NEWS
Featured News
Trending News
FOUR AWARDS FOR BANK OF CYPRUS AT THE “DIGITAL FINANCE AWARDS 2022”
Finance pioneer Bank of Cyprus is rewarded for its digital transformation and its innovative digital products and systems, confirming in the best way possible that the bank provides customers with high-quality services.
At the “Digital Finance Awards 2022”, held in Athens, the Bank of Cyprus secured 4 awards for its pioneering projects and innovative initiatives in the digital transformation of the financial sector in Cyprus.
Bank of Cyprus won the Gold Award for:
- Μost innovative branch in Cyprus
- Digital Onboarding on BoC Mobile Banking App
- Motor and Home Insurance via BoC Mobile Banking App
It also received the Bronze Award for “BoC Mobile Banking App for Best Mobile App”.
“The Bank of Cyprus awards confirm our continuous efforts to adopt innovative tools and services/products that lead the Group to the next day of digital transformation. We hope and work in this direction so that the Group opens wide the horizons for the new digital era in Cyprus. Digital banking is here to stay and is constantly evolving, at the same time being the starting point for more digital tools and channels.”
Acting Chief Digital Officer Demetris Nicolaou.
CROSS RIVER PARTNERS WITH REVOLUT TO DELIVER MORE AFFORDABLE ACCESS TO CREDIT
Cross River Bank (Cross River), a technology infrastructure provider that offers embedded financial solutions, today announced that it has partnered with Revolut, a global financial superapp with over 18 million customers worldwide, to build and scale Revolut’s business in the U.S. leveraging Cross River’s technology and regulatory infrastructure.
The partnership will open up the first U.S.-based consumer personal loans for Revolut customers thanks to Cross River’s technology infrastructure, with additional credit offerings slated to launch in the coming months. Cross River’s platform, technology, and regulatory expertise will further expand access to financial services to customers across the country and enable Revolut to scale and expand across business verticals including credit.
As a result, Revolut customers will easily be able to take out a loan without worrying about late fees, origination fees, and prepayment penalties. Customers can check their rates through the credit tab in their Revolut app without impacting their credit score. They can then seamlessly request the loan amount and term they need to accomplish their goals directly in the app.
“At Cross River, we’re always looking for new and innovative ways to provide access to credit,”
“Our partnership with Revolut is instrumental in facilitating responsible financial solutions to consumers, and we’re excited to be powering Revolut’s U.S. expansion.”
Adam Goller, EVP, Head of Fintech Banking at Cross River.
“At Revolut, we’re building the world’s first global financial superapp so the move into credit and personal loans is a natural next step. Revolut has developed technology to provide loans instantly to approved customers, with no origination fees – so customers can get the credit they need when they need it,”
“We’re thrilled to partner with Cross River to offer U.S. consumers an even more diverse range of financial services with the launch of our intuitive and hassle-free personal loan product.”
Tarun Bhushan, Revolut U.S. Head of Lending.
Revolut offers near-instant, same-day loan funding so once the loan is approved, it can land in the user’s Revolut wallet account in minutes. Customers can also set up automatic loan payments with the AutoPay feature to ensure they never miss a repayment. Revolut is notifying customers via email if they have been pre-selected for a personal loan. Although only currently available for Revolut’s U.S. customers, all U.S. consumers will be able to apply for a Revolut loan in the coming months.
Looking ahead, Revolut will further bolster its global financial superapp in the U.S. with additional credit offerings. From everyday spending to future savings and investments, Revolut offers ways to improve economic health and provides more control for consumers to connect seamlessly around the world. As fintech continues to play an important part in the financial industry, Cross River is an innovator in powering secure financial and technological solutions for partners to conveniently provide more affordable access to credit and for consumers to beneficially manage their funds.
FINASTRA COLLABORATES WITH MICROSOFT TO BRING EMBEDDED FINANCING OPTIONS TO THOUSANDS OF BUSINESSES WITH BANKING AS A SERVICE
Finastra today announced a Banking as a Service (BaaS) collaboration with Microsoft to bring new lending options to thousands of Small and Medium Enterprises (SMEs) – a sector severely underserved when it comes to accessing finance. SMEs using Microsoft Dynamics 365 will be able to access and unlock vital financing offers without leaving their business management platform.
This move will enable SME owners to access relevant and valuable business financing in a seamless and frictionless manner. Users will be able to unlock lending options within Dynamics 365. With consent from the SME, the solution will use information an SME already stores within Microsoft Dynamics 365, making it easier for them to apply for lending. The ability to provide banks with additional information, including accounts receivable and payable records, will improve lending decisions and time to cash for SMEs. Finastra’s expansive network of over 5,000 financial institutions in the US will allow SMEs to access the most relevant and valuable financing options for their specific business needs.
“We are extremely excited to bring this additional finance capability to SMEs to ease the process of accessing capital, and power competitive financing offers in less time,”
“This lending proposition for Microsoft Dynamics 365 reinforces Finastra’s leadership in open and embedded finance. It demonstrates the huge benefit that embedded and contextual finance will bring to the industry and the communities within it. We look forward to continuing our long-standing collaboration with Microsoft and working closely on this and future impactful projects.”
Angus Ross, Chief Revenue Officer, Banking as a Service, at Finastra.
“We are proud to further expand our relationship with Finastra to drive new value for small and medium enterprises, the backbone of job creation in the world’s economy,”
“By embedding secure access to key financial services in the context of Microsoft Dynamics 365, our SME customers will have a faster path to the financing options and critical capital they need to thrive.”
Bill Borden, Corporate VP of Worldwide Financial Services at Microsoft.
The Finastra SME embedded finance solution on Microsoft Dynamics 365 will be integrated with open APIs through Finastra’s FusionFabric.cloud platform. The solution is expected to go live in Summer this year, with an initial focus on North American customers.
ONECONNECT ENTERS BANKING SOFTWARE-AS-A-SERVICE SPACE WITH STRATEGIC PARTNERSHIP WITH PISMO
OneConnect Financial Technology Co., Ltd (OneConnect), the leading Technology-as-a-Service (TaaS) provider and an associate of Ping An Group, today announced an exclusive strategic partnership with Pismo, one of the world’s fastest-growing banking Software-as-a-Service (SaaS) firm with momentum in the Americas and Europe. This partnership sees OneConnect’s suite of cutting-edge technological solutions complemented with Pismo’s highly scalable, nimble, and multi-tenant SaaS platform to better serve a broader range of financial institutions within Southeast Asia and the Middle East.
“We are excited by the potential that this partnership brings to both parties. As a financial technology solutions provider, we are constantly looking out for new technologies and ways for us to bring better value to financial institutions. With this partnership with Pismo, we are glad to be able to extend our range of services to now include SaaS, which we envision to be more accessible and implementable for mid-to small-sized banks. This is also where we believe we can bring together the best of the East – best-in-class AI innovations and technology – and the West – a flair in product engineering.”
Tan Bin Ru, CEO (Southeast Asia), OneConnect Financial Technology.
OneConnect chose Pismo as its latest strategic partner due to Pismo’s deep experience developing and implementing banking SaaS solutions for financial institutions including digital banks, such as Banco Itau, Latin America’s largest bank, BTG Pactual, the largest investment bank in Latin America, and renowned digital bank N26. Together with Pismo, OneConnect will soon be able to offer proven SaaS-based core banking solutions suitable for smaller banks. This potentially allows for integration within OneConnect’s existing products, such as its anti-fraud engines and mobile banking applications, which previously targeted top incumbent and large banks looking to digitalize.
“Southeast Asia is a key market for Pismo, as one of the highest growing economies in the world. Our vision is to help banks and fintechs in their journey into BaaS and cloud for core processing,”
“Our presence in Singapore and our partnership with a high-accomplished institution as OneConnect underlines our deep commitment to this region.”
Vishal Dalal, CEO (North America, Europe, and Asia), Pismo.
TRANGLO LAUNCHES ALL-IN-ONE BUSINESS PAYMENT SOLUTION
Tranglo Pte Ltd has launched a comprehensive business payment solution that helps businesses send and receive global payments quickly.
Tranglo Business is developed exclusively for corporates of all sizes, specifically non-payment providers such as e-commerce traders, local vendors with regional suppliers and customers, cross-border travel agencies, global freelancing and outsourcing platforms, and giggers.
Tranglo Business is a comprehensive payment solution for corporates of all sizes.
small-and-medium enterprises represent 90% of the world’s businesses, but many face operational and technical challenges when receiving and paying abroad. Traditional payment providers and the use of multiple intermediaries, which can be costly, may not be able to meet their needs.
Tranglo Business aims to solve this by using proprietary single-interface technology to help businesses liberate their global payment processes and keep costs low, allowing them to scale their growth.
” We developed Tranglo Business to help enterprises address their payment pain points. Our aim is to help them choose the most cost-effective way to send and receive money without sacrificing speed and security. As part of our guarantee of excellence, customers need to complete an onboarding process in Singapore before they can access Tranglo Business and its full suite of features. “
Tranglo Group CEO Jacky Lee
Tranglo Business provides an all-in-one business payment solution from FX and wallet management to multi-currency support and AI-assisted compliance screening. Customers can customize their payments using intelligent routing, API integration, and even approval management for different users. It also offers volume discounts and special rates, while full transaction reports can be generated to ease reconciliation and account keeping. Dedicated support is accessible 24/7.
BLUESNAP LAUNCHES EMBEDDED PAYMENTS SUITE TO HELP SOFTWARE PLATFORMS MAXIMIZE REVENUE GLOBALLY
BlueSnap, a global payment orchestration platform committed to helping B2B and B2C businesses accept and optimize payments around the world, has launched its Embedded Payments and Payfac-as-a-Service offering for software platforms looking to scale their customer base globally.
BlueSnap has been helping software platforms monetize their payments for several years with their Integrated Payments for Platforms. The new Embedded Payments and Payfac-as-a-Service suite expand and innovate on this to include three new products: BlueSnap Dash™, BlueSnap Relay™, and BlueSnap Flex™. These solutions are designed to help software platforms drive revenue growth, enhance the user experience, and increase product retention.
BlueSnap developed these products to give software companies the flexibility to choose which model of embedded payments suits their specific needs. BlueSnap is one of the very few providers worldwide to support the global payment facilitation model.
“ The traditional development cycle for payments processing infrastructure and global licensing takes up to three years in-house. This extended time to market puts software companies at risk of falling behind competitors and losing traction with customers. BlueSnap is on a mission to help empower platforms to reach customers globally and profit from a key, but often overlooked, part of the customer journey – payments.
That’s why we’ve developed three tailored solutions for businesses so that they can crawl, walk, or run on their journey to become payment facilitators – choosing the best option for their growth cycle and the unique needs of their company. ”
Ralph Dangelmaier, CEO of BlueSnap
- BlueSnap Dash™: The fastest speed-to-market offering, this is BlueSnap’s hosted turnkey solution.
- BlueSnap Relay™: The quick-to-market, white-label Payfac-as-a-Service offering shields businesses from risk while simultaneously letting them brand in their way.
- BlueSnap Flex™: The branded Payfac-as-a-Service solution that leverages BlueSnap’s APIs while giving software platforms complete control.
The expansion comes amid growing demand for embedded payments among software firms worldwide, with the industry set to grow by over 40% to reach $124 billion in 2022.
According to BlueSnap research, over 2 in 5 tech leaders are now considering becoming payment facilitators. And the vast majority (88%) would opt to embed third-party technology into their platform instead of building a payment facilitation solution from the ground up.
BlueSnap’s Embedded Payments and Payfac-as-a-Service solutions enable companies to build and implement their own branded payment experiences globally, which can increase revenue for their business through payment monetization. Software platforms leveraging BlueSnap’s Embedded Payments and Payfac-as-a-Service solutions can build more meaningful revenue streams because of the ability to profit from payments revenue as well as increase customer retention. According to research from JPMorgan., software platforms can see a two to five-time increase in revenue per customer using embedded payments.
This means that any Independent Software Vendor (ISV) can become a payment facilitator without wasting time, money, and resources building a solution from scratch. It also significantly reduces the risk for software platforms by alleviating the responsibility of meeting and tracking complex regulatory guidelines and compliance rules.
BlueSnap’s Embedded Payments and Payfac-as-a-Service are part of their All-in-One Payment Orchestration Platform which helps businesses accept payments globally. The platform provides comprehensive back-end solutions that simplify the complexity of payments, managing the full process from start to finish. With one integration and contract, businesses can sell in over 200 regions with access to local card acquiring in 47 countries, 100+ currencies, and 100+ global payment types, including popular e-wallets, automated accounts receivable, world-class fraud protection and chargeback management, built-in solutions for regulation and tax compliance, and unified global reporting.
ZILCH CONTINUES TO LEAD RESPONSIBLE LENDING IN THE PAYMENTS AND BNPL SPACE
Zilch, the London, head-quartered fintech Unicorn, today announces it has taken another major step forward in innovating its technology to measure affordability through its latest partnership with Experian, the global information services company to begin reciprocal reporting of Buy Now Pay Later credit information.
Zilch continues to pioneer the space by making use of a unique blend of CRA data, Open Banking data and its own proprietary behavioural data to make active consumer lending decisions. This creates a 360 degree view of a customer’s affordability at any given time.
Zilch’s latest partnership with Experian will add reciprocal reporting of payment plans to the CRA’s data set and further demonstrates how Zilch continues to lead the way in responsible lending, ensuring that its customers’ financial health is at the very heart of everything the business does. This follows Zilch being one of the first BNPL companies to secure a Consumer Credit License with the FCA in November 2020.
Further, Zilch continues to work hand in hand with numerous partners to create increasing transparency around customer affordability. This means Zilch, as well as other BNPLs, will be able to assess customer affordability more accurately and reward customers for their responsible behaviour.
Through this new partnership, Zilch will connect the comprehensive database of insights into what its 2 million customers can afford, which in turn will assist its active decision-making processes. Zilch uniquely makes use of open banking data and its own proprietary data to assess customer affordability on each transaction and adding this to that mix will only strengthen Zilch and Experian’s ability to drive customer value responsibly.
“Our mission at Zilch is to provide people with the most ubiquitous and rewarding way to pay for anything, anywhere. This partnership is one of many technology alignments that we are leveraging as we scale in order to create the most comprehensive view of a customer’s affordability all while ensuring performance is fed back to partners allowing others in the space to make responsible decisions too. Zilch was built with financial health at its core, which is why we were one of the first BNPL to work with the FCA to secure a consumer credit license. Today, by partnering with Experian, we are continuing to transform the way affordability is assessed which is the key to us delivering financial inclusion to all.”
Zilch Co-Founder & CEO, Philip Belamant.
“By using Experian’s affordability technology, Zilch is able to access a much richer and deeper level of insight into someone’s financial situation, enabling them to provide a better and more informed lending decision. This is absolutely vital given the backdrop of rising inflation and the strain of rising living costs. We’re excited to partner with Zilch to support responsible lending in the BNPL market.”
Managing Director of Digital Consumer Information, Paul Speirs.
Zilch allows its customers to pay on debit or credit anywhere. Cashback, discounts and short, fixed term, manageable levels of interest-free credit can be used anywhere, anytime, with complete visibility and direct communication of live spending via their Zilch app. To do this, Zilch’s in-house technology uses a per-transaction affordability assessment that’s always proportionately programmed to each customer and unlike credit cards, is updated with each spend. Zilch offers its customers the best ways to pay – credit or debit – save money and get cash back – plan repayments with reminders and/or even deferred instalments (snooze their payment) at no cost.
PAYMENTS CANADA PARTNERS WITH TCS TO EVOLVE PAYMENTS WITH RTR
Tata Consultancy Services (TCS) has entered into a strategic partnership with Payments Canada, the country’s largest payment organization, to transform its payment system operations and help implement the Real-Time Rail (RTR), the new real-time payments system that will allow Canadians to initiate payments and receive irrevocable funds in seconds.
TCS will leverage its deep knowledge of the Canadian payments industry and extensive experience in designing and implementing large payment systems for its Canadian financial services clients to help Payments Canada create and execute an integration roadmap for the RTR. Additionally, TCS will use its solutions around quality engineering and participant engagement to effectively help plan and orchestrate a comprehensive end-to-end industry assurance program that will holistically validate the solution for the RTR deployment.
John Cowan, Chief Technology & Operations Officer, Payments Canada, said, “With three decades of experience in delivering market infrastructure solutions, TCS will be a valuable partner in the delivery of the Real-Time Rail. Testing and deployment is a critical step in the introduction of the new real-time payment system and we’re excited to work with TCS to execute on this next step for the RTR as we help shape the future of payments in Canada.”
Manmeet Chhabra, Business Unit Head, Financial Services – Canada, TCS, said, “We are excited to partner with Payments Canada to introduce a modern payments platform that enables frictionless payments which will accelerate the launch of new products and services. This reinforces our commitment to play a key role in developing critical components of the national financial infrastructure, helping propel Canada to the forefront of digital innovation.”
TCS has been instrumental in delivering mission-critical market infrastructure solutions in 25 countries and modernizing complex payment engines for global banks. It has partnered with central banks and industry utilities in payment innovations that enable money movement domestically and across borders with connectivity across many clearing exchanges. TCS’ payments clients include national payment system operators, central regulators, security exchanges, custodian firms, brokerage firms, payment card schemes, global card issuers and card acquirers, device manufacturers, global money transfer organizations and fintechs.
The RTR will allow Payments Canada members to offer new ways for Canadians and Canadian businesses to pay and be paid in real-time, and to make use of rich payment data. It will provide a faster alternative to less efficient payment options and support last-minute payments. It will provide certainty of receipt and act as a platform for innovation allowing ecosystem players, including financial institutions and payment service providers, to develop enhanced and new ways for Canadians to pay for goods and services, and transfer money.
About Payments Canada
Payments Canada is a public purpose organization that owns and operates Canada’s payment systems, including Lynx and the Automated Clearing Settlement System (ACSS). In 2021, Payments Canada’s systems cleared and settled over $135 trillion—more than $539 billion every business day. Payments Canada is responsible for the physical infrastructure and the associated by-laws, rules, and standards that support these systems. It also has a duty to promote the efficiency, safety, and soundness of Canada’s payment systems while taking into account the interests of end users.
Payments Canada is working closely with the payment ecosystem to modernize Canada’s payment systems to ensure Canada and Canadian businesses remain globally competitive. To meet the needs of Canadians, Payments Canada is modernizing Canada’s payment systems and the associated by-laws, rules and standards that enable financial transactions to occur efficiently and securely every day.
About Tata Consultancy Services (TCS)
Tata Consultancy Services is an IT services, consulting and business solutions organization that has been partnering with many of the world’s largest businesses in their transformation journeys for over 50 years. TCS offers a consulting-led, cognitive powered, integrated portfolio of business, technology and engineering services and solutions. This is delivered through its unique Location Independent Agile™ delivery model, recognized as a benchmark of excellence in software development.
A part of the Tata group, India’s largest multinational business group, TCS has over 556,000 of the world’s best-trained consultants in 46 countries. The company generated consolidated revenues of US $22.2 billion in the fiscal year ended March 31, 2021, and is listed on the BSE (formerly Bombay Stock Exchange) and the NSE (National Stock Exchange) in India. TCS’ proactive stance on climate change and award-winning work with communities across the world have earned it a place in leading sustainability indices such as the MSCI Global Sustainability Index and the FTSE4Good Emerging Index.
SHARES RAISES $40 MILLION FOR ITS SOCIAL INVESTMENT APP
$40 million Series B fundraising round headed by Valar Ventures, the London-based social and community-based investing app Shares is eyeing European expansion and a move into cryptocurrency.
Two months after the app’s UK launch, the round, which brought Shares’ total funding to $90 million in just over a year, was announced.
The startup’s software, which combines all the elements of a social media app with a straightforward investment product, has 150,000 users. Users can share remarks and GIFs with their close friends and family when purchasing or selling to express their opinions about the investment they are making.
Members can monitor and respond in real-time to all of their friends’ investments using an activity stream. Additionally, individuals can use group chats and private direct messages (DMs) to have discussions as well as build group watchlists with their friends to track their upcoming prospects. Users may also view their friends’ investments in stocks as well as their overall gains and losses by viewing their member profiles.
According to Shares, these capabilities enable users to discuss investing more easily without having to rely on third-party sites like Reddit and WhatsApp.
By the end of the year, Shares anticipates launching throughout the rest of Europe with the new finance in place. General managers have already been hired in Amsterdam, Barcelona, Berlin, Stockholm, Krakow, and Berlin.
The company is also planning a Web3.0 push, showcasing its crypto offering that will allow customers to effortlessly transact in the space of digital assets through the Shares application.
“This latest investment from Valar Ventures will only serve to reinforce our growing momentum, supporting the next stage of our expansion into Europe that in turn will act as a springboard into international audiences.”
Benjamin Chemla, CEO, Shares.
BARCLAYS TO BUY A STAKE IN CRYPTOCURRENCY FIRM COPPER
The largest international bank in the UK, Barclays, has closed a long-running negotiation with investors in the round that had been postponed since November by investing in cryptocurrency custody startup Copper’s most recent round.
This brings to an end a delay of more than nine months for Copper’s $500 million Series C investment round, for which a $3 billion value was sought. That amount has been decreased to $2 billion due to a weakening cryptocurrency market and diminishing investor enthusiasm.
In 2015, Barclays encouraged charities to accept the emerging asset class as a form of gift, becoming the first bank in the UK to support cryptocurrency, specifically bitcoin. The bank has a troubled history with the sector, including refusing to work with dominant exchange operators Binance and Coinbase.
Delays brought on by Copper’s dispute with the UK’s Financial Conduct Authority regarding that nation’s Temporary Registration Regime had complicated investor negotiations, particularly with Tiger Global, a repeat investor.
When Copper opened a hub in Zug, Switzerland as a result of a partnership with the world’s largest traditional custodian State Street, frustrations over the UK financial watchdog’s rule—which required digital asset service providers to apply for temporary registration in order to continue trading—reached a fever pitch in March.
Dmitry Tokarev founded Copper in 2018, which offers institutional investors custody, prime broking, and settlement services. In June of last year, the company completed a $50 million Series B investment round with an undisclosed valuation.
SUMUP LAUNCHES MAGIC PAY FOR THE HOSPITALITY SECTOR
SumUp, the financial partner for over 4 million small businesses worldwide, today announced the launch of SumUp Magic Pay, a QR code payment solution for the hospitality sector.
After the epidemic, guest behavior in the hospitality industry changed. As the market gradually began to open again, it became clear that we had become accustomed to scanning QR codes, and after two years of life becoming increasingly digital – from work to celebrations to workouts and more – we now expect to have everything at our fingertips. On the other hand, we still love the formality of dining out or going to a new pub or restaurant.
Therefore, SumUp introduced Magic Pay in reaction to this change. By scanning a QR code on the table, everyone at the table can now obtain a copy of the bill after a meal. Thereafter, a bill can be divided, a tip can be added, and payment can be made (Apple or Google Pay are both an option). Email is another option for sending receipts. Simply scan, split, and pay—no apps, accounts, or admin necessary.
Over 100 restaurants in the UK tested Magic Pay during a three-month test period, and SumUp discovered:
- Nearly half of attendees, on average, opted to pay with a QR code.
- The prompt in Magic Pay caused an average increase in tips for waitstaff of 38%.
- Magic Pay helps wait workers give better service by saving them roughly 12 minutes every table.
- Only two establishments out of over 100 have ceased accepting Magic Pay; the others continue to do so.
The technology is easily integrated with the top point-of-sale system in the UK for restaurants, making life easier for front-line hospitality personnel. The use of technology facilitates and accelerates payment receipts while capitalizing on modifications in consumer behavior.
“SumUp has spent a decade at the side of entrepreneurs and SMEs. Our mission is to make business life as simple and efficient as possible – and to remove the stress of taking payment. Magic Pay will provide a win-win for merchants and customers alike through its easy integration and user-friendly design – just scan, split, pay.”
Joseph Flynn, Head of Order & Pay at SumUp.
“Magic Pay is a great system to work with, it’s easy and fun to use. Magic Pay saves our guests time when paying the bill, they can even split it with friends without the struggle to calculate. Our team loves it and our guests love it! We are happy to be part of it. “
Monika Grybauskaite, Manager at Darjeeling Express.
SumUp has recently branched out into point-of-sale software, and after purchasing Goodtill, Tiller, and Fivestars, the company is rapidly growing its presence in the restaurant and retail industries. Following a decade of explosive growth and international development, SumUp announced new fundraising in June 2022 totaling £510 million, giving the company an enterprise value of close to £7 billion.
DIVIDO PARTNERS WITH NOVUNA CONSUMER FINANCE TO DRIVE CHECKOUT FINANCE GROWTH
One of the top points of sale finance companies in the UK, Novuna Consumer Finance, and UK-based checkout finance platform provider Divido have partnered to allow retailers to offer their consumers affordable white-labeled financing.
The collaboration combines the 40+ years of retail finance experience of Novuna Consumer Finance with the distinguished technology of Divido.
With appealing Novuna financing choices, Divido’s smooth checkout finance journeys for in-person and online purchases will benefit merchants. Divido can be scaled globally by simply adding more lenders to cover new nations.
By having their own white-labeled solution, retailers using the Divido checkout financing platform will boost conversion rates and strengthen their brand. With help from both in-store and online resources, Divido’s journeys may convert customers at rates of up to 76%.
“This is a landmark partnership for the retail finance sector. With a lender like Novuna Consumer Finance behind the Divido platform, we’ll have the capability to expand our white-label platform to a greater number of retailers in the UK.”
“We look forward to increasing the scope of our partnership to benefit from Novuna Consumer Finance’s established expertise in the market.”
Todd Latham, CEO of Divido.
Due to the agreement, Divido merchants will have more alternatives and flexibility when selecting a lender to offer financing solutions. In order to provide competitive lending rates and greater acceptance rates through their platform, Divido will take advantage of Novuna Consumer Finance’s 40+ years of experience and strong expertise in a variety of retail verticals.
According to Divido, Novuna Consumer Financing’s white-label platform will help merchants by increasing the amount of retail finance sales, as well as average basket sizes and recurring customer rates. Through the cooperation, Divido will be able to reach a larger network of significant merchants using its retail finance platform.
“We are incredibly proud of this exciting new partnership with Divido.
“Our carefully crafted suite of flexible finance options has been built with customers in mind. Our tailoring options reduce the overall number of declined applications, helping retailers win more customers, as well as maximizing on those with high affordability.
“These and many more services allow our retailer partners to offer customers exactly what they need: flexible finance options with low-cost monthly payments, all at the click of a button on their e-commerce platform, or quickly and simply in-store.
“With over 40 years of experience, we’re looking forward to continuing to grow within the UK and tapping into a wider international market with the support of Divido.”
Brian Flesk, Head of Retail at Novuna Consumer Finance.
The global platform provided by Divido will let Novuna Consumer Finance’s portfolio of current merchants expand their retail finance offerings to foreign markets.
BROADRIDGE WINS BEST GLOBAL PROXY VOTING SERVICE AT GOODACRE’S SYSTEMS IN THE CITY AWARDS
A leader in global Fintech, Broadridge Financial Solutions, Inc., has won the Systems in The City Award for Best Global Proxy Voting Service for 2022. The financial services consultant business Goodacre, a renowned top service and technology provider to the regulated financial community in the UK, is the organization hosting the awards. The award recognized Broadridge for its accomplishments in transforming institutional and retail voting through the use of technology, empowering shareholders to vote, take action, and be heard.
“Following the number of nominations received, we’re pleased that the judging panel has honored Broadridge with the Best Global Proxy Voting Service Award this year for being the fastest growing provider of global proxy solutions and for significantly advancing corporate governance and the provision of shareholder communications,”
“Broadridge has been a pioneer in leveraging the latest technology to advance corporate governance globally through its proxy voting and shareholder disclosure solutions, consistently innovating and excelling in the market to better enable retail and institutional intermediaries and drive investor engagement.”
Stephen Pinner, CEO at Goodacre UK.
Due to significant yearly investments in institutional and retail voting technology as well as local market digital connectivity, Broadridge’s Global Proxy and Corporate Governance Solution Suite is progressing. These investments have increased end-to-end shareholder involvement and democracy by sourcing “golden copy” announcements directly from the issuers, issuers’ agents, and CSDs, expanding voting windows to give investor research teams more time, and improving the quality of meeting information.
“For years Broadridge has enabled cross-border investors to meet their corporate governance and regulatory obligations by supporting the requirements of the various parties spanning the global investor communications ecosystem and unraveling a disparate chain of financial intermediaries involved in this complex process,”
“In recent years, we have taken a more proactive role in driving overall industry change for the benefit of issuers and investors, collaborating more with local market corporate governance leaders, working together to implement best practices and influence process change. We are proud that our efforts to be an industry partner and trusted leader have been recognized by Systems in The City.”
Demi Derem, GM of International Investor Communication Solutions.
Adding to its existing market-leading voting and investment communication solutions that provide 100% service and market coverage, in the past 12 months Broadridge has also extended its local market custody offering, encompassing “golden copy” event sourcing and vote execution services. In that period, it has also expanded market deadlines in key financial markets allowing investors more time to form their elections.
COINBASE SECURES CRYPTO ASSET SERVICE PROVIDER APPROVAL IN ITALY
The Italian financial regulator has given cryptocurrency company Coinbase permission to operate as a provider of services for crypto assets. In response to the market’s explosive expansion, the Organismo Agenti e Mediatori established new standards for all businesses providing custody, trading, and other services for cryptocurrencies.
“The company was proud to be among the first companies to meet these benchmarks.”
“Building a constructive relationship with regulators in every jurisdiction in which we operate is incredibly important as we march toward our mission of increasing economic freedom in every corner of the world.”
Nana Murugesan, VP for international and business development, Coinbase.
The regulatory license will allow Coinbase to keep providing cryptocurrency services in Italy and to launch new goods there.
Through its operations in Ireland, the UK, and Germany, Coinbase presently conducts business in close to 40 European nations. It also has plans to apply for licenses in additional jurisdictions.
Nevertheless, despite the goals for growth, the business has faced some challenges recently, much like other crypto service providers.
A fifth of the workers at Coinbase has been laid off as the company’s shares have fallen by 81 percent this year. Its trading volumes have also decreased, which has caused it to drop out of the top ten cryptocurrency exchanges by volume.
RAMP CHOOSES STRIPE TO LAUNCH SIMPLIFIED BUSINESS PURCHASING AND EXPENSE MANAGEMENT
Ramp is a finance automation platform that offers a range of capabilities, including cards and expenses, bills, and accounting, to help organizations save time and money. Ramp is currently America’s fastest-growing corporate card, and Stripe Issuing powers its financial services.
Ramp sought to improve the corporate card experience for organisations of all kinds, offering quick and simple card issuance, greater control over purchases, and easier accounting and cost management. In order for businesses to easily reduce spending, it is also intended to be the first on the market with one-click purchase approvals and denials.
Ramp enables companies to swiftly distribute branded payment cards over the world while obtaining better visibility into and control over spending and streamlining accounting procedures.
“With Stripe’s platform, we’re able to ship custom-printed, high-quality metal cards with short delivery timelines to over 100 countries and power billions of dollars of purchases each year. Our service helps the average company cut their expenses by 3.5% per year and speed up month-end close processes by 8 days each month.”
, CEO and co-founder of Ramp.
Ramp’s comprehensive expenditure management, bill payment, and accounting automation solution is built on Stripe Issuing and has aided its clients in cost-cutting and accelerating month-end financial closing and consolidation procedures.
FINASTRA AND HSBC COLLABORATE TO BRING BAAS FX CAPABILITY TO MID-TIER BANKS
Finastra and HSBC announced that they are working together to distribute HSBC’s FX services via Finastra’s FusionFabric.cloud platform under a Banking as a Service (BaaS) experience. This collaboration will take advantage of the best elements of modern API-driven connectivity with licensed institutions’ secure, regulated infrastructure.
The first phase of the rollout will provide indicative and executable FX rates to regional mid-tier banks via a plug-in to Finastra’s Fusion Kondor, a solution with low maintenance and ownership cost, backed by liquidity and robust risk management capabilities of one of the world’s largest FX franchises.
“The ability to integrate FX directly into corporate treasury platforms, as well as competitive pricing and liquidity into a single package, will help reduce friction for regional banks and their customers and demonstrates a use case in which BaaS can really make an impact. HSBC is a leading market maker with deep liquidity in the FX market and shares Finastra’s beliefs around the significant potential of BaaS. We’re excited to be co-developing this solution to connect buyers and sellers of FX through a wholesale marketplace.”
Angus Ross, Chief Revenue Officer, Banking as a Service (BaaS) at Finastra.
Integrating HSBC FX services with mid-tier banks will allow participating banks to deliver a wide range of currencies to their customers through branch networks and other retail channels without requiring additional technology integration. It will also provide clients with highly automated FX pricing capabilities, allowing banks to process higher FX volumes and differentiate themselves while maintaining customer relationships. Corporate clients will benefit from increased transparency of pricing and market conditions, improved ease of execution, and simpler currency risk management.
Available in H2 2022, the initial rollout will focus on financial institutions in the Asia Pacific (APAC), with other regions to follow soon after. It will also be made available to embedders who require direct access to FX liquidity and pricing.
“We are delighted to be working with Finastra. As one of the world’s leading FX banks, this is another great example of HSBC leveraging our world-class FX eRisk infrastructure to help our clients achieve their business objectives.”
Richard Anthony, HSBC’s Global Head of FX eRisk & Precious Metals.
“We are constantly seeking out strategic partnerships and channels to embed our FX Services and build market-leading customer propositions.”
Mark Williamson, Global Head of FX Partnerships and Propositions at HSBC.
Singapore mainboard listed Silverlake Axis Ltd has entered into a strategic partnership agreement with Finastra, a global provider of financial software applications and marketplaces.