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Toast picks FreedomPay as preferred payments gateway partner
FreedomPay, the world’s first standalone commerce platform, and Toast, an all-in-one digital platform designed for the entire restaurant community, have signed a partnership agreement for FreedomPay to become a gateway partner FreedomPay Toast’s preferred payment for certain corporate brands.
Toast will be able to offer its cloud-based digital restaurant platform to leading corporate merchants in the US and Canada who are using the award-winning FreedomPay commerce platform.
“As the restaurant industry rapidly adapts to new service models, Toast continues to deliver the industry’s trusted digital platform to help restaurants of all sizes and types—including franchisees—drive profitability, create the streamlined dining experiences guests expect, and make managing food service operations across properties easier than ever. We look forward to partnering with FreedomPay as we drive our enterprise expansion.”
Kelly Esten, Senior Vice President and General Manager, Enterprise at Toast.
“This exciting collaboration between FreedomPay and Toast delivers advanced capabilities to large merchants. We are quite simply ‘unleashing the power of pay’ to thousands more businesses to help support Toast’s growth across enterprise level merchant solutions.”
FreedomPay Senior Vice President, Sales & Digital Development Nate Ware.
UBS completes Credit Suisse acquisition
UBS has completed the acquisition of Credit Suisse today, crossing an important milestone. Credit Suisse Group AG has been merged into UBS Group AG and the combined entity will operate as a consolidated banking group.
Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules
- Combined entity now operates as consolidated banking group
- Today marks last trading day of Credit Suisse shares on SIX Swiss Exchange
- Shareholders to receive 1 UBS share for every 22.48 Credit Suisse shares
- Board of Directors nominations announced for certain Credit Suisse entities, including Credit Suisse AG
- UBS expects its CET1 capital ratio throughout 2023 to be around 14%
Today marks the last trading day of Credit Suisse Group AG shares on the SIX Swiss Exchange. Credit Suisse Group AG ADS will no longer be traded on the New York Stock Exchange. As announced on 19 March 2023, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held.
As previously announced, UBS will operate the following governance model pending further integration:
• UBS Group AG will manage two separate parent banks – UBS AG and Credit Suisse AG. Each institution will continue to have its own subsidiaries and branches, serve its clients and deal with counterparties.
• The Board of Directors and Group Executive Board of UBS Group AG will hold overall responsibility for the consolidated group.
Upon completion of the acquisition, UBS announced appointments to the boards of directors of several Credit Suisse entities. Subject to regulatory approval, Credit Suisse AG’s Board of Directors will include Lukas Gähwiler (Chairman), Jeremy Anderson (Vice President), Christian Gellerstad (Vice President), Michelle Bereaux, Mirko Bianchi (until 30th). June 2023), Clare Brady, Mark Hughes, Amanda Norton and Stefan Seiler.
“I‘m pleased that we’ve successfully closed this crucial transaction in less than three months, bringing together two global systemically important banks for the first time. We are now one Swiss global firm and, together, we are stronger. As we start to operate the consolidated banking group, we’ll continue to be guided by the best interests of all our stakeholders, including investors. Our top priority remains the same: to serve our clients with excellence.”
Colm Kelleher, UBS Group AG Chairman.
“Today we welcome our new colleagues from Credit Suisse to UBS. Instead of competing, we’ll now unite as we embark on the next chapter of our joint journey. Together, we’ll present our clients an enhanced global offering, broader geographic reach and access to even greater expertise. We’ll create a bank that our clients, employees, investors and Switzerland can be proud of.”
Sergio P. Ermotti, CEO of UBS Group AG.
UBS expects its CET1 capital ratio to be around 14% in Q2 2023 and to stay around this level through 2023. UBS expects Credit’s significant restructuring and operating losses Suisse will be offset by a reduction in RWA.
In the future, UBS will present the consolidated financial results of the combined group under IFRS in USD. Results for Q2 2023 will be announced on August 31, 2023.
The summary presentation of the pro forma financial information contained in the F-4 registration statement has been updated to reflect the most recent and definitive revision to the registration statement.
Westpac to issue accessible cards for visually impaired
Westpac is launching a new set of card designs to make payments more accessible to customers who are blind or visually impaired.
Credit, debit and prepaid cards will incorporate new accessibility features, including different notches along the short edge to allow customers to distinguish their payment cards from each other with a single touch. .
Thanks to Mastercard’s Touch Card feature, the notches – squares for credit cards, circles for debit cards and triangles for prepaid cards – help customers identify the card and orient it correctly when using it, such as such as to make payments or to use an ATM.
The cards will also include a braille marker, providing another tactile feature to help blind or visually impaired customers distinguish between credit, debit and prepaid cards.
“The features of the new cards are a simple but innovative step forward that will make a big difference in the day-to-day lives of many blind or low vision Australians.
“Our strategy is to continue to develop products and services that are accessible to all customers. This builds on a range of initiatives we already have in place such as accessibility mode on all our EFTPOS Now terminals, online applications that meet accessibility requirements and accessible digital card functionality when customers use voice-over and talk back.”
Westpac chief brand and marketing officer, Annabel Fribence.
Madison Dearborn Partners Completes Acquisition of MoneyGram
MoneyGram International, Inc., a leading global financial technology company connecting communities around the world, and Madison Dearborn Partners (“MDP”), a leading private equity investment firm headquartered in Chicago, announced today that MDP-linked funds have completed their all-cash transaction. acquired MoneyGram for $11.00 per share. MoneyGram’s common stock has ceased trading and will be delisted from the Nasdaq stock exchange.
“Completing the transaction with MDP marks the beginning of a transformative new chapter for the organization,”
“With MDP’s support, MoneyGram is uniquely positioned to accelerate our growth strategy, expand our network to reach more consumers worldwide, and advance our position as the leader in cross-border payment technology.”
“We are incredibly appreciative of our employees, agents and partners, who have placed their trust in us and continued to provide innovative solutions to our customers throughout this process. We’re excited to work alongside them and our new investment partners at MDP as MoneyGram builds on its commitment to deliver exceptional products and value to our customers.”
Alex Holmes, MoneyGram Chairman and CEO.
“We see tremendous opportunity for MoneyGram’s leading financial technology solutions, particularly in light of the continued, rapid digitization of the global economy,”
“MDP looks forward to providing the platform and resources for the MoneyGram team to capitalize on the numerous opportunities ahead and further enhance its market-leading cross-border capabilities.”
Brendan Barrett, a Managing Director on MDP’s Financial and Transaction Services team.
Allica Bank enlists ClearBank to boost business banking for UK SMEs
ClearBank, a company that provides integrated banking services and real-time clearing for financial institutions, today announced a partnership with Allica Bank, a fintech bank dedicated to supporting small businesses. Small and medium enterprises based in the UK.
Allica Bank was established to serve established UK SMEs (companies with 10-250 employees) and to provide them with on-demand, human support. powered by the latest banking technology, which has left SMEs struggling to get from the big banks. It offers business-appropriate checking and lending products, powered by state-of-the-art lending technology, such as instant, automated decision-making for business mortgages. business. It aims to be the right bank for established businesses over the next decade and after significant growth in 2022, including revenue growth of 534%, reaching £1.35 billion in loans and With a staff growth of 76%, it is well positioned to meet this ambition.
ClearBank is a key driver of Allica’s ambitious growth. ClearBank provides Allica Bank with customer accounts and access to UK payment systems, including Faster Payments (FPS), CHAPS and Bacs, powered by cloud-native API technology .
Allica launched a business checking account for established businesses late last year, offering cashback, no monthly fees, and relationship manager support, as well as an access savings market leading integrated instant 3R. It can also provide fast and secure transactions using FPS, Bacs and CHAPS. Allica believes it is important to partner with a supplier that closely aligns with its values and growth goals to help the company scale rapidly.
ClearBank works with 15 of the UK’s newest banks. Instead of competing with its own customers, it is a stable and profitable “bank for banks”.
“By offering a relationship-backed service, powered by modern technology, Allica is building the future of banking for established businesses. It is vital that we work with industry-leading partners that can grow with us as we scale. ClearBank is a leader in its field and is an obvious partner for us—we are on the same path both in growth trajectory, and in our values.”
Keith Middlemass, Chief Operating Officer, Allica Bank.
“With its focus on SMEs, Allica Bank is supporting the backbone of our economy—and we’re committed to helping them boost business banking in the UK. We’re providing the speed, flexibility, and security Allica Bank needs to provide the very best services to UK SMEs.”
Charles McManus, Chief Executive Officer, ClearBank.
The two banks have been working together since July 2021. Around this time both announced that they were profitable – Allica was one of the UK’s fintech companies to hit the mark. the fastest profits – amid a slowing overall fintech sector.
BNP Paribas and NatWest Go Live with CobaltFX’s ‘Dynamic Credit’ for FX Credit Management
BNP Paribas and NatWest have partnered with fintech CobaltFX to simplify and streamline the allocation of credit for foreign exchange (FX) trades between banks.
The implementation of CobaltFX’s ‘Dynamic Credit’ solution marks a step forward in enhancing market access and control while optimizing credit disbursement.
CobaltFX, part of United Fintech, has been a longstanding partner of BNP Paribas and NatWest. This latest collaboration aims to manage credit exposures, addressing manual processes as well as improving market access and control.
Joe Nash, digital COO for foreign exchange, rates, and commodities at BNP Paribas, emphasized the industry-wide trend of adopting innovative techniques to manage credit exposures and maintain market stability through digitalization.
“By providing a standardized and digitized approach, and aggregating IT infrastructure across multiple venues, ‘Dynamic Credit’ gives banks unprecedented control to navigate fast-moving FX markets and proactively manage credit exposure,”
“This is a very important step in delivering a solution for credit providers, taking full advantage of new technical advancements.”
Joe Nash, digital COO for foreign exchange, rates, and commodities at BNP Paribas.
Since its acquisition by United Fintech in late 2022 and subsequent relaunch in early 2023, CobaltFX has gained notable traction.
“It as a prime example of United Fintech and partner companies collaborating to drive innovation in big banks’ digital transition. This aligns with the growing trend of banks and financial institutions seeking engagements with broader technology vendors to address compliance and security concerns effectively.”
Marc Levin, CEO of CobaltFX.
“Leading financial institutions are aiming to decrease the number of third-party vendors and work with broader technology vendors to challenge legacy providers.”
“Our prediction is that we will see many more banks and fintechs follow suit and join each other’s journeys on our digital platform.”
Christian Frahm, founder and CEO of United Fintech.
Fiserv and Central Payments Deliver Modern Issuing Capabilities to Fintechs and Financial Institutions
Fiserv, Inc., a leading global provider of payment and financial services technology solutions, and Central Payments L.L.C., a banking as a service (BaaS) provider, enabling fintechs, businesses Businesses and payment facilitators bring financial products and services to market with greater speed and growth potential.
The combination of the Fiserv technology stack, including real-time core, card processing and issuance, with Central Payments’ award-winning Open*CP Fintech API Marketplace®, including program management and compliance, enabling fintech and almost any other business to create valuable products and services that more comprehensively meet the growing expectations of consumers and small businesses. For those with an established card program, this provides more comprehensive and regulated access to basic banking and payment services.
As fintech services grow stronger, so does the need for consumers to access their money through digital experiences outside of traditional banking channels. In many cases, this means allowing unlicensed fintechs and other businesses to provide financial services, such as debit cards, secured credit, stored value cards. , unsecured credit, etc. Fiserv and Central Payments bring together a BaaS platform, products and services, and access to a network of funding banks to support a wide range of innovative retail and business use cases.
“As fintech and financial institutions work together to create compelling financial offerings, speed to market, a robust and flexible tech stack and streamlined operations are essential,”
“Together, Fiserv and Central Payments can deliver these requirements without compromising compliance and risk controls needed to safeguard all parties.”
Sunil Sachdev, head of Fintech and Growth at Fiserv.
Fiserv and Central Payments provide everything a fintech or other business needs to connect with a funding bank, launch and manage unique payment products and services. Customers of Fiserv financial institutions pursuing fintech partnerships can also engage with Fiserv and Central Payments for assistance in administering the go-to-market program.
“This combination of technology, services, program management and bank partners will help any business become a fintech without the need to add the staff or expertise to manage the program in-house,”
“Those that may want to manage their program in-house eventually can also use our services as a lower risk model to get to market quickly with a proof-of-concept.”
Eric Cotton, Executive Vice President and General Manager at Central Payments.
Apex Group acquires Efficient Group companies in South Africa
Apex Group Ltd., a global financial services provider, today announced its proposal to acquire Efficient Group (Pty) Ltd.
Efficient is the parent company of Boutique Collective Investments (RF) (Pty) Ltd (“BCI”) and Boutique Investment Partners (Pty) Ltd (“BIP”) and upon completion of the acquisition, Efficient Group (Pty) Ltd will rename the Apex Corporation banner. The acquisition will not affect Efficient Wealth, Risk and Investment clients.
Founded in 2013, BCI offers a wide range of management company services with its core business focusing on third-party branded portfolios (“ManCo services”).
BIP is an independent investment management and consulting firm dedicated to providing versatile management and advisory services to a large number of South Africa’s leading independent financial advisors, as well as clients. organization and their retail. This strategic acquisition adds an additional $19 billion AuA to the Apex Group platform.
Apex Group is one of the largest asset management service providers in the world, providing a one-stop, single-source solution of the complete value chain to its customers, including bank accounts. and digital accounts, custody services, custody, super ManCo, service businesses (including HR and payroll services), and pioneering environmental and social assessment and consulting solutions and governance (“ESG”). Effective clients will now benefit from access to the Group’s local hedge fund solutions, offshore fund solutions, Fintech, data solutions and technology services, in addition to an open team covering more than 12,000 people worldwide.
44 productive employees will join the Group’s growing African footprint following the recent Sanne and Maitland acquisitions, further reinforcing the Group’s commitment to the region and its intention to open up. expanding its local operations to about 1,000 people this year.
“The strategic addition of the unit trust management company adds greater product depth and expanded reach, particularly for our ManCo services offering, and further reinforces our commitment to South Africa, a key hub for our global business. We look forward to welcoming our new colleagues from Efficient who are aligned with our commitment to delivering an exceptional client experience with local service delivery.”
Peter Hughes, Founder and Chief Executive Officer of the Apex Group.
“Efficient has always followed a very successful growth strategy in the Wealth, Risk, and Investments segment of the financial services market, ensuring that the company has expanded into a leader in the financial services industry. This transaction allows the company to continue expanding the business by focusing on partners that align with the overall expansion of the retail client base strategy and value proposition.”
Heiko Weidhase, Chief Executive Officer of the Efficient Group.
The acquisition is still subject to the approval of the Competition Commission.
Macquarie Capital acted as financial advisor to Apex and Efficient’s management team, advised by Cliffe Dekker Hofmeyr Inc and facilitated the acquisition on behalf of Efficient’s shareholders.
Efficient’s Wealth, Risk and Investment cluster will retain the Efficient brand and maintain the status quo under the control of existing shareholders throughout the transaction. This cluster includes the following business segments; Effective enrichment, effective insurance consulting services; Effective individual clients; Effective benefit consulting; Effective management board; Efficient selection; Naviga Solutions; Select Manager and Dinamika Fund Manager.
NCR expands ATM network to Portugal
Business technology provider NCR has expanded its Cashzone-branded ATM network in Portugal. To date, more than 100 Cashzone-branded ATMs have been installed in Portugal, giving consumers, including those visiting the country, easier access to cash.
NCR is one of the largest independent ATM operators in the world and their Cashzone brand is present in the UK, Spain, Germany, Ireland and now Portugal.
The combination of high cash availability, branch consolidation and Portugal’s vibrant tourism market has made it an ideal location for Cashzone expansion. NCR has added ATMs mainly in tourist areas in southern Portugal and Lisbon, with plans to enter new areas in the coming months. The machine is installed at trusted stores, such as convenience stores, supermarkets, food and beverage stores, shopping malls and entertainment stores.
“There continues to be a widespread demand from consumers for access to cash, particularly while on holiday,”
“By bringing NCR’s Cashzone-branded ATMs to Portugal, we are enabling visitors to Portugal to interact with an ATM brand they’re familiar with and giving retailers the ability to widen their service offerings and engage with new customers.”
Stuart Mackinnon, EVP, ATM Group, NCR Banking.
NCR is one of the UK’s largest independent ATM operators, providing safe and reliable access to cash through the Cashzone brand. Its proprietary ATM software and solutions make its ATMs more attractive while providing exceptional service. Headquartered in Atlanta, Georgia, the company has 35,000 employees worldwide. This is a trademark of NCR Corporation in the United States and other countries.
888 selects Nuvei to boost its payment experience in the US
Nuvei Corporation, a Canadian FinTech company, has been selected by 888, the global operator of iGaming, to build local card and payment method acquisition capabilities.
888 leverages Nuvei’s technology platform, broad accessibility, instant interbank payments and in-depth knowledge of the curated iGaming market to maximize payment acceptance and maximize payments. Optimize risk management.
In addition to allowing 888 to accept deposits, players can instantly withdraw funds from their 888 account directly to their bank card or through Nuvei Instant Bank Transfer, iGaming’s payment method in the industry. American business to send money and make instant payments from account to account.
“Enabling players to deposit and withdraw funds from their iGaming accounts seamlessly and securely is critical to the overall platform experience. At 888 we’re committed to offering the most comprehensive iGaming experience in the market, so we’re excited to add Nuvei’s card acquiring capabilities alongside its Instant Bank Transfer solution. Nuvei has a rich heritage of enabling iGaming operators to maximize their payments’ performance in regulated markets across the globe.”
Noam Klivitzky, VP of US Marketing 888.
Nuvei has provided payment services to 888 in Europe since 2017 and enabled 888 to launch in Ontario, Canada, once the province launched its newly regulated iGaming market in April 2022.
“We’re thrilled to continue to grow our relationship with 888 and support its global expansion in the US and beyond. Instant, convenient, secure deposits and payouts are critical to winning players in the rapidly expanding US iGaming landscape. Optimising card payment acceptance is a key component of the cashier experience, and Nuvei has decades of experience supporting operators maximize their revenue growth.”
Philip Fayer, Chairman and Chief Executive Officer at Nuvei.
Hong Kong based FinTech platform Micro Connect raises $458m in Series C funding
Micro Connect, Hong Kong-based FinTech Platform, Micro Connect, Financial Services, FinTech, China, MSMEs, SMEs, Retail, Series C Funding, MCEX, Healthcare Management, Exchange Platform Exchange, Online Trading, Financial Solutions, Digital Finance, Hong Kong has announced that it has raised $458 million in a Series C funding round, with extensive participation from multiple home groups. new and existing investments.
The funding round involved investors from Europe, North America, the Middle East and Mainland China, including long-term investment managers, private equity and venture capital funds, university funding, internet platforms and retail groups.
Micro Connect Financial Asset Exchange (Macau) (MCEX), a licensed global exchange for DRO and related products, will launch in August. New capital and shareholder base raised The initiative will support Micro Connect’s efforts to improve MCEX’s market structure and develop the world’s largest financial market for micro and small business investments.
Micro Connect is an exchange group that has leveraged fintech to connect global capital with Chinese micro and small businesses. With an innovative revenue-sharing investment and financing model, stores in the food and beverage, retail, services, culture and sports sectors can conveniently raise long-term capital and affordable prices by listing on the Micro Connect Financial Asset Exchange (Macau) (MCEX), the world’s leading exchange for revenue shares trading.
The corporation’s proprietary revenue-sharing asset class, Daily Revenue Bonds (DROs), provides investors with direct and diversified exposure to daily and transparent cash flows of millions. stores in China’s dynamic consumer economy, making capital more accessible and affordable for business owners.
With its fund platform, structured product solutions, and licensed exchange, Micro Connect brings efficiency and liquidity in small business investing to global professional investors and an alternative. New for impact investing.
Banco Santander, BBVA & CaixaBank join forces to fight financial fraud
Banco Santander, BBVA and CaixaBank have teamed up to combat financial fraud, one of the biggest challenges in banking. Banks are working on tools to exchange vital information and data to help prevent financial crime.
They founded FrauDfense, a company that will bring together banks’ anti-fraud initiatives. FrauDfense has been presented to the competent regulatory and control authorities. The alliance will first develop a tool to share information about fraud and effective responses. This tool will keep information private and secure.
The Alliance will fight fraud, which can take on many sophisticated forms, such as new account fraud (when a customer’s identity is stolen to purchase a product), online fraud, and card payments .
FrauDfense, an ambitious association to start in Spain, is not a closed book. After the initial phase, the alliance will consider adding other banks and companies to increase its reach. Banks and businesses in other industries interested in sharing fraudulent information to protect customers, organizations and society at large will also be able to participate. Carlos Requena will be appointed CEO of FrauDfense and the board will include two representatives from each bank. These include Carles Solé Pascual, Santander España’s Chief Information Security Officer (CISO); Daniel Barriuso, Banco Santander Group Transformation Manager; Natalia Ortega, Head of Global Financial Crime, BBVA; Sergio Fidalgo, Head of Security at BBVA Group; Sofia Karapatsiou, Director of Fraud Control and Governance, CaixaBank, and Lorenzo Malo, CISO of CaixaBank.
BBVA’s Natalia Ortega will be the first female president of FrauDfense, a role that will rotate every two years among the three member banks.
Hub71 & Wio Bank partner to streamline banking for startups in Abu Dhabi
Hub71, a global technology ecosystem in Abu Dhabi, and Wio Bank PJSC have announced a strategic partnership to transform the banking experience for startup founders in the capital.
Partnership to improve bank account processes for SMEs; Wio becomes Hub71’s official banking partner, enabling startup founders to benefit from commercialization opportunities and professional mentoring to drive innovative new products and services in Abu Dhabi.
“Our partnership with Wio Bank further solidifies our commitment to making Abu Dhabi an attractive destination for startups to do business. By collaborating with an Abu Dhabi-based digital platform leading the future of business banking, we are opening the door to robust banking and commercial opportunities for our startup community. This partnership is a prime example of a powerful combination within Abu Dhabi’s tech ecosystem that fosters startup growth in the UAE’s capital.”
Ahmad Ali Alwan, Deputy CEO of Hub71.
Wio Bank was established with the main mission of contributing to the future readiness of the SME segment in the UAE. Wio will streamline the bank account opening process as a full-fledged banking partner as startups join Hub71. The digital bank will also participate in Hub71 events and initiatives in line with its growth strategy.
“We are thrilled to announce our partnership as the first official banking partner of Hub71 and embark on a shared mission to empower startups in the region. We recognise the significant impact made by the global startup community and firmly believe that by simplifying access to funding and essential banking products, we have a unique opportunity to nurture their growth and facilitate their paths to new achievements. Through collaboration with Hub71, we are committed to delivering meaningful banking solutions that make a difference, enabling startup owners to thrive and succeed on their entrepreneurial journey.”
Jamal Al Awadhi, Chief Operating and Experience Officer, Wio.
Unlimit to boost inDrive expansion with global payment solution
Unlimit, a global FinTech company, has announced a partnership with inDrive, the growing online car sharing service in the United States.
Under the partnership, inDrive will leverage Unlimit’s proprietary payments infrastructure to continue its global expansion with local payment solutions in new markets, including local currency payment processing and through secure payment methods.
Unlimited provides enhanced liquidity through a scalable financial interface to startups and businesses worldwide.
inDrive meets the mobility needs of users in more than 700 cities and 47 countries.
The app has been downloaded more than 150 million times. Unlimited will provide inDrive with one of its proprietary payment infrastructures, support for a variety of payment methods, including mobile and cash payments, global and local card programs, digital wallets number and direct transfer.
This will allow inDrive to accept payments in local currency and through alternative payment solutions.
Currently, Unlimited is the main payment solutions provider for inDrive in Mexico and also supports the company’s payment processing needs in Colombia, Jamaica, Peru and Chile, where drivers use the platform to top up. money into their personal accounts. However, the two companies are looking to expand their cooperation to other new markets later this year.
“We are very excited to be partnering with inDrive, a customer-centric company that is driven to empower people and ensure prices are fair. They have chosen to partner with us because we provide world-class payment solutions that are flexible, dynamic, and adaptable to any market, whether local or international. We believe we can help them unlock the full potential of their app by making payments faster, easier, and more convenient for both passengers and drivers alike, wherever they are in the world.”
Irene Skrynova, Chief Customer Officer, at Unlimit.
“inDrive’s partnership with Unlimit represents a powerful alliance that seamlessly combines cutting-edge technology and innovative financial services. This collaboration will specifically benefit drivers, offering them a seamless and efficient method to quickly and securely refill their accounts, ensuring uninterrupted services and enhancing their overall experience on the road.”
Alexander Afanasov, VP, of Fintech, at inDrive.
TerraPay partners with Safaricom to enhance cross-border payments
TerraPay, a global payments infrastructure company, has partnered with Safaricom, a financial services, IT and telecommunications provider based in Kenya.
TerraPay Group company Mobex (Kenya), a remittance service provider, will enable over 30 million M-PESA mobile wallet owners in Kenya to send real-time payments through TerraPay’s interoperable network to all wallets in Bangladesh and Pakistan, with plans to roll out to India and Nepal in the next few months.
Through this partnership, the two companies aim to create a financially inclusive payments ecosystem while promoting empowerment and financial independence.
“We believe this breakthrough collaboration with Safaricom will usher a world of new possibilities for mobile financial service operators to directly scale globally and provide customers with the choice to send payments in a secure, transparent, and swift manner. Our partnership with Safaricom will further boost our capabilities in providing an inclusive global financial ecosystem with excellent technical solutions.”
Ambar Sur, Founder & CEO, TerraPay.
TerraPay is a global partner of banks, mobile wallets, remittance operators, merchants and financial institutions, creating a larger and more inclusive international financial ecosystem.
“We are thrilled to partner with TerraPay as it comes at a time when a growing number of customers are embracing digital payments to send money to their loved ones. TerraPay’s interoperable technology platform will enable our customers to execute secured & low-cost payments across key regions, further encouraging the adoption of digital payments in the region. We look forward to a successful collaboration.”
Peter Ndegwa, CEO Safaricom.
FNZ launches FNZ Yield Plus cash alternative solution for investors
FNZ, the global wealth management platform, has launched FNZ Yield Plus Notes to offer professional investors such as corporates, pension funds, banks, insurers, asset managers and other institutional investors a low-risk cash alternative and strengthens its global proposition.
The FNZ Yield Plus bond offers investors a higher yield than an equivalent rated government bond of the same maturities. Yield Plus Notes can provide an improved risk profile compared to bank deposits, with enhanced collateral security and regular cash coupon payments committed on a periodic. Tickets are available in USD, EUR and GBP and can be customized for other currencies.
The notes reinforce FNZ’s global client proposition to professional investors by adding a simple yet sophisticated investment product to its existing comprehensive wealth management platform. Investing in FNZ Yield Plus Bonds is as easy as purchasing any other bond security available through the existing Investor Depository. Yield Plus Notes can also be personalized, white-labelled, and curated for distributors. They are currently available to professional investors.
FNZ Yield Plus allows professional investors to benefit from recent rate hikes with low risk. As a result, investors have access to innovative solutions and improved returns over alternatives without incurring unwarranted risks to the bank, no asymmetry. liquidity, maturity or market risk and does not affect credit quality.
“FNZ Yield Plus is an important milestone in our mission to open up wealth and make investing as innovative, transparent, and efficient as possible. For the first time, through our structured investment team, we have delivered an outsourced manufacturing note to investors. We are excited to bring this unique cash alternative solution to our professional clients and continue to invest in the breadth of personalized solutions the market increasingly demands.”
Adam Green, FNZ’s CEO of Global Asset Management Solutions.
“The FNZ Yield Plus solution solves a complex cash management problem for professional investors. When we first discussed the FNZ Yield Plus solutions with the structured investment team, we realised it would also be the perfect solution for our own strategic cash and decided to allocate some of our own cash to the same Yield Plus notes as those available to our clients.”
Kristopher Love, Group CFO FNZ.
Yield Plus is part of FNZ’s wealth management solutions that enable investment managers to deliver personalized investment plans and portfolios at scale. By connecting integrated tools with real-time data and analytics, FNZ wealth management solutions enable complex optimizations and deliver remarkable insights.