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FIS sells Worldpay to GTCR at $18.5b valuation
FIS, a global financial services technology company, has announced that it has entered into an agreement to sell a majority stake in its Worldpay Merchant Solutions business to private equity funds managed by GTCR in a transaction that valued Worldpay at $18.5 billion.
The agreement will allow for more centralized management and simplified operations for FIS and Worldpay. Additionally, the initial proceeds provide immediate flexibility in capital allocation.
“This transaction allows FIS to monetise our Merchant Solutions business at an attractive valuation partially and provides certainty for all stakeholders,”
“It also allows us to simplify and drive greater focus on delivering innovative, next-generation financial technology and software solutions. At the same time, Worldpay will become a privately held company and benefit from the resources and expertise of GTCR.”
Stephanie Ferris, CEO and President FIS.
As part of the deal, GTCR has committed to investing additional capital in Worldpay of up to $1.25 billion to pursue inorganic growth opportunities. FIS will use the proceeds of the sale to pay off debt and return additional capital to shareholders through an existing share buyback authorization and for general corporate purposes while maintaining a credit-grade rating. strong investment.
“We are thrilled to be working with Charles and the Worldpay leadership team to build on the company’s culture of innovation, invest in new capabilities and advance its leadership position across channels and geographies. As a firm, we have a long history of investing in the payments sector, and that experience provides us with tremendous confidence in the opportunity for sustained, long-term growth at Worldpay.”
Collin Roche, Co-CEO and Managing Director at GTCR.
FIS will remain a provider of financial technology solutions to financial institutions, capital markets firms, businesses and developers worldwide.
Mastercard uses AI to flag real-time payment fraud for UK banks
Mastercard is fighting fraudsters with its AI-powered ‘Consumer Fraud Risk’ solution, now available in the UK.
Leveraging Mastercard’s artificial intelligence capabilities and a network view of account-to-account payments, it helps banks predict and prevent fraudulent payments of any kind. In partnership with nine UK banks, including Lloyds Bank, Halifax, Bank of Scotland, NatWest, Monzo and TSB, Mastercard uses large-scale payment data to help identify payment frauds in real time. real time before the money leaves the victim’s account.
Organized criminals transfer “scam” money through a series of “mule” accounts to hide them. To combat this, for the past 5 years, Mastercard has been working with UK banks to track the flow of money through these accounts and then close them. Drawing on information from this tracing and overlaying it with specific analytic elements, Mastercard’s AI solution provides banks with the information they need to intervene in real time and stop payments before money is lost.
TSB was one of the first banks to adopt Mastercard’s Consumer Fraud Risk tool and has used it with great success. Other banks that accept the risk of defrauding consumers will do so in 2023.
“Banks have found these scams incredibly challenging to detect,”
“Their customers pass all the required checks and send the money themselves; criminals haven’t needed to break any security measures. As we all live more digital lives this type of fraud erodes victims’ confidence to interact online. Our goal is to build and maintain that trust. Using the latest AI technology, we are helping banks identify and predict which payments are being made to fraudsters and stop them in real-time.”
Ajay Bhalla, president of Cyber and Intelligence at Mastercard.
Mastercard will be rolling out Consumer Fraud Risk in the UK first, as it has extensive experience in tracking and preventing financial crime in the country’s real-time banking system and has help coordinate banks sharing their fraudulent data. It is currently approaching the next most suitable markets to adopt this technology.
Visa and SAP partner to enhance enterprise payments
Visa announced that it has partnered with SAP to streamline and simplify business-to-business (B2B) payments for businesses.
The Asia-Pacific-focused partnership marks the first time Visa and SAP have teamed up to offer a way to integrate payments into the SAP ecosystem through the SAP Business Technology Platform (SAP BTP). .
This partnership sets the stage for Visa and SAP to explore integrated finance in the B2B market, helping to integrate the financial journey into business operations.
For Visa, the move aligns with its strategy of growing its footprint in the B2B space, supporting broader cash flows between individuals, businesses and governments, beyond consumer payments. This includes customer and supplier account flows, corporate payments with card solutions, and cross-border payments.
“The movement of money is becoming increasingly digital, but the bulk of transformation has been focused on the consumer space,”
“There is an urgent need to modernise the way enterprises pay and enhance the B2B payment experience. Our collaboration with SAP is an exciting step in making B2B payments simpler and more intuitive as organisations can make payments immediately on SAP platforms with their Visa corporate cards, instead of having to leave their existing enterprise ecosystem and to navigate the different payment methods that their vendors accept. B2B payments needs to be intuitive, speedy and fuss-free, so organisations can spend time and resources on other aspects of their businesses.”
Stephen Karpin, Regional President of Asia Pacific, Visa.
For SAP, this decision is intended to improve the customer experience when using SAP software to manage their business. Running on SAP BTP, B2B Payment Services will provide convenient Visa payment services to SAP customers. Bringing more automation to checkouts that mark the last mile of shopping will help businesses gain efficiency in the buying journey as they securely make payments with just a few clicks mouse.
“Our collaboration with Visa endeavours to streamline and simplify the B2B payment process and drive further efficiencies for our joint customers. Embedding Visa payment into the SAP ecosystem aims to scale and accelerate digital commerce; together empowering enterprises, from small businesses to government agencies and non-profit organisations, to make secure payments with just a few clicks, transforming the last mile of procurement,”
Paul Marriott, President of SAP Asia Pacific Japan.
The integrated financial solution will initially be offered to SAP customers in Australia, India, Japan, Malaysia, Singapore, Thailand and Vietnam, with plans to roll out to other markets in the region.
Chapa & Telegram team to enhance digital payments in Ethiopia
Chapa, a payment solutions provider in Ethiopia, has announced a partnership with Telegram to enable merchants using Telegram to seamlessly accept payments from customers, including financial and digital payments. digital in Ethiopia.
Chapa’s integration with Telegram’s bot ecosystem allows merchants to accept payments without requiring customers to leave the app. Whether it’s mobile money, bank transfers, or debit/credit cards, Chapa allows users to make payments instantly, improving convenience and accessibility.
“We are honoured to represent Ethiopia on the international stage as the exclusive Telegram payment provider in Africa,”
“This noteworthy accomplishment speaks to the progress of our emerging fintech sector and reaffirms our commitment to drive financial technology advancements within the region.”
Israel Goytom, CTO and Co-founder of Chapa.
Bot developers can seamlessly integrate Payments Bot into any e-commerce platform by accessing Telegram’s open platform and available APIs. This integration opens up exciting opportunities for merchants, allowing them to accept payments through any bot-powered platform.
Chapa’s mission is to empower Ethiopian businesses to expand their reach in the global market, and this partnership with Telegram takes us one step closer to achieving that goal. We’re revolutionizing the way users interact with businesses, delivering a seamless experience that combines messaging and payments.
With Telegram allowing payments in the messaging platform, the possibilities are endless. Chapa and Telegram are excited to bring this transformative experience to Ethiopian users, improving their daily lives and opening new avenues of development.
TransUnion & NatWest expand Credit Score Service for UK consumers
TransUnion and NatWest Group have expanded their existing partnership to introduce Know Your Credit – a retail banking credit reporting service to all eligible UK consumers.
The new service builds on the bank’s existing engine, which has seen over five million NatWest and Royal Bank of Scotland customers access their TransUnion credit scores through the dashboard for free. interact on mobile banking application.
Now, TransUnion and NatWest Group are expanding their ability to offer this service to all eligible UK consumers, regardless of their banking institution.
“Understanding credit information is essential nowadays, given the important role credit plays in our lives — from enabling everyday purchases to helping people achieve life goals, such as buying a car or home. With the introduction of NatWest’s new service, we are helping to make credit information even more accessible, empowering consumers to take control of their financial well-being and supporting access to credit.”
James Robinson, Managing Director of Consumer Interactive at TransUnion in the UK.
Know Your Credit Score provides free, unlimited access to credit score information from TransUnion, allowing individuals to better understand their credit status and make informed financial decisions. transparent. Research by TransUnion shows that 53% of people who use the tool to track their credit profile have improved their credit score within six months.
“We want to empower our customers and help them reach their financial goals. Through our partnership with TransUnion, we are helping our customers better understand their credit information and how it is used. We are building on this by offering the benefits of this service to everyone, no matter where they bank, so they can enjoy the positive impact it brings.”
Phil Sheehy, Customer Goal Lead, Short-Term Borrowing at NatWest.
FundingShield partners with Mastercard to leverage its open banking platform
FundingShield, a cloud-based company providing FinTech solutions for risk management, compliance, and fraud prevention, has partnered with Mastercard to leverage an open banking platform run by Finicity, a Mastercard company provide.
“FundingShield has over 95% coverage of licensed service providers in the real estate, mortgage, closing and settlement space in our live repository. This partnership with Mastercard allows us to leverage its open banking connectivity of over 95% of US-based deposit accounts for consumer-permission access to real-time, bank-sourced data to expand our B2B and B2B2C payment verification solutions for clients.
“With this partnership, we deepen our mortgage, title, and real estate offerings as a one-stop shop. Further, this is a natural extension of our scalable and malleable solutions with applications across numerous sectors. We are actively engaged and delivering loss prevention tools for accounts payable, treasury, and supplier risk management teams across several industries.”
Ike Suri, CEO FundingShield.
FundingShield solutions manage risks for B2B and B2C businesses that are facing an increase in cybersecurity threats such as hacks and frauds. FundingShield payment verification solutions support bank account ownership confirmed with consumer authorization data from the banking institution where the account is held, using Mastercard’s open banking platform . This source data is then used to help approve payments before a FundingShield customer initiates a wire transfer, ACH, or other payment method from the client’s banking institution.
This partnership expands FundingShield’s offering in the real estate, mortgage and securities industries with solutions that protect buyers, sellers, brokers, bank and non-bank lenders, warehouse lending and payment and title institutions.
Tuum and Marqeta offer pre-integrated fintech offering
Tuum and Marqeta have partnered to provide a pre-integrated fintech solution that accelerates time-to-market for Tuum customers by working with Marqeta’s open API platform.
European banks and fintechs will be able to create flexible card schemes that deliver an industry-leading modern digital payment experience while saving resources, time and money.
Marqeta’s state-of-the-art card issuance platform, certified to operate in 40 countries, enables its customers to create innovative and personalized payment cards. The company’s platform is powered by open APIs, democratizing access to card issuance technology, and empowering customers to create a more flexible and configurable payment experience.
Through this new partnership, businesses already using Tuum’s cloud-based next-generation core banking solution will be able to launch and manage card programs, issue cards, and authorize cards. rights and settle their own transactions. Integrated finance is a big trend, and banks and fintechs alike are looking to deliver highly personalized experiences to customers, through highly configurable banking and issuer processing platforms.
The partnership between Tuum and Marqeta combines Tuum’s robust and sustainable core banking solution with Marqeta’s state-of-the-art digital payments experience to deliver greater efficiency to customers. Time to market for integrated financial services is not only accelerated, but also cost-effective and can be tailored to meet individual customer needs.
“We’re thrilled to announce our partnership with Tuum, and through this collaboration, we’ll provide a pre-integrated fintech solution that leverages our open APIs, tokenisation as a service, Just-in-Time gateway funding and other market-leading features. Financial services innovators can build, test, launch and iterate modern and scalable card programmes from the ground up, on their terms, delivering a customised card product that fits their needs best,”
Jeff Parker, SVP and Managing Director, International at Marqeta.
“To keep up with the current pace, it’s becoming increasingly important for banks and fintechs to offer modern digital payment experiences to consumers, and we’re excited to help them take this step through our collaboration with Marqeta. While our cloud-native, next-generation core banking platform gives them the security and reliability they need for the future, the pre-built integration allows them to create their own card programmes and deliver highly personalised experiences to consumers,”
Jean Souto, VP Global Partnerships at Tuum.
Jack Henry Launches Real-Time Payments Fraud Feature
Jack Henry announced the launch of Payrailz Fraud Monitor, an AI-powered, cloud-based feature of the Payrailz digital payments platform that provides real-time fraud detection as transactions occur. payment translation is started. This exclusive, highly customizable feature supports person-to-person (P2P) payments, consumer and business bill payments, and account-to-account outbound transfers (A2A ) is powered by the Payrailz digital payment platform.
Payrailz Fraud Monitor leverages AI and machine learning to simultaneously detect and weigh multiple fraud attributes and metrics, including known and unknown fraud cases and patterns, to generate composite scores, which can be action as you make each scheduled payment transaction. Financial institutions can configure score ranges and other thresholds based on their own risk tolerance, and the AI-powered fraud engine continuously learns to detect evolving fraud patterns and emerging. Based on behavioral analysis, Fraud Monitor can significantly reduce payment fraud, including account takeovers (ATOs) where fraudsters possess real user credentials and try to quickly withdraw money from their account.
“It’s an unfortunate reality that every payment channel is being impacted by fraud and fraud attempts,”
“And we know that mitigating payments fraud takes a multi-layered approach that targets fraud attempts at the different stages of a payment transaction. We’re excited to offer Fraud Monitor to our clients and empower them with a sophisticated, AI-driven feature that scores 100% of P2P, A2A, and bill payments in real-time. The ability to leverage transaction attributes, user profiles, and atypical behavior patterns uniquely balances the ability to immediately detect and prevent fraudulent transactions with a frictionless payments experience.”
Tede Forman, president of Payment Solutions at Jack Henry.
“Fraud Monitor delivers a wide range of benefits for our credit union,”
“In addition to the critical benefit of helping us stop fraud in real-time, Fraud Monitor helps with workflow efficiencies by drastically reducing the number of suspicious transactions that need our manual review and automatically stopping fraudulent transactions. Fraud Monitor provided us the flexibility we need to respond to dynamic fraud schemes and patterns as well as the ability to tailor score thresholds and other configurations that support our risk preferences.”
Adam Jones, vice president of digital experience at Georgia’s Own Credit Union.
Payrailz Fraud Monitoring supports Jack Henry’s strategic commitment to providing innovative solutions that help banks and credit unions reduce fraud and fraud schemes inherent in individual payment channels. multiply today. As part of its technology modernization strategy, Jack Henry will also launch Jack Henry Financial Crimes Defender™, an industry-leading, cloud-based, multi-channel fraud detection platform that will launch widely in the summer of 2023.
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.
Global Payments Leader, Convera Chooses Temenos to Modernize Payments in the Cloud
Temenos announced that Convera, the largest non-bank global B2B payments provider, has selected Temenos Payments Hub running in the Temenos Cloud to modernize its payments infrastructure.
The move to Temenos Software-as-a-Service (SaaS) will help Convera to drive efficiency in payment processing from inbound funding to outbound disbursements and massively scale with the aim to double its payments volumes in the next five years and expand its payment rails. Temenos SaaS will help enable Convera to compete in the highly dynamic payments market.
Convera will overhaul its payments engine by progressively replacing legacy systems with Temenos’ robust, scalable platform to standardize its international commercial payments on a single platform. Temenos’ platform capability to intelligently route payments over Convera’s global partner bank network will allow for greater efficiencies and improved customer service. Convera will also use Temenos’ data hub capabilities for real-time data management. Temenos’ composable platform can easily integrate with Convera’s existing infrastructure which includes integrated compliance systems and payment gateways, increasing automation and time to value.
Temenos’ highly scalable platform with proven localization and ongoing investment in US and global compliance will enable Convera to process payments in a highly efficient and standardized manner. Temenos’ cloud-native platform will offer real-time payments and resilience giving Convera the business agility required to benefit from new market initiatives such as instant payments and ISO 20022. With Temenos payments platform, Convera will also continue to enhance its straight through processing (STP) rates through advanced exception handling.
Convera – which was previously part of Western Union – is the largest non-bank fintech in global B2B payments and makes cross-border money transfers simple by allowing its customers to transact globally with ease. Convera offers services ranging from currency exchange to hedging solutions and has capabilities in 140+ currencies across 200+ countries and territories. The company serves more than 30,000 customers, which range from small business owners and enterprise treasurers to educational institutions, financial institutions, law firms and NGOs.
Convera selected Temenos after a competitive process including US incumbent vendors and specialized payment vendors. Temenos offers a single platform across all banking verticals, fintechs, and associated business segments including payments and core banking, and as a result it benefits from higher investment in R&D.
“Temenos payments platform will underpin Convera’s growth strategy as it transforms into a modern, technology-led, global B2B payments organization, focused on innovation, value, and exceptional customer service. After extensive assessment, we selected Temenos both for its superior cloud technology capabilities and the trust in the team and its local operations. Temenos is the platform of choice for massive scale; we have a clear path for global expansion and look forward to partnering with Temenos with its global expertise to support us along the way.”
Patrick Gauthier, Chief Executive Officer, Convera.
“We are excited to be selected by Convera, one of the largest fintechs, to modernize its payments infrastructure. We see tremendous growth opportunities in the payments space, and we continue to heavily invest in our single code base across core banking and payments making our offering the most compelling in the market. With Temenos Payments Hub running on Temenos SaaS, Convera will have a modern payments platform which can scale massively and propel its expansion plans. With our SaaS solution, Convera will stay agile and at the forefront of innovation and deliver fast, reliable, and transparent payment services to its corporate customers. Temenos offers a proven SaaS model together with robust US pre-configured capabilities, which is compelling for financial institutions of all sizes to move to Temenos.”
Philip Barnett, President Americas, Temenos.
Temenos Payments is ranked #1 best-selling payments system in the IBS Sales League Table 2022.