Latest news with #FrankKeller
Business Wire
16 hours ago
- Business
- Business Wire
Fiserv and PayPal Expand Partnership to Advance Stablecoin Payments
SAN JOSE, Calif. & MILWAUKEE--(BUSINESS WIRE)--Fiserv, Inc. (NYSE: FI) and PayPal Holdings, Inc. (NASDAQ: PYPL), today announced that they are partnering to build future interoperability between FIUSD and PayPal USD (PYUSD), to allow consumers and businesses to move funds domestically and internationally. Combining the global reach of Fiserv and PayPal across banking, consumer, and merchant payments, interoperability will allow both firms to further expand the use of stablecoins and programmable payments around the globe. 'Our expanded relationship with PayPal furthers our mission to scale stablecoin-powered payments—leveraging our position at the intersection of banking and commerce to build more efficiency and optionality into the payments ecosystem,' said Takis Georgakopoulos, COO at Fiserv. 'Businesses around the globe face common problems. They don't receive funds fast enough, they are combating inflation, and many face currency value fluctuations. Blockchain-based technology solves many of these challenges by enabling faster transfers, at any time of day, nearly anywhere around the globe,' said Frank Keller, Executive Vice President at PayPal. 'Together with Fiserv, we will help bridge the gap between traditional financial systems and new technologies, enabling faster, more cost-effective, and globally accessible payment options for merchants.' The two companies will strive to identify key opportunities for integrating FIUSD and PYUSD into payment flows, including cross-border transactions, payouts, and merchant solutions. The partnership underscores both companies' commitment to driving innovation in the financial services industry and empowering businesses and consumers with cutting-edge payment technologies. Today, Fiserv announced it will develop and launch FIUSD, a bank-friendly stablecoin which will enable financial institutions of all sizes to offer next-generation banking solutions to their consumer and commercial clients. Launched in 2023, PYUSD has been successfully used to fund investments in startups, fund cross-border transfers via Xoom, and reconcile vendor invoices. IMPORTANT DISCLOSURES This press release is for informational purposes only and is not intended as financial, investment, or other advice. The use and exchange of digital assets, including stablecoins such as PYUSD, may involve complex risks, including but not limited to: Network & Custody Risks: Transactions on blockchains – and the blockchains themselves – are subject to a range of operational, technological, and security risks. Users are responsible for safeguarding their private keys and/or working with reputable custodians/wallet providers; loss of access may lead to the permanent loss of funds. Third-Party Reliance: Digital assets rely on third-party blockchain software and network infrastructure. Neither PayPal nor Paxos Trust Company, LLC ('Paxos') has control over blockchain networks and is not liable for any blockchain's performance, security, or ongoing availability. Redemption and Market Risk of Fiat-Backed Stablecoins: U.S. dollar- backed stablecoins that are regulated by the New York State Department of Financial Services, are designed to maintain a stable value of one U.S. dollar per token. Individuals or entities with direct redemption access via PayPal, Paxos or authorized partners are guaranteed to convert PYUSD 1:1 for US dollars. All other parties may be limited to selling PYUSD at market prices. Regulatory Uncertainty: Regulatory frameworks for digital assets are evolving. Availability or legality of digital asset services may change without notice, and services may be restricted, suspended, or terminated in certain jurisdictions as required by law or regulation. No FDIC/SIPC Protection: Digital assets, including PYUSD, are not insured by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC). Terms & Conditions: Use of PYUSD is subject to Paxos and PayPal's Terms & Conditions, including disclaimers on liability and user responsibilities. Transactions are irreversible once recorded on the blockchain. You are advised to review and understand all applicable terms. Service Availability & Illegal Activity: PYUSD and related payment services may be suspended or terminated due to events or investigations involving illegal activity, system failure, or other factors beyond PayPal's control. Forward-Looking Statements: Statements in this press release regarding potential product features, expansion plans, and regulatory outcomes are forward-looking and subject to change. Actual results may differ materially due to known and unknown risks, uncertainties, and other factors. About PayPal USD (PYUSD) PayPal USD is issued by Paxos Trust Company, LLC, a fully chartered limited purpose trust company. Paxos is licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. Reserves for PayPal USD are fully backed by U.S. dollar deposits, U.S. Treasuries and similar cash equivalents, and PayPal USD can be bought or sold through PayPal and Venmo at a rate of $1.00 per PayPal USD. PayPal, Inc. (NMLS ID #: 910457) is licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services. About Fiserv Fiserv, Inc. (NYSE: FI), a Fortune 500 company, moves more than money. As a global leader in payments and financial technology, the company helps clients achieve best-in-class results through a commitment to innovation and excellence in areas including account processing and digital banking solutions; card issuer processing and network services; payments; e-commerce; merchant acquiring and processing; and Clover®, the world's smartest point-of-sale system and business management platform. Fiserv is a member of the S&P 500® Index and one of Fortune® World's Most Admired Companies™. FI-G
NBC News
24-02-2025
- Business
- NBC News
PayPal brings many of its brands under a single umbrella, but Venmo remains a stand-alone
For Frank Keller, it's a pivotal moment at PayPal. After two years, two CEOs and endless brand strategy meetings, the company is, in his view, ready to redefine the world of business payments. With the launch this week of PayPal Open, Keller, who is executive vice president for the enterprise merchant group, and his team are consolidating many of the company's offerings — Braintree, Zettle, Hyperwallet, Chargehound — into a single brand. Speaking from Germany, Keller told CNBC that the strategy was set in motion after a customer mentioned, 'You have all this amazing stuff, but we don't know about it.' 'I've been working, actually for two years now, on this launch, in terms of how do we establish a PayPal as a B2B business,' Keller said. PayPal, founded in 1998, was synonymous with its consumer-facing checkout button, but its business-to-business solutions have amounted to an assortment of homegrown technologies and acquired companies with little cohesion. With PayPal Open, those names will fade into the background, and PayPal can focus its centralized effort to become more important to businesses. Keller likens the effort to other consumer brands that successfully expanded into B2B, pointing to Amazon Web Services as a prime example. Meanwhile, much of CEO Alex Chriss' early success has stemmed from boosting transaction margins and better monetizing key acquisitions like Braintree, which handles credit card processing for Meta and processed nearly $600 billion in total payment volume last year. Landing on the name Open took months of market research, internal deliberations and some last-minute strategic pivots. There was even a debate over whether to focus more on Braintree. 'PayPal is one of the most trusted brands' in the world, Keller said, explaining the logic to the decision. The pressure is on Chriss, who took over as CEO in September 2023 to orchestrate a turnaround after a brutal few years for PayPal. The company's branded checkout business — historically its most profitable segment — faces mounting competition. Apple Pay, Google Pay and Shopify's Shop Pay have all eaten into PayPal's dominance, particularly among younger consumers who prefer mobile-first payment solutions. Branded checkout accounts for 30% of PayPal's total payment volume. PayPal Open is designed to do much more than handle B2B payments. Businesses, developers and partners will also be able to integrate financial services and AI-powered business insights — all through a single connection. For merchants, that means easier access to fraud protection, buy now, pay later options, global transactions in 140 currencies, and lending solutions. There's one notable brand that's not joining the consolidation: Venmo. The popular peer-to-peer payment app has more than 90 million active users, all in the U.S., and is practically ubiquitous among younger audiences. 'People say, 'Venmo me,'' Keller said. 'It's such a distinct consumer brand.' The rollout of PayPal Open begins this week, with a phased transition of brands starting in April, meaning Braintree and Hyperwallet won't disappear overnight. Keller said businesses 'don't have to rip and replace their Braintree' or other integrations, but instead gain seamless access to all of PayPal's offerings. Keller says it's all about showing that PayPal can be a true enterprise powerhouse. 'We want to be an open platform where businesses, developers and partners can build upon our solutions,' Keller said.
