid":{"rendered":"https:\/\/finderica.com\/?p=15123"},"modified":"2025-05-14T22:46:00","modified_gmt":"2025-05-14T22:46:00","slug":"jpmorganchase-battles-viva-wallet-in-court-paymentssource","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=15123","title":{"rendered":"JPMorganChase battles Viva Wallet in court | PaymentsSource"},"content":{"rendered":"
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The complex nature of bank\/fintech partnerships has been on full display during a stormy relationship between JPMorganChase<\/ps-link> <\/span> <\/span> <\/span> and Viva Wallet, a Greek digital payment company that has been fighting with the bank in court for more than a year.<\/p>\n

Part of the legal dispute<\/u><\/ps-link> may be winding down. Viva says the bank plans to drop its suit in the U.K. while continuing a legal case in Greece. “We welcome JPMorgan’s<\/ps-link> intention to completely and absolutely discontinue its entire January claim against WRL in the English court,” said WRL, the holding company of Viva founder and Greek technology mogul Haris Karonis, in an email. “Meanwhile, WRL remains focused on delivering on our commitments, upholding our contractual obligations and defending Viva’s future.” <\/p>\n

JPMorganChase<\/ps-link> said the legal battle will continue. <\/p>\n

“We haven’t withdrawn our damages claim for \u20ac917m [$1.027 billion] filed in Greece and we do not have any intention to. We are however happy that WRL is no longer seeking to breach certain aspects of the contractual agreement between us and this has allowed us to narrow other issues in dispute,” a bank spokesperson said in an email. <\/p>\n

The legal fight partly stems from disagreements on Viva’s valuation and how that could change JPMorganChase<\/ps-link>‘s ownership stake. <\/p>\n

JPMorganChase<\/u><\/ps-link> owns 48.5% of Viva under the terms of a 2022 deal<\/u><\/ps-link>, with Viva majority investor WRL<\/u><\/a><\/ps-link> owning the rest. Under the terms of JPMorgan’s<\/ps-link> investment, the bank can take full control of Viva if the fintech’s valuation is below \u20ac5b [about $5.6 billion] on June 1, less than three weeks away. <\/p>\n

Financial terms of the original JPMorgan<\/ps-link> stake were not disclosed, though Nasdaq’s news site in 2022 reported JPMorganChase<\/ps-link> invested about $1.1 billion in Viva, which at the time was valued at $2 billion. In a separate ruling, a U.K. court in 2024<\/u><\/ps-link> set valuation parameters for Viva Wallet. Viva’s most recent posted valuation was $2.2 billion at the end of 2022, according to CB Insights<\/u><\/a><\/ps-link>.<\/p>\n

Viva Wallet’s founder, Karonis, is suing JPMorgan<\/ps-link>, claiming the bank is suppressing Viva Wallet’s growth by blocking Viva’s expansion to the U.S. Karonis also claims JPMorganChase<\/ps-link> is hindering Viva by competing directly with the fintech in parts of Europe. <\/p>\n

JPMorgan<\/ps-link> sued WRL, claiming the holding company is limiting the bank’s contractual rights as an investor in Viva.<\/p>\n

Viva was founded in 2000 and sells payment products in 24 countries. It has a banking license in the European Union through a 2020 acquisition of Praxia<\/u><\/a><\/ps-link>, a Greek digital bank. <\/p>\n

When the bank first made its investment in Viva, it viewed the fintech as a way to help sign up merchants across Europe, a complicated task that can differ from one nation to another. Other potential benefits are a path for JPMorgan<\/ps-link> to offer short-term credit backed by future payment flows, competing with Block and PayPal \u2014 which offer similar short-term loans that can usually be funded faster than traditional small-business loans from a bank. Another Viva competitive differentiator is its integrated cross-border payment services in the EU, where Chase Merchant Services hopes to grow. <\/p>\n

But the JPMorgan<\/ps-link>-Viva Wallet deal hit rough patches almost immediately. In late 2023<\/u><\/a><\/ps-link>, two JPMorgan<\/ps-link>-appointed Viva board members resigned, reportedly when the JPMorgan<\/ps-link> members felt they were not independent of Viva.<\/p>\n

In earlier interviews with American Banker<\/u><\/ps-link>, payment analysts said it’s easy for bank\/fintech partnerships<\/u><\/ps-link> to unravel in cases where the parties compete against each other in certain markets, or have a valuation cliff similar to the JPMorgan<\/ps-link>\/Viva Wallet deal. \u2014John Adams<\/i><\/p>\n

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Wise names former Western Union exec to head LatAm banking<\/h2>\n

Money movement and remittance fintech Wise<\/u><\/ps-link> has added a former Western Union executive as its head of banking for Latin America and country manager for Brazil. <\/p>\n

Ricardo Amaral will oversee Wise’s operations in Brazil, where he will be responsible for the fintech’s PIX integration<\/u><\/ps-link> and its wider growth strategy across Latin America, according to Wise. <\/p>\n

Amaral joins Wise with more than two decades of financial services experience. Most recently, he worked at Western Union, where he managed operations across Brazil, Chile, Columbia, Panama and other countries. \u2014Joey Pizzolato<\/i><\/p>\n

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NuBank adds tap to pay on Brazil’s PIX as QR code alternative<\/h2>\n

Brazilian neobank NuBank<\/u><\/ps-link> has added tap-to-pay functionality for payments on Brazil’s faster payments network, PIX. <\/p>\n

NuBank is rolling out its new feature, called tap-to-pay PIX, to Android users “gradually,” according to the bank. The product uses near field communication technology to facilitate payments at any enabled point of sale terminal. <\/p>\n

Customers can pay via debit or in up to 12-month installments. NuBank has touted tap to pay as a replacement for QR code scanning<\/u><\/ps-link>, a payment method that has seen high adoption rates in Brazil. <\/p>\n

The Faster Payments Council’s QR Code Interface Work Group found that QR codes helped accelerate faster payment adoption by lowering transaction costs, increasing interoperability for both banks and nonbanks and circumventing complex infrastructures. \u2014Joey Pizzolato\u00a0<\/i><\/p>\n

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Canada’s debit network adds ‘selfie’ authentication<\/h2>\n

Citing a need to address growth in digital verification<\/u><\/ps-link>, Interac has developed an automated option to its suite of identity products.<\/p>\n

Called Interac Verified, it’s designed to be a reusable verification option that can reduce the need for repeated enrollment for different services. Users create a credential by using the existing login to their online bank account for an institution that’s part of Interac’s debit network. They then take a photo of their government-issued identity document and a “selfie.” The credential can be used for verification at organizations that support Interac. Interac’s enterprise users at launch include FCT, a title and real estate provider, enabling homebuyers to share verified information to parties involved in a property purchase.<\/p>\n

“Trust and security are fundamental to every real estate transaction, be it for the consumer or the real estate professional,” said Michael LeBlanc, CEO of FCT, in a release. <\/p>\n

Interac, a consortium of Canadian banks, is joining a growing number of organizations that are using government documents to support federated identity, or an ID that can be used in multiple venues. Google has recruited <\/u><\/ps-link>Georgia, Colorado and other states to use driver’s licenses as ID for Google Wallet, the search giant’s credential app. \u2014John Adams<\/i> <\/p>\n

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Monzo adds a payments eraser<\/h2>\n

U.K. fintech Monzo now lets consumers cancel a bank transfer in an effort to correct mistakes or to prevent fraud.<\/p>\n

The feature gives a window of up to one minute to claw back a transfer, citing a typo such as adding an extra zero or choosing the wrong payee as an example. While most payment apps include a “are you sure you want to send this?” warning, Monzo is enabling consumers to halt a payment after the fact.<\/p>\n

Monzo cited internal research that found 30% of U.K. consumers have sent money to the wrong person, or sent the wrong amount, in the past year. And 78% of those consumers realized their mistake within a minute of making the payment. <\/p>\n

The London-based Monzo is in the midst of an expansion to the U.S. and other markets. It recently attracted a $430 million investment<\/u><\/ps-link> from Google’s venture unit and other firms, valuing Monzo at $5 billion \u2014 an increase from $2 billion in 2022. Monzo is attempting a return to the U.S. following a halt in its U.S. banking license application<\/u><\/ps-link> in 2021 amid regulatory pressure. Monzo will likely seek a regulated partner for its new foray into the U.S. \u2014John Adams<\/i><\/p>\n

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Bermuda-based airline to accept stablecoin payments<\/h2>\n

BermudAir, a Bermuda-based airline<\/u><\/ps-link>, is looking to start accepting stablecoin payments by the end of 2025. <\/p>\n

BermudAir is partnering with Zero Hash, a stablecoin and cryptocurrency infrastructure provider, to embed stablecoin payments into ticket booking on its website and in its app. <\/p>\n

“By accepting stablecoins, we’re eliminating the friction of currency exchange and foreign transaction fees for our international passengers,” said Adam Scott, founder and CEO of BermudAir, in a statement. “Allowing customers to pay for flights with stablecoins isn’t just about embracing the future of travel \u2014 it’s about making the experience faster, cheaper, and more inclusive for travelers worldwide.” <\/p>\n

Zero Hash, which counts MoneyLion, Stripe and DraftKings as customers, will handle conversion and settlement for the transactions. \u2014Joey Pizzolato\u00a0\u00a0<\/i><\/p>\n

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Byline Bank bolsters payments and fintech team with new hires<\/h2>\n

Chicago-based Byline Bank is investing in its embedded finance and digital banking divisions with the appointment of three new hires. <\/p>\n

The bank named Ashley Kveton, vice president and fintech banking operations director, last month, following 17 years at MB Financial and Fifth Third Bank. <\/p>\n

Byline also named Joe Tarkington as vice president of sales and relationship management. He previously worked as sales and relationship management for Newline at MB Financial and Fifth Third Bank<\/u><\/ps-link>.<\/p>\n

Paul Garcia was named senior vice president, payments and fintech banking risk manager in January, Byline said. He spent over two decades with First National Bank of Omaha, TSYS, MB Financial and Fifth Third Bank, leading large-scale risk management teams and national business lines.<\/p>\n

The hires come amid a yearlong effort to reshape its fintech payment business. Byline in March 2024 hired David Prochnow and Joe Wolsfeld to lead its fintech banking group. Both previously led Fifth Third’s Newline embedded banking division and managed a portfolio of over 100 fintechs representing $2 billion in deposits. <\/p>\n

“This team represents an important evolution for Byline as we continue to invest in innovation and meet our clients where they are,” said Alberto Paracchini, president and CEO of Byline Bank. “We’re proud to bring together some of the most experienced fintech banking professionals in the industry.” \u2014Joey Pizzolato\u00a0\u00a0<\/i><\/p>\n

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Visa, UN collaborate on financial inclusion<\/h2>\n

The United Postal Union, a United Nations agency that serves postal services, and Visa are developing three programs that support digital financial services, payments and security.<\/p>\n

The card network and postal agency will digitize government disbursements and tax collections that are routed through postal networks in certain nations. <\/p>\n

Other programs include building tools and investing in e-marketplaces and mobile loan disbursement for micro, small and medium enterprise businesses in underserved areas.<\/p>\n

UPU and Visa will also add cybersecurity<\/u><\/ps-link> and other tools to mitigate cyber risks for postal networks. <\/p>\n

The card network and UPU are working through the UPU’s Financial Inclusion Technical Assistance Facility, a Visa and Gates Foundation-funded effort to expand postal service in emerging markets. <\/p>\n

“The UPU is a perfect collaborator for us in this respect as it plays a significant role in providing financial services to 1.5 billion people worldwide,” Rajiv Garodia, head of Visa Government Solutions, said in an email. \u2014John Adams<\/i> <\/p>\n<\/div>\n

Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The complex nature of bank\/fintech partnerships has been on full display during a stormy relationship between JPMorganChase and Viva Wallet, a Greek digital payment company that has been fighting with the bank in court for more than a year. Part of the legal dispute may be winding down. Viva says the bank plans to drop<\/p>\n","protected":false},"author":1,"featured_media":15124,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[218],"tags":[2918,523,2960,250,6219,1596],"class_list":{"0":"post-15123","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking","8":"tag-battles","9":"tag-court","10":"tag-jpmorganchase","11":"tag-paymentssource","12":"tag-viva","13":"tag-wallet"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/15123","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15123"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/15123\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/15124"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15123"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15123"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}