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AdvicePay Receives Industry Critical SOC 2 Type II Attestation
AdvicePay, the leading fee payment processing platform designed specifically for financial advisors, has announced that it has completed a SOC 2 Type II audit conducted by KirkpatrickPrice. This endorsement demonstrates that AdvicePay has a strong commitment to security and provides high-quality service to its customers by demonstrating that they have the necessary internal controls and processes in place.
SOC 2 audits provide independent third-party verification that the service organization’s information security practices meet industry standards set forth by AICPA. During the audit, the service organization’s non-financial reporting controls related to confidentiality, availability, process integrity, confidentiality, and system confidentiality were all checked. The SOC 2 report released by KirkpatrickPrice verifies the adequacy of the design and performance of AdvicePay’s controls to meet the standards of these criteria.
“AdvicePay is pleased to have successfully completed the SOC 2 Type II examination and audit. We take security very seriously, and it is imperative that the financial professionals who use our product can trust us to operate at the highest standards of security and compliance,”
“Hitting this milestone for the third year in a row provides validation and reinforces our ongoing commitment to protecting our customer’s data and continually meeting the most stringent security standards in the industry.”
Mary Moore, Chief Operating Officer at AdvicePay.
“The SOC 2 audit is based on the Trust Services Criteria,”
“AdvicePay delivers trust-based services to their clients, and by communicating the results of this audit, their clients can be assured of their reliance on AdvicePay’s controls.”
Joseph Kirkpatrick, President of KirkpatrickPrice.
Credi2 Develops Joint BNPL Solution for Card-Issuing Financial Institutions With Visa
Fintech credi2 and Visa, a global leader in digital payments, have signed a strategic partnership within the framework of the Visa Fintech Partner Connect program. Together they have developed a product that is flexible to use and will support “buy now, pay later” (BNPL) payments with Visa credentials in Central European markets in the future. Vendors integrating this white-label solution into their card applications have penetrated a billion-dollar market that remains largely untapped.
The new white label offer for card issuers, developed by credi2 in partnership with Visa, will in the future allow cardholders to make flexible installment payments through Visa logins. This gives consumers a flexible partial payment option before and after making a purchase online or at a point of sale. With the BNPL option seamlessly integrated, banks can benefit from the rapidly growing multi-billion dollar pre- and post-purchase BNPL market. According to Juniper Research, the BNPL market will be worth $995 billion by 2026.
“Visa cards are accepted in more than 200 countries and territories worldwide. Because of the large reach, providers should think about their positioning in a changing world of omnichannel payment methods,”
“Anyone who does not offer the option of flexible installment payments is at risk of losing touch with the payment market.” Young adults of Generations Y and Z in particular are already using convenient BNPL solutions that are integrated into the retailer’s purchasing process. During the payment journey, they can opt for flexible installment payments.
This BNPL solution is an alternative to previous options. Along with a Visa card with a partial payment function, it offers a trustworthy means of payment that enables users to subsequently convert purchase amounts into installment payments – with high coverage and acceptance. “BNPL via Visa card offers customers more flexibility, a better overview and helps to prevent their account limit from being blocked by debiting the entire amount,”
Christian C. Waldheim, Co-CEO at credi2.
“We see sustained consumer interest in flexible and at the same time secure payment options. With the help of credi2, we can enable our issuing partners to enter the market quickly and easily with essential infrastructure building blocks,”
“The white-label solution developed by the two partners can be modularly adapted to the requirements of the respective card-issuing financial institution.”
Jakub Grzechnik, Head of Product at Visa in Central Europe.
Synechron completes integration of payments services and solutions provider Attra
Synechron, Inc., a leading global digital transformation consulting firm, announced that it has now fully integrated its subsidiary, Attra, a payment technology services and solutions provider. based in Melbourne, Australia, within the largest Synechron brand. Attra, acquired by Synechron in December 2020, is now Synechron Payments and is Synechron’s newest line of business.
Prasad Guntupalli, former co-founder and executive vice president of Attra, will continue to lead Synechron Payments and assume the title of chief operating officer. Since being acquired, Attra has benefited from the synergies with Synechron and achieved 62% growth as a business.
“We are excited to be integrated under one name and leadership structure as we continue our important work. As one firm, under one unmatched brand, our like-minded teams can provide a more robust digital transformation toolkit of real-world solutions. Our combined strengths will help financial services, banking and technology companies empower their operations and realize their digital realities,”
Prasad Guntupalli, Managing Director of Synechron Payments.
Attra’s team of more than 2,500 payment technology professionals, working in the banking and finance sector, will continue to provide services throughout the payment value chain. Synechron Payments will provide expert advice, software lifecycle, application development and maintenance, and quality technical services to customers worldwide. This capability will be available at all Synechron business centers worldwide.
“We are pleased to have the talented and dedicated Attra team members around the globe officially join our enriched company as we advance our core mission to bring digital innovation to our clients. Amid a rapidly evolving business landscape, we have important work to do in helping organizations navigate the changes needed to build the foundations for their future business ambitions.”
Faisal Husain, Synechron’s Co-founder and CEO.
Now that this integration is complete, the Attra brand name will be dropped. All business practices, practices, offices, employees and customer engagement have been completely transferred, becoming an essential part of Synechron’s global business. Attra customers will continue to work seamlessly with their existing teams, as Synechron will take over all of Attra’s existing contracts with customers.
Attra and Synechron have spent the past 24 months taking an integrated approach and solving complex financial services problems spanning multiple payment solutions. Together, the companies have expanded their lifecycle banking and payments platform capabilities. Attra has 27 years of experience providing a full suite of Cards, Next Generation Payments and Core Banking services and solutions, successfully fulfilling many commitments for Banks, Financial Institutions, third-party payment processors and other payment companies globally.
In addition, Synechron leverages Attra’s core technology specialties focusing on digital transformation through intelligent automation, IT infrastructure, mainframe and cloud, UI/UX, computing mobility and channels, information management, performance engineering and network security. These services complement Synechron’s newly redefined suite of business services to help financial services and large technology companies meet their operational needs. Synechron’s core business includes consulting, design, data, cloud, and end-to-end engineering.
The Attra Accelerator program joins Synechron’s collection of Accelerator solutions, combining them into 76 business-focused applications across nine programs in self-funded FinLabs. The entire list of customers will now be able to take advantage of Synechron’s enhanced and expanded set of digital transformation capabilities.
Smart Money plum app launches new TV ads
Plum, the smart monetization app, today announced its new positioning “Money Driven” with a TV ad and digital campaign created by Founders Makers. The new campaign conveys Plum’s comprehensive offer to help people save more and build wealth, at a time when financial management is arguably more important than ever.
The UK public has a low level of awareness, knowledge and skills regarding financial status and financial viability. Around one in two adults (45%) in the UK do not feel confident in their day-to-day money management, and 16 million UK adults are in low financial standing, meaning they have more likely to be dissatisfied with life.
The new location seeks to position Plum explicitly as a catalyst for financial prosperity in the minds of consumers, creating the perfect conditions for someone to manage and grow their money. It didn’t just happen by creating a little bit of technology to make everything regular banking a little bit easier. In contrast, Plum uses purpose-built algorithms, AI, and automation to improve financial viability and health today, tomorrow, and in the long term.
“We love the work that has been created by Founders Makers. They understood that we needed to land this new positioning, to ensure we achieve our ambitious growth plans for the year, and they have delivered beyond our expectations. Plum can help people in various ways with their money, whether it’s saving, investing or budgeting, so we’re particularly pleased the ad showcases our holistic offering so effectively. From the get-go, they understood the challenges that we, as a scaleup, face, and consistently brought creative solutions to the table.”
Olesya Nesterova, Marketing Director at Plum.
Directed by Ukrainian director Alex Sobolev, the new film follows our protagonists as they find a balance between living in the present and planning for the future, with Plum always by their side, working behind the scenes. Across life’s most important moments… and key moments, the film uses smooth transitions and a catchy soundtrack to show that when your money flows, you can move on and on. Do what you really want in life.
“It was a pleasure working with the team at Plum on ensuring we landed their new positioning and communicated their holistic offering. We went from briefing to delivery of the final creative in under 7 weeks, which is a testament to both teams’ mindsets. The creative is energetic and approachable and showcases Plum as the enabler of money confidence as our character takes on life with the smart money app in their pocket. We can’t wait to watch it on our screens!”
Matilda Niven, Account Director at Founders Makers.
Signzy Launches its Video KYC Solution on Salesforce AppExchange
Signzy, a leading digital banking infrastructure provider, announced the launch of its award-winning Video KYC solution on Salesforce AppExchange. This integration will allow customers to provide fast and accurate end-to-end KYC and an integrated experience for their end customers.
Signzy’s video KYC solution provides bank-grade infosec security and delivers industry-leading self-sustaining success rates, while dramatically reducing referral turnaround times. This solution is highly scalable and designed to handle large volumes of concurrent video KYC interactions.
It has an intelligent queuing system that accurately predicts waiting times for better staffing and scheduling. It is compatible with all mobile devices and also works well with low internet speeds, making it especially suitable for customers who are end customers in Tier 2 and Tier 3 cities.
“Signzy’s video KYC solution offers excellent security, accuracy and scalability and is already being used to onboard thousands of customers every month by banks and financial institutions. Starting today, customers can also easily integrate our video KYC solution to their onboarding workflows and offer a significantly better user experience right from the get-go, while simultaneously cutting down their onboarding costs and turnaround times.”
Arpit Ratan, cofounder of Signzy.
Signzy’s video KYC solution provides end-to-end encryption for videos, channels, and communications. It uses advanced forensics to detect tampering or pre-recorded videos
and also performs real-time digital forensic checks on the displayed proof of identity. This solution can also match faces on ID with faces in live video.
Australian fintech Grapple scores $35m debt facility
Australian firm Grapple, which provides working capital loans to small and medium-sized businesses, has reportedly raised $35 million under a warehouse credit facility from financier Global Credit Investments (GCI). based in Sydney.
With this money, Grapple hopes to scale and maintain its growth trajectory, according to a report by FinTech Futures. The funds will also help the fintech company meet the growing demand for its solution.
Founded in 2018, Grapple allows suppliers to be paid in full instantly, and Grapple will pay bills on behalf of customers. The customer then refunds Grapple in four installments.
“The current conditions, with falling property prices and rising interest rates, are making it harder for SMEs to secure business funding from banks and large financiers.
“Invoice financing is an increasingly attractive option to businesses looking to improve cashflow, increase working capital and accelerate their growth. We expect the influx of new customers to continue over the next 18 months.”
Grapple founder and CEO Dawson.
Late last year, another Australian FinTech company, Wagepay, received a $10 million grant to support its capacity expansion. The company gives employees real-time access to a portion of their earned wages.
FinTech funding in Australia slowed significantly in the third quarter of 2022, with just 18 transactions completed. This represents a 25% decrease in trading activity compared to the previous quarter.
According to data from FinTech Global, the whole year saw a drop in funding. In the first three quarters of the year, $900 million was invested in 92 transactions, compared with the whole 12 months of 2021 with $3.8 billion invested.
Zopa Bank surpasses the £3 billion deposit mark
The £3 billion deposits milestone was reached by Zopa Bank this week, and our clients have established a total of 150,000 new accounts to increase their savings rates in the current difficult economic climate.
The goal of Zopa is to increase the productivity of the hundreds of billions of “zombie money” that are now inactive in UK current accounts.
The Smart Saver, Zopa’s BEST BUY “hybrid” savings account (easy access/notice), offers an AER of up to 3.26% for boosted accounts with a 95-day notice period and 2.86% for simple access options. The FTS is a fixed-term savings account offered by Zopa with a minimum deposit as low as £1,000 and a fixed rate of interest that is currently as high as 4.5% AER for 5 years. Deposits with Zopa are covered by the UK’s deposit guarantee program, the Financial Services Compensation Scheme (FSCS), up to a maximum of £85,000 in total.
“This is an important milestone that reinforces our belief that our proposition centered around fairly priced credit and attractive returns on savings has become a lot more relevant in today’s environment. Our fresh take on the saving needs of UK consumers drives every aspect of product innovation at Zopa. Savers should look for value and consider savings options that combine a high-interest rate, good service, flexibility, and tools to manage their money instantly with a few taps from their smartphones”.
Merve Ferrero, Chief Strategy Officer at Zopa.
The deposits of Zopa Bank have surpassed £3 billion. In just 30 months, the Zopa FTS savings account has attracted £1 billion.
In less than 11 months, the Zopa Smart Saver account has garnered £2 billion. To reach £1 billion, it took 6 months, and to double that amount to £2 billion, it took just over 4 months. Currently, more than half of all Smart Saver funds are “boosted” pots. Customers of Zopa have so far created 150,000 savings accounts. These have topped the best buy lists more than 20 times, demonstrating their enormous popularity.
Fintech Twig acquires teen banking firm Vybe Technologies
FinTech Circular Economy Twig has announced the acquisition of Vybe technology, the leading UK youth banking provider. This new development follows the recent acquisitions of UK companies Loopster and Mobi. the market as Twig strives to be the right platform for the Gen Z market.
“We are so excited to be taking this step forward and are confident that it will help us expand our reach to even more customers. With the technology the Vybe team built, we are able to offer our users a more comprehensive suite of services, including teen banking and financial literacy education. This will help us better serve the Gen Z audience and provide them with the tools they need to be successful in their financial lives.”
Twig CEO, Geri Cupi.
Twig said adding Vybe to the company’s portfolio further reinforces its commitment to be a “leader” in the Gen Z market. The latest acquisition also comes about 11 months after Twig raised it. $35 million in Series A round.
This investment has helped the company accelerate the delivery of its green Web 3.0 payments infrastructure and accelerate the rollout of its current suite of financial products. Series A is led by UK fintech specialist Fasanara Capital, backed by undisclosed strategic investors, a group that includes current and former LVMH executives, Valentino, Balmain, Tod’s, Swarovski, L’Oreal, Barclays, Goldman Sachs and Scalapay.
Twig claims to be one of the fastest-growing FinTechs in Europe, boasting 1 million users by October 2022, just 15 months after launch. By emphasizing the principles of the circular economy, the company aspires to have a lasting impact on the industry and provide users with the best products and services available.
Stripe and OpenAI collaborate to monetize OpenAI’s flagship products and enhance Stripe with GPT-4
Stripe, a financial infrastructure platform for businesses, today announced that OpenAI has chosen Stripe to power payments as it prepares to commercialize innovative AI technologies. it’s ChatGPT and DALL E revolution. Stripe is also integrating OpenAI’s new natural language technology, GPT-4, into its products and services.
“We’re excited to work with Stripe to monetize our flagship products,”
“Beyond payments, Stripe is helping us with everything from recurring billing and tax compliance to automating our financial operations.”
Peter Welinder, vice president of product and partnerships at OpenAI.
Powering OpenAI with Stripe
OpenAI is working with Stripe to commercialize its generative AI technology. Using Stripe’s suite of products, OpenAI was able to launch a global payments system for multiple product lines in a matter of weeks. Highlights of the collaboration include:
- Stripe Billing and Stripe Checkout are powering ChatGPT Plus, OpenAI’s premium subscription offering of ChatGPT. Using Checkout’s prebuilt hosted payments page, OpenAI offers one-time purchases and monthly or usage-based subscriptions and reaches global customers with more than 25 payment methods.
- Stripe Billing offers DALL·E users a flexible, pay-as-you-go option to purchase DALL·E credits, which enable customers to generate new images.
- Link, an evolution of Stripe’s Remember Me product, lets OpenAI users pay 40% faster on average by auto-filling saved payment details. OpenAI is now part of the Link network, which allows tens of millions of users to check out faster with networked payment details saved across hundreds of thousands of businesses.
- Stripe Tax supports OpenAI to meet its tax compliance obligations as it expands into global markets.
- Revenue Recognition helps OpenAI stay on top of its finances—including managing disputes and refunds at scale—so it can accurately close its books each month.
Seventy-five percent of the leading generative AI companies have signed up with Stripe to go to market quickly, scale with compliance in mind, and bring their products to many more users worldwide. They include OpenAI, Runway, Diagram, and Moonbeam.
“As these new AI companies proliferate, we’re helping them with smart monetization strategies that get their products into more hands. Personally, I’m excited to easily buy more DALL·E credits and continue my forays into AI-assisted painting,”
David Singleton, chief technology officer at Stripe.
Enhancing Stripe with GPT-4
Stripe has a long history of using artificial intelligence to improve products and user experience, including helping users manage fraud and increase conversion rates. Last year, Stripe worked with Microsoft’s Azure OpenAI team to implement GPT-3 for Stripe Support, helping support agents define a faster resolution path for the many users they interact with each week.
After participating in the GPT-4 beta in January, Stripe identified multiple ways to use the technology to streamline operations and help users get the information they need faster. One of the first results of this effort was Stripe Docs powered by GPT.
This enhancement to Stripe’s high-quality documentation will allow developers to perform natural language queries in Stripe Docs in GPT-4, which will respond by summarizing relevant sections. relevance of documents or extract specific information. This allows developers to spend less time reading and more time building.
“Like the introduction of email, smartphones, or videoconferencing, GPT-4 has the potential to fundamentally rewire—and improve—how businesses run,”
“By integrating GPT-4, Stripe is giving our users the most advanced tools to help them build and grow online.”
Eugene Mann, product lead for applied machine learning at Stripe.
Flutterwave Secures Two Additional Licenses In Rwanda: Electronic Money Issuer & Remittance Licenses
Flutterwave, Africa’s leading payment technology company, today announced that it has acquired an e-money issuer and remittance license from the National Bank of Rwanda. This will allow the company to expand its operations in East Africa.
With these new licenses, Flutterwave will be able to provide its 13.46 million people living and working in Rwanda with payment services as its provider, as well as money deposits and withdrawals, electronic transfers and payment processing. It will be available as a trader. money transfer service.
According to the Rwanda National Institute of Statistics, Rwanda’s micro, small, and medium enterprises makeup about 97% of businesses and about 55% of the total GDP. This allows MSMEs to play an important role in job creation and the country’s economic growth. Flutterwave will deploy a range of products in Rwanda, including its cross-border money transfer solution, Send by Flutterwave.
It also utilizes Flutterwave for Business and a suite of products including shops, payment links, invoices and checkout to enable Rwandan individuals and businesses to take full advantage of the booming e-commerce market.
“From our first transaction to over 400 million now, we’ve remained committed to our vision of connecting all parts of Africa through payments and connecting Africa to the world. As a country well known for fostering innovation and promoting the use of digital technology, Rwanda has always been important to our expansion plans in East Africa. We are delighted for the vote of confidence in being granted these licenses. With them, we will leverage our extensive global reach and continuous growth in emerging markets to provide MSMEs in Rwanda with the tools they need to stimulate the economy, facilitate seamless cross-border transactions for Rwandans and support the expansion drive of global and Rwandan businesses.”
Olugbenga “GB’ Agboola, Founder and CEO of Flutterwave.
“This is a great achievement for the company. As Rwanda continues executing important reforms to enhance the ease of doing business and implementing its Fintech Strategy 2022-2027, Flutterwave keeps contributing towards achieving a cashless economy by innovating and employing digital technology to support businesses and stimulate the economic growth of countries where we operate. The licenses will enable us to provide safe, secure and seamless payment services for individuals and businesses in Rwanda. This is definitely a starting point for Flutterwave as we continue to expand across East Africa.”
Leah Uwiroheye, Flutterwave’s East Africa Regional Lead, Regulatory and Government Affairs.
Clara Secures Debt Financing For Up To $90m From Accial Capital To Strengthen Its Presence In Colombia
Clara, the leading digital end-to-end enterprise spending management platform in Latin America, announced the approval of up to $90 million in funding from Accial Capital, a debt provider based in the United States. The US focuses on emerging markets and its fund launches in the US. partnered with Skandia FCP IMPACTO, an impact-focused debt fund powered by Skandia, managed by Accial. Clara obtained this line of credit before completing her first year of operations in Colombia and approaching the company’s third anniversary.
“This funding will allow us to keep consolidating our products so that they can continue to respond to the financial and technological needs of companies in Colombia and Latin America. Additionally, our new offices in Medellin will be key to attracting the best local talent and building up our team. Our main goal is to meet the real needs of Colombian companies and to keep establishing the country as a technological hub in the region”,
Leonardo Ramos, Regional Director of Clara in Colombia.
Clara Colombia has more than 1,300 customers, distributed mainly in the fields of technology and financial services, e-commerce, retail and tourism. It started operations with an office in Bogota and recently announced the opening of an office in Medellin to strengthen its presence in the Antioquia market and be part of the technology ecosystem that shapes the city.
“At Accial, we are excited to contribute to Clara’s growth. Their market-leading solution has set the foundations to help more companies in Latin America manage their spending in a simple, quick and transparent way, and reliably access short-term credit”
Jared Miller, CEO of Accial Capital.
“For Skandia it’s a great pleasure to witness the first outcomes from IMPACTO, an investment vehicle based on ESG metrics, that we developed in alliance with Accial Capital with the aim to generate well-being and promote financial inclusion. All of this while supporting the fintech ecosystem companies growth, as Clara, whose business model positively and directly IMPACTS SMEs in Latin America”,
Santiago Garcia, Skandia Colombia CEO.
This is the second occasion in less than a year that Clara has secured a debt facility. In August 2022, Goldman Sachs approved financing for up to 150 million dollars that allowed them to strengthen their operations mainly in Mexico and continue consolidating as one of the fastest-growing and most popular expense management platforms in Latin America. “This new line of credit is a vote of confidence in Clara’s business model from international investment funds and recognizes our impact and progress in empowering Colombian businesses”,
Gerry Giacomán Colyer, CEO and Co-founder of Clara.
“This deal represents a major milestone for Clara, as it allows us to continue evolving into an asset-light company with a solid funding structure. It becomes a fundamental pillar to achieve our growth plans while offering best-in-class solutions for our customers.”
Clarissa Morrison, Clara Capital Markets Director.
Mastercard extends partnership with Banque Misr in Egypt
Building on their successful strategic partnership, Banque Misr has signed a long-term partnership agreement with Mastercard to provide the bank with the latest in digital payment technology to deliver products, services and solutions. New innovative solutions for customers, all segments and for digital support. advanced solutions have a competitive advantage.
As part of this partnership, Mastercard will leverage its advanced payment technologies to provide Banque Misr with the tools and solutions it needs to execute its ambitious growth and transformation plans. of the bank. In addition to unlocking new business value, increasing operational efficiency, and creating meaningful customer experiences, Banque Misr will benefit from long-term release, adoption, advisory and consulting services, and short-term measurement.
Leveraging its customer service center for advisors, Mastercard will help redefine banking services and optimize customer engagement through premium advisory services that deliver value for money. tangible value, driving traction and loyalty and enhancing convenience, security, and control. The partnership aims to increase consumer transaction volumes and accelerate the transition to a cashless society.
“We are proud of the success that we have collaboratively achieved with Mastercard over the past few years. We are confident that this partnership will support our commitment to expanding our services and offer our customers a unique, seamless digital experience. Banque Misr is continuously working to enhance financial inclusion and taking the necessary actions to support this mission ultimately uplifting the Egyptian economy.”
“This partnership aims to support digital transformation and the financial technology pillars which focus on connecting unbanked segments of society to convenient financial solutions. In turn, we work on curating partnerships that enhance our financial and non-financial services tailored specifically to them and delivered through our wide branch network across Egypt.”
Mohamed El Etreby, Chairman, Banque Misr.
“We are thrilled to extend our longstanding partnership with Banque Misr that contributes to fast-tracking the growth of the digital payment landscape and paving the way for a sustainable digital economy in Egypt,”
“Carrying on our successful track record, the agreement reaffirms our ongoing shared commitment to developing the cashless ecosystem by introducing new products and capabilities that strengthen the bank’s value proposition and diversify its digital payment portfolio.”
Dimitrios Dosis, President, EEMEA, Mastercard.
Digital Identity Regtech Socure Secures $95 Million Credit Facility With J.P. Morgan, Silicon Valley Bank And Keybanc Capital Markets
Socure, a leading provider of digital identity verification and fraud solutions, today announced a partnership with J.P. Morgan signed a $95 million line of credit over three years with Silicon Valley Bank and KeyBank Capital Markets.
This line of credit further strengthens the company’s financial position as it continues its mission of being the first and only solution provider to verify 100% of good identities in real-time and completely eliminate identity fraud on the Internet increase.
“Socure is in an exceptional position to solve what organizations and government agencies need most today — accurate and inclusive real-time identity verification without costly fraud and friction within the customer experience,”
“With this facility further strengthening our balance sheet, Socure is in a tremendous position to leave the recession much stronger than when we went into it while continuing to distance ourselves from the competition through investments in new solutions, verticals, and strategic acquisitions.”
“J.P. Morgan is an incredibly innovative bank,”
“I’m excited about this partnership as Socure continues to expand upon our product and market leadership.”
founder and CEO of Socure, Johnny Ayers.
“We’re proud to support Socure as it continues to expand its market-leading identity verification capabilities across banks, fintechs, governments and enterprises,”
“We look forward to continuing to share our industry expertise, treasury platform and global banking capabilities with progressive leaders like Socure who are driving forward the Innovation Economy.”
Lauren Hogan, Technology & Disruptive Commerce Relationship Executive, Middle Market Banking & Specialized Industries at J.P. Morgan.
Carat from Fiserv Introduces Fraud Mitigation Solution to Simplify How Large Businesses Manage Risk
Fiserv, Inc., a leading global provider of payment and financial services technology solutions, today introduced a new fraud mitigation solution designed to simplify the way large enterprises manage multichannel risk management. Accessible through the global trading platform Carat, the modular solution provides traders with controls that can be customized to their risk appetite, as well as easily accessible. access to transaction points, chargeback management and other features.
Fiserv will be rolling out Fraud Reduction this week at the Commercial Risk Council (MRC) in Las Vegas, March 6-9.
As online fraud continues to increase, as evidenced by an estimated $41 billion in damage from e-commerce by 2022, it may come as a surprise that only 27% of sellers reported minimizing losses due to online fraud. cheating is the guiding light of their fraud reduction philosophy. Instead, sellers say they focus on maximizing sales, minimizing user engagement, reducing false negatives, or balancing sales with losses due to fraud.
“As omnichannel fraud becomes more sophisticated, businesses are trying to strike a balance between reducing risk and driving revenue – whether that is by maximizing authorizations, limiting false declines, or preserving consumer trust,”
“By providing businesses with a highly configurable and scalable solution, merchants can align fraud controls to their business strategy and easily augment their tech stack without integrating to additional vendors.”
Jason Paguandas, Vice President and GM of Merchant Fraud at Fiserv.
The modular solution simplifies how businesses manage risk via:
- A flexible, rules-based fraud prevention engine, which provides control over risk thresholds.
- Monitoring and scoring capabilities, which help stop suspicious transactions by leveraging machine learning, behavioral analytics, and industry-leading link analysis.
- Trusted chargeback protections, which safeguard against consumer chargeback abuse.
Benefits of data in fraud prevention
The rule-based engine supporting Fraud Reduction is complemented by collecting card, network and issuer data from Fiserv – providing a horizontal view of payment activity. These highly differentiated datasets are ingested by machine learning engines to improve decisions and deliver optimal results, such as improved authorization rates and reduced false rejections, for commercial transactions. e-commerce.
“Card not present transactions have historically been challenging from a fraud mitigation perspective, as very limited data passes through the authorization stream from the merchant to the issuer,”
“Augmenting decisions with a wide variety of data sources can significantly strengthen the customer risk profile, especially when a business is able to connect merchant and issuer data.”
Julie Conroy, Head of Risk Insights and Advisory at Aite Novarica.
Fraud Mitigation is part of Carat, Fiserv’s global commerce platform that coordinates payments and experiences for the world’s largest companies. With Carat, leading brands can consolidate their commerce, optimize deals, imagine and realize new ways to interact with customers.
Northern Trust And Eds Announce New Collaboration With Uk-based Asset Manager Redwheel
Northern Trust announced today that UK asset manager Redwheel is now using its data aggregator, developed by strategic partner, Equity Data Science, Inc., to improve the ability to integrate ESG in its investment activities. Founded in 2000 and formerly known as RWC Partners, Redwheel currently manages approximately US$19 billion for its clients.
The data aggregator leverages data science to help increase data accessibility while improving efficiency and improving collaboration between Redwheel’s investment teams and core commerce functions. With this tool, investment teams are better equipped to track and analyze third-party and proprietary ESG data throughout the investment lifecycle, with the platform providing a single view for integration. and ESG reporting.
“The insights we can derive from Northern Trust and EDS’ data aggregation tool enable us to use ESG data more effectively. By enhancing data accessibility, it becomes easier to integrate ESG considerations within both investment decision-making and client reporting,”
“Working in collaboration with the Northern Trust and EDS teams we have been able to harness the power of the tool’s flexible architecture, helping us make rapid progress towards our end goal which is to fully embed the tool within all investment and oversight processes to meet the evolving expectations of our clients.”
Chris Anker, Head of Sustainability at Redwheel.
“ESG is more important than ever for many investors but implementing it can be challenging in a dynamic market environment. Partnering with EDS to launch the ESG workflow solution was a significant step forward for us and our clients,”
“We have enabled our clients to more easily access their data while providing a new level of efficacy, which is a key tenet of our Whole Office™ strategy. Most importantly, we can provide a single source for data which is often difficult to obtain.”
Paul Fahey, Head of Investment Data Science at Northern Trust Asset Servicing.
“It is no secret that ESG data is increasingly being utilized within investment decision making but accessing that data can be time-consuming and inefficient,”
“The ESG workflow solution helps Redwheel integrate their ESG data and improve accessibility for their investment teams. Discussions continue between EDS and Redwheel regarding the development of additional capabilities which, if implemented, we hope will help to further improve their research management and portfolio construction decisions, enabling them to achieve their business and performance goals.”
Greg McCall, President of Equity Data Science.
Starling Bank Reveals Location Of New Northern Base As Headcount Swells
Starling Bank has chosen Barings’ Landmark in Manchester to locate its new office in the North. The digital bank intends to create up to 1,000 new jobs for the region to fill roles across the enterprise, including operations, engineering, data science and cybersecurity.
The digital lender, which now has 2,500 employees in London, Cardiff, Southampton and Dublin, has chosen Manchester as its headquarters for its northward expansion because of its huge pool of financial technology talent, with the city boasting the world’s largest regional FinTech ecosystem. Kingdom. Manchester has also been chosen by the new Center for Finance, Innovation and Technology (CFIT) as a hub for financial innovation, which will boost the government’s ambitions to transform the UK into a superpower in terms of finance. technology and science.
“Manchester is one of the most important tech hubs in the UK. London’s success as a global fintech hub enables it to spread wealth and jobs throughout the UK and the wider economy. That’s exactly what we’re doing with this office in Manchester.”
Anne Boden, Founder and CEO at Starling Bank.
Starling has signed a 10-year lease for the 14,061 square foot fifth floor of Barings’ Landmark. Landmark was chosen for its central location in St. Peter and for its sustainable design. The office runs on green energy, is built with sustainable materials, encourages employees to make more eco-friendly transportation decisions, and has two hives, each containing approximately 80,000 worker bees throughout the season summer.
“We’ve had some outstanding applications for our roles in Manchester already, affirming the city’s place as the tech capital of the North. We want to offer our talent the best of the best; the facilities at Landmark made it the obvious choice for us.”
Susanna Yallop, Chief People Officer at Starling Bank.
“Manchester is the largest regional tech hub outside of London, home to more than 10,000 tech businesses benefiting from our digital expertise and ambitious, collaborative nature.
“We’re excited to welcome Starling to this community not only for their best-in-class banking but their ethics. Manchester city-region is proud of our heritage in disrupting the norm and our history of empowering women dating back as far as Emmeline Pankhurst; here we align with Starling and look forward to working with them to take the financial services sector to new heights.”
Deborah Walker, Head of inward investment for Financial, Professional, and Business Services at MIDAS.
Starling already has strong ties to the North through its association with the Lancashire women’s football community. As the only bank in the UK founded by a woman, Starling has funded thousands of pounds in grassroots women’s clubs in the region and has partnered with former Manchester City player Jill Scott MBE, to launch a £200,000 women’s outfit. Junior teams at Astley & Tyldesley Girls’ FC. The bank also sponsored UEFA Women’s EURO 2022, where it partnered with Manchester City striker Lauren Hemp to kick off the UK’s first-ever Women’s EURO fantasy football tournament.