The Paypers, Posted April 14, 2023

Brother International Singapore has partnered with Esker to automate the full procure-to-pay cycle, including supplier management and contract management.

Brother International Singapore recognised the need for optimised procedures and simplified workflows as a producer of electronics and electrical equipment. Long payment processing times, a lack of insight into spend, and ineffective contacts between requestors, finance, and suppliers were all the result of the manual handling of numerous papers.

To address these issues, Brother International Singapore turned to Esker’s AI-driven solutions, which remove manual procedures, decrease mistakes, and boost visibility into spend. The company may focus on its core business operations and customer experience by improving the efficiency of its business procedures.

Esker can help Brother International Singapore achieve its goal of automating its complete procure-to-pay (P2P) and order-to-cash (O2C) cycles. The idea is to roll out Esker in other locations after starting with Singapore. The collection of technologies embedded into each solution, Esker Synergy AI, paves the road to higher operational efficiency, cost reduction, and a better user experience.

#Payments

Altfi, Posted April 19, 2023

A new report laid out recommendations to the UK and Indian regulators and governments to grow the fintech sector in both countries.

Over the past 10 years, the UK and India have strengthened their partnership across financial services and fintech.

Formed in 2014, the India-UK Financial Partnership (IUKFP) has released a new report on how the two countries can accelerate and enhance their collaboration to boat growth in fintech.

It outlines recommendations for policymakers and regulators in both countries, and implements regulations from the Kalifa Review, including learning from each other’s successes and how to further strengthen each country’s fintech ecosystem. Ron Kalifa, who helped guide the UK recommendations, said India is “not just one of the most promising fintech markets, but also a natural partner for the UK”.

#Fintech

Crowdfund Insider, Posted April 20, 2023

Adyen, the global financial technology platform of “choice” for major businesses, launches its Unified Commerce solution in Malaysia to help businesses flexibly meet ever-evolving consumer expectations.

Powered by Adyen’s single platform, Unified Commerce gives businesses end-to-end control of transactions across sales channels (online, in-app, and in-store), “effectively breaking down traditional commerce silos to equip Malaysian businesses with a richer understanding of their consumers in a single overview.”

The launch of Unified Commerce in Malaysia “comes at a time when the Malaysian market – more than any other in Asia Pacific (APAC) – is ready to embrace flexible, cross-channel journeys,” as revealed by Adyen’s 2022 Malaysia Retail Report.

#Fintech

Singapore: UOB to Build Tech and Innovation Center in Punggol Digital District

The Paypers, Posted April 20, 2023

UK-based Lloyds Bank has launched the PayMe transfer system to streamline one-off payments for businesses and improve customer service.

What makes PayMe stand out is the fact that it allows businesses to make one-off payments without having to know the beneficiary’s bank details thus enabling payees to receive the funds within minutes. Specifically, by using this system, banks no longer need to gather or manage account information or register one-off suppliers. 

To use PayMe, once the payment has been approved, companies can send a secure link to the beneficiary via SMS, QR code or email, and the beneficiary can then input his or her account information. The payment is reviewed and verified, and the funds are sent straight to the beneficiary. 

On the payees’ side, the main benefit is that they no longer have to wait up to three business days to receive their funds. The system can also help businesses to minimise their cheque issuance and manual processes, as well as their associated costs. Some potential applications of Lloyds Bank PayMe include one-time vendor payments, goodwill gestures, refunds, volunteer expenses, compensation payouts, hardship payments, and grants. 

#Fintech

The Paypers, Posted April 20, 2023

ECB and SRB have welcomed the European Commission’s proposed legislative changes to the European bank crisis management and deposit insurance framework.

The European Central Bank (ECB) and the Single Resolution Board (SRB) took part in the consultation process that led to the European Commission’s proposals and published related documents, such as the ECB contribution and the SRB contribution. Both institutions stand ready to provide technical input to further enhance the Commission’s proposals and ensure that the overall framework is consistent and workable.

The proposals contain many developments. For example, they clarify the scope of the application of a resolution in relation to national liquidation procedures. They also enhance the toolkit for managing bank failures in a way that protects critical functions and citizens effectively.

The ECB notes that the European Commission has recommended that the European Parliament and the EU Council consult the ECB on the proposed legislative changes. Following requests for consultation, the ECB would deliver its opinion in due course.

#Fintech

The Paypers, Posted April 18, 2023

UK-based Finastra has partnered with US-based Open Banking platform Plaid to help it integrate with the Fusion Digital Banking platform.

The partnership between the two entities is delivered via FusionFabric.cloud open APIs, and it provides financial institutions with access to a suite of account verification tools that make it easier and more secure for consumers to link data from their main financial institution with external financial apps and services. 

Banks and credit unions can leverage the adaptability of Fusion Digital Banking to deliver personalised experiences for their clients. As some account holders rely on various applications to manage their finances, the Plaid integration helps these institutions meet these customer demands. 

Fusion Digital Banking financial institutions can leverage Plaid’s API technology to increase efficiencies and move to credentials integrations, ensuring a distinct layer of security. The integration also improves the reliability of connections for customers who have linked their accounts to Plaid-powered applications. 

Plaid officials cited by ibsintelligence.com highlighted the company’s commitment to ensure that all financial institutions can enable their account holders to permission data via API connections. They also talked about the partnership with Finastra and how it can help financial institutions to give their customers the necessary tools they need to access the fintech apps they use on a daily basis. 

#Open banking

Finextra, Posted April 20, 2023

The European Parliament has overwhelmingly voted in favour of the Markets in Crypto-Assets (MiCA) crypto licensing regulations.

MEPs voted 517-38 in favour of the new regime, which has already been given the green light by EU member states.

The world’s first comprehensive regulation for the crypto sector, MiCA requires firms in the sector to obtain a license in order to offer their services in the bloc and to meet money laundering and terrorist financing rules.

“Significant” service providers will also have to disclose their energy consumption in order to tackle the sector’s carbon footprint.

A separate vote of 529-29 waved through Transfer of Funds regulation, requiring crypto firms to identify their customers.

#Crypto

Barclays unveils govt-funded support programme for UK tech

Finextra, Posted April 21, 2023

Barclays Eagle Labs has officially launched its government-funded two-year support programme for UK tech businesses.

Barclays was awarded the £12 million Digital Growth Grant in a controversial decision earlier this year that saw the previous recipient, Tech Nation, forced to shut up shop.

Barclays Eagle Labs head of implementation David Hamilton has acknowledged that the move has not been universally welcomed in the industry, and that some people think his unit is the “bogeyman”.

Now, the bank has set out its plans for the money, opening applications for the first of a series of programmes designed to tackle some of the key issues businesses face and drive regional growth in the UK tech sector.

An ecosystems partnership programme will enable organisations outside of London to apply for funding and deliver their own programmes that best support the challenges they are facing in their local area.

#Crypto

SocGen digital asset unit launches EUR stablecoin

Finextra, Posted April 20, 2023

SG-Forge, the digital asset division of French bank Societe Generale, has launched a euro-denominated stablecoin on the ethereum public blockhain.

Dubbed the EUR CoinVertible, the asset is designed to bridge the gap between traditional capital markets and the digital assets ecosystem. The coin could be put to use as a settlement asset for on-chain transactions, for corporate treasury, cash management and cash pooling activities, on-chain liquidity funding and refinancing, and for intra-day liquidity needs such as margin calls.

The bank has made a request to a “leading independent credit rating agency” to assign a credit rating to the EUR CoinVertible. The firm says it intends to work with digital asset exchanges and trusted third-party platforms to have the EUR CoinVertible stablecoin listed in the coming months.

#Crypto

USA

The Paypers, Posted April 19, 2023

US-based payments platform Pidgin has announced a partnership with U.S. Century Bank to provide the latter’s customer base with real-time payments.

Having more than USD 2.1 billion in assets and activating for over 20 years, U.S. Century Bank is committed to serving business owners, professionals, and entrepreneurs in the South Florida community, and has selected Pidgin as a fintech partner to provide instant payments to their customers, thus offering them a fast, easy, and secure way to send and receive payments.

As per the information detailed in the press release, Pidgin helps route payments directly from one financial institution to another and eliminates the need to leverage a holding account by a third-party provider or a virtual wallet, thus helping facilitate an increasingly secure transaction.

Following the collaboration with Pidgin, U.S. Century Bank is set to be enabled to support expedited payments across various use cases. For personal accounts, Pidgin acts as a single solution for sending and receiving payments straight from a checking account, with no waiting or transfer period, with the funds being available almost immediately following the completion of the transaction.

#Payments

The Paypers, Posted April 18, 2023

Payments technology provider Central Payments has announced its partnership with US-based Galileo Financial Technologies for a long-term processing services renewal. 

Following the collaboration, the companies will ensure that programs delivered through Open *CP will be able to leverage robust and scalable processing capabilities for embedded finance and financial institutions. 

Currently, Open *CP is used by multiple enterprise companies to power their large-scale programs which were used for the launch of their financial solutions and tools. Galileo will provide its API approach and effective platform in order to allow customers to build financial products that will meet the expectations, needs, and preferences of their users. 

#Payments

ClearBank appoints ex-PayPal and WorldPay exec as new CPO

Altfi, Posted April 20, 2023

Spiros Theodossiou joins the clearing bank to lead product strategy and help market expansion.

ClearBank has appointed Spiros Theodossiou as its new chief product officer.

Theodossiou joins the clearing back to lead global product strategy, and deliver innovation for the bank and its clients.

He brings more than 20 years of experience to the role and previously worked as CPO at cloud accounting platform Dext.

Prior to that he was SVP of product management at WorldPay and has had a number of executive roles at companies including PayPal and Vouchercodes.com.

“The growth opportunities, both in the UK and as ClearBank expands internationally, are phenomenal and I look forward to being a part of the bank’s journey, working closely with our clients to understand their needs, drive product innovation and help take our vision to new markets,” Theodossiou said.

#Payments

Infamous fintech Lanistar readies to re-launch in the UK

Altfi, Posted April 19, 2023

After a two-year hiatus, infamous London-based fintech Lanistar is preparing to re-launch in the UK.

The fintech, which has since gone on to build out its payment card provider offering in Latin America, first launched in the UK with all guns blazing.

It raised £2m seed and positioned itself as a rival to digital banks like Monzo and Revolut, with founder and then-CEO Gurhan Kiziloz saying he had an ambition to “create a £1bn fintech company”.

He even went so far as to buy the (Lanistar branded) unicorn.

Just eight months later, the company found itself in trouble with the Financial Conduct Authority (FCA).

The regulator published a warning on its website stating “this firm is not authorised by us and is targeting people in the UK […] we believe [Lanistar] is carrying on unregulated activities which require authorisation”.

Now, the fintech is back, with Kiziloz out of the driving seat and instead in the role of chairman, according to Company’s House, and Jeremy Baber heading up the company.

#Fintech

Global banks turning to fintechs to boost customer experience – research

Finextra, Posted April 20, 2023

Three-in-four global banks are planning to connect with an average of three fintech startups over the next eighteen months to boost their digitsation efforts, according to research conducted by East & Partners on behalf of Finastra.

The study, which entailed 783 interviews conducted at 260 banks and 393 community banks in North America, found that the largest proportion of respondents want to plug into a platform of integrated fintech solutions (56%), with only 6% preferring to build capabilities in-house. This is particularly prevalent in Europe, where this is 73% and 5% respectively.

Core motivations include the reduction of operational costs (46%), deployment of new technology with greater ease (43%), and closer alignment with evolving ESG and compliance needs (37%).

Digital transformation for improved customer experience remains a priority, with global institutions investing an average of $367.6 million in transformation in 2023. European banks are investing substantially more, at an average of $886 million. However, only 1 in 5 feel they are ahead on their digital journey (20%), and 1 in 2 (54%) believe they are behind.

#Fintech

Goldman Sachs mulls sale of $2.1bn BNPL business Greensky

Finextra, Posted April 19, 2023

Goldman Sachs is mulling the sale of its buy now, pay later-based home improvement lender Greensky as it continues its retreat from the consumer finance market.

The Wall Street giant acquired Greensky for $2.24 billion in September 2021. Since inception, approximately four million consumers had financed more than $30 billion of commerce using the firm’s instalment-based payments platform, which is currently online at a network of 10,000 US merchants.

At the time, Goldman CEO David Solomon said: “We have been clear in our aspiration for Marcus to become the consumer banking platform of the future, and the acquisition of GreenSky advances this goal. GreenSky and its talented team have built an impressive, cloud-native platform that will allow Marcus to reach a new and active set of merchants and customers and provide them with an expanding set of solutions.”

GreenSky is a “good business” that is performing well, Goldman CEO David Solomon told analysts after the company reported a 19% drop in first quarter earning, thanks in part to a $470 million loss on the sale of some Marcus loans.

#Goldman Sachs

The Paypers, Posted April 20, 2023

Itau Unibanco has conducted a series of connection tests with the Starlink network to assess the performance low-orbit satellite internet.

Specifically, the bank entered the Starlink testing phase in March 2023, and it conducted connection tests with the Starlink network at a bank branch located in the North Zone of Rio de Janeiro. The bank worked with the Brazilian branch of the Speedcast group, SC Caprock, which also has a global agreement for the sale of Starlink’s corporate services. 

The primary purpose of the testing phase was to analyse the potential of improving the standard of connectivity to more regions of the world, particularly in areas located far away from urban centres in Brazil. This isn’t the first time that Itaú has tested new connectivity solutions in the country. In 2021, it performed 5G connection tests in partnership with Anatel. It also expanded the 5G connectivity standard to around 100 branches in different Brazilian states throughout 2022 according to bnamericas.com. 

Itaú Unibanco officials cited by the same source talked about the potential of new telecommunication technologies to be applied to the bank’s branches in different regions of Brazil. They also talked about this testing phase and revealed their goals to find solutions for maintaining a high-quality connection in regions that are difficult to access through traditional infrastructure.

#Fintech