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Fiserv and Central Payments Deliver Modern Issuing Capabilities to Fintechs and Financial Institutions
Fiserv, Inc., a leading global provider of payment and financial services technology solutions, and Central Payments L.L.C., a banking as a service (BaaS) provider, enabling fintechs, businesses Businesses and payment facilitators bring financial products and services to market with greater speed and growth potential.
The combination of the Fiserv technology stack, including real-time core, card processing and issuance, with Central Payments’ award-winning Open*CP Fintech API Marketplace®, including program management and compliance, enabling fintech and almost any other business to create valuable products and services that more comprehensively meet the growing expectations of consumers and small businesses. For those with an established card program, this provides more comprehensive and regulated access to basic banking and payment services.
As fintech services grow stronger, so does the need for consumers to access their money through digital experiences outside of traditional banking channels. In many cases, this means allowing unlicensed fintechs and other businesses to provide financial services, such as debit cards, secured credit, stored value cards. , unsecured credit, etc. Fiserv and Central Payments bring together a BaaS platform, products and services, and access to a network of funding banks to support a wide range of innovative retail and business use cases.
“As fintech and financial institutions work together to create compelling financial offerings, speed to market, a robust and flexible tech stack and streamlined operations are essential,”
“Together, Fiserv and Central Payments can deliver these requirements without compromising compliance and risk controls needed to safeguard all parties.”
Sunil Sachdev, head of Fintech and Growth at Fiserv.
Fiserv and Central Payments provide everything a fintech or other business needs to connect with a funding bank, launch and manage unique payment products and services. Customers of Fiserv financial institutions pursuing fintech partnerships can also engage with Fiserv and Central Payments for assistance in administering the go-to-market program.
“This combination of technology, services, program management and bank partners will help any business become a fintech without the need to add the staff or expertise to manage the program in-house,”
“Those that may want to manage their program in-house eventually can also use our services as a lower risk model to get to market quickly with a proof-of-concept.”
Eric Cotton, Executive Vice President and General Manager at Central Payments.
Apex Group acquires Efficient Group companies in South Africa
Apex Group Ltd., a global financial services provider, today announced its proposal to acquire Efficient Group (Pty) Ltd.
Efficient is the parent company of Boutique Collective Investments (RF) (Pty) Ltd (“BCI”) and Boutique Investment Partners (Pty) Ltd (“BIP”) and upon completion of the acquisition, Efficient Group (Pty) Ltd will rename the Apex Corporation banner. The acquisition will not affect Efficient Wealth, Risk and Investment clients.
Founded in 2013, BCI offers a wide range of management company services with its core business focusing on third-party branded portfolios (“ManCo services”).
BIP is an independent investment management and consulting firm dedicated to providing versatile management and advisory services to a large number of South Africa’s leading independent financial advisors, as well as clients. organization and their retail. This strategic acquisition adds an additional $19 billion AuA to the Apex Group platform.
Apex Group is one of the largest asset management service providers in the world, providing a one-stop, single-source solution of the complete value chain to its customers, including bank accounts. and digital accounts, custody services, custody, super ManCo, service businesses (including HR and payroll services), and pioneering environmental and social assessment and consulting solutions and governance (“ESG”). Effective clients will now benefit from access to the Group’s local hedge fund solutions, offshore fund solutions, Fintech, data solutions and technology services, in addition to an open team covering more than 12,000 people worldwide.
44 productive employees will join the Group’s growing African footprint following the recent Sanne and Maitland acquisitions, further reinforcing the Group’s commitment to the region and its intention to open up. expanding its local operations to about 1,000 people this year.
“The strategic addition of the unit trust management company adds greater product depth and expanded reach, particularly for our ManCo services offering, and further reinforces our commitment to South Africa, a key hub for our global business. We look forward to welcoming our new colleagues from Efficient who are aligned with our commitment to delivering an exceptional client experience with local service delivery.”
Peter Hughes, Founder and Chief Executive Officer of the Apex Group.
“Efficient has always followed a very successful growth strategy in the Wealth, Risk, and Investments segment of the financial services market, ensuring that the company has expanded into a leader in the financial services industry. This transaction allows the company to continue expanding the business by focusing on partners that align with the overall expansion of the retail client base strategy and value proposition.”
Heiko Weidhase, Chief Executive Officer of the Efficient Group.
The acquisition is still subject to the approval of the Competition Commission.
Macquarie Capital acted as financial advisor to Apex and Efficient’s management team, advised by Cliffe Dekker Hofmeyr Inc and facilitated the acquisition on behalf of Efficient’s shareholders.
Efficient’s Wealth, Risk and Investment cluster will retain the Efficient brand and maintain the status quo under the control of existing shareholders throughout the transaction. This cluster includes the following business segments; Effective enrichment, effective insurance consulting services; Effective individual clients; Effective benefit consulting; Effective management board; Efficient selection; Naviga Solutions; Select Manager and Dinamika Fund Manager.
PWC UK Picks Ai Quality Leader TruEra To Collaborate On Ai Risk Management
TruEra, a leading provider of AI quality management solutions for testing, interpreting, debugging, and monitoring machine learning (ML) models, today announced that it has been selected by PwC to integrate AI risk management in the UK and Ireland.
Key elements of the collaboration include:
• Using TruEra’s software to validate AI/ML models (e.g., analyzing robustness and performance, explainability, and bias and fairness) as part of PWC’s AI risk methodologies
• Enabling PwC’s clients to adapt the PwC AI Risk methodologies through hands-on, iterative experimentation
• Providing PwC’s clients the option to operationalize their AI risk methodologies using TruEra’s software
“As companies make the transition from AI exploration to adoption at scale, managing the risks associated with this transition becomes increasingly important. PwC is ideally suited to support clients in this journey, with the breadth of perspectives brought by our diverse teams, skills and market-leading experience in AI risk management,”
“We believe that this collaboration with TruEra will result in the right combination of human expertise and tech to allow our clients to embed AI risk considerations as an integral part of their model lifecycle.”
Leigh Bates, Partner, Financial Services Technology and Data and Analytics Leader at PwC UK.
“Model quality and governance are vexing issues for any company leveraging AI,”
“Automated testing and monitoring are essential for ensuring that models are high performing and functioning as intended, and that bias is minimised and adequately managed, even when market conditions change. We’re incredibly excited to be collaborating with PwC to help clients navigate the AI quality challenge.”
Shameek Kundu, Chief Strategy Officer of TruEra.
PwC UK provides professional services including auditing, tax and legal advice, trading and risk advisory and consulting in the UK, the Middle East and the Channel Islands. PwC AI experts assist clients in the areas of natural language processing, machine learning, deep learning, data engineering, automated ML, digital twin, representational AI, responsible AI, etc. PwC helps clients align their AI strategies with their business strategies, build enterprise-wide AI capabilities, and establish appropriate governance for security and risk reduction.
TruEra has been selected as the preferred supplier by several Fortune 1000 companies. In March 2022, the company was named to Fast Company’s World Change Ideas list for the second year in a row. In June 2021, TruEra was analyzed by Gartner, Inc. honored as a “Great Vendor” in the “Excellent Provider in Responsible AI and AI Governance” report. Members of the firm have also served on the AI risk advisory board for the Bank of England and the Monetary Authority of Singapore, among other government agencies.
HSBC buys Silicon Valley Bank UK
The collapse of the US bank Silicon Valley Bank (SVB) HSBC has bought its UK subsidiary, SVB UK, for £1. Customers and businesses who have deposited funds into SVB UK will have normal access. Taxes were irrelevant.
“Continue to bank as usual, safe in the knowledge that their deposits are backed by the strength, safety and security of HSBC”.
HSBC CEO Noel Quinn,
Besides HSBC, potential buyers of SVB UK included JP Morgan, Lloyd’s, digital financier Oaknorth Bank, two-year-old Bank of London and ADQ, a fund backed by the Abu Dhabi government.
The US government ensures that SVB US customers have access to cash on Monday morning.
Apparently, SVB’s U.S. parent invested $80 billion of customer cash in mortgage-backed securities, which averaged 1.56% yield, but fell in value when the Fed hiked interest rates, making government bonds more attractive. has become an investment target.
Customers are said to have started withdrawing funds and closing SVB accounts in December last year, and from April 2022 to January 2023, SVB, which had no chief risk officer, was forced to sell securities at a loss to meet its obligations. When the bank realized it had to sell the securities, the value of the securities fell below its obligation and the bank was technically insolvent.
Things took a turn for the better when the VC instructed the portfolio company to switch bank accounts from his SVB to a larger bank.
“This morning, the Government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC Deposits will be protected, with no taxpayer support I said yesterday that we would look after our tech sector, and we have worked urgently to deliver that promise,”
“There is a serious risk to our technology and life sciences sectors,”
“happens to look after the money of some of our most promising and exciting businesses and so I want to reassure people.”
‘We are working at pace on a solution. We will bring forward very soon plans to make sure people are able to meet their cashflow requirements, pay their staff,”
“but obviously what we want to do is to find a longer-term solution that minimises or even avoids completely losses to some of our most promising companies.”
UK chancellor Jeremy Hunt.
Partnership Between Carrefour Italia And Nexi: Postal Payment Slips And Pagopa Notices Payable At The Checkout
Carrefour Italia and Nexi have announced a partnership to enable citizens to pay postal payment slips and PagoPA notifications at the cashiers of over 190 stores in Italy, including Carrefour Hypermarkets and Carrefour Supermarkets. Developed in collaboration with Poste Italiane, the service allows payment in any way.
The solution, based on the Nexi technology platform, is the only one of its kind in Italy and ensures that Carrefour can manage the interface of the POS system with the PagoPA node and his Poste Italiane system with his single integration. increase. This allows you to collect postal transfer slips and PagoPA messages at the same time.
Available 24 hours a day during store hours, the service enables barcode scanning of payment slips and QR code scanning of PagoPA messages, allowing bills, utility bills, taxes, fines, school benefits, and other payments to government agencies. It enables payments to be paid and guarantees simple and reliable payments. A secure payment experience.
“Our customers are always the focus of our strategy, and thanks to the partnership with Nexi, we will be able to meet their needs further, improving their shopping experience in our stores,”
“In fact, in addition to postal payment slips, it will be possible to make payments to Public Administration bodies at the checkout, in a simple, fast and secure manner.”
Alessandra Grendele, Director of E-Commerce, Marketing, Data and Digital Transformation at Carrefour Italia.
“This agreement with Carrefour Italia allows us to continue to support the modernization of the country, contributing to the further spread of digital payments, specifically towards Public Administration,”
“This partnership also allows us to take another step in the digitalization of points of sale, while guaranteeing large-scale retail trade the opportunity to expand the range of services they offer their customers without increasing complexity at the checkout. We are the only player in Italy, in fact, that offers the integrated management of both postal payment slips and PagoPA payment notices.”
Andrea Pennacchia, Head of Banking & PA Solutions at Nexi.
Weavr acquires Comma to combine embedded and open banking
Weavr, the London-based startup that allows businesses to integrate banking and payments into their mobile apps or SaaS platforms, has acquired open banking B2B platform, Comma Payments.
With Comma, Weavr claims to have become the first integrated finance provider to combine Banking as a Service (BaaS) and Open Banking in one integrated payments solution for B2B applications, from payroll, accounts payable and other major forms of payment.
“Open Banking and BaaS represent the two most innovative trends in finance right now, and it’s exciting to finally bring them together into one powerful solution. As a company committed to breaking new ground in this field, we’re delighted to be the first to offer a solution of this kind and feel confident that our customers will immediately benefit from greater functionality and a more seamless onboarding process.”
Alex Mifsud, co-founder and CEO of Weavr.
He says the combination will allow customers to seamlessly transfer payments through their own existing bank accounts to do so through Weavr-powered accounts, providing Richer payment options and controls.
The deal follows Weavr’s $40 million Series A deal last February. Since then, the company has tripled its user base and seen a 340% increase in the number of transactions through its platform.
The largely equity-based acquisition will allow Weavr to retain much of Comma’s current workforce, including the company’s CEO and founder, Tom Beckenham, and chief technical officer Gianluca pengo.
Investcloud Launches White Fmb+
InvestCloud, the global leader in digital transformation for the financial industry with over $6 trillion in assets, today announced the release of the next evolution of InvestCloud White, called InvestCloud White FMB+. The new product offering includes integrated front, middle and back-end InvestCloud solutions, as well as simple multi-channel asset management services to provide comprehensive tools for advisors and investors. other property management.
The InvestCloud Front-to-Back solution marks InvestCloud’s continued investment in supporting greater operational efficiency and simplifying business-as-usual complexity for wealth management clients. FMB+ includes InvestCloud’s best applications for customer communication, planning, trading and accounting, and business process outsourcing (BPO). InvestCloud’s BPO Center is located in Carlsbad, CA and is currently being used by clients such as William Blair in their SYSTM provisioning.
“There is a massive opportunity to provide huge gains in efficiency to wealth management clients due to the failures of existing players in this market. Many have made claims of offering an integrated platform, but in reality, they lack having a single platform. Their solutions are dispersed across numerous platforms, and each client implementation is a different version, meaning many branches of different code – which is the height of inefficiency. This is why implementations of these platforms often last 3-4 years, with a high failure rate.”
Mark Trousdale, Chief Marketing Officer of InvestCloud.
“We are excited to bring this important offering to market. Most players are still dealing with legacy hard-coding issues that plague this industry. What that means for clients is a cobbled-together version of their code, making it impossible to maintain.” Shamberg continued: “We are proud that White FMB+ totally disrupts these norms and showcases what the power of true digital can offer. Our single end-to-end platform handles the technology and servicing needs, with a cloud-native, no-code approach, enabling personalization and efficiency at scale.”
Yaela Shamberg, Co-Founder & Chief Product Officer, Digital Wealth, of InvestCloud.
Funding Circle and Sage partner to streamline SME finance
UK-based lending platform Funding Circle has partnered with Sage, the accounting, finance, HR and payroll technology company for small and medium-sized businesses (SMEs). This partnership aims to simplify secure financing for small businesses.
With the integration of Sage Accounting and Funding Circle API, businesses will now be able to apply for loans and manage their cash easily.
Initially launched in the UK, SMEs using Sage Accounting software can apply for business loans of between £10,000 and £500,000, with the option to repay the loan between 6 months to 6 years. They will also have access to Funding Circle’s new product, FlexiPay, which is an interest-free line of credit that helps small businesses manage their cash flow. With more than 130,000 businesses reaching over £14.5 billion through the Funding Circle and one million Sage customers, this partnership aims to revolutionize access to finance for small and medium businesses. small. Additionally, the two companies plan to expand their partnership internationally, including in the United States, where Funding Circle has a growing presence as a loan provider.
“We are proud to team up with Sage and launch another partnership via our API, increasing access to funding for more small businesses in the UK. We are really looking forward to building our relationship with Sage and its customers, with the potential to expand into the US in the future too.”
Alexander Allen, UK Managing Director at Funding Circle.
“Our partnership with Funding Circle is exciting as it simplifies access to loans and funding for SMBs so they can focus on running their businesses. Managing cash flow can be a source of anxiety for customers and this partnership will relieve that stress by reducing waiting time on loan decisions and giving SMB owners peace of mind.”
Neal Watkins, Executive Vice President of Product at Sage.
Resistant AI extends Series A to $27.6m with new funding
Resistant AI, a RiskTech company specializing in artificial intelligence (AI) and machine learning, has expanded its Series A funding to $27.6 million, after raising an additional $11 million in investment la from Notion Capital. This is in addition to existing funding from investors such as GV, Index Ventures, Credo Ventures and Seedcamp.
The new investment builds on Resistant AI’s product expansion, team, and geographic presence to help financial institutions protect their trading and referral systems from malicious attacks.
Resilient AI machine learning techniques protect financial services firms against growing threats, deter criminals from using AI, and adapt as their methods evolve. The company’s solutions scan for anomalies in documents, transactions, and behavior to provide a 360-degree view of every customer, which can double the number of threats detected. The company’s solutions have protected a number of banks and fintech companies throughout the customer lifecycle. Clients include Dun & Bradstreet, Payoneer, Habito, Planet42 and ComplyAdvantage; and Resistant AI currently have more than 80 team members working in offices in Prague, London, Brussels and New York.
“With this investment from Notion Capital we are able to bring our solution to more institutions in the face of these increasingly pernicious threats. We are excited to be working with Notion Capital, particularly because of their expertise and track record in successfully growing computer security companies.”
Martin Rehak, CEO and Founder of Resistant AI.
“Security and FinTech are two of the largest areas of focus for Notion and we love how the Resistant AI proposition ties them together. Synthetic identity fraud has been named the fastest-growing financial crime in the US, with $6 billion in total losses to the banking sector in 2021 alone, and the Resistant AI product is the only comprehensive solution out there that moves as fast as the fraudsters do. We’re excited to be working with them so they can meet the growing demand for their solution.”
Kamil Mieczakowski, Principal at Notion Capital.
mBank and KUKE will jointly finance domestic investments of Polish exporters
mBank signed an agreement with KUKE, thanks to which the bank’s offer will be enriched with loans for exporters to strengthen their production potential and using payment insurance guarantees. They secure the bank up to 80 percent. financing granted for the investment carried out in Poland.
– Cooperation with KUKE allows our customers to develop. Guarantees allow us to reduce the risk, thanks to which we can grant more loans –
– Thanks to this, customers will be able to increase investments and expand the base of foreign contractors. This is crucial during a slowdown in the economy and global trade. Historical experience shows that Polish entrepreneurs find themselves very well in difficult times.
Adam Pers, vice-president of mBank.
Investment financing repayment guarantees for exporters are an important element of KUKE’s comprehensive export support system consisting of innovative instruments offered only by a few export credit agencies in the world. Some solutions, such as guarantees for investment or working capital financing, support exporters through bank credit instruments. Other tools most often used by exporters include guarantees of repayment of liabilities to suppliers, which are useful in looking for new sources of supply, as well as guarantees of financing the supply chain, helping, among others, obtain additional liquidity from banks and factoring companies.
KUKE instruments build greater financial capacity of the enterprise and have a positive impact on its relations with financing banks and contractors, which enables a significant increase in the scale of operations. KUKE’s offer has already been used by many companies from various sectors, from the automotive and steel industries, through the food and chemical industries, to the shipbuilding industry.
Allfunds Tech Solutions announces partnership with CCLA
Allfunds Tech Solutions, Allfunds’ digital solutions arm, has partnered with CCLA Investment Management (CCLA), a pioneer in sustainable investing to drive real-world change through active ownership pole.
The Allfunds Tech Solutions customer portal, a fully streamlined end-to-end solution, will be integrated with existing ACLC customer interfaces. By leveraging Allfunds’ technology expertise and data management capabilities, the partnership will enable ACLC to offer enhanced portfolio management tools to its professional clients who will benefit more from:
- A fully digitised web interface, layered with improved financial reporting tools that increase transparency and understanding of the investment performance.
- Access to a centralised system of reliable, trustworthy, and easily-leveraged operational data delivered via Allfunds’ Data Hub, optimising clients’ ability to access comprehensive information about their investments in CCLA’s strategies.
Allfunds will also become the latest platform for professional investors to access ACLC’s Better Global Funds, a great opportunity to access ACLC’s investment expertise that, until recently, only for ACLC’s not-for-profit clients and benefit from 60 years of leading UK ESG investment experience.
ACLC works with grantees to promote greater sustainability in the real world economy, evaluating companies against their environmental, social and governance criteria, and invest in a way that aligns with customer values.
“At Allfunds, we are always dedicated to solving problems and helping our clients in the financial services industry become more efficient, closer to their clients, and move their business forward. This partnership is a testament to our continuous efforts to innovate and collaborate with industry leaders, as we strive to revolutionise the financial services industry and deliver exceptional value to our clients.”
Juan de Palacios, Chief Strategy and Product Officer at Allfunds.
“Partnering with Allfunds for the delivery of the new client portal will significantly enhance how we can interact with our clients allowing them to access details of their holdings with us anytime, eliminating the constraints of traditional office hours and supporting CCLA in giving the best possible service to our clients.”
Elizabeth Sheldon, COO at CCLA.
Pleo taps Yapily to expand instant wallet top-up offering
DanishFinTech Pleo has extended its partnership with open banking platform Yapily, as it expands in Europe and adopts Variable Recurring Payments (VRP) to automatically fund accounts.
Pleo first partnered with Yapily in September 2022 to create a seamless and instant payment experience for financial teams when depositing funds into their Pleo wallets. Through open banking, Pleo eliminates the manual payment process that adds difficulty to users and creates unnecessary uncertainty on business cash flow.
Since its launch, there has been a steady growth in the number of customers using open banking as their preferred payment method to transfer funds to their Pleo accounts. Results show that 80% of loyal customers have used open banking as a payment option for repeat account top-ups, with €7.3 million paid to Pleo accounts in the UK, Netherlands and France using Yapily’s open banking infrastructure. Yapily’s broad banking reach and unique API integration have made it easy for Pleo to expand into new markets. For example, the launch in the Netherlands has seen 60% of customers use open banking to top up their Pleo wallet since its launch in November 2022. It plans to use the next approach. Similar approach to rolling out open banking to many major European markets later this year, including Germany.
Pleo is also currently taking advantage of new innovations in open banking by leveraging VRP to automatically transfer funds to their wallet when funds reach a set threshold. This will allow customers to automate deposit rules and further streamline their expense management processes through open banking.
“Partnering with Yapily has enabled us to offer our customers a frictionless user journey when loading their Pleo wallet. This means they can focus on what really matters; good cash management. Following the immediate, positive response from our customer base in the UK, France, and the Netherlands, we are expanding the offering into more of our core markets and seizing on innovations in open banking, such as Variable Recurring Payments, to deliver an even more seamless customer experience”.
Mette Gade, Chief Product Officer at Pleo.
“Payments innovation remains at the heart of the most successful FinTech user experience, and Pleo’s dedication to improving the ease and speed with which its customers can top-up their wallets through open banking has been a resounding success, proven by rapid adoption from its user base and continued geo-expansion”.
Stefano Vaccino, CEO and Founder of Yapily.
Calastone partners with Schroders to make tokenization a reality
Calastone, the world’s largest fund exchange network, today announced a partnership with Schroder to explore the potential of a tokenized investment vehicle for open companies (SCV). This partnership follows Calastone’s multi-year investment in distributed ledger technology (DLT) and cryptography, with the ultimate goal of creating and distributing tokenized investment vehicles through infrastructure. Calastone’s DLT marketplace. .
Digitizing core activities of collective investment programs is transforming value chains and creating more value for investors by reducing costs and laying the foundation for flexible investment products better and more relevant to the digital experiences consumers find in other markets.
“We have been using DLT for many years and are exploring different types of DLT while looking for applications where it can add real value. The tokenization of fund shares will not bring the transformation sought by the industry. However, managing collective investments on a native DLT platform and applying DLT and tokenization at all levels of the fund, from trading to distribution to administration, is a much more fundamental transformation.
Our work with Schroders clearly demonstrates that this future could be much closer than some imagine. We believe that when used appropriately, DLT is a powerful platform for sourcing, managing, securing, and distributing tokenized assets that will help unlock significant improvements in operational efficiency. and product innovation.
Adam Belding, CTO of Calastone.
“We are living in an era of transformation where distributed ledger technology will redefine finance and contribute to a positive impact on asset management. At Schroders, we understand the vital role that tokenization and digital assets can play in modern economic arrangements, and we are honored to partner with Calastone to help advance the digital asset ecosystem. We look forward to collaborating with a range of industry players to bring this pioneering technology to market and usher in an era of exciting possibilities.
Peter Hilborne, COO of Schroders.
Welsh fintech Mypinpad raises $13 million for its ‘secure payments on the move’ solutions
UK-based Mypinpad, a secure mobile trading software solutions company, has raised $13 million in a round led by Crossfin Holdings. This investment will accelerate the expansion of the SaaS offering and open the door to relationships with other Crossfin investment firms.
Currently operating in 20 markets, Mypinpad offers B2B SaaS solutions for making secure payments on the go.
“This investment will provide the necessary fuel to accelerate our growth, strengthen our global reach and potentially expand into new verticals,”
Barry Levett, CEO of Mypinpad.
“We are incredibly proud to have secured this investment, especially in the current difficult investment climate,”
“It demonstrates market recognition of our value proposition, successful track record and the innovative solutions we offer. This investment will provide the necessary fuel to accelerate our growth, strengthen our global reach and potentially expand into new verticals.”
Barry Levett, CEO of Mypinpad.
“Barry and his team have built an innovative, scalable business that aligns well with Crossfin’s best-of-breed mPOS and SoftPOS payment solutions and related mobile payment security solutions, enabling us to extend our reach across emerging markets globally,”
Dean Sparrow, CEO and co-founder at Crossfin.
Iberbank and CaixaBank launch payment platform partnership
After receiving respective approval certificates from EPC1, CaixaBank and Iberpay announced that their respective payment technology platforms are ready to launch, from June 22, First SEPA Payment Request in Europe.
At the same time, CaixaBank, which has become the first bank in Europe to receive a Payment Claims approval certificate from the EPC, is about to launch its first commercial service to help companies easily manage outstanding customers. online and instantly. invoice via Request for Payment. courier to pay.
Claim Payment allows businesses and individuals to request instant payment from their customers or partners online, digitally and without a hitch. This new type of “pull” instant payments (the process initiated by the payee) complements existing instant transfers, representing “push” payments (payments initiated by the payee). pay).
Spanish banks have been advocating the adoption of this new European standard for some time. They are working with Iberpay to get certified and integrate the standard into their service in the coming months. This will help generate a significant number of users, enable widespread adoption of this new feature, and develop new instant and digital payment solutions.
With the launch of instant transfers in 2017, the Spanish banking industry is once again at the forefront of the development of new digital, instant and 24×7 payment services for citizens and businesses. mine. CaixaBank was also the first institution in Europe to make the first transaction under the SEPA instant credit transfer system when it was launched.
JPMorgan invests in financial technology provider Cleareye.ai
JPMorgan has made a strategic investment in Cleareye.ai, a fintech firm specializing in trade finance, the companies announced Tuesday.
The parties, who entered into the trading partnership last September, did not disclose the financial terms of the transaction.
Trade finance refers to financial products offered by banks and other institutions that facilitate global trade by reducing counterparty risk between importers and exporters.
Cleareye.ai operates a platform that it claims can speed up trade finance and compliance processes by analyzing documents and data and eliminating manual checks.
In April, Cleareye.ai announced that the US bank would use the company’s software to map data directly to the bank’s back-office system, using the extracted data to manage Manage compliance risk associated with each transaction. JP Morgan’s trade finance operations receive nearly 4 million individual documents each year.