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This accounts for almost five per cent of all UK consumers
Rewire allows OFWs – Overseas Filipino Workers – to pay Social Security System with no fees. Among other important financial services provided online such as remittance, a European bank account and a debit card, SSS payments through an app have never been easier for migrants. Rewire has recently partnered with a Philippines government authorized company to offer the needed infrastructure for the deposit.
Paying SSS is now easier than ever before
Other than the payment being extremely secure, it is completed instantly and available 24/7. Filipino customers can pay the SSS payment at 4pm or 4am and the outcome will be the same. The way it works is that this service is only offered to users for whom the SSS payment can be relevant for. It can easily be found on the website or app once logged in to the account. The SSS payments section is found in the menu bar. After that, Filipino migrants only need to tap on the screen and enter information for less than two minutes.
Managing finances in more than one country
Moving to a new country is quite an adventure. Alongside the empowerment and opportunities, there are also some financial challenges to overcome. For example, migrants may need to pay taxes and relevant fees for the new home, as well as for the home in the country of origin. In addition, Filipino migrants need to learn how to manage finances in more than one country until they retire.
Filipino migrants know that they need to pay SSS to prepare for an extra when needed in life. Continuously, making SSS payments will ensure a monthly pension from the SSS. The Filipino migrants will receive retirement funds from the insurance, which will help cover the basics such as utility bills, healthcare and more. Obviously, while the SSS provides financial aid, it is not a substitute for life insurance or any other type of insurance that people may want to have.
“Being able to contribute to the lives of Filipino migrants, to unburden those professionals and to show them that they can lean on us when their lives change drastically, is a privilege. We tend to forget that migrants are not only contributing to the generation of new wealth. They are also pioneers in an informal social movement towards emancipation. Often, migrants wish to improve the quality of life or seek professional development and better living conditions in general. We are proud of our technical offer and infrastructure for the deposit, in order for Rewire to support them in their lives and in giving access to finances that will help their families,” says Meril Weber, Head of Filipino Community at Rewire.
“Many migrants that move from the Philippines to Europe for work rely on Rewire for digital banking. Those OFWs are very much needed in different countries across Europe such as Germany, Ireland and Finland, not just in times of COVID-19, but more on a sustaining basis. Our main mission with Rewire is to make banking stress-free for migrants, which is why enabling SSS payments is important. SSS payments ensure that migrants will be taken care of on happy occasions such as maternity leave or retirement and in cases of illness, disability, or even passing. Rewire is devoted to its customer base and continuously works to develop innovative features that support migrants’ financial stability on their paths to build a better future for themselves and their families.” says Guy Kashtan, CEO Rewire.
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Welcome to Monday’s live blog. Jack Sexty is your blogger-in-chief today, with Simon MacMichael taking over later this evening.
We’re back this evening for another sock giveaway
Explore cycling’s vast literature from classic races to new personal stories of cycling transformation
Police appeal following incident in Birmningham’s Sheldon Country Park
Subtle details make for very different bikes
We want to share your go-to training rides with newcomers to the sport as well as more experienced riders looking to freshen things up
The Nordics have the potential to become the most successful open banking market in Europe thanks to the region’s highly digital society and quick adoption of new technologies, according to a report launched today by open banking platform Nordic API Gateway. But how is the Nordic region driving new opportunities across industries and leading the changes with open banking? How have businesses leveraged open banking to create value and meaningful products? And are there any further learnings here for other European regions?
The report includes new research, conducted in January 2020, which found that in less than six months since the final deadline of the EU’s Revised Payment Services Directive (PSD2), more than half (53%) of those interviewed have invested in new technology and infrastructure, and 50% have already developed new products and services, indicating the speed of adoption across the Nordics.
The research, which was conducted with more than 100 decision-makers in financial institutions, accounting providers and Fintechs across Denmark, Sweden, Norway and Finland, was designed to uncover the region’s opinion, progress, challenges and growth opportunities since the final deadline of the EU Directive.
The EU Directive is aimed at creating a level playing field regarding payment services across Europe in order to increase competition, innovation and efficiency in the market, driving a revolution in financial products and services for the benefit of consumers and businesses.
According to the research findings, nearly three quarters (58%) of respondents felt the new legislation is already having a positive impact on the region’s economy, and 83% saw it as an opportunity for their business. Nearly half (45%) suggested that consumers will be the biggest beneficiaries alongside FinTechs (24%), with the latter particularly being championed by the larger financial institutions to succeed in this new era.
Even with territories such as the UK progressing well with their development of open banking-inspired interfaces, 64% of organisations in the Nordics believe the region is not behind its European counterparts when it comes to innovation around financial products and services, which according to Rune Mai, CEO of Nordic API Gateway, is down to the region’s perfect fit for open banking.
He comments: “The Nordics have adapted to open banking quickly and this can be attributed to a number of things; the region is already digitally advanced, there’s a real desire from the banks to be open in order for progress to be made, and unlike many parts of Europe, the Nordics very much take a collaborative and thorough approach, which all contribute to creating the perfect environment for open banking innovation.
“The arrival of open banking has signalled the beginning of the biggest transition in financial data rights across the EU, and a new era of innovation. These sorts of directives don’t just seamlessly integrate into day-to-day operations without significant process changes, so it’s extremely positive to see that rather than just ensuring their organisations are compliant, organisations in the Nordics have already developed interfaces that work well and can be used by both consumers and businesses.”
While 51% of those interviewed stated that they had already implemented changes to their business and/or product strategy (this was significantly higher with the banks at 72%), a third (36%) suggested they still hadn’t made any kind of changes presented to them, and 40% stated that the development of new products and services would have the biggest impact on business performance.
Rune Mai believes that more changes will be made as a result of the current Covid-19 pandemic. He adds, “The social implications caused by Coronavirus have accelerated the shift towards being more digital focused and encouraged more consumers and businesses to seek open banking solutions. We expect to see this continue as more financial institutions concentrate on the digital transformation of products and services which assist the customers’ changing situations.”
Almost 4 in 10 (38%) agree that their organisation found responding to open banking legislation a challenge, with nearly half (46%) challenged by a lack of resource to build new solutions, and 38% finding difficulty in incorporating open banking solutions into their current offer.
Rune Mai continues: “We are building the foundation of a new world; the Nordics are moving at a good pace in response to the new Directive but this first twelve months will see most of the movement taking place in the background – becoming compliant, understanding the opportunities, building teams to respond, automating processes, developing interfaces, and providing account aggregation externally as a minimum. But again, these challenges can all be overcome with the right collaboration.”
The research found that there is little doubt amongst those interviewed that financial institutions opening their payment infrastructure and customer data to third parties will change the business landscape in the Nordics; nine in ten (90%) expect more tech-start-ups, 79% believe there will be an increase in AI technology, 88% expect a natural increase in competition in the market and 82% expect an increased pressure on customer service.
“To make the progress we know this market is capable of we need a change of mindset to become a digital-first industry”, continues Rune Mai. “Only then will we truly understand how to create convenience in both the lives of businesses and consumers – the FinTechs are naturally set-up this way but the rest of industry needs to follow suit. And digital-first doesn’t mean building a brand-new mobile banking business, but more building cleverly on what we have already with the right technological solutions.
“The arrival of PSD2 and open banking should be viewed as a gateway to growth. The opportunities are clear for developing a more customer-centric and innovative offering, not just an operational necessity. We need to be all in and developing this market together – it has the biggest implications for progression than any other regulation regarding financial data.
“We should be under no illusion, it’s not easy to be build these open banking interfaces, but the region has learnt a great deal through the collaboration that’s already taken place, and that’s something we will be exporting to the rest of Europe as the market matures, positioning the Nordics as at the forefront of this digital movement.”
For further detail on the findings of the research, please click here to download a full copy of the report.
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New FIS Unity wealth management platform leverages advanced data analytics to give advisors rich insights into the financial needs of their multi-generational clients.
FIS Unity offers a single, 360-degree picture of clients’ financial assets across multiple financial providers through integrated APIs.
The solution leverages an innovative approach to workflow that automates and streamlines processes.
As investors of all ages seek advice for weathering the current uncertain investing environment, financial technology leader FIS https://www.fisglobal.com/ (NYSE: FIS) today announced a leading-edge wealth management platform that gives wealth managers the data and insights they need to better understand and serve the needs of their multi-generational clients.
FIS Unity leverages open application programming interfaces (APIs) to provide wealth managers an integrated, 360-degree view of a client’s financial assets across multiple financial providers. Using the system’s industry-leading analytics tools and intuitive dashboards, wealth managers can gain insights into their clients’ investment history, lifestyle changes and investing preferences – enabling managers to offer personalized investment recommendations that meet clients’ current and future needs.
In addition, the platform makes use of advanced data analytics along with fully integrated workflows to automate and streamline processes, enhance efficiency and lower operational costs. The solution is appropriate for wealth management firms, wealth divisions of banks, trust companies, custodians and brokerage firms.
“Unprecedented levels of market volatility have made it more important than ever that wealth managers and advisors have a complete, accurate picture of their clients’ assets and remain connected anytime and anywhere,” said Brian DuVal, Head of Wealth and Retirement at FIS. “During this time, investors still expect accurate, insightful guidance when they need it, and the Unity solution prepares advisors with a rich, holistic view of their clients’ assets.”
AMG National Trust Bank chose FIS Unity to enable its advisors to provide a more personalized experience to the clients it has been serving for more than 45 years.
“We serve multiple generations of clients who all have very different expectations when it comes to investing,” said Don Seacrest, SVP Operations at AMG National Trust Bank. “By modernizing our wealth management system on the FIS Unity platform, we will be better able to address those differing needs and grow those relationships.”
Learn more about FIS Unity in this video
https://vimeo.com/395752972/0a4c2744d0 or on the FIS website https://www.fisglobal.com/capital-markets-solutions/investment-management-and-servicing/wealth-and-retirement/wealth-management/fis-unity-wealth-platform.
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The partnership combines o9’s Industry-leading Integrated Business Planning platform with HighRadius’ Deductions Cloud
o9 Solutions, a premier AI-driven integrated planning and operations solution provider; and HighRadius, a fintech enterprise Software-as-a-Service (SaaS) company specializing in automating the order-to-cash and treasury management processes; have partnered to deliver an integrated solution to eliminate friction between trade promotion planning and settlement process. The partnership enables customers to build commercial plans for different time horizons (e.g. long-range and annual operating plans) at category, brand and customer levels in the o9 integrated planning platform while benefiting from the HighRadius Integrated Receivables platform’s automated reconciliation of deductions capabilities to streamline processes and eliminate invalid claims.
Research from PwC indicates that there is $200B spent annually on trade promotions in the US alone. In particular, McKinsey and Co. research shows Consumer-Packaged-Goods (CPG) companies invest approximately 20% of revenue on trade promotions. Most companies are left to manage these complex trade promotions across thousands of retail and distribution partners with spreadsheets for planning and manual reviews of deduction requests resulting in higher costs of managing trade promotions and higher rates of invalid deductions being paid.
“o9 Solutions and HighRadius are two best-of-breed solutions that will be tightly integrated to transform the planning and execution of trade and promotion investments to drive higher ROI for our joint customers,” said Chakri Gottemukkala, CEO of o9 Solutions.
Both o9 and HighRadius are cloud-based, AI-powered enterprise software providers that solve complementary problems for numerous Fortune 500 clients. This partnership leverages deduction management capabilities of HighRadius® Integrated Receivables platform and o9’s commercial planning solution to enable customers to improve cash flows, financial performance, and channel relationships through fewer write-offs, accelerated collections, better customer communications and reduced overhead involved in managing deductions and trade promotions.
“HighRadius has a large and growing client list that are planning and executing complex trade promotions management schemes in industries like CPG, food and beverage and apparel,” said Sashi Narahari, founder and CEO of HighRadius. “HighRadius has historically helped customers process and clear trade deductions for such schemes with limited visibility and integration into trade promotions management (TPM) systems. Partnering with o9 will enable our clients to reduce the management costs and improve yield from their investment in trade promotions.”
The partnership is a natural extension of market trends around the further digitization and adoption of AI of core finance functions. These secular trends were further validated through the recent funding and unicorn valuation announcements from both o9 Solutions and HighRadius.
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