In Other News: Venmo (FTC); WEX (FCTG); VISA (challenge); and FICO (XD).
VENMO – PayPal, in a regulatory filing, confirms its Venmo free peer-to-peer payment service is under investigation by the FTC in connection with potential unfair trade practices.
WEX – WEX Australia has updated its existing agreement with Flight Centre Travel Group (FCTG), one of the world’s largest travel agency groups, to provide virtual credit card payments for its retail stores.
VISA – Visa has invited start-ups to compete in the company’s second annual The Everywhere Initiative. In partnership with start-up ecosystem company, KITE, Visa is posing three real-life business challenges to the start-up community to create innovative solutions that solve Visa business problems and drive the future of commerce. The selected winner of each challenge will receive $50,000 to be used towards the real-world production of their solution and mentorship from Visa marketing, product and technology teams over a year-long period to help bring their solutions to life.
FICO – FICO announced the general availability of FICO Score XD for bankcards, enabling lenders to safely and responsibly offer credit to millions of consumers who do not have standard FICO Scores. FICO Score XD, developed in partnership with LexisNexis Risk Solutions and Equifax, utilizes data that resides outside of traditional credit files to generate scores for consumers who do not have credit files or whose credit files contain outdated or limited information.