Mastercard & Trulioo Partner to Enhance Onboarding & Fraud Prevention

Hi NoRamp Community,

Daily News:

1) Mastercard & Trulioo Partner to Enhance Onboarding & Fraud Prevention

2) Core Scientific Signs 12-Year Deal With AI Firm

3) Switchboard Hauls in $7.5M

4) Nuvei and Visa Team to Offer Visa Direct in Colombia

5) Canadian Fintech Zafin Appoints Michael Nitsopoulos As New CPO

Mastercard & Trulio Enhancing Onboarding & Fraud Prevention

• Trulioo has partnered with Mastercard to enhance consumer and merchant onboarding by providing innovative identity verification solutions. This collaboration aims to streamline digital onboarding and fight fraud using Mastercard's identity solutions to power Trulioo’s Person Match and Risk Intelligence products.

• The partnership will integrate Mastercard’s Onboard Risk Check product with Trulioo's global business identity verification services, adding an extra layer of assurance to onboarding solutions. This collaboration will help mitigate risk, reduce fraud, and increase trust in global payments, as noted by Trulioo CEO Steve Munford.

• Trulioo’s platform, which covers 195 countries and can verify over 13,000 ID documents and 700 million business entities, will now offer a customizable dashboard for additional identity insights and risk scores. This move aims to protect the digital ecosystem from various fraud threats, enhancing security for global digital interactions.

Core Scientific Signs 12-Year Deal With AI Firm:

• Core Scientific, a North American bitcoin mining and hosting services provider, signed 12-year contracts with AI Hyperscaler CoreWeave, expecting to generate approximately $290 million in average annual revenue and over $3.5 billion in total cumulative revenue over the contract period. The agreement aims to diversify Core Scientific’s business model by balancing bitcoin mining with alternative compute hosting.

• Core Scientific will supply 200 megawatts of infrastructure and revamp existing sites to accommodate CoreWeave’s operations, with the sites expected to be operational by the first half of 2025. CoreWeave will fund the necessary capital investments, crediting Core Scientific an estimated $300 million, which will be gradually deducted from their monthly hosting fees.

• Amid reduced miner rewards following April's bitcoin halving, Core Scientific and other mining companies like Bit Digital and Hut 8 are diversifying their revenue streams into AI. Core Scientific reported a net income of $210.7 million in Q1 2024, recovering from a net loss of $388,000 in the same period of 2023, and resumed trading on Nasdaq in January after its bankruptcy and restructuring.

  

  Source: Blockworks

Switchboard Hauls in $7.5M:

• Oracle platform Switchboard closed a $7.5 million Series A led by Tribe Capital and RockawayX, with investments from the Solana Foundation and angel investors Mert Mumtaz and Joe McCann.

• Switchboard provides oracle services for liquid staking tokens (LSTs) and aims to be a fast and efficient oracle for Solana. Its improved oracle, Switchboard On-Demand, went live on Solana’s devnet in late March. Competitor Pyth is also a popular oracle solution on Solana, used by DeFi protocol MarginFi alongside Switchboard.

• Other recent Solana-focused raises include Parasail (formerly Repl), which secured $4 million in seed funding for a DePIN infrastructure service, and Coinflow, a payment infrastructure company and Solana Labs client, which closed a $2.25 million seed round. Despite a rough 2023, crypto venture funding is making a comeback in 2024, though major rounds have largely been outside the Solana ecosystem.

Nuvei and Visa Team to Offer Visa Direct in Colombia:

• Nuvei has partnered with Visa to offer Visa Direct in Colombia, becoming the first global payments provider to do so. This service enables near real-time fund delivery directly to accounts using card credentials, benefiting merchants by providing instant payout capabilities to their customers.

• Visa Direct supports person-to-person (P2P) payments, funds disbursements, bill payments, and cross-border remittances to debit or prepaid cards. Nuvei's platform will allow Colombian merchants to enhance payment flows, improve user experiences, and operate more efficiently with these instant transactions.

• Nuvei's collaboration with Visa builds on its recent achievement as the first global payments provider to offer direct local acquiring in Colombia. This move eliminates the need for intermediaries, allowing online businesses to accept card payments directly from customers, further solidifying Nuvei's position in the market.

Canadian Fintech Zafin Appoints Michael Nitsopoulos As New CPO:

• Zafin, a SaaS provider for bank core modernization, has appointed Michael Nitsopoulos as its new Chief Product Officer. Nitsopoulos joins from PNC, where he led retail banking technology, and has held senior roles at IBM Canada and TD Bank.

• Nitsopoulos aims to leverage his experience to lead Zafin’s product strategy, enhancing and expanding its suite of solutions to address complex challenges in the rapidly transforming banking industry.

• The appointment follows the recent transition of Zafin’s CEO role to Charbel Safadi and Zafin’s acquisition by private equity firm Nordic Capital earlier this year.

NoRamp:

NoRamp is building Web2’s favorite Web3 apps on our lightning-fast payment infra. Join our discord, dive into our our docs, or check out our website to learn more.