city-of-pittsburgh,-pa-goes-live-on-css-impact’s-financial-ecosystems-cloud-as-its-business-tax-management-platform

City of Pittsburgh, PA Goes Live on CSS IMPACT’s Financial Ecosystems Cloud as its Business Tax Management Platform

 

On September 1st, 2021, the City of Pittsburgh Pennsylvania, Department of Finance, officially launched CSS IMPACT Financial Cloud as their new Enterprise Business Tax Management Financial Ecosystem. CSS, Inc., the developers of “IMPACT | HD 2.0” is the leading provider of “NextGen” Cloud Financial & Debt Collection Ecosystems with a focus on machine learning Artificial Intelligence, delivering Fintech “AI” driven Business Process Automation solutions & frictionless Omni-Chanel Digital Consumer Engagement systems.

“The City’s successful transition & implementation of our new Enterprise Business Tax Management Ecosystem CSS “IMPACT HD 2.0″ now enables the city to automate multiple crucial business processes, centralize & digitize all tax submissions increasing the City’s ability to track unpaid taxes more efficiently. This entire project will translate into a substantial increase in tax collection revenues, enabling the City’s resources to focus on compliance enforcement while reducing time on billing activities. We are proud of the work we have accomplished to bring this project live and are excited for the future using the IMPACT HD 2.0 Financial Ecosystem,” said Nereida Polanco, Department of Finance Operations Manager for the City of Pittsburgh.

“The City’s successful launch of CSS’s cloud-based Enterprise Tax Management Financial Ecosystem speaks to the City’s uncompromising commitment to their citizens by employing scalable new digital forward technologies, such as CSS’s NextGen Financial Ecosystem, to better serve their taxpayers. The City of Pittsburgh is rapidly becoming recognized as one of the leading technology adopters in the nation for today’s ever-changing digital world. We are extremely excited for this partnership & look forward to a long-term relationship with the City of Pittsburgh,” said Carl A. Briganti, President of CSS, Inc.

To learn more about how municipalities are leveraging CSS’s Cloud Tax Management Financial Ecosystem, please visit taxecosystems.com or download entire brochure at brochure.taxecosystems.com.

To learn more about how companies in the financial services sector are leveraging CSS’s Cloud Financial Ecosystems, please visit financialecosystems.com or download brochure.financialecosystems.com.

mercurity-fintech-holding-inc.-announces-us$5-million-private-placement

Mercurity Fintech Holding Inc. Announces US$5 Million Private Placement

 

Mercurity Fintech Holding Inc. (“MFH” or the “Company”) (Nasdaq: MFH), today announced that three investors, TEAO TECHNOLOGY CO., LIMITED, GUANRUI TECHNOLOGY CO., LIMITED and XUAN YING CO., LTD, have agreed to purchase a total of 571,428,570 ordinary shares of the Company (“Ordinary Shares” ) and warrants to purchase up to 571,428,570 Ordinary Shares (the “Warrants”) for an aggregate consideration of US$5,000,000, to be settled in the form of 105.2430 bitcoins. The Company’s American depositary shares (“ADS”) are listed on the Nasdaq Capital Market. Each ADS represents 360 Ordinary Shares.

The transaction is subject to customary closing conditions and the closing is expected to take place in September8, 2021. The investors have agreed to a contractual lock-up restriction of their shares to be acquired in the transaction for 180 days after the closing. The securities issuance is exempt from registration under the Securities Act of 1933, as amended, (the “Securities Act”) in compliance with Regulation S under the Securities Act.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “hope,” “going forward,” “intend, ” “ought to, ” “plan, ” “project,” “potential,” “seek,” “may,” “might,” “can,” “could,” “will,” “would,” “shall,” “should,” “is likely to” and the negative form of these words and other similar expressions. Among other things, statements that are not historical facts, including statements about the Company’s beliefs and expectations are or contain forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. All information provided in this press release is as of the date of this press release and is based on assumptions that the Company believes to be reasonable as of this date, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

td-named-best-consumer-digital-bank-in-canada-by-global-finance

TD Named Best Consumer Digital Bank in Canada by Global Finance

 

TD Bank Group has been named the “Best Consumer Digital Bank in Canada” by Global Finance in their 2021 World’s Best Consumer Digital Banks Awards. The magazine’s 22nd annual industry awards placed TD on top in seven additional key performance categories, including:

  • Most Innovative Digital Bank
  • Best Mobile Banking App
  • Best Online Product Offerings
  • Best Bill Payment and Presentment
  • Best Information Security and Fraud Management
  • Best in Lending
  • Best Open Banking APIs

“It is an honour to be recognized by Global Finance for our digital leadership and innovative, best-in-class digital capabilities,” said Rizwan Khalfan, Chief Digital and Payments Officer, TD Bank Group. “We have always strived to create exceptional experiences for our customers and this recognition reflects our continued commitment to support our customers with trusted and tailored financial solutions designed for the digital age.”

TD has over 8 million digitally active banking users in Canada, of which more than 6 million are active mobile users.i According to Sensor Tower, a provider of market intelligence on the global digital economy, “TD is Canada’s largest mobile bank and has the most engaged user base.” ii Since the start of the pandemic, TD’s Canadian mobile user engagement has accelerated with more than 2 billion mobile sessions.iii

In an increasingly digital environment, TD continues to offer new connected experiences. The Bank is evolving its digital experience using artificial intelligence to support TD customers with proactive insights and contextual information through its mobile app to help them better manage their cash flow and plan for their upcoming financial needs. TD also recently launched TD GoalAssist™, a new mobile app where TD customers can build a goals-based investment plan and select investments to help them invest towards their goals. TD also introduced TD Global Transfer, an innovative marketplace allowing TD customers to securely send money internationally directly from their TD account, whether through EasyWeb online banking or the TD app. Through the TD Ready Advice Hub, TD customers can make appointments with a TD advisor and can also access financial articles and tools to help them manage their financial needs.

“In today’s digital-era, it’s critical that financial institutions find new ways to meet the evolving needs of customers and support them with seamless digital services and experiences,” said Peter McManus, Vice President, Global Finance Magazine. “TD brings together innovation, new technologies, and leading digital capabilities to support their customers’ financial journey.”

Global Finance used an evaluation process to select the 2021 World’s Best Consumer Digital Banks Awards winners that included a panel of judges at Infosys, a global provider of digital consulting, technology, and outsourcing, which shortlisted finalists with the Global Finance editors responsible for selecting the winner. Award recipients were selected based on several criteria, including strategy for attracting and servicing digital customers, success in attracting customers to use digital offerings, evidence of tangible benefits gained from digital initiatives, and growth of digital customer base. Category winners, such as Best Mobile Banking App, were selected based on the relative strength and success of those products and services.

fico-survey:-uk-borrowers-31-percent-more-likely-to-open-account-digitally-than-in-2020

FICO Survey: UK Borrowers 31 Percent More Likely to Open Account Digitally Than in 2020

 

Highlights

  • UK consumers today are 31 percent more likely to open an account digitally than a year ago, FICO survey finds
  • Just 13 percent of Generation Z respondents would use a bank’s website to open a new account
  • Generation Z shows greater preference for in-person account opening, compared with older age groups

A new study in the UK by analytics software firm FICO shows that UK consumers today are 31 percent more likely to open an account digitally than a year ago. However, the surprising outliers in the rush to digital-first account opening are Generation Z (Gen Z). Financial education is key as it appears that digital savviness is not enough to counter the need for in-person help and advice when selecting banking providers.

More information: https://www.fico.com/en/latest-thinking/ebook/united-kingdom-consumer-survey-2021-identity-proofing-and-digital-banking

However, while some members of Generation Z (Gen Z) are eager to use a bank’s app to create an account, most prefer to open accounts offline. When asked about their preferences for opening a current account, just 13 percent of Gen Z said they would use a bank’s website, compared to 43 percent of respondents across all age groups. Gen Z showed a greater appetite than other age cohorts for opening an account in a branch, over the telephone, and through the post.

“While it may come as surprise to many to see Gen Z more interested in face-to-face account opening than older age groups, this is not so unexpected when you consider that they have had little experience in using financial services and help and advice that is personal to them is harder to access in digital channels,” said Cox. “Banks that can find a compelling way to offer highly personalized, financial advice to younger people within digital channels could gain a competitive advantage.”

“There’s a real myth that young people are exclusively banking online, that they all embrace this new wave of digital-only banking, and they know how to make the most of fintech,” said Iona Bain, British founder of the award-winning Young Money Blog and a leading commentator, writer and authority on millennial finances. “It’s only a small minority of young people who are totally clued up about digital finance, and a lot of this is based on whether or not they are talking about money at a young age.”

When younger people do want to use digital means to open accounts, they are more likely to want to use mobile apps rather than websites. 35 percent of this age group selected this option compared to just 20 percent across the other age groups, however this was more than offset by the large number of older people (43 percent) who were keen to use providers’ websites to open accounts.

“Gen Z is more familiar with the internet than the older age groups involved in this study were at the same age. They live their lives online,” Bain added. “This, however, does not automatically mean they are more comfortable with using it for their financial activity. Their knowledge means they are also more likely to be aware of certain scams and the risks facing their personal data. This can make them hesitant to create a new account online.”

This online survey was conducted in January 2021 by an independent research company adhering to research industry standards. 1,000 UK adults were surveyed, along with 13,000 consumers in the USACanadaSouth AfricaIndonesiaVietnamPhilippinesMalaysiaThailandAustraliaNew ZealandBrazilColombia and Mexico.

hamburg-commercial-bank-goes-live-with-broadridge’s-payments-as-a-service

Hamburg Commercial Bank goes live with Broadridge’s Payments as a Service

 

Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader, today announced that Hamburg Commercial Bank is now live using Broadridge’s Payments as a Service – a cloud-based new-generation platform and BPO operation – to transform the bank’s international payments (including TARGET2) processing for corporate clients based on PPI AG´s market leading payments platform.

Broadridge’s Payments as a Service will enable the bank to achieve significantly higher levels of operational efficiency through best-in-class straight-through processing and the dynamic resolution of processing exceptions. It will also provide the scalability to grow, capture new revenue streams and enhance the quality and range of client services without capacity or resource constraints. Hamburg Commercial Bank will also benefit from a more agile response to the ongoing challenges in payments driven by regulatory and dynamic market changes. The operating platform already includes necessary TARGET2 MX and SWIFT MX enhancements, while subsequent phases of the project will add a service for SEPA payments and SEPA instant payments.

“This payment service solution is another important contribution to our transformation, and it will make Hamburg Commercial Bank even more efficient. Our customers will benefit from this best-in-class technology platform, which our strong business operations team, together with Broadridge and PPI, will continue to build out over the coming months,” said Stefan Ermisch, CEO of Hamburg Commercial Bank.

“We are very pleased with the initial production phase, which was completed in the time scheduled, and we are confident that the other production phases ahead will also be successfully implemented. We look forward to continued good collaboration and a long-term partnership with Broadridge and PPI,” added Daniel Roth, Head of Strategy & Transformation at Hamburg Commercial Bank.

Broadridge Payments as a Service is an advanced new service in partnership with PPI AG to drive transformational advantages for banks and financial organisations operating in the European payments industry, enabling them to overcome major processing challenges driven by recent and ongoing market changes, and deliver world class service standards. Uniquely designed for the future of the payments industry, it combines PPI’s extendable, modern, core payments processing platform and Broadridge’s best-in-class messaging and transformation service. The platform is hosted in Broadridge’s European data centre and is available on a shared services basis, backed by advanced quality standards including SLAs, security/resilience, capacity and agility, together with deeply knowledgeable payments and technology specialists. Broadridge’s experienced BPO team handles exceptions and customer enquiries, supported by purpose-built ticketing and customer service applications and meeting the highest service standards.

“To address client processing requirements and support the industry with the evolving regulatory and market infrastructure landscape, we have made a significant investment in building out our payments architecture and operating model,” said Samir Pandiri, President, Broadridge International. “We believe there are several hundred banks in Europe that can take advantage of this unique, modern and differentiated service to increase automation, reduce cost and risk, and manage regulatory change.”

“This is an incredibly well-executed programme delivered within a 12-month period,” said Dr. Thorsten Völkel, CEO of PPI AG. “Through strong partnership across the three parties, we have delivered a significant phase that will bring tangible benefits through greater processing efficiency and risk mitigation, scalable client-centric services and support for a fast-track response to forthcoming change requirements.”

cashfree-launches-‘accounts’-to-help-fintechs-build-banking-services;-aims-to-become-one-stop-shop-for-fintech-apis

Cashfree launches ‘Accounts’ to help fintechs build banking services; aims to become one-stop shop for Fintech APIs

 

Leading payments company Cashfree today launched its Banking-as-a-service offering ‘Accounts’ to help neo-banks and fintech platforms quickly integrate banking services into their product. Accounts will allow businesses to offer features like account opening, linking, deposits, check balance and interest earning to their customers, partners and vendors. Riding on the recent guidelines by RBI on digital KYC, Accounts by Cashfree will enable 100% paperless bank account creation instantly.

Currently supporting the creation and management of current accounts, Cashfree intends to soon add support for savings accounts, virtual accounts and other payments instruments. The product is currently running pilots with fintech startups, and will also enable other technology platforms to generate and customize payment instruments using Cashfree’s APIs. Cashfree’s integration across banks will enable fintechs from having to invest in bank integrations, lengthy compliances and other operational processes leading to much faster launch and scale up.

Akash Sinha, CEO and Co-Founder, Cashfree said, “India is witnessing a dramatic rise in the number of digital-first startups and enterprises. While the ecosystem is evolving rapidly to adapt to the change, startups and tech-first businesses often struggle with access to banking services. Cashfree aims to build a bouquet of Fintech APIs to help empower businesses and individuals. Our first product under it,  ‘Accounts’, will not only allow businesses to open banking accounts for their customers to collect payments and make payouts easily, but also bring their customers under the fold of digital payments.”

The announcement comes close on the heels to the launch of the Account Aggregator ecosystem last week which is a significant milestone in open banking innovation in India.

With over 50% market share among payment processors, Cashfree today leads the way in bulk disbursals in India with Cashfree Payouts. Recently, India’s largest lender, SBI invested in Cashfree underscoring the company’s role in building a robust payments ecosystem. Further delivering on this commitment, Cashfree caters to the difficulties faced by young as well as established businesses. Through its partnerships with brands like Zomato, Cred, Nykaa, Delhivery, Acko and Shell, Cashfree has launched several personalized products and solutions for specific business use cases to elevate end-user experiences. Cashfree works closely with all leading banks to build the core payments and banking infrastructure that powers the company’s products, and  is also integrated with major platforms such as Shopify, Wix, Paypal, Amazon Pay, Paytm and Google Pay.

bairong’s-cloud-native-saas-platform-accelerates-china-bohai-bank-digital-transformation

Bairong’s Cloud-Native SaaS Platform Accelerates China Bohai Bank Digital Transformation

 

Bairong Inc (“Bairong” or “the Company”, 6608.HK), a leading independent AI-powered technology platform in China, is providing digital solutions, which include anti-fraud and loan monitoring systems, for China Bohai Bank to protect and scale its business. The solutions are powered by Bairong’s Cloud-Native SaaS platform, which is created to accelerate the digital transformation of financial institutions by helping them swiftly deploy online businesses.

A middle platform plays a vital role in digitalizing the internal and external operations of banks. By upgrading the middle environment so it can share, integrate, and make better use of the core business prowess of both front and back offices, banks can create an intelligent and interconnected space to boost overall operational efficiency and provide better services for customers.

To help more financial institutions achieve this goal, Bairong developed a Cloud-Native SaaS platforman intelligent middle platform that can significantly improve the responsiveness of the front office while enhancing the agility of the back office by integrating the back-end resources. For banks, it can break down the barriers to collaborations between isolated systems and brings down the costs of front-end business, boosting their innovation ability and organizational effectiveness.

“The cooperation with China Bohai bank opens up a new starting point for Bairong, with which we will continue to explore the application of AI and Big Data in the financial sector in the future. The digital transformation in the financial sector is an ongoing and long-term shift in both technology and business models. To empower more financial initiations during this process, Bairong will build on our advantages in technology and ecosystem resources to continue optimizing our Cloud-Native SaaS platform and ramping up R&D in the emerging technologies,” said Zhao Hongqiang, CFO of Bairong.

With the financial sector becoming increasingly complex in a data-rich and technology-intensive environment, a new strategy is needed to help financial institutions scale up their IT infrastructure and lock in potential for business innovation. An established fintech powerhouse named in KPMG’s “China Leading Fintech 50” list for five years in a row, Bairong has cooperated with multiple financial institutions to address those challenges and upgrade their business models with digital tools. This year, Bairong’s digital solutions based on its Cloud-Native SaaS platform has aided China Minsheng BankPing An Bank, Industrial Bank and Beijing Zhongguancun Bank in strengthening their anti-fraud management systems and enhance overall business efficiency.

“In the post-pandemic era, digital adoption and automation in financial services are no longer an option for the financial sector. Instead, they have become a necessity and growth imperatives. Meanwhile, the need for digital and intelligent transformation in the financial industry is also widely recognized. Lying at the core of digital transformation is technology, while business transformation is the cornerstone underpinning the foundation of digital transformation,” Zhao said.

By the end of June 30 2021, Bairong has served over 5,100 financial institutions like China Bohai Bank, drove strong financial growth to reach total revenue of RMB791 million in the first half of 2021, representing a year-on-year increase of 67%, and the non-IFRS net profit grew by 2,612% to RMB99 million. The Company stressed in an exchange filing that it will further buy shares on the open market from time to time with confidence in its own business outlook and prospects.

tencent-cloud-steps-up-commitment-in-indonesia-following-launch-of-first-internet-data-centre

Tencent Cloud Steps Up Commitment in Indonesia Following Launch of First Internet Data Centre

 

Following the launch of Tencent Cloud‘s first Internet Data Centre (IDC) in Indonesia, local businesses across industries and fields have shown significant interest in utilizing the industry-leading cloud offerings the new infrastructure has brought about in the region. On top of the services already being provided by the first data centre, a second IDC in the country is also set to be put in place by the end of 2021, which will mark the first time for Tencent Cloud to establish two IDCs in one market within the same year.

Tencent Cloud is the cloud computing business of Tencent, a world-leading internet value added services provider with strong expertise in games, audio and video technologies, and FinTech services. With Tencent’s 20+ years of experience in technological innovation, a strong infrastructure foundation and an extensive global content delivery network, Tencent Cloud is poised to provide Indonesian customers with high-performing, easy-to-maintain, intelligent, and flexible cloud services:

Digital Assistant in Financial Services Industry

Tencent Cloud has provided significant support for the financial services industry, with products and solutions like the financially certificated distributed database TDSQL, eKYC, OCR as well as other AI technologies. Indonesian institutions such as Bank Neo Commerce and Bank Mega also incorporated TDSQL to their core system. This upgraded database constructed by Tencent Cloud will help address the challenges of digital transformation in Indonesia’s financial services industry, including insufficient data architecture, high-frequency transactions and data security, among other factors.

Media Solutions for All Industries

Livestreaming and video solutions are now widely used tools by various sectors such as social, pan-entertainment and live shows, OTT sports, gaming, e-commerce, education and financial services. Tencent Cloud has reached 90% of the audio and video customers in China and has provided complete video processing capabilities and various solutions in different areas. In IndonesiaGOX, the first Indonesia gaming live streaming platform, has started leveraging Tencent Cloud’s industry-leading streaming service and content delivery network to offer low latency, seamless and stable gaming content to millions of viewers in Indonesia and worldwide. Brands’ and companies’ customer engagement strategies, many of which involved Tencent Cloud’s solutions such as Live Video Broadcasting (LVB)Video on Demand (VOD); and Tencent Real-Time Communication (TRTC), have helped maintain a high level of engagement with their target audiences, such as the 127th, 128th and 129th China Import and Export Fair, Paris Fashion Week and the Global Tourism Economy Forum, among many others.

Game Solutions

Tencent Cloud also fits the bill for game developers looking for a high-quality cloud services platform with ultra-low latency, smooth sound quality, and anti-cheat measures. Some of its key game solutions include Game Multimedia Engine (GME), Game Server Elastic-scaling (GSE), Anti-Cheat Expert (ACE) and more.

Apart from its clients, Tencent Cloud also highlights how the company values its local partners, demonstrated in its work with Indonesian organizations such as Astrindo Starvision to promote cloud solutions in Indonesia and introduce its services to more enterprises in the country.

Poshu Yeung, Senior Vice President, Tencent Cloud International, said, “Tencent Cloud’s IDC in Indonesia has truly begun to shape the country’s move to further digitalization, which is evident in the growing number of clients, businesses and organizations that are achieving success through our high-quality products and services. Through Tencent Cloud’s safe, secure and reliable solutions as well as our invaluable experience across different industry sectors and industries, we look forward to working closely with our local partners and helping the country accelerate its digital transformation, which will be further boosted by putting a second IDC by the end of the year.”

With 24/7 security and infrastructure support, Tencent Cloud’s IDC in Indonesia attained certifications that prove its high-level safety and security standards, namely the Uptime Institute Tier III – Design & Facility, PCI DSS, ISO 27001, ISO 14001 and Indonesian national standard SNI.

Tencent Cloud is a secure, reliable and high-performance public cloud service provider that integrates Tencent’s infrastructure-building capabilities with the advantages of its massive user platform and ecosystem. Tencent Cloud provides global access and a rich array of services to governments and organizations that need advanced infrastructure and a resilient environment, such as those in the online games, live broadcast, and financial services sectors.

SOURCE Tencent Cloud

trade-ledger-supercharges-business-loan-approval-speeds,-delivering-90%-reduction-in-‘time-to-yes’-in-scotpac-asset-finance-pilot

Trade Ledger supercharges business loan approval speeds, delivering 90% reduction in ‘time to yes’ in ScotPac asset finance pilot

 

Global digital lending platform innovator, Trade Ledger, has joined forces with ScotPac, Australia and New Zealand’s largest non-bank SME lender, to create a market-leading origination and underwriting experience for business funding. The partnership demonstrates the game-changing scope of the Trade Ledger platform for business lenders and their customers, dramatically reducing application turnaround times.

ScotPac is using Trade Ledger’s data-driven lending platform to unlock all types of working capital and business lending products for SMEs who cannot always easily access finance. The Trade Ledger platform was piloted on ScotPac’s asset finance offering and has been a hit with business owners and brokers, achieving a 90% reduction in application turnaround time and a 300% growth in new business volume in the past 12 months.

“Our technology and business data insight, paired with business finance experts like ScotPac, is accelerating and transforming business finance – focusing in particular on the SME and mid-market lending experience, unlocking economic growth with better lending products,” said Martin McCann, co-founder and CEO of Trade Ledger.  “Our platform puts the customer experience at the heart of the process and expands credit distribution without increasing risk, unlocking a £1.2 trillion un-served segment of the £7 trillion global SME credit market. The ScotPac partnership demonstrates how effectively our platform can help a lender grow their business.

“Trade Ledger’s platform goes beyond Open Banking. Our ability to match a lender’s customers with the right services and bring new propositions to market quickly is key to our relationship with ScotPac and transforms how business finance can be accessed.”

“ScotPac and Trade Ledger have created a fully digital experience that is simple for the end user, whether they are a small businesses or large corporation. The goal is to transform business funding so it’s easily accessible for SMEs,” ScotPac CEO Jon Sutton said.

“SMEs can quickly access multiple products (including our debtor finance, asset finance and trade finance), to solve their most bespoke or complex funding problems. The value of speed and consistency is massive for business owners, and for our broker and accountant partners.”

Trade Ledger technology sits at core of ScotPac’s new digital lending experience

  • A digital credit assessment and onboarding experience built on scalable native cloud architecture, with microservices that allow lenders to rapidly create tailored workflows, rules and logic
  • A platform with best-practice compliance and security integrated with external data sources, for data-driven analysis and fast funding decisions
  • Daily use of AI and data analytics within the business that improve customer experience and provide growth and efficiency metrics
  • Tailored workflows and user workspaces that allow lenders to perform credit assessment tasks with speed and at scale
  • A Partner Portal that makes lending decisions super-quick for brokers, accountants and other ScotPac partners, and that also provides them with real-time deal progress and handy templates and resources to make it easier to do business

Using data and tech to reimagine the world of lending for SMEs

“The Trade Ledger partnership will completely digitise the front door to every channel and product for ScotPac, with supercharged and secure digital processes that don’t hold business owners back when they are looking for funding,” Mr Sutton said.

“The investment in cutting-edge technology is part of our ‘best of both worlds’ approach of providing business owners with a quick, easy digital decision on whether we can fund them, while preserving the deep, relationship-based funding reputation we’ve built since the 1980s. It provides ScotPac clients and introducers with the technology and speed of a fintech, giving each business more control and visibility over their funding deals, but unlike fully online lenders we remain able to handle complex transactions.”

He said the partnership with Trade Ledger is an important tech initiative, one of several planned for ScotPac, who have invested heavily in technology and expanded their product offering and executive team. This is driving ScotPac’s transformation from what has been for more than 30 years primarily a debtor finance business, to become a significant leader in working capital lending in Australia and New Zealand.

“Even with great digital experiences, businesses want and need flexibility – they don’t want to deal with a lender that is a ‘one size fits all’ sausage factory. ScotPac’s investment in technology is allowing us to make nimble decisions to quickly understand each business and make an accurate call on funding,” added Mr Sutton.  “ScotPac can handle complex requests to get deals done, and really partner with clients, rather than just make algorithm-based digital decisions about whether or not to fund them.”

trade-ledger-supercharges-business-loan-approval-speeds,-delivering-90%-reduction-in-‘time-to-yes’-in-scotpac-asset-finance-pilot

Trade Ledger supercharges business loan approval speeds, delivering 90% reduction in ‘time to yes’ in ScotPac asset finance pilot

 

Global digital lending platform innovator, Trade Ledger, has joined forces with ScotPac, Australia and New Zealand’s largest non-bank SME lender, to create a market-leading origination and underwriting experience for business funding. The partnership demonstrates the game-changing scope of the Trade Ledger platform for business lenders and their customers, dramatically reducing application turnaround times.

ScotPac is using Trade Ledger’s data-driven lending platform to unlock all types of working capital and business lending products for SMEs who cannot always easily access finance. The Trade Ledger platform was piloted on ScotPac’s asset finance offering and has been a hit with business owners and brokers, achieving a 90% reduction in application turnaround time and a 300% growth in new business volume in the past 12 months.

“Our technology and business data insight, paired with business finance experts like ScotPac, is accelerating and transforming business finance – focusing in particular on the SME and mid-market lending experience, unlocking economic growth with better lending products,” said Martin McCann, co-founder and CEO of Trade Ledger.  “Our platform puts the customer experience at the heart of the process and expands credit distribution without increasing risk, unlocking a £1.2 trillion un-served segment of the £7 trillion global SME credit market. The ScotPac partnership demonstrates how effectively our platform can help a lender grow their business.

“Trade Ledger’s platform goes beyond Open Banking. Our ability to match a lender’s customers with the right services and bring new propositions to market quickly is key to our relationship with ScotPac and transforms how business finance can be accessed.”

“ScotPac and Trade Ledger have created a fully digital experience that is simple for the end user, whether they are a small businesses or large corporation. The goal is to transform business funding so it’s easily accessible for SMEs,” ScotPac CEO Jon Sutton said.

“SMEs can quickly access multiple products (including our debtor finance, asset finance and trade finance), to solve their most bespoke or complex funding problems. The value of speed and consistency is massive for business owners, and for our broker and accountant partners.”

Trade Ledger technology sits at core of ScotPac’s new digital lending experience

  • A digital credit assessment and onboarding experience built on scalable native cloud architecture, with microservices that allow lenders to rapidly create tailored workflows, rules and logic
  • A platform with best-practice compliance and security integrated with external data sources, for data-driven analysis and fast funding decisions
  • Daily use of AI and data analytics within the business that improve customer experience and provide growth and efficiency metrics
  • Tailored workflows and user workspaces that allow lenders to perform credit assessment tasks with speed and at scale
  • A Partner Portal that makes lending decisions super-quick for brokers, accountants and other ScotPac partners, and that also provides them with real-time deal progress and handy templates and resources to make it easier to do business

Using data and tech to reimagine the world of lending for SMEs

“The Trade Ledger partnership will completely digitise the front door to every channel and product for ScotPac, with supercharged and secure digital processes that don’t hold business owners back when they are looking for funding,” Mr Sutton said.

“The investment in cutting-edge technology is part of our ‘best of both worlds’ approach of providing business owners with a quick, easy digital decision on whether we can fund them, while preserving the deep, relationship-based funding reputation we’ve built since the 1980s. It provides ScotPac clients and introducers with the technology and speed of a fintech, giving each business more control and visibility over their funding deals, but unlike fully online lenders we remain able to handle complex transactions.”

He said the partnership with Trade Ledger is an important tech initiative, one of several planned for ScotPac, who have invested heavily in technology and expanded their product offering and executive team. This is driving ScotPac’s transformation from what has been for more than 30 years primarily a debtor finance business, to become a significant leader in working capital lending in Australia and New Zealand.

“Even with great digital experiences, businesses want and need flexibility – they don’t want to deal with a lender that is a ‘one size fits all’ sausage factory. ScotPac’s investment in technology is allowing us to make nimble decisions to quickly understand each business and make an accurate call on funding,” added Mr Sutton.  “ScotPac can handle complex requests to get deals done, and really partner with clients, rather than just make algorithm-based digital decisions about whether or not to fund them.”