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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.
Origin Acquires Finny to Fill a Critical Gap in Workplace Financial Education
Origin, the startup reimagining financial wellness in the workplace, announced it has acquired Finny, a financial health startup. Origin will integrate Finny’s financial education, content, curriculum, and debt management tools into its financial wellness platform addressing the urgent need for improved financial literacy.
Money is the number one source of stress – more than work, health and relationships combined. This strain is exacerbated by the current economic climate, which presents everyone with financial challenges unique to a generation. Origin is directly addressing this issue by extending wealth management access to those previously excluded due to high barriers to entry. The Origin Platform simplifies finance for individuals by making it easy to track expenses, get expert advice, manage investments, and take action to achieve financial goals.
By acquiring Finny, Origin will now be able to provide its customers with the valuable financial education resources and content needed to empower employees to make more informed decisions about their financial futures. their main. For example, people can now learn about credit reports, understand the nuances involved in credit scoring, then access their own credit scores and get helpful tips on how to improve their credit score. credit score improvement.
“Most people are simply priced out of financial planning tools, and financial advisors traditionally only work with high income individuals. This leaves tens of millions of Americans in the dark, left with unnecessary fees as well as missed investment and tax opportunities that can cost them thousands of dollars a year,”
Origin Co-Founder and CEO Matthew Watson.
“During my tenure as CEO at Twitter, I witnessed firsthand the knowledge gap that exists among employees and even HR teams when it comes to understanding equity and financial benefits,”
“I strongly believe that Origin can bridge that gap and revolutionize financial literacy and education in a way that has not been achieved before.”
Managing Partner Dick Costolo, Origin.
Today, Origin is offered to individuals as a benefit to help relieve employee financial stress and make them happier and more productive. Offering provenance as a benefit also helps to attract and retain employees:
93% of employees want their company to provide more access to financial planning (but only 28% do). Plus Origin acts as an additional support to empower People teams, help with compensation, benefits, equity grants, and reduce employer liability by giving a third-party registered financial advisor as an employee resource.
“Origin has been an extremely popular benefit among our employees, providing them with valuable insights into their finances, compensation, and equity,”
“Now with Origin’s acquisition of Finny they’ll have more financial resources at their fingertips. Our employees have been looking for this type of educational content and tutorials, and having this all in one place within the Origin platform is incredibly beneficial.”
Cara Allamano, Chief People Officer at Lattice.
On the staff side, Origin members are matched with a Certified Financial Planner to discuss their finances, goals, and develop an action plan. Planners offer personalized advice to help them make smarter financial decisions and prepare for the most important life milestones, like buying a home, starting a family, paying off birth debt membership or retirement planning, etc. Individuals can also use the Origin platform and mobile apps to track and view all of their finances – connect accounts, then create budgets, manage investments and savings retire. Origin can also help them understand the return on equity and tax implications of a sale. Each person is paired with a CFP with which they work continuously.
The Finny acquisition is an important milestone for Origin, as it demonstrates the company’s commitment to providing a complete and comprehensive financial healthcare platform. Finny has worked with employers and over 60,000 consumers to provide top-notch financial education. Integrating Finny’s financial education resources and debt management tools will allow Origin to have an even greater impact on employees’ financial well-being.
“Finny’s expertise in financial education and focus on debt management will be an invaluable addition to the Origin platform,”
“We believe that addressing the educational gap in employee financial education is key to helping individuals achieve financial security.”
Origin Co-Founder and CEO Matthew Watson.
“Origin’s commitment to simplifying money management for employees aligns with Finny’s mission to improve global financial literacy,”
“Together, we share a common goal of helping individuals achieve a secure financial future, and we’re excited to join forces to further expand our reach and impact.”
Chihee Kim and Milan Kovacevic, Co-Founders of Finny.
TOTO Sport and TOTO Casino launch instant payouts in the Netherlands with Trustly
TOTO Sports and TOTO Casino, leading online game providers and part of the Dutch Lottery, have launched an industry-leading instant payment solution from Trustly, the world’s leading provider of open banking payments.
By offering players instant payouts, TOTO Sports and TOTO Casino enhance the user experience and increase player trust, preference and loyalty. According to a Trusty survey, 8 in 10 gamblers say quick payouts are important when choosing an online gambling or betting site.
TOTO Sports and TOTO Casino are owned by Nederlandse Loterij, the largest national gaming organization in the Netherlands. Nederlandse Loterij was one of the first operators to obtain an online gaming license in the Netherlands, offering his nine gaming brands across multiple disciplines, including TOTO Sports and his TOTO Casino. Trustly is the leading open banking payment provider for online gambling in the Netherlands and the preferred provider for most licensed operators in the market.
In addition to its core instant deposit and withdrawal product, the company recently launched Pay N Play 2.0, an innovative user onboarding product. This he plans to launch with multiple carriers in 2023. Trustly is also one of the official cPSPs offering iDEAL payments in the Netherlands, and their full payment product offering is unrivaled in this competitive market.
“Trustly’s partnership with TOTO Sport and TOTO Casino is a testament to the product quality, reputation and reliability of Trustly in the Dutch online gambling market. Our unparalleled instant payout product, in combination with the rest of our open banking payment offering in the Netherlands, has established Trustly as the partner of choice for multiple operators in this market and we’re very excited that TOTO, one of the market leaders, has joined that group. We look forward to working closely with TOTO so we can help bring more value to the company and its users.”
Trustly’s VP of Gaming Vasilije Lekovic.
“We are pleased to introduce instant payouts for our customers via the Trustly platform. Players in the Netherlands are already used to instant payments in all their personal bank transfers and in their deposits for online gaming. It is no more than logical that this is now also possible for our payouts. This will enhance the experience for all of TOTO’s customers.”
Arjan Blok, CFO Nederlandse Loterij.
Trustly’s best-in-class technology platform leverages open banking capabilities to connect the world’s leading brands with consumers who can pay directly from their bank account. Founded in Stockholm in 2008, Trustly is an open banking innovator. The company established instant deposits and withdrawals before the concept was widely understood, and he advised the EU Commission on his landmark PSD2 regulatory framework.
Mastercard and NAPS Collaborate to Drive Digital Payment Innovation in Morocco
Mastercard has partnered with Moroccan financial technology NAPS to drive innovation in Morocco’s digital payments landscape. This partnership also builds on the pair’s strong historical relationship and aims to develop innovative payment solutions for individuals and businesses.
NAPS, on a mission to expand the reach of digital payments in Morocco, brings together the M2M Group’s over 30 years of expertise in electronic payments and biometric identification software. In addition, as a Mastercard partner, NAPS also has access to its vast network, knowledge, and diverse portfolio of products and services, all provided by leading companies. safety technology and innovation.
In line with NAPS’ long-term strategy, the partnership with Mastercard will also strengthen the company’s ability to innovate by leveraging Mastercard’s cutting-edge technology, thereby accelerating time-to-market for services. Upcoming digital from NAPS.
“We are delighted to share our technological expertise with NAPS to pursue our common objective of advancing inclusive growth.”
Mohamed Benomar, country general manager, MENA West, Mastercard.
“The partnership with Mastercard will foster a culture of innovation. Ghellab believes that by accelerating the development of digital payment solutions in Morocco, the collaboration will solidify the country’s status as a “premier fintech hub in the Arab world”.
Hassan Ghellab, CEO of NAPS.
Allfunds Tech Solutions Announces New Partnership With Unicredit
Allfunds Tech Solutions, the bespoke digital solutions arm of Allfunds specializing in harnessing the power of digital transformation for clients across the financial services industry, today announces a new partnership with UniCredit, the pan-European commercial bank.
The partnership will leverage Allfunds Tech Solutions digital capabilities to facilitate UniCredit’s transformation program to further streamline its systems that support market and content data providers to the creation of a multi-asset platform to service UniCredit’s client base.
Allfunds Tech Solutions will provide an omnichannel solution, by implementing a robust and flexible multi-layer foundation that begins in a bespoke middleware and achieves customized client portals, which to begin will service a minimum of 21,000 professional and 500,000 non-professional clients across Italy, Germany, and Austria.
The digital investment platform will offer a consistent data universe with extensive and flexible adaptability, enabling UniCredit to optimize costs in technology and resources, market data, and exchange fees. It is the first step, in a multi-phase project that will eventually roll out on 13 platforms across Europe marking a transformation into a truly global wealth data platform.
Allfunds Tech Solutions offers advanced technology in a cloud-based SaaS model with built-in disaster recovery and 24/7 support. For future requirements, Allfunds Tech Solutions improves efficiency and speeds time to market by adding new countries, channels, segments and business needs.
“Data and supporting infrastructure are more important than ever, as firms continue to enhance efficiency and optimize costs. We launched Allfunds Tech Solutions in 2022 as part of our Digital business, to provide solutions for the increasingly complex needs of the investments industry. We are proud to offer advanced technologies to help UniCredit further streamline its systems and create a global digital platform to better serve its clients.”
Juan de Palacios, Chief Strategy & Product Officer, Allfunds.
Finaro, Mastercard, Northmill, And Nmi Partner To Pioneer First Cloud Commerce Deployment In Europe
Finaro, the global cross-border payment provider and the fully licensed bank has today announced its European Cloud Commerce deployment with payments technology company Mastercard, Nordic neo bank and POS provider, Northmill, and leading full commerce enablement technology company, NMI. Following Mastercard’s launch in the U.S. in 2021, this partnership will bring Mastercard’s cloud-native software-based acceptance solution, Cloud Commerce, to small and medium-sized merchants across three Nordic markets – Sweden, Norway, and Finland – ahead of a planned commercial roll-out in other countries across Europe.
Cloud Commerce represents the next evolution in contactless payments combining Tap on Phone, Pay by Link, and Click to Pay technology to make it easier for businesses to accept payments by accelerating acceptance rates and lowering entry barriers. Merchants of any size can accept contactless payments from any contactless-enabled form of payment – phone, card or wearables – vastly reducing POS terminal maintenance costs and dependence on inflexible physical infrastructure.
Finaro will provide payment processing and acquiring services to enable Mastercard’s Cloud Commerce solution for merchants who want to accept Tap on Phone payments on their eligible NFC-enabled devices. Northmill merchants use NFC-enabled Android smartphones as secure POS devices that accept contactless electronic payments. Northmill already has over 2,500 of his merchants and 600,000 of his mobile POS (mPOS) end users across the Nordic region. Additionally, NMI, which worked with Mastercard on its first Cloud Tap on Phone pilot and processed over $203 billion in payments, will serve as a major integration partner and distributor.
“Finaro is delighted to join this deployment with Mastercard, NMI and Northmill, bringing the cutting-edge capabilities of Tap on Phone payments to Nordic merchants. With these next-generation acceptance capabilities, merchants can literally accept contactless transactions whenever and wherever, they wish. And this deployment signifies another important milestone for Finaro’s footprint in the Nordics, which we consider a strategic territory in our global business.”
Achiya Fried, Chief Commercial and Strategy Office for Finaro.
“The partnership between these companies represents a golden opportunity for merchants across the Nordics to bring the convenience of contactless payments to even more businesses. With the Nordic region being one of the most advanced eCommerce markets in Europe, merchants there are familiar with mobile commerce and mPOS terminals, but this new offer takes Nordic payments to the next level.”
According to Ruben Frimand Nielsen, Vice President of Sales & Business Development for the Nordics at Finaro.
“The Cloud powers our work to make every device a way to pay and be paid. It gives our customers more flexibility, plugging into services more quickly and with less hardware. We are pleased to be working with Finaro, NMI and Northmill on this launch to bring secure cloud Tap on Phone payments to the European region.”
Davide Messina, Senior Vice President Merchant Solutions Europe at Mastercard.
“We are thrilled to be partnering with Finaro, Mastercard, and NMI to bring the benefits of Cloud Commerce to small and medium-sized merchants across the Nordics. This is a game-changer for businesses that want to provide a seamless, secure, and convenient payment experience that meets the needs of their customers and will make it easier for merchants to accept contactless payments and enable them to focus on what they do best – serving their customers.”
Tord Topsholm, CEO at Northmill.
“The launch of Cloud Tap on Phone pilot saw great success in the U.S., so we’re thrilled to expand this partnership into the Nordic market. Consumers today prioritize convenience, speed, and ease of use in their payment experiences, and this technology will help merchants provide the best contactless payments experience possible by utilizing smartphones instead of investing in additional hardware to process payments more quickly than ever before.”
Peter Galvin, Chief Product Officer at NMI.
Array Partners with FICO to Address Growing Demand for Embedded Finance Products
Fintech Meetup–Array, a leading financial innovation platform, announced a multi-year agreement with a leading FICO analytics software company that will make FICO scores and credit data available to millions of consumers. this platform – the product form of Array.
A consumer’s FICO score and the factors behind it are vital information consumers need to plan for their financial future. FICO scores are used to help consumers access the credit they need for home loans, car loans, credit cards, and more. By providing access to their FICO® score, financial institutions, fintech and digital brands can help consumers better understand and manage their financial health, and build a strong relationship with them. Customer retention is increasingly important as the growing financial services market undergoes unprecedented fragmentation with the emergence of new competitors.
“There are tens of thousands of banks, credit unions, fintechs and other brands that are interested in embedding financial services products in their digital experiences, but lack the resources to develop them,”
“Array has earned the trust of these companies by offering credit report data and tools that fit seamlessly within their websites and mobile apps. Now these clients can offer their customers access to their FICO Score and to FICO® Score tools and educational content in that same environment.”
Geoff Smith, vice president and general manager, Consumer Scores at FICO.
A new study from Juniper Research has revealed that integrated financial services revenue will exceed $183 billion worldwide by 2027; just under $65 billion by 2022. The deal will allow Array to provide a FICO score based on data from one of the major credit bureaus in the United States as part of its own credit, rights management tool corporate private label financing and financing. FICO scores are used by 90% of major US lenders. Array’s embeddable products can be used by financial institutions, fintech and other brands within their own platforms to provide customers with access to important credit reports and information. FICO scores in a simple, easy-to-understand format road.
“FICO is one of the top brands in financial services, and the number one credit score when it comes to consumer awareness,”
“Our partnership with FICO delivers on our promise to provide valuable data with the experience that people want, and it provides banks, credit unions and fintechs with an embeddable solution to enable them to offer FICO® Scores to meet the growing demand for credit score data.”
Martin Toha, Founder and CEO of Array.
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.