Tag: Fintech

eventus-wins-fow-asia-capital-markets-award-for-market-surveillance-excellence

Eventus wins FOW Asia Capital Markets Award for market surveillance excellence

September 13, 2021 Published by

 

Eventus Systems, Inc., a leading global provider of multi-asset class trade surveillance and market risk solutions, has won the FOW Asia Capital Markets Award for Best New Product – Market Surveillance. The award is the second honor the firm has earned in the past three months for its efforts in the Asia-Pacific (APAC) region and follows its inclusion last week in the global AIFinTech100 list for 2021.

The FOW Asia Capital Markets Awards recognize excellence in the Asian capital markets. Winners are selected by a panel of judges with extensive experience in the industry. Global Investor Group announced the recognition for the firm’s Validus platform at its virtual FOW Asia conference. Eventus also won the FOW International Award for Market Surveillance Solution of the Year for 2019 and 2020.

Global Investor Group staff reported that the judges concluded Eventus is leading the way with its trade surveillance monitoring tools and that expanding in Asia with new clients and staff demonstrate that the firm has the right technology model at the right time, with the introduction of new features setting it apart from the competition.

Eventus CEO Travis Schwab said: “We’re deeply honored to receive the FOW Asia award and to have our platform and growing team’s efforts recognized as we continue to increase our presence and service throughout APAC. Whether in the cryptocurrency space or the many other asset classes we serve, exchanges and firms are responding to our powerful, real-time trade surveillance capabilities, as well as our market risk, anti-money laundering and transaction monitoring offerings. We’re also excited to be named to the AIFinTech100 – reflecting the strength of our machine learning and robotic process automation that help clients identify patterns and behavior that can have a major impact on their firms, while avoiding time-wasting chases in their surveillance activities.”

A panel of industry experts and analysts chose AIFinTech100 honorees after reviewing a study of over 1,000 companies undertaken by FinTech Global, a data and research firm. Eventus and the others were recognized as “the world’s most innovative solution providers developing artificial intelligence (AI) and machine learning technologies to solve challenges or improve efficiency in financial services.”

Eventus last week announced that it closed on a $30 million Series B funding round. Proceeds will fund the firm’s continued growth to meet strong demand, with plans to more than double its workforce around the globe, expand its product suite and add new financial risk applications to Validus.

Eventus has now earned 17 global awards and honors since late 2018 for its technology, innovation and client service, including six recognitions in the past six months alone. The firm has been named to the global RegTech100 list for three consecutive years.

lenny-moon-chief-executive-officer-of-flycoin:-a-new,-cryptocurrency-travel-rewards-program

Lenny Moon Chief Executive Officer of FlyCoin: A New, Cryptocurrency Travel Rewards Program

September 13, 2021 Published by

 

FlyCoin, the new blockchain-based travel rewards program, is pleased to announce the appointment of Lenny Moon as chief executive officer. Moon will guide the company’s market launch, further its strategic vision, and execute its operational business plan.

FlyCoin, the foundation of a new rewards program- already available to Ravn Alaska customers, will also launch on Northern Pacific Airways: a low-cost, long-haul carrier, uniting U.S. and Eastern Asia ports via Anchorage, Alaska. Under Moon’s leadership, FlyCoin will redefine travel rewards systems by providing revolutionary access to the benefits of the cryptocurrency blockchain network to travelers.

Additionally, Moon will assume the position of CFO of FLOAT Alaska LLC, the parent company of FlyCoin, Northern Pacific Airways, Ravn Alaska, and other owned subsidiaries. “Moon brings over two decades of experience in start-ups, venture capital, investment banking, and fintech,” Tom Hsieh, president of FLOAT Alaska LLC. “He is an astute professional with strategic vision, financial clarity, and extraordinary operational acumen. With such extensive experience and expertise, Moon will accelerate the status quo of travel rewards programs.”

“Consumers deserve a better rewards point system, and the time is now,” explained FlyCoin founder and chairperson, Josh Jones. “Our mission is to empower travelers with a crypto-backed rewards system. Its open protocol and finite supply of tokens takes power from the airlines and puts it right into users’ wallets. Moon is the perfect person to accelerate our progress in this endeavor.

“The traditional world of travel rewards programs is ripe for change. FlyCoin will provide consumers with a rewards program where the benefits are open and less confined,” explains Moon. “A cryptocurrency is the medium to reward our loyal customers for traveler participation, but not force their loyalty by constraining how they choose to redeem those rewards. I am excited to lead FlyCoin as we help provide a more customer-centric approach to travel rewards programs. With this organization, and Josh Jones’ experienced understanding and proven success with cryptocurrency, FlyCoin seeks to empower our customers to become decision-makers.”

leading-payments-technology-provider-opus-consulting-solutions-announces-hiring-spree-in-a-bid-to-meet-growing-demand

Leading Payments Technology Provider Opus Consulting Solutions Announces Hiring Spree In A Bid To Meet Growing Demand

September 13, 2021 Published by

 

Backed by over 24 years of experience in building highly innovative payment solutions, Opus Consulting Solutions is at the forefront of shaping the future of the payments technology and FinTech landscape.

With deep expertise in the financial domain and a growing footprint in the US – Opus offers the best-of-breed payments technology to Fortune 500 companies and some of the biggest names in the financial services industry.

Commenting on this announcement to expand their workforce, TM Praveen, CEO of Opus Consulting Solutions said, “Opus’ expansion plans result from the acceleration of digitization and increasing demand in recent years to modernize legacy payments systems. The pandemic has brought forth remarkable disruption in the payments ecosystem. With customers migrating from cash to digital payment channels, we see a rising urgency in adopting payment modernization programs.”

With new opportunities in the payments landscape – the company is gearing up to position itself for the long-term win. Keeping up with their goal of weaving digital capabilities into existing payments ecosystems, Opus plans to expand its workforce across product engineering, sales, and support teams.

“We’re focused on driving the global payments industry toward a more modern landscape. In line with this, we plan to expand our solution offerings and grow our workforce by more than 50% in the next three months. We also plan to adopt a holistic business and technology strategy, to deliver transformative benefits to our clients,” added TM Praveen, CEO of Opus Consulting Solutions.

As alternative payments systems are gaining traction, the company plans to expand their portfolio and roll out innovative, cloud-based, and API-driven payment solutions. Opus is invested in powering large-scale transformations of monolithic architecture and enhancing customer-centricity by re-engineering products to be more modern, agile, and innovative.

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

September 8, 2021 Published by

 

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

September 8, 2021 Published by

 

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

September 8, 2021 Published by

 

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

September 7, 2021 Published by

 

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 USA, Canada, South Africa, Indonesia, Vietnam, Philippines, Malaysia, Thailand, Australia, New Zealand, Brazil, Colombia 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

September 7, 2021 Published by

 

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

September 6, 2021 Published by

 

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

September 6, 2021 Published by

 

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 platform, an 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 Bank, Ping 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.

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