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OHIO’S KEYBANK TAPS QUAVO FOR DISPUTE MANAGEMENT PLATFORM
Ohio-based KeyBank has tapped fintech Quavo for its QFD automated dispute management platform. When a credit transaction is contested or fraud is discovered, KeyBank will implement the cloud-based QFD system to streamline its fraud and dispute procedures and automate the manual tasks needed, from claim intake and investigation to claim resolution and recovery.
“We are in the midst of a multi-year, multi-product implementation that will fundamentally transform our client and teammate experiences managing disputes while improving our back-office processing and chargeback recoveries.”
Jen Martin, head of enterprise fraud services, KeyBank.
To gather the essential transaction data and match it with the information provided by the pertinent cardholder, QFD will interact with KeyBank’s current credit card platform TSYS and merchant collaboration software Ethoca.
With this automated process, Quavo will “drastically reduce” back-office processing time, human capital, and operational resources.
“The partnership has created opportunities to increase automation, expand digital channels and enhance client engagement at KeyBank.”
“In our initial discussions regarding partnership goals and project objectives, it was clear that KeyBank had larger initiatives beyond just breathing new life into its chargeback and dispute management process,”
Brittany Usher, SVP, revenue executive, Quavo.
When it comes to conversational AI enterprise delivery, KeyBank’s new SVP business technology executive was named Miguel Navarro in June.
GradFin, a platform for counselling on public service loan forgiveness, was purchased by the corporation in May for an unknown sum.
AUSTRALIAN NEOBANK UP LAUNCHES MAYBUY – A BNPL KILLER
Australian neobank Up Bank has launched savings service Maybuy. Maybuy is designed as an alternative to Buy Now Pay Later (BNPL) products which have become increasingly popular in recent years.
For individuals wishing to make online purchases, Maybuy will generate an automated savings plan. Consumers might choose to purchase the item or choose to save their money for another use after achieving their goal.
According to a poll by Up Bank, 30% of Australian adults under the age of 35 experience stress, and 29% experience anxiety when using BNPL. Up Bank developed a savings-based solution as a result of the study to help people who are experiencing buyer’s remorse.
“Our research uncovered almost a third (30%) of young Australians found their purchases less enjoyable when paid over multiple installments. So, we want to give people more time to make decisions about what they buy, which in turn we hope will lead to increased purchase satisfaction and better financial outcomes.”
“It also found over half (53%) of BNPL users want to save money, but don’t know where to start. Maybuy offers a tangible solution and a savings launch pad to make saving feel a whole lot easier.”
“Maybuy is a fun and easy way to buy things you actually love with money you actually have. That means there are no regrets and no debt,”
Anson Parker, Head of product at Up Bank.
In order to spread awareness of the solution, Up Bank is opening a pop-up shop in Melbourne that will feature an “Anti-Impulsive Machine” that will enable customers to trade in items and save money in place of making impulse purchases. The purpose of the event is to assist Australians in making more financially responsible choices when they shop online.
“We’re no strangers to shopping online and the rush of buying things. But it’s often left us with ‘stuff’ we don’t really need or even want. As Upsiders ourselves, we’re stoked there’s now an alternative to Buy Now Pay Later. Whether it’s seeking out a new pottery wheel or even a new scooter, the time to ponder our purchase means we won’t lose sight of the things we’re completely in love with.”
Monte Morgan and Harvey Miller of Melbourne-based pop duo, Client Liaison.
PORTAGE LAUNCHES LATE-STAGE PORTAGE CAPITAL SOLUTIONS FUND
Global fintech investor Portage announced today the launch of a late-stage, fintech-focused Portage Capital Solutions (“PCS”) Fund. Daniel Ballen and Devon Kirk, who are co-heads, will direct the strategy, concentrating on structured opportunities in global fintech and financial services firms and aiming for investments over $50 million.
Devon Kirk has almost 20 years of experience in financial-focused structured solutions and private equity. Devon worked at Toronto-based CPP Investments for more than ten years. Her most recent position was Managing Director & Head of Capital Solutions, where she was in charge of managing finances, unique situations, and specialized investments. She was their Direct Private Equity group’s financials-focused Managing Director before that.
“We see many great companies that are looking for the right partner. Portage’s expertise and network in fintech and financial services are real differentiators as businesses look to navigate this market. We will deliver more than just capital,”
Devon Kirk, Partner & Co-Head, Portage Capital Solutions.
Private equity, structured equity, and special situations investor with a focus on the financial services, fintech, and real estate technology sectors, Daniel Ballen has nearly 20 years of experience. Prior to joining Portage, he worked as a Portfolio Manager at PIMCO, based in New York, where he oversaw a group that handled structured equity and private equity investments for the company’s alternatives franchise in both North America and Europe. Daniel has previously worked with expanding companies across the fintech and financials industries as a member of the investment teams at Pine Brook Partners and Bain Capital.
“In this market environment, we’re seeing accelerated demand for flexible capital solutions as entrepreneurs and shareholders look to continue the strong growth trajectory of their business,”
Daniel Ballen, Partner & Co-Head, Portage Capital Solutions.
Whether for organic expansion, M&A, or recapitalizations, Portage thinks PCS’ strategy is well-positioned to address the demand for capital across all cycles in both public and private markets. PCS will make use of Portage’s current platform, one of the biggest international fintech specialty investment firms with over $3 billion in AUM, and gain from its extensive fintech expertise, established sourcing network, and demonstrated value-creation know-how.
“Daniel and Devon bring extensive sourcing and transaction execution experience across asset classes,”
“Together, we can expand our efforts to partner with later stage visionary fintech entrepreneurs providing both capital and a value creation network that supports them throughout the life of their business.”
Adam Felesky, Co-Founder and CEO of Portage.
“Portage is building a global platform investing in what we view as the top financial services leaders across the globe,”
“With talented professionals such as Daniel and Devon, we are excited to support companies from early-stage to growth.”
Paul Desmarais III, Chairman and CEO of Sagard.
The PCS team has offices in New York and Toronto, and future growth is anticipated. The squad will begin operations in the third quarter of 2022, and fund-raising activities have already begun.
JACK HENRY COLLABORATES WITH VICTOR TECHNOLOGIES AND MVB BANK TO OFFER FASTER PAYMENTS
Victor Technologies, Inc. is collaborating with the business to enhance its quick payments strategy, according to a statement from Jack Henry & Associates, Inc.
Through its integrated risk management software and APIs for FinTechs to embed financial services, Victor, a subsidiary of MVB Edge Ventures, Inc. and a member of the MVB Bank, Inc. family, assists banks in managing FinTech partnerships and compliance. Since May 2021, the Victor team has developed a virtual account-ledgering solution with a collection of payment APIs that allows for the transmission of funds via ACH, Wires, Internal Transfers, and currently real-time payments over the RTP network.
In order to increase its offerings, Victor just acquired RTP capabilities. Real-time payments can be processed and received through the Jack Henry core of MVB Bank using the company’s in-house quicker payments hub, JHA PayCenterTM, which offers seamless links to the faster payments networks. The first client to use the RTP Send feature is MVB Bank, which also intends to provide RTP Request for Payment. Victor will be able to satisfy both consumer and company needs for speedier payments with the aid of both solutions.
“Our long-standing relationship with Jack Henry powers our day-to-day banking operations and opens the door for us to connect with innovative and emerging fintech. Victor enables us to offer real-time payments capabilities which help us expand into new business verticals and further solve the payment needs of our diverse clients.”
Jenifer Nadeem, director of enterprise applications at MVB Financial Corp.
“Instant payments 24/7/365 is now table stakes and offers a huge competitive advantage for our clients. The features of the RTP network provide payment finality and certainty, which reduces back-office reconciliation because transactions are now settled in real-time. This is especially true for key growth verticals like gaming and crypto where transactions need to be processed at any time regardless of banking hours. The addition of real-time payments gives end-users quicker access to their money.”
Maf Sonko, head of strategy and operations at Victor.
“Our work with both MVB Bank and Victor speaks to the openness and flexibility of Jack Henry’s Payments-as-a-Service Platform. Financial institutions can easily select and embed banking and payment capabilities. Our relationship with MVB Bank and Victor is the first of its kind and we encourage other clients to consider developing an instant payments strategy to meet the needs of consumers and businesses.”
Tede Forman, vice president of payment solutions at Jack Henry.
VIRGIN MONEY ANNOUNCES BNPL CREDIT CARD
Virgin Money is entering the buy now, pay later arena through the launch of a credit card that lets customers spread repayments over installments while building their credit scores.
Virgin is the newest bank to enter the BNPL market, which is rapidly expanding yet divisive due to rising interest rates and the broader economic crisis.
Prior to the debut of the product, known as Virgin Money Slyce, a waitlist has been established.
Customers can use Slyce and make a single monthly payment for all of their BNPL expenses. Spending in excess of £30 per month can be stretched out across three, six, nine, or twelve-month repayment plans. When paying back within three or six months, there are no fees; however, for longer plans, users are charged a portion of the total amount contributed.
Customers who use Slyce can also improve their credit scores, spend money overseas in any currency without paying additional fees or foreign exchange commissions, and get rewards at stores like H&M, Sweaty Betty, and Space NK.
The Virgin Money Credit Card app, which provides reminders and alerts to keep payments on track and a clear view to show exactly what is going out each month, is used to manage Slyce activities.
“It’s clear that consumers now expect to be able to pay via buy now pay later plans, so we’re very excited to offer an option that will bring more customers into a regulated credit environment at the same time as offering market-leading terms, flexibility, and simplicity.”
“Importantly, Slyce will help our customers stay in control of their spending while also building their credit score for the future – allowing our customers to buy now, pay better on terms that work for them.”
Hugh Chater, chief commercial officer, Virgin Money.
SOLARISBANK REBRANDS AS SOLARIS
Solarisbank, a European fintech platform, has disclosed that the company has changed its name to “Solaris.” The business stated that the rebrand symbolizes its development. The financial platform has been able to expand its staff to over 750 people amidst the most recent international expansion initiatives.
Nearly a year after raising EUR 190 million in a Series D investment round that was oversubscribed, Solaris made its most recent statement. At the conclusion of the funding round in July 2021, Solaris was valued at EUR 1.4 billion.
In 2021, Solaris generated more than 100 million euros in combined net revenue. The fintech company, which has its headquarters in Berlin, is present in both Europe and India. The company, according to Roland Folz, Group CEO of Solaris, has a dynamic environment.
“Driven by the vision of creating a world where financial services seamlessly sync with life, the name Solaris symbolizes for us in its purest form the energy that powers us to make this dream a reality. Today, Solaris is a dynamic and constantly evolving ecosystem that grows with and simultaneously influences the market over the years,”
Roland Folz, Group CEO of Solaris.
Dennis Winter and Ingmar Krusch were named as Chief Technology Officer and Chief Information Officer, respectively, by Solaris in May 2022.
“As a technology company with a German banking license, Solaris has always been a special player in the fintech ecosystem. Today, we are a pan-European platform with a broad product offering and steep vertical integration. Our tech DNA has enabled our growth in the past and will ensure our success in the future. Solaris is our brand core and unification across the group is only logical,”
Layla Qassim, Chief of Staff at Solaris.
REZIO PARTNERS WITH 2C2P TO UNLOCK NEW REVENUE OPPORTUNITIES AND HELP TOURISM REBOUND ACROSS SOUTHEAST ASIA
2C2P, a worldwide payments platform, announced a partnership with rezio, Asia’s premier mobile booking solution for attraction, tour, and activity operators, to expand access to digital payments for its travel clients and their customers. Customers will be able to utilize a variety of payment methods, from cards to mobile wallets, thanks to 2C2P, which will power rezio’s payments system across Singapore, Malaysia, Hong Kong, the Philippines, and Thailand. This will hasten the post-pandemic recovery of travel.
Rezio is an integrated software-as-a-service program that aids tour and travel companies in cutting costs. Travel companies can quickly build up a booking website with rezio that integrates with several payment methods, manages inventory in real-time across channels, and generates customized vouchers for various booking scenarios. The cooperation gives rezio’s clients a tactical edge to accept any form of payment from their target customer, be it cards or wallets, thanks to 2C2P’s broad payment network and local presence across Asia.
“rezio is excited to work with 2C2P to help travel businesses optimize payments and connect them to the world. 2C2P’s innovative and comprehensive payment offering can give the boost that attraction, tour, and activity operators need, driving increased sales and accelerating their digital transformation. With this partnership, it reinforces rezio’s mission to empower our merchant’s business to sell more in an efficient and effective way,”
Jasmine Lin, Chief Executive Officer of rezio.
According to the United Nations World Tourism Organization, Southeast Asia’s tourism industry was severely impacted by the COVID-19 epidemic. There were 98 percent fewer international visitors in 2021 than in 2019, which decreased the region’s total GDP by 8.4 percent.
“2C2P is delighted to partner with rezio and support the travel and tourism sector’s recovery in Southeast Asia. The huge shift towards digital payments has created vast opportunities for businesses of all sizes. Our partnership will help travel companies gain a competitive edge in this fast-evolving landscape, providing a fast, easy-to-use, secure, and seamless customer experience and the payment methods consumers want,”
Agnes Chua, Executive Director of Business and Product Development of 2C2P.
Using the appropriate digital technologies to assist the travel sector in rapidly and sustainably recovering is essential for company success. The pandemic drove several customers to use digital and contactless payment methods, elevating these features from “nice-to-have” to “vital” status for the travel industry. In Southeast Asia, e-commerce expenditure is expected to increase by 162 percent to reach US$179.8 billion by 2025, with digital payments making up 91% of all e-commerce purchases, according to an IDC analysis commissioned by 2C2P.
ASPIRE AND KNOW YOUR CUSTOMER TO EMPOWER SMES AND ENTREPRENEURS
Aspire, Southeast Asia’s top all-in-one finance operating system has partnered with Know Your Customer, a renowned RegTech supplier, to safely enable access to its financial products for the region’s underserved SMEs and company owners.
Over 140 million people are employed by the 70 million micro, small, and medium-sized firms (SMEs) in Southeast Asia, which make up 99 percent of all businesses in the region. Additionally, tens of thousands of new SMEs and start-ups are registered every day: Recent research* has shown that during the previous year for which statistics were available, an average of 9% of all businesses present in company registrations were incorporated.
Financial services for these businesses, such as business accounts, loans, credit cards, and a platform to manage their receivables and payables, are frequently urgently needed. Despite this, many of them still have trouble accessing financially sound goods because it can be difficult for financial institutions to confirm the shareholding structures of these organizations. In these situations, any FI wanting to serve new companies not yet listed in traditional KYC databases must have real-time access to company registers.
Together, Know Your Customer and Aspire will be able to meet this rapidly expanding need while adhering to all national and international regulatory standards.
“At Aspire, we are always looking for ways to support our customers, and make sure they have a seamless onboarding journey with us. We strive to make alliances with companies that share the same vision and can assist us in providing our services in full compliance with the applicable regulations. Know Your Customer’s RegTech solution has helped us to achieve this incredible milestone in a very short time span.”
Tarini Ponniah, Head of Compliance of Aspire.
Through Know Your Customer’s digital solutions and unmatched coverage of real-time registry connections in APAC and globally, the new partnership will improve Aspire’s ability to digitize and streamline the crucial phase of corporate onboarding for SMEs, entrepreneurs, and corporate clients throughout the entire region.
Aspire was established in 2018 to offer working capital loans for small to medium-sized businesses. Since then, it has expanded its offering of services to include multi-currency accounts and cards, cost management, payable management, and receivable management solutions, all in one account.
“Aspire has quickly become a powerful force in the APAC Fintech space and we are delighted to be playing such a strategic part in their current and future growth. I strongly believe that building solid synergies between disruptive Fintechs and innovative RegTech providers is key to drive the whole industry forward and this partnership is a perfect example of two innovative companies coming together to meet a pressing market need. We look forward to supporting Aspire’s business growth through our modular solution and unparalleled coverage of real-time registry connections globally.”
Claus Christensen, CEO & Co-Founder of Know Your Customer.
An award-winning regulatory technology (RegTech) startup called Know Your Customer specializes in modular compliance solutions that let businesses create the corporate onboarding procedure that best suits their particular requirements. The business recently declared that it had expanded its real-time coverage to include 500+ corporate registrations in 123 different countries, making it the leading KYB provider in the sector.
“The Government of Ireland, via Enterprise Ireland are proud to support innovative companies like Know Your Customer on their expansion. The signing today signifies their commitment to raising the bar for RegTech in Southeast Asia and we congratulate them wholeheartedly.”
Kevin Ryan, Director South-East Asia of Enterprise Ireland.
Bitget launches “Bitget Insights” to enhance social trading initiatives
The launch of Bitget Insights, a brand-new feature, has been announced by Bitget, the top cryptocurrency exchange in the world. Through the Bitget exchange, the functionality links social networks and social commerce. The launch represents the next development in Bitget’s cryptocurrency social trading project, which aims to help both novice and experienced traders.
Traders will have the chance to examine insights from seasoned traders with Bitget Insights. Bitget, in contrast to current social media platforms, makes sure that all insights offered come from verified and trusted traders in the first instance, saving time, money, and potential losses due to bitcoin shilling, fake endorsements, or other cryptocurrency-related frauds.
Only traders who meet specific requirements, such as being a properly certified trader on the Bitget platform, can share and post with this new feature. This is done to ensure that Bitget Insights offers useful and relevant feedback to users. Additionally, they must have a sizable and verifiable social media presence. Following along allows other traders to learn from insights shared by vetted traders, such as technical methods or market research.
By exchanging market insights and trading tactics with the potentially millions of other certified traders currently using Bitget’s worldwide platform, Bitget Insights also enables accredited traders to expand their community presence. Bitget Copy Trade, their main cryptocurrency social trading platform, is also available to accredited traders.
“Bitget’s innovative trading products and social trading services are essential features of Bitget. Bitget is a pioneer in cryptocurrency social trading thanks to the way it works to improve products through innovation. . On ‘Bitget Insights’, the social trading platform where valuable information is more accessible to everyone, selected and verified traders and opinion leaders can post their chart analyses, technical strategies and articles to share their insights with followers.”
Gracy Chen , Managing Director of Bitget
In order to recognise users who share unique insights and information on the site, Bitget created a user-generated content campaign that combines donations and a sharing competition.
WISE LANDS £300M DEBT FACILITY TO FUEL GROWTH PLANS
Silicon Valley Bank UK, the bank of the most innovative companies and investors in the UK and Europe, today announced the closing of financing for UK-listed global technology company Wise. Silicon Valley Bank UK acted as lead arranger of the syndication, with six other banks participating in the new £300m capital facility to support Wise’s future growth plans.
The syndicated facility, which was led by Silicon Valley Bank UK’s Corporate Finance team, has a hold level of £100m.
“Our mission is to create money without borders – instant, convenient, transparent and eventually free. The new facility led by Silicon Valley Bank UK will offer us flexible and efficient access to working capital. This means we can continue bringing our service to as many as possible and we can keep investing in making our payments faster, cheaper and more efficient for our millions of customers around the world.”
Matt Briers, Chief Financial Officer at Wise.
“We are delighted to build on our relationship with Wise by leading and arranging this significant facility to enable the company’s next phase of growth. This financing continues our long-term relationship with Wise following the pre-IPO syndicated facility last year.”
Thomas Easterby, MD of Corporate Finance at Silicon Valley Bank UK.
With the most cutting-edge public and late-stage private companies in the UK, Silicon Valley Bank UK’s Corporate Finance team works with them to provide a comprehensive range of banking and lending solutions as well as advice as an active and trusted partner helping clients flourish and fast scale.
“Supporting innovation, innovators and their investors is in our DNA and SVB’s Corporate Finance team is thrilled to arrange this facility for Wise. We are now seeing the UK create global market leaders and the UK ecosystem maturing as a world-leading innovation hub.”
Rosh Wijayarathna, Head of Corporate Finance, Silicon Valley Bank UK.
Envestnet and FNZ Partner to Launch Seamless, End-to-End Digital Solution in the U.S.
Envestnet, Inc., a leading provider of intelligent systems for wealth management and financial wellness, announced that it is partnering with FNZ, a leading global wealth platform, to create a fully digital, integrated wealth management experience for the U.S. market. The integration of Envestnet’s and FNZ’s platforms will allow for real-time account opening and funding along with digitally automated servicing and maintenance capabilities for the full lifecycle of the client account.
Additionally, the partnership will make it possible to integrate the Wealth Data Platform (WDP) from Envestnet Data & Analytics as part of FNZ’s platform and offer it to FNZ’s international clientele. Envestnet’s WDP will use advanced predictive models to help businesses, advisers, and asset managers operate their operations more successfully by using FNZ’s global size and data sets.
“At Envestnet, we are focused on enabling financial institutions, enterprises, advisors and their clients to make well informed financial decisions. This exciting partnership will advance that mission and enhances our ability to empower advisors to deliver deeper insights to clients. We look forward to working closely with FNZ to provide scaled, streamlined, deeply connected experiences that will deliver greater intelligence and value for all our clients,”
Bill Crager, Co-Founder and CEO of Envestnet.
“We are very excited about our partnership with Envestnet. Both of our companies have a shared vision to open up wealth, helping everyone invest in their future on their terms,”
“The integrated solution will help our partners accelerate innovation and create outstanding client experiences.”
Adrian Durham, CEO of FNZ.
BitPay Adds Polygon Network Expanding Crypto Payment Options
BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, has announced support for Polygon and MATIC. Consumers can buy, store, swap and spend MATIC within the BitPay app later this week. For the first time, BitPay app holders will have access to spend other ERC-20 tokens including USDC, DAI, ETH and WBTC on the Polygon Network. BitPay merchants will be able to accept Polygon payments from the most popular Polygon wallets.
Panini America is offering its consumers a new digital payment choice as the first retailer to accept MATIC through BitPay. With more than 1,000 new collection launches annually, Panini is the global market leader in the world of sticker and trading card collections. It is also one of the top publishers of children’s magazines, books, comics, and graphic novels. Through Panini’s NFT marketplace, users have access to thousands of NBA, NHL, NFL, and other NFTs.
“We’re really excited to be able to support another coin within the Panini Wallet, especially one so connected with the NFT market. The opportunity to partner closely with BitPay, continue to develop the Panini NFT platform, and continue to give our collectors greater payment flexibility and options during this NFT market cycle is a key reason we’ve chosen to work so closely with BitPay,”
Jason Howarth, VP Marketing, Panini America.
For both web3 consumers and creators, the Polygon frictionless and carbon-neutral Layer-2 Ethereum scaling platform provides a quick, scalable, and ultra-low fee environment. Its native coin, MATIC, is utilized for decentralized app participation, transaction fees, and blockchain governance (dapps). With over 37,000 dapps and partnerships with major brands and companies including DraftKings, Meta, Starbucks, Reddit, and Stripe, the network is quickly emerging as the de facto Web3 platform.
”When adding a new coin for merchants to accept, we look at many factors, but among the most important is its payment utility and community involvement. The Polygon network encourages mass adoption by enabling blockchain networks to connect and scale to support new and existing users,”
“Adding MATIC to the mix of cryptos that BitPay supports offers businesses a fast, safe and secure alternative to traditional payment methods and paves the way for blockchain payments to disrupt the way consumers and businesses receive and spend funds.”
Stephen Pair, CEO of BitPay.
“Working with BitPay opens up a new world of commerce to MATIC holders, allowing them to spend with a host of global merchants including Airbnb and Shopify for the first time,”
“We’re thrilled the utility of MATIC is expanding and adding further value to the Polygon ecosystem.”
Sandeep Nailwal, Co-Founder of Polygon.
The automatic update to add MATIC to the mix of cryptocurrencies is sent to BitPay merchants and BitPay app users. Merchants can accept Polygon payments without making any modifications or changes. Customers can choose to pay using their supported wallets, including the BitPay Wallet. BitPay supports 15 cryptocurrencies in addition to Polygon (MATIC), including Ape Coin (APE), Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Dogecoin (DOGE), Shiba Inu (SHIB), Litecoin (LTC), XRP (XRP), Wrapped Bitcoin (WBTC), as well as six stable coins: Euro Coin (EUROC), Dai (DAI), Binance USD (BUSD), USD Coin (USDC), Pax (GUSD).
Nubank launches its own cryptocurrency with Polygon to power loyalty & rewards for customers
Nubank, one of the largest digital financial services platforms in the world with over 70 million customers across Latin America, announces today the creation of Nucoin, its own cryptocurrency on the Polygon blockchain network. The company’s tokens are expected to be launched in the first half of 2023, will be distributed free of charge to customers and will serve as the basis for the creation of a groundbreaking rewards program in Brazil.
“We are opening a door to the future. Nucoin is a new way to recognize customer loyalty and foster further engagement with Nubank products”
“This project is another step ahead in our belief in the transformative potential of blockchain technology and to democratize it even more, going beyond the purchase, sale and maintenance of cryptocurrencies in the Nu app.”
Fernando Czapski, General Manager for Nucoin at Nubank.
For the project, Nubank decided to collaborate with Polygon Technology, an Ethereum scaling blockchain that improves Ethereum’s functionality while maintaining the security and decentralization of the base layer. As stipulated by the parties, Nubank will make use of Polygon’s technological advancements and technical assistance for the development and spread of the new coin.
“The fact that one of the largest digital banking institutions in the world is offering its own cryptocurrency is a strong testament to the utility that blockchain and crypto have to offer. Nubank’s customer loyalty rewards program, powered by Polygon, will deliver the transformative benefits of blockchain technology to its customers, whilst acknowledging the shift happening in the traditional financial space.”
Sandeep Nailwal, Co-Founder of Polygon.
“Nubank was born to simplify the financial lives of customers, who are at the heart of everything we do. Nucoin is yet another way of recognizing the 70 million users who trust our products by bringing some of them to part of the creation process. We want to break paradigms and revolutionize the way companies reward people who use their services”
Fernando Czapski, General Manager for Nucoin at Nubank.
Following standard procedures for blockchain initiatives, Nubank will ask about 2,000 clients to take part in the dynamics surrounding Nucoin. The choice will be made in the months of October and November and will consist of the most active users of the company’s goods and services as well as of NuCommunity, an online forum for consumer discussion. They will have a private discussion on NuCommunity. In this stage, the suggestion is to investigate a decentralized product creation process, a Web3 feature, rather than simply solicit comments.
With the creation of its own cryptocurrency, Nubank hopes to reward consumers with Nucoins through discounts and other rewards.
FENERGO LAUNCHES PERPETUAL KYC OFFERING
Fenergo, the leading provider of digital solutions for Know Your Customer (KYC) and Client Lifecycle Management (CLM), has launched a new perpetual KYC solution to enable financial institutions to streamline periodic KYC review processes and reduce costs through automation.
The solution, Fenergo Smart Review, automates the ongoing monitoring of customer records for KYC compliance by identifying all changes to relevant legal entity data, transactions, and anti-money laundering controls (AML). It uniquely assesses the risk impact of these changes on the client’s circumstances while automatically determining relevance and materiality. This allows low-risk cases to be handled directly while high-risk cases are prioritized for enhanced due diligence by the analyst. For example, a change of beneficial owner in favor of a sanctioned person or the appointment of a new manager deemed politically relevant (PEP) is automatically assessed to determine the level of risk. and cases requiring human intervention.
Financial institutions are required to periodically evaluate each customer relationship against national and global KYC regulatory requirements. A recent study by Fenergo describes a human-oriented and labor-intensive process. He revealed that more than half of financial institutions spend between 61 and 150 days on KYC customer reviews, and the average cost for a single review is $2,200.
“The requirement to complete ongoing KYC reviews manually for a bank with hundreds of thousands of clients presents a huge and costly operational burden, particularly when genuine key risk factor changes are minimal,”
“With Fenergo Smart Review financial institutions can streamline the KYC review process by automating the continuous monitoring of clients. This ultimately improves operational efficiencies, while reducing operating costs and regulatory risk.”
Stella Clarke, Chief Strategy Officer, at Fenergo.
“There is growing demand among banks to ease the operational burden caused by the sheer volume of periodic reviews and the amount of time spent completing them,”
Fenergo’s perpetual KYC solution ensures that automation can do the bulk of the heavy lifting – allowing analysts to focus on the material risks.”
Phil Mackenzie, Research Principal at Chartis.
Fenergo Smart Review, a modular addition to Fenergo’s Software as a Service (SaaS) CLM solution, is accessible to all financial institutions worldwide and is pre-configured with connectors to top data and screening providers.
NEXI AND ILLIMITY: A NEW PARTNERSHIP TO SUPPORT ITALIAN SMES
Nexi, the European PayTech, and Illimity Bank S.p.A., a high-tech Banking Group, announce a new partnership to support Italian SMEs: b-ilty, Illimity’s digital store of financial and credit services aimed at small and medium-sized enterprises, expands its offering with Nexi’s digital collection solutions.
Starting today, Italian SMEs will be able to rent or purchase Nexi’s products and services for a fee by accessing the b-ilty platform, thus arming themselves with solutions. The best technology available on the market allows them to accept any form of payment in a convenient, fast and secure way.
In fact, thanks to the b-ilty portal, customers will be able to access a dedicated offer specially designed by Nexi and digitally request through the Nexi portal the products that best suit their needs. surname. Contract signing is also done completely digitally, thus providing a convenient and fast user experience, allowing entrepreneurs and SMEs to conduct transactions from their offices. at any time without visiting a bank branch and without any paper documents.
In addition, the wide range of products offered by Nexi, combined with the b-ilty digital platform, will create an innovative and unique offering specifically for SMEs to assist them in their increasingly demanding market for advanced technology to meet the needs of different product categories.
“The partnership with Nexi allows us to further expand the b-ilty offering by making available, once again, a simple solution that provides real support to businesses. b-ilty was, indeed, created to simplify SMEs’ activities – the constant evolution of the offering will therefore continue along this path to keep ahead of the ever-changing and diverse needs of businesses.
Carlo Panella,Head of Direct Banking at illimity.
A guarantee of dependability is added on top of the availability of a dedicated Relationship Manager for each b-ilty customer and Smart Care, the 24-hour, professional call center offered by Illimity, by Nexi, which also handles the setup of the POS terminal and all technical support services.
“The penetration of digital payments is growing significantly throughout Europe, including in Italy where they now account for about one-third of all payments and are steadily gaining momentum,”
“The partnership with Illimity allows us to take another fundamental step towards the spread of digital collection solutions capable of tapping into the needs of SMEs and guaranteeing them tangible advantages in terms of efficiency, speed, reliability, increased business, as well as compliance with the latest regulatory requirements. Additionally, this agreement makes it possible to meet the needs of an ever-growing number of SMEs that favor digital channels to purchase the most suitable products and solutions for their business”.
Giulio Vasconi, Head of Marketing Merchant Services & Solutions in Nexi.
WIO BANK ANNOUNCES PARTNERSHIP WITH STRIPE
Wio Bank PJSC, the region’s first platform bank, has announced a partnership with Stripe, a financial infrastructure platform for businesses, which will enable SMEs in the UAE to access the power of e-commerce faster and more easily and conveniently.
Through this collaboration, Wio Business, the company’s first digital banking application, will enable SMEs and independent contractors—who up until now have had difficulty accessing payment products—to enter the world of e-commerce more quickly by providing them with an accessible Stripe account. As a result, they will be able to set up a payment gateway for their e-commerce firm and start taking payments right away. Wio Business and Stripe guarantee simple pay-as-you-go pricing and quick onboarding.
Soon after registering on the Wio Business app, users can quickly set up a payment gateway to optimize payments.
“We have a vision of facilitating more digital commerce while removing as much friction as possible for our customers. Partnering with Stripe is a natural path to accelerate that goal as more businesses turn to online commerce as an opportunity, necessity, and competitive advantage in today’s global economy.”
Jayesh Patel, CEO, Wio Bank.
Up until now, businesses have had to go through lengthy onboarding procedures that cost them a lot of time and money to accomplish, with the majority of suppliers demanding in-person onboarding. Wio’s quick and secure online setup for Stripe will allow UAE businesses access to the internet economy.
“The UAE is a global tech talent hub. However, too many companies still face challenges when trying to accept payments, make payouts, and manage the finances of their internet businesses. We’re thrilled to work with Wio to help remove these complexities so businesses can focus on what makes them special.”
Girard Moussa, head of UAE at Stripe.