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PAYSAFE COMPLETES ACQUISITION OF VIAFINTECH
Paysafe , a leading specialised payments platform, today announced that it has completed its acquisition of market-leading German fintech company, viafintech. viafintech, known under the brand viacash, offers one of the largest bank-independent alternative payments infrastructures in Europe, allowing a popular alternative to the traditional banking system. For Paysafe, the investment allows it to expand in critical markets and position itself as the essential payments partner to challenger banks around the world.
ACCENTURE STRENGTHENS FINANCIAL SERVICES WITH BCS CONSULTING
Accenture, a multinational professional services company that specialises in IT services and consulting, has acquired BCS Consulting, a UK management consultancy that delivers complex business change for financial services firms.
Headquartered in London, BCS Consulting’s 250 strong team joins Accenture’s U.K. Financial Services Strategy and Consulting practice.
APOLLO FINTECH ROLLS OUT CROSS-BORDER PAYMENT NETWORK
Apollo Fintech on Wednesday (Oct. 27) announced its bank wire network, Knox Wire, will debut Jan. 15, 2022, and that registrations are now available for the platform, which can process same-day cross-border payments for almost 20,000 financial institutions around the world.
Knox Wire’s network can be used by central banks, commercial banks, credit unions, loan associations, investment companies, brokerage firms, insurance companies, mortgage companies and most other financial institutions to send payments down the block or around the world.
It can also be a regional real-time gross settlement system, according to the announcement.
Knox Wire uses bidirectional messaging and anti-money laundering technology to reduce the average international wire wait time of three to five days to as little as 2 seconds, according to the announcement. It integrates almost all mainstream banking systems, using API, and the company’s development team can help with integration and maintenance.
EDELMAN STRENGTHENS INTEGRATED FINANCIAL COMMUNICATIONS OFFERING IN CANADA WITH LAUNCH OF EDELMAN SMITHFIELD
Edelman announced today the launch of Edelman Smithfield in Canada, a dedicated financial and capital markets communications boutique agency within the larger firm. Edelman Smithfield in Canada offers Board and C-suite level communications expertise in mergers and acquisitions, bankruptcies and restructurings, corporate governance, asset management and private equity, as well as capital markets regulation and other special situations. Edelman has operated its financial and capital markets communications specialty as Edelman Smithfield in London, UK after acquiring Smithfield Consultants in 2015.
M1 FINANCE SELECTS THE TEMENOS BANKING CLOUD TO POWER ITS FINANCE SUPER APP™
Temenos , the banking software company, today announced that M1 Finance, the Finance Super App™, has selected The Temenos Banking Cloud. With Temenos, and through collaboration with a third-party bank, M1 will broaden its suite of financial services to include banking, starting with deposits and payments and eventually expanding into lending.
M1’s mission is to empower financial well-being by creating one of the world’s best platforms for long-term money management. The company has created a suite of financial tools enabling clients to Invest, Borrow and Spend. M1 takes the complexity out of investing, making wealth creation easy while promoting healthy financial habits. In July 2021, M1 completed a round of Series E funding that propelled it to unicorn status with a valuation of $1.45 billion.
FIDELITY BANK SELECTS TOTAL EXPERT TO EXPAND CUSTOMER RELATIONSHIPS THROUGH DATA-DRIVEN INSIGHTS
Total Expert, the customer experience platform purpose-built for modern financial institutions, today announced it has been selected by Fidelity Bank, one of the oldest and continually growing independent, local community banks serving customers in Central and Eastern Massachusetts.
Partnering with Total Expert, Fidelity Bank will bring CRM and marketing automation under one roof to empower front-line staff to make data-driven decisions and better serve customers. Fidelity Bank will leverage Total Expert to refine its customer engagement strategies aimed at helping consumers make well-informed and confident financial decisions.
PAYFARE TO INTEGRATE WITH PLAID TO ENABLE DIGITAL FINANCIAL SERVICES FOR THE GIG ECONOMY
Payfare, Inc. , a leading fintech powering instant payout and digital banking solutions for the gig workforce, today announced it is integrating with Plaid, a data network powering the digital financial ecosystem.
Payfare powers faster, digital payments for some of the world’s largest on-demand platforms. In addition to instant access to earnings, its offerings also include full-service digital banking apps and payment cards with cash-back rewards and more.
HSBC TO LAUNCH BANKING AS A SERVICE
HSBC is to launch a Banking as a Service (BaaS) offering that will enable customers to create and provide business banking services through their own platforms.
HSBC and Oracle NetSuite, one of the leading cloud Enterprise Resource Planning (ERP) systems with over 27,000 customers worldwide, are working together to provide international payments and expense management services embedded into NetSuite’s new SuiteBanking solution. NetSuite customers will be able to automate accounts payable, accounts receivable and reconciliation processes, making it fast and simple to pay bills, send invoices, get paid and gain full cash flow visibility, all from within a unified system.
DNA PAYMENTS ACQUIRES UK CARD SPECIALIST CARD CUTTERS
Payments provider DNA Payments has acquired Card Cutters, a card acceptance specialist, as part of its strategy to grow in the U.K., the company announced in a news release Wednesday Based in the U.K. and Ireland, Card Cutters provides merchant services and payment technologies to small, independent retailers and larger multi-outlet businesses. London-based DNA says the acquisition will also include Card Cutters’ Global Card Solutions, which gives merchants a range of card machine technology and merchant support, as well as Card Cutters’ subsidiary in Ireland.
HONEY EMBEDS INSURANCE INTO MORTGAGE APPLICATIONS WITH FINSURE
Insurtech Honey Insurance and mortgage aggregator Finsure Group have partnered to design a digitalised process that they say embeds home insurance into mortgage applications. Finsure’s nationwide network of more than 2000 brokers will offer clients insurance that is integrated into its Infynity platform. “Customers of Finsure brokers can now get their home insurance at the same time they get their mortgage in an embedded journey,” Finsure CEO John Kolenda said. “Every Finsure broker will be able to offer their clients Honey Insurance products after a short online education program.”
PAYIT INTRODUCES NEW DIGITAL PAYMENT SYSTEM FOR UTILITIES, PROPERTY TAXES WITH CITY OF TORONTO
PayIt, an award-winning provider for digital government solutions, is making it more convenient for Toronto residents to pay bills in one secure location. The newly launched digital solution, MyToronto Pay, provides a new online payment option for property tax and utility bills. In addition to making immediate payments, Torontonians can use the service to schedule future payments, see their amount owed and view transaction history all in one place. The new digital government solution can also offer email receipts and reminders.
RESIDEO ANNOUNCES AGREEMENT TO ACQUIRE FIRST ALERT, INC., A LEADER IN HOME SAFETY PRODUCTS, AND PROVIDES PRELIMINARY FOURTH QUARTER FINANCIAL RESULTS
Resideo Technologies, Inc. , a leading global provider of home comfort and security solutions and distributor of commercial and residential security and audio-visual products, today announced that it has entered into a definitive agreement to acquire First Alert, Inc., a leading provider of home safety products, from Newell Brands Inc. for $593 million in an all cash transaction, or approximately $547 million net of expected future tax benefits.
OCEANFIRST FINANCIAL CORP. ANNOUNCES ACQUISITION OF TRIDENT ABSTRACT TITLE AGENCY, LLC
OceanFirst Financial Corp., the holding company for OceanFirst Bank N.A., today, announced the Company has signed an agreement to acquire a majority interest in Trident Abstract Title Agency, LLC with the right to acquire 100%. The transaction is expected to close on March 1, 2022. Upon closing, Trident will operate as an independent subsidiary of the Company. Established in 1975, Trident is a family owned and operated business located in Wall Township, New Jersey. Current owners, Chris Carton and Derrick Scenna will continue to manage the daily operations. Trident writes title insurance through all the nation’s leading underwriters and through strategic alliances can also service client’s title insurance needs outside of New Jersey.
PROVEN ACQUIRES FIDELITY BANK (CAYMAN) LIMITED
PROVEN Investments Limited (PROVEN/PIL), through its newly formed subsidiary PROVEN Bank Holdings Limited, is pleased to announce the completion of its acquisition of 100% of the outstanding shares in Fidelity Bank (Cayman) Limited (FBC) from Fidelity Bank & Trust International Limited effective February 1, 2022. The move to acquire Fidelity Bank (Cayman) Limited (FBC) which started last year supports PROVEN’s vision of being the premier Caribbean and Latin American Private Equity Firm with acquisitions that fit into its Core Banking and Wealth Division business model.
MODULR AND RIPPLE ANNOUNCE STRATEGIC PARTNERSHIP TO ENABLE SEAMLESS PAYMENTS INTO THE UK AND EUROPE
Today, leading payments platform Modulr announced a partnership with Ripple, the leader in enterprise blockchain and crypto solutions, to enable seamless payments into the UK and Europe. Trust Payments, the global unified payments group, is the first customer to go live and begin benefiting from the partnership.
Together, the two leading FinTechs will make it easier than ever for businesses, like Trust Payments, to run real-time payments internationally powered by Ripple’s financial technology, RippleNet. With Modulr’s technology, global businesses have an alternative to legacy correspondent banking and can now make payments into the UK and Europe faster, more reliable, and cost-effective.
ECONOMY SEEN GROWING 6.3%, BEATING BANK OF CANADA FORECAST
Data suggest economic activity climbed above pre-pandemic levels for the first time in fourth quarter. Canada’s economy grew more than expected in November to bring real gross domestic product above its pre-pandemic levels, but the Omicron variant could throw a wrench in those gains. Real GDP in November grew 0.6 per cent, beating Statistics Canada’s preliminary estimate of 0.3 per cent, the agency reported Tuesday.