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OwlTing Partners with GMO Trust to Expand Multi-Currency Stablecoin Offering
OwlTing Group a global blockchain fintech company, today announced its partnership with GMO-Z.com Trust Company, Inc. (“GMO Trust”) to enhance the accessibility to GYEN[1], the first regulated Japanese Yen (“JPY”) stablecoin. This strategic move aims to provide users with diversified cross-border transaction options in one of the world’s major reserve currencies. By integrating GYEN and ZUSD (USD stablecoin) into the Company’s digital wallet, OwlPay® Wallet Pro, OwlTing will bridge traditional and digital finance, enabling businesses and individuals to leverage stablecoins for fast, low-cost global payments.Morningstar director of market expansion Anastasia Georgiou commented, “Innovation thrives on collaboration and access to the right tools. By providing fintech companies with our Intelligence Engine as part of the Tech Sprint challenge, we aim to empower them to develop reliable and impactful AI solutions that address real challenges within the wealth management sector and enhance user experience.
“We look forward to showcasing the winners at this year’s Morningstar Investment Conference UK, helping to expand access to innovative, tech-driven tools for advisers and fund selectors.”
OwlPay® Wallet Pro will be expanded to support buying, selling, sending, and receiving a robust lineup of regulated stablecoins in the near future, including the widely adopted USDC, EURC (EUR-pegged), GYEN, and ZUSD stablecoins, positioning it as a versatile platform for managing digital assets across multiple currencies. This expansion underscores OwlTing’s commitment to delivering compliant, efficient payment solutions worldwide.
“Our alliance with GMO Trust accelerates our mission to redefine global financial connectivity,” said Darren Wang, Founder and CEO at OwlTing Group. “By amplifying the reach of GYEN and enhancing our stablecoin suite, we’re unlocking Japan’s digital payment potential and building a scalable platform for a borderless economy.”
“Partnering with OwlTing furthers our strategy to lead the stablecoin revolution,” said Ken Nakamura, CEO at GMO-Z.com Trust Company, Inc. “Delivering GYEN and ZUSD via OwlPay® Wallet Pro will expand our global footprint, creating new opportunities in the intersection of traditional and digital markets.”
Edenred launches virtual card solution to accelerate insurance claims payouts
Edenred Payment Solutions, a UK-based e-money institution, has launched a new Virtual Card Number product designed to help insurance companies speed up claims payments.
Insurance claim processing has traditionally been slow, with claimants often waiting weeks for reimbursements, according to Insurtech Digital.
Research from Sollers Consulting and Ipsos reveals that 63% of UK insurance customers prioritise fast claims handling, highlighting a strong market need for improved payout solutions. Edenred’s new product aims to meet this demand by offering instant virtual card payments.
Edenred’s role in financial technology Edenred Payment Solutions provides embedded finance services to major clients such as Tide, Thinkmoney, Oney, PayByPhone, and Sainsbury’s. The company enables businesses to access e-money accounts and digital payment infrastructure without navigating complex regulatory requirements independently.
Edenred’s Virtual Card Number product allows insurance providers to issue digital payment cards immediately upon claim approval. The virtual cards can be integrated with mobile wallets like Google Pay and Apple Pay, enabling policyholders to pay service providers directly without relying on personal funds.
The system ensures security by allowing insurers to pre-set spending limits and restrict transactions to approved merchants, reducing the risk of fraud. The technology also automates invoice reconciliation, simplifying administrative processes for insurers and improving the claimant experience.
Edenred has already deployed this solution for a multinational French insurance company and states that new implementations can be completed within two months. The development aligns with the broader trend of embedded finance, which is transforming industries like insurance, retail, and transport by integrating financial services into non-financial platforms.
Edenred Payment Solutions managing director Rehana Mitha said, “Virtual cards and embedded finance are transforming the insurance industry by streamlining the claim payout process. These technologies enable instant access to funds; eliminating delays and reducing paperwork for policyholders, while also offering insurers better transparency and fraud prevention tools.
“By simplifying reconciliation, improving security, and tailoring card usage to specific claims, virtual cards deliver significant benefits for both insurers and their customers.
“As one of the most widely used financial products, insurance is ripe for innovation, and we’re excited to help drive this change.”
Edenred Payment Solutions product director Rich Logan added, “Our new Virtual Card System represents a major leap forward in how insurers can handle claims payouts. The ability to integrate seamlessly with existing systems means that insurers can adopt this solution quickly, minimising disruption while maximising impact. We’re proud to be leading this shift towards smarter, faster, and more secure claims processes.”
InsurTech leader Peak3 secures $35m to drive European expansion
Peak3, a global InsurTech company specialising in cloud-based insurance solutions, has raised $35m in a Series A funding round to accelerate its expansion across the UK and European markets.
The funding round, which will support Peak3’s ambitious growth plans, was backed by investors keen to drive digital transformation in the insurance sector.
The company has already established its European headquarters in Dublin, Ireland, with a focus on key markets including the UK, DACH (Germany, Austria, Switzerland), France, Spain, Italy, Benelux, Scandinavia, and Turkey.
Peak3 provides an API-driven, cloud-native Software-as-a-Service (SaaS) platform, Graphene, designed to help insurers modernise their operations.
The company’s technology enables insurance firms to update legacy systems without expensive overhauls, improving speed-to-market, scalability, and customer engagement across multiple regions. It also supports greater financial inclusivity by addressing protection gaps for SMEs, freelancers, gig economy workers, and younger demographics.
It to use the newly secured funding to enhance its presence in Europe through local talent acquisition and the further development of its digital-first, embedded insurance solutions.
With a workforce of over 500 professionals across R&D, delivery, sales, and operations in Japan, Southeast Asia, Greater China, and now Europe, Peak3 is well-positioned to drive innovation in the sector.
“Insurers across the UK and Europe face increasing pressure to modernise, reduce operational costs, meet ever-increasing compliance requirements, and improve customer engagement,” Peak3 CEO of EMEA Adrien Lebègue said. “Our Graphene platform provides a flexible, scalable foundation for them to deliver digital-first insurance, harmonising operations across multiple countries and regions while ensuring seamless hybrid human-digital interactions.”
Esben Seyffart Sørensen, chief sales officer for Europe at Peak3, added: “There is a huge opportunity to bring Peak3’s expertise to Europe, where we are seeing a shift in the insurance landscape. While we are building on our significant success in APAC, we recognise that localisation is key. We are not simply replicating an APAC model but leveraging our insights and adapting them to meet local market needs.”
Peak3 has already made strides in the European market, with project wins underway and a vision for a more seamless and integrated insurance ecosystem. The company’s core capabilities include omni-channel engagement, digital and embedded insurance, core modernisation, and AI-driven decision-making to enhance customer retention and engagement.
Novidea upgrades insurance management platform to boost efficiency
Novidea, a provider of cloud-based, data-driven enterprise insurance management solutions, has announced a raft of updates to its insurance management platform designed to boost its effectiveness in policy management, claims administration, billing, accounting, document and file management, and other key areas.
The move will enable the offering to achieve greater efficiency and innovation across all markets it serves.
The latest update reinforces Novidea’s commitment to innovation, ensuring it maintains a competitive edge while continuously improving its offerings for its global customer base.
Among the key updates is an enhanced policy management system that supports vertical placement, allowing policies with different premiums per carrier to be recorded without splitting them into separate policies.
Additionally, the platform now supports automated bordereau file ingestion for policy creation and binder/lineslip management.
Claims management has also been upgraded, enabling brokers to link claims related to the same incident or catastrophe seamlessly.
The system now supports CLASS (Claims Loss Advice and Settlement System) messaging, allowing brokers to upload claim data and supporting documentation for insurers to review, agree upon, or reject claims online.
Enhancements to the Insurance Business Accounting (IBA) module introduce a new ledger view, which enables users to adjust parameters dynamically and perform advanced actions. Additionally, brokerage movement types are now more transparent, allowing better tracking between booked, earned, and realised brokerage.
For line-of-business (LOB) management, the update integrates state-specific sections in line with ACORD standards and improves the submission workflow. This provides better visibility into open quotes, related lines of business, and advanced editing capabilities.
Document and file management improvements now include advanced auto-filing capabilities, along with the ability to associate filed content with a specific Legal Entity (LE) as defined by the user.
“Our recent release demonstrates our commitment to continuously innovate and provide improved customer experience,” Novidea CTO Erez Nissim said. “We are confident that our data-driven insurance management platform will continue to provide organisations the technology and tools they need to manage complex transactions, drive efficiencies and fuel business growth.”
Tomo secures $20m in funding as it scales AI-powered mortgage solutions
Tomo, a digital mortgage lender leveraging AI-driven technology, has secured $20m in a Series B funding round.
The latest investment was led by Progressive Insurance, with additional participation from existing investors Ribbit Capital, NFX, and DST Global Partners. This brings Tomo’s total funding to $130m.
Founded by former Zillow executives, Tomo is focused on modernising the mortgage process by reducing interest rates and eliminating hidden fees. The company’s AI-powered platform streamlines underwriting and sales, helping homebuyers secure loans faster and more affordably. Tomo’s technology enables average mortgage rate reductions of 0.50%, which can save buyers approximately $4,000 at closing.
The new funding will support Tomo’s expansion across the United States, including hiring loan officers and mortgage professionals for its offices in Detroit, Seattle, and New York. The company is also preparing to relocate its headquarters from Stamford, Connecticut, to New York City to accommodate its growing team and operations.
Despite challenges in the mortgage industry in 2024, Tomo recorded 3.5x growth and is now operating in 31 states, including Washington, D.C. In December 2024, its purchase unit volume ranked in the top 10% of mortgage lenders nationwide.
Tomo CEO and co-founder Greg Schwartz said, “Outdated business practices, excessive fees, and over-inflated interest rates cost U.S. homebuyers billions of dollars every year. Tomo is on a mission to change that.
“We use AI to deliver low rates without the gotchas. No mystery fees. No missed closing dates. No ‘rate-keeping,’ where you have to talk to a salesperson before getting a price. People love our honest, upfront pricing and seamless customer experience. We’re thrilled our investors recognize our unique vision and value.”
NFX general partner Pete Flint added, “While other mortgage lenders tout ‘automation,’ facilitated by way of call centers or outsourced service providers, Tomo is the real deal. They’re taking a radically different approach, using proprietary technology to cut out origination fees and processing delays in a way that we’ve not seen in the industry so far. We’re thrilled to back Tomo as they enter the next phase of their growth.”
Chubb launches new division for small and lower middle market businesses
Chubb, a global provider of insurance products, has launched a new division, North America Small & Lower Midmarket, to consolidate its Lower Middle Market and Digital Small Business divisions.
The new structure aims to enhance service delivery and streamline operations within this growing segment, according to InsurTech Insights.
Operating under Chubb’s North America Middle Market organisation, the new division is designed to create a more cohesive and efficient approach to serving small and lower middle market businesses.
By combining its expertise in these areas, Chubb intends to simplify processes and improve the experience for clients and partners.
Chubb has appointed Rob Poliseno as division president of Small & Lower Midmarket. He will report to Ben Rockwell, division president of Chubb North America Middle Market. Additionally, Jason Ranucci has been named chief operating officer for the division, reporting to Poliseno. Both appointments take effect immediately.
Poliseno brings over 28 years of industry experience, including nearly 17 years with Chubb. He previously served as division president, Small Business and North America Digital, where he played a key role in advancing Chubb’s underwriting and distribution capabilities. His strong operational background positions him well to lead the new division.
Ranucci, in his role as COO, will oversee broad operational functions, including P&L management, underwriting, product development, pricing, portfolio management, and analytics. With more than 17 years of experience in the insurance industry, he most recently served as head of North America Lower Middle Market and was previously global chief underwriting officer for Small Business.
The consolidation of these divisions is expected to leverage Chubb’s strengths in underwriting and digital agility, offering clients a more seamless and efficient service. The company aims to meet growing demands from agents and brokers for fast underwriting, digital solutions, and a simplified distribution process.
Commenting on the launch, Juan Luis Ortega, executive vice president, Chubb Group, and president, Chubb North America, said, “The small business and lower middle market segments present significant growth and expansion opportunities for Chubb. As the distribution landscape continues to evolve, agents and brokers increasingly demand simplicity, efficient and fast underwriting, and seamless digital experiences. This combination integrates our decades-long underwriting experience in the Lower Middle Market with the agility and speed of our Digital Small Business division, allowing us to apply the full power and deep expertise of our team to service clients in this segment and drive growth.”
Middle Market president Ben Rockwell added, “Launching this division represents an important milestone in how we serve the small and lower middle market business segment. Rob and Jason will build on their successes in this space, leveraging our investments in a modern, automated and data-centric digital operating model that differentiates our approach to a wide range of companies across all industry practices and positions this business for robust growth.”
He continued, “This division will offer more seamless coverage through a comprehensive suite of products and services, including P&C, Financial Lines, Cyber, Multinational, and Accident & Health, while offering agents the options of either a fully digital/automated experience or a digitally augmented service model.”
Pioneer Insurance partners with Sapiens to drive digital transformation in the Philippines
Pioneer Insurance has chosen Sapiens to enhance its digital transformation efforts in the Philippines.
The collaboration will see Pioneer leverage Sapiens Insurance Platform to accelerate digital transformation and enhance customer experience.
The partnership marks a significant step for Pioneer as it aims to modernise its operations, scale its capabilities, and embrace digitalisation.
By implementing Sapiens’ advanced technology, Pioneer seeks to optimise core processes and improve responsiveness to evolving market demands.
Sapiens, listed on NASDAQ and TASE under the ticker SPNS, is a leading provider of InsurTech solutions, delivering innovative platforms designed to streamline insurance processes and enhance operational efficiency. Its software supports insurers in automating workflows, accelerating product development, and improving customer engagement.
Pioneer Insurance and Surety Corporation is a top insurance provider in the Philippines, offering a wide range of general and surety insurance products. The company is committed to digital innovation to maintain its market leadership and provide customers with modern, efficient solutions.
As part of the collaboration, Sapiens will provide Pioneer with its end-to-end insurance platform, enabling the company to automate key processes and improve customer journeys. The partnership also includes a mentorship model, ensuring that Pioneer can independently manage and scale its digital transformation efforts over time.
Lorenzo Chan, president and CEO of Pioneer Inc., the holding company of the Pioneer companies, said, “Sapiens’ comprehensive platform will enable us to accelerate product development, automate workflows, and enhance customer journeys. This partnership underscores our commitment to delivering innovative and relevant insurance solutions to our customers while significantly improving operational efficiency. The mentorship model provided by Sapiens will also ensure self-sufficiency as we embrace this transformative journey.”
Roni Al-Dor, president and CEO of Sapiens, added, “We are proud to partner with Pioneer, a market-leading insurer in the Philippines, and to demonstrate our growth in this important region. Our insurance platform will empower Pioneer to meet their ambitious growth goals while delivering superior customer experiences. By automating and digitising operations, Pioneer is positioning itself as a true innovator in the region’s insurance market.”
FutureVault secures $3m to enhance AI-powered digital vault technology
FutureVault, a provider of AI-powered digital vault solutions, has secured $3m in equity financing, bringing its total funding since inception to $31m.
The latest investment round saw participation from founder and executive chairman G. Scott Paterson, CEO Daniel Kenny, and a mix of existing shareholders and select new investors.
FutureVault specialises in digital vault solutions tailored for financial institutions, wealth enterprises, advisors, and their clients. Its platform leverages AI and large language models (LLMs) to automate, aggregate, and centralise documentation and embedded data. This enables seamless bi-directional integrations with WealthTech providers, allowing real-time data extraction and workflow automation.
The new funding will support FutureVault’s continued innovation, including enhancing its AI capabilities, expanding workflow automation, and further strengthening its Client Life Management Vault™ technology.
Scott Paterson, founder and executive chairman, said, “The aggregation of critical documents into a digital vault, when coupled with AI, is changing the face of financial services, advice delivery, and client engagement.”
Paterson added, “Data has been recognized for two decades as the new “gold” while documentation has been overlooked and considered simply as something that you store, redundantly and safely, until purged in due course. And yet, the reality is that data embedded within documentation is considerably more valuable when compared to stand alone data simply due to the context it provides.”
FinTech Wales welcomes Aviva as new partner to strengthen InsurTech collaboration
Aviva, one of the UK’s leading insurance and financial services firms, has partnered with FinTech Wales to foster innovation, support collaboration, and strengthen the FinTech and InsurTech sectors across the nation.
Aviva joins an impressive roster of partner members including Barclays, The Royal Mint, Go.Compare, Confused.com, Admiral, Starling, Hodge, Principality and Monmouthshire Building Societies, Veeqo and Future Finance, according to FF News.
By becoming a partner of FinTech Wales, Aviva is deepening its involvement in the Welsh FinTech community, fostering innovation, and supporting the development of disruptive financial technologies.
Aviva has long been recognised as a stalwart in the insurance and financial services industry, providing a broad range of products to millions of customers in the UK.
Its operations increasingly focus on innovation through partnerships with emerging technology companies, with a view to accelerating digital transformation and future-proofing services.
FinTech Wales, founded in 2019, supports over 160 businesses both in and outside of Wales.
The organisation is committed to promoting innovation, growth, and cross-sector collaboration across the financial services and technology spectrum. Its core mission is to position Wales as a global leader in FinTech by facilitating connections between startups, established firms, academic institutions, and public sector entities.
Aviva’s collaboration with FinTech Wales predates the formal partnership. In November 2024, the insurer was headline sponsor of the FinTech Wales Investment Conference, underlining its early commitment to supporting local innovation and investment.
This sponsorship served as a catalyst for deeper engagement and has now evolved into an official strategic partnership.
As part of the partnership, Aviva aims to contribute its industry expertise to the FinTech Wales community, while also gaining insights from the Welsh FinTech and InsurTech scene. The relationship is poised to open new doors for startups and entrepreneurs seeking to collaborate with an established market leader.
Sarah Kocianski, CEO of FinTech Wales, said, “Aviva joining FinTech Wales as a partner highlights the strength and potential of our ecosystem. Its presence will not only add to the wealth of expertise within our community but also create new opportunities for collaboration for innovative fintechs. Partnerships like this are key to the continuing growth and evolution of the Welsh fintech industry, and we’re excited to see the impact Aviva will have as we continue to champion Wales as a hub for fintech excellence.”
Arslan Hannani, group innovation director at Aviva, said, “We’re delighted to work with Fintech Wales and strengthen our relationships with businesses in this growing sector. The partnership will allow Aviva to explore innovative ideas and solutions with the Welsh FinTech community and help businesses get ready for the future.”
Temenos reveals GenAI’s transformative impact on the banking sector
In a comprehensive survey conducted by Hanover Research for Temenos, a leading provider of banking technology, it was revealed that a significant majority of banks are actively exploring the deployment of GenAI to enhance their operational efficiencies.
The survey, which polled 420 business and technology leaders within the financial services sector, underscores the growing interest in GenAI’s potential to revolutionise various facets of banking operations.
The findings indicate that 75% of banks are exploring GenAI deployment strategies, with 36% already in the deployment phase or in the process of deploying the technology, and an additional 39% evaluating potential deployment opportunities. The driving force behind this surge in interest is the desire to enhance operational efficiency, improve customer experience, and fuel business growth. Notably, nearly half (43%) of the banks already involved with GenAI plan to increase their investment in the technology over the coming year.
Despite the enthusiasm, there are significant concerns regarding GenAI among the banking community, particularly related to data protection, with 86% of respondents highlighting it as a major issue. Other concerns include compliance with legal requirements, cited by 60% of respondents, and the risk of GenAI generating inaccurate results, known as ‘hallucinations’, which worries 59%.
Isabelle Guis, Chief Marketing Officer at Temenos, commented on the survey’s outcomes: “This survey highlights both the enthusiasm and challenges banks are facing as they explore GenAI. There’s huge potential for GenAI to enhance efficiency, address operational challenges, and elevate the customer experience. However, concerns around data privacy, legal requirements and accuracy remain top of mind. GenAI is not a silver bullet banks also need to balance a human touch in the process to ensure that interactions remain differentiated and build trust with their customers.”
Looking to the future, a substantial 73% of survey participants believe that Agentic AI AI systems capable of making decisions and taking actions independently will be transformative for the banking industry. As part of its commitment to fostering this technological evolution, Temenos has embraced flexible deployment options, enabling banks to implement its GenAI solutions across cloud, SaaS, or on-premises infrastructure. Temenos also announced a significant collaboration with NVIDIA to enhance the performance of on-premises GenAI, ensuring superior speed, precision, and data privacy.
Foliume raises $1m seed round to enhance AI-driven insurance distribution
Foliume, which specialises in automating insurance processes, has secured a $1m seed funding round led by Belgium-based venture fund Pitchdrive and Wayra, the investment arm of Telefónica.
The round also saw participation from key figures in insurance distribution and technology, according to InsurTech Insights.
The fresh capital will be used to enhance product development and support the European expansion of Foliume’s AI assistants.
These tools are designed to improve efficiency for brokers, agents, and bancassurance teams by streamlining processes such as quotes, policy renewals, and customer service.
Foliume is focused on tackling long-standing inefficiencies in the insurance sector. Traditional intermediaries often struggle with cumbersome workflows, from manually comparing quotes to handling slow policy renewals.
The company’s AI-powered automation aims to eliminate these bottlenecks, reducing quoting and renewal times from hours to minutes. By handling repetitive tasks such as form-filling and policy comparisons, the platform allows brokers to concentrate on high-value activities like client advisory and closing deals.
The funding will accelerate Foliume’s European expansion and improve its AI capabilities. The company plans to enhance its AI engine, introduce client-requested features, and establish strategic partnerships in key markets.
The goal is to further optimise insurance distribution by making quoting and policy renewal processes faster and more accurate.
Foliume’s platform is designed to integrate seamlessly into existing brokerage operations. It automates the quote-gathering process by aggregating and comparing offers from multiple insurers, accessible via WhatsApp, email, or API.
Additionally, its AI reduces human errors by auto-filling forms and validating data across documents. The system also streamlines policy renewals by automatically re-rating policies and identifying the best available alternatives.
Unlike general-purpose AI models, Foliume’s technology is tailored specifically for insurance, ensuring precise interpretation of industry terminology, coverage details, and underwriting rules.
This level of specialisation allows the AI to deliver more accurate outputs, such as risk evaluations and quote suggestions, improving efficiency and reliability for brokers.
Foliume CEO Martín Fagioli highlighted the company’s mission, stating, “Insurance intermediaries have been stuck with time-consuming processes for too long. Our AI assistants handle the repetitive work – from filling out forms to comparing policies – so brokers can focus on what really matters: advising clients and delivering a great customer experience.”
Pitchdrive Founder and Managing Partner Koen Christiaens expressed confidence in Foliume’s potential, saying, “We backed Foliume because they’re solving a real and urgent problem in the insurance industry. The team has built an innovative SaaS platform that helps brokers modernise their operations, drive efficiency, and unlock new revenue streams. Their rapid growth, strong customer engagement, and clear expansion roadmap showed us a business with both momentum and long-term potential. It’s exactly the kind of B2B SaaS company we love to support at Pitchdrive.”
Augusto Pérez Arbizu, corporate director of risk and insurance at Telefónica, highlighted the strategic importance of the investment, stating, “The investment in Foliume is part of our commitment to driving digitalisation and innovation in the insurance sector. Through this partnership, we not only support the industry’s digital transformation, but also provide insurance professionals with tools that enhance their productivity and effectiveness.”
With this latest backing, Foliume is poised to revolutionise insurance distribution by making it faster, more accurate, and more seamless.
Tietoevry and Version 1 join forces to transform European banking digitalisation
Tietoevry Banking and Version 1 have announced a strategic partnership aimed at accelerating the digitalisation of European financial institutions.
By combining Tietoevry Banking’s robust SaaS offerings with Version 1’s expertise in modernising banking systems and their specialism in AI compliance, ethics, and risk management, this alliance is poised to transform the digital landscape of banking across Europe.
The collaboration is driven by the need to equip banks with the necessary tools to thrive in a rapidly evolving digital environment. European banks are currently facing a crucial period of transformation, where adapting to changing market demands and customer expectations is vital for survival and growth. This partnership promises to deliver secure, resilient, and agile financial services by leveraging a flexible software ecosystem that can quickly respond to these changes.
Tietoevry Banking brings to the table decades of experience in delivering financial software that has been crucial in the digitalisation of tier-1 banks, especially in the Nordics. The company’s modular SaaS solutions have been instrumental in helping financial institutions enhance customer personalisation, optimise digital channels, and maintain rigorous regulatory compliance.
On the other hand, Version 1 offers a wealth of experience in digital transformation, having engaged in significant projects with banks in key markets like the UK, Ireland, and Spain. Their expertise is expected to complement Tietoevry’s offerings by introducing enhanced AI capabilities and innovative solutions for fraud prevention and financial crime monitoring.
The partnership strategically targets growth in the UK, Ireland, and Spain, aiming to provide European banks with access to top-tier fraud prevention and financial crime solutions. Additionally, it will bolster capabilities in the card value chain, focusing on modular and industrialised card issuing and production solutions.
A key aspect of the partnership is its commitment to fostering a culture of innovation and collaboration. This environment enables banks to not only keep pace with technological advances but to lead in delivering modern, customer-centric experiences. By combining Tietoevry’s leading-edge SaaS solutions with Version 1’s industry-leading expertise, the partnership equips financial institutions to navigate the digital landscape effectively.
Tietoevry Banking managing director Endre Rangnes said, “Our 50 years of experience in financial software has taught us how to help banks thrive in a time of accelerated change. Our modular SaaS solutions empower financial institutions to drive domain transformation while continuing to run their core business effectively. Partnering with Version 1 allows us to extend these capabilities to more European banks, helping them build resilience, amplify efficiency, and deliver superior customer experiences.”
Version 1 head of private sector sales Martin McDonagh added, “We evaluated several partners to find the right strategic fit and identified Tietoevry Banking as an ideal match for our ambitions. We have already engaged in promising discussions with banks in the UK, Ireland and Spain, and we’re excited to see this partnership gain further momentum in these key markets.”
Flagright secures $4.3m to enhance AI-native AML solutions in FinTech
Flagright, an AI-native AML compliance platform, has announced the successful closure of a $4.3m seed funding round.
This financial boost aims to propel the development of Flagright’s solutions and support its international expansion. The funding round was spearheaded by Frontline Ventures and included investments from a group of distinguished angel investors.
The company specializes in utilizing AI to tackle financial crimes, a critical need in today’s tech-driven financial landscape. Historically, financial institutions have faced challenges such as the notorious $25m fraud incident in Hong Kong, involving deepfake technology. Such incidents underscore the growing sophistication of financial fraud, which increasingly involves AI technologies. Reports indicate that in 2023, deepfake usage in FinTech surged by 700%.
Flagright was founded in 2022 by Baran Ozkan and Madhu Nadig after they identified a gap in the market for effective, efficient, and high-quality financial compliance services. The founders aimed to create a solution robust enough to meet their own high standards as consumers. The platform initially focused on real-time transaction monitoring but has since evolved into a comprehensive suite of AML compliance tools, thanks to advancements in AI and machine learning language models (LLMs).
Today, Flagright offers an innovative ecosystem that includes dynamic risk scoring, automated case management, real-time transaction monitoring, and AML screening. It boasts integration with top-tier data providers like LSEG and Dow Jones, ensuring its compliance capabilities are second to none. The platform is renowned for its banking-grade reliability, delivering 99.99% uptime and real-time data processing in under 700ms. According to user feedback, Flagright has significantly reduced false positives by 93% and decreased manual monitoring efforts by 87%.
With the new funds, Flagright is set to further accelerate its product innovation and global expansion. The company is also introducing a new product family, AI Forensics, which aims to revolutionize compliance workflows in screening, monitoring, governance, and quality assurance. The AI Forensics for Screening tool has already shown promising results, reducing false positives by 93% and cutting down alert investigation times by 80%.
Flagright CEO Baran Ozkan expressed enthusiasm about the funding, stating, “This investment not only validates our vision but also equips us to scale new heights in AI-powered compliance solutions.”
Previously, Flagright had garnered support from influential investors like Y Combinator, Pioneer Fund, and Moonfire Ventures, who have reaffirmed their confidence in the company’s direction by contributing to the latest funding round.
Vanquis Banking Group teams up with FinScan to boost AML capabilities
Vanquis and FinScan, a leading provider of AML compliance solutions from Innovative Systems, have entered into a partnership.
Vanquis Banking Group is known for its dedicated approach to responsible lending within the financial industry, whereas FinScan specializes in advanced AML compliance technologies that aid in enhancing operational efficiencies and customer transparency.
The driving force behind this collaboration is to further strengthen Vanquis’s AML procedures and overall financial crime risk management strategies. By integrating FinScan’s cutting-edge technology, Vanquis aims to enhance its capabilities in monitoring and managing financial crime risks effectively.
FinScan stands out in the market for its unified platform that supports both real-time and retrospective name screening. This technology allows banks to centralize their AML processes, which is crucial for improving operational efficiency and extending customer visibility. FinScan’s advanced, customizable matching technology not only delivers higher accuracy and scalability but also incorporates diverse data sources to facilitate more comprehensive risk assessments.
The partnership is poised to significantly advance Vanquis’s resilience against financial crimes, reinforcing its commitment to customer-centric innovation. FinScan’s solutions are tailored to meet specific banking needs, such as simplifying simulation matching for KYC onboarding and ongoing monitoring, which are essential for maintaining high standards of compliance and operational efficiency at Vanquis.
Paul Blackmore, head of financial crime at Vanquis Banking Group, emphasised the importance of the partnership, stating: “At Vanquis, compliance and operational efficiency are core to our commitment to responsible lending. Partnering with FinScan allows us to harness advanced technology that aligns with our business goals. Its scalability, configurability, and centralized capabilities make it the ideal solution to optimize our AML processes and support our growth.”
Steve Maul, chief revenue officer at Innovative Systems, Inc., also commented on the collaboration: “Unlike off-the-shelf solutions, FinScan offers tailored AML compliance capabilities designed to meet the bank’s specific needs, including simplifying simulation matching for KYC onboarding and monitoring. This partnership marks a significant step forward in further strengthening the bank’s resilience against financial crime while maintaining its unwavering commitment to customer-centric innovation.”
Saifr and Adobe GenStudio forge alliance for compliant FinTech marketing
Saifr has announced its integration with Adobe that aims to redefine compliant content creation within the financial services industry.
As part of the Adobe Experience Cloud as an Adobe Technology Partner, Saifr provides advanced AI compliance solutions that serve as a compliance guardrail for generative AI content, helping users manage their risk and enhance the speed to market of their content.
The reason for the partnership is to leverage Saifr’s AI technology within Adobe’s platform to streamline the creation of compliant content, particularly in the highly regulated financial services sector. This integration aims to enable marketers to use generative AI safely and in accordance with regulatory guidelines.
Saifr specialises in AI-driven compliance solutions that monitor and guide the creation of digital content in line with regulatory standards. Their tools act like a spell-check for compliance, detecting potential risks and suggesting amendments that align with guidelines from regulatory bodies like FINRA and the SEC.
Adobe offers a range of digital marketing and media solutions. Their GenStudio for Performance Marketing provides tools for marketers to create, manage, and optimise their content effectively across various digital platforms.
The integration enhances Saifr’s presence within Adobe’s ecosystem, expanding their reach and capabilities in the digital marketing space. It follows a previous collaboration where Saifr AI models were included in the Microsoft Azure AI Foundry model catalogue.
Saifr’s Retail Marketing Compliance and Suggested Language models are now accessible within Adobe GenStudio, allowing for an in-tool compliance review that aligns with the needs of financial marketers and complies with stringent industry regulations.
“Marketers are increasingly using generative AI in their work, which can introduce business risk, particularly in regulated industries, such as financial services,” Saifr CEO Vall Herard said. “Saifr’s integration with Adobe enables marketers to take advantage of a powerful new technology’s outputs in a way that prioritizes safety and can help facilitate compliance with regulatory guidelines.”
“Microsoft is committed to empowering organisations through industry-specific solutions that address their unique needs,” Microsoft Corporate Vice President Satish Thomas said. “Our collaboration with leading industry partners, such as Saifr, to offer partner-enabled adapted AI models in the Azure AI Foundry model catalogue gives organisations the ability to access, build and deploy AI solutions quickly and efficiently. This approach accelerates time-to-value and fosters a robust ecosystem of innovation that helps organisations across industries transform their operations and achieve new levels of success.”
PIMFA and Morningstar launch AI Tech Sprint to transform wealth management
PIMFA WealthTech, the innovation arm of the Personal Investment Management & Financial Advice Association (PIMFA), has partnered with Morningstar to launch a new AI-focused Tech Sprint, aimed at solving key operational challenges in the wealth management sector.
The competition offers FinTech firms the opportunity to present their AI solutions at the Morningstar Investment Conference UK, taking place on 7 May 2025.
As generative artificial intelligence continues to reshape the financial landscape, wealth and financial advice firms face growing pressure to integrate AI effectively. Yet challenges remain around access to high-quality data, rigorous evaluation frameworks, and seamless integration with existing systems. The Tech Sprint has been designed to address these barriers while accelerating innovation in the sector.
This year’s sprint poses a central question to participating FinTechs: how can AI be used to enhance operational efficiency by streamlining processes across front, middle, and back-office functions in wealth and financial advice firms?
Participants are encouraged to explore several high-impact use cases. These include AI-powered onboarding and KYC checks that automate identity verification and fraud detection, improved compliance through automated suitability reviews, hyper-personalised client reporting, and even the automation of entire software development cycles.
To support their development, FinTechs taking part will receive access to Morningstar’s Intelligence Engine. This advanced platform enables the end-to-end development of generative AI applications, offering a robust suite of evaluation metrics, integration tools, and direct access to Morningstar’s vast data sets. External data sources can also be added through API and direct storage connections.
PIMFA WealthTech outgoing chair and Evelyn Partners group chief operations officer Mayank Prakash said, “PIMFA WealthTech was created to be at the forefront of innovative thinking around tech solutions that can open up substantial opportunity for our industry. As Chair of the advisory council, I can think of no better example of this than the Tech Sprint we are launching today on AI.
“AI is undoubtably not only a major change moment in the wealth and advice space, but globally as well, impacting all of our lives. This sprint will give fintechs the opportunity to leverage Morningstar’s specialist data and analytics to delve into use cases, exploring opportunities for innovation that could bring meaningful improvements to the client journey by increasing adviser productivity and reducing end-to-end costs. I greatly look forward to seeing the entries to this Tech Sprint and sharing these fascinating insights with the wider community”.