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.
The post Nordics Will Show Europe How Open Banking Is Done Right appeared first on The Fintech Times.
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.
The post New FIS Wealth Management Platform Brings Rich Data Insights to the Client Relationship appeared first on The Fintech Times.
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.
The post o9 Solutions and HighRadius Partner to Streamline Trade Promotion Planning and Settlement appeared first on The Fintech Times.
Ingenico Group , the global leader in seamless payments, today reveals that within 18 months of going live, its Russian Payments Solution has outperformed all expectations with impressive payment volumes and customer adoption. It is now one of the fastest growing payments offerings from Ingenico ePayments, providing unique local acquiring and payment capabilities for international businesses selling online to Russian consumers in digital goods, retail, travel and more.
The success of the solution is credited to Ingenico’s deep understanding of the Russian financial system and partnerships it has built within the Russian banking ecosystem. Through these partnerships Ingenico developed a unique solution with local access to the Russian financial system and payment landscape providing local acquiring, local payment methods and multi-currency processing capabilities.
Ingenico has rapidly grown its new solution – up to a billion in USD flow in its first 18 months – and is seeing impressively high payment approval rates. By working with leading acquiring banks such as Sberbank and Alfa Bank, Ingenico has seen impressive approval rate increases of up to 20% for customers. A high approval rate is crucial for online businesses as it leads to more online sales, lower shopping cart abandonment and returning customers.
The Russian Payments Solution offers Mir (Russia’s domestic card scheme) and Russian e-wallets Qiwi and Yandex.Money. It supports domestic payments in multiple currencies in addition to the Rouble, including EUR and USD reducing the risk for Russian issuers. It is fully compliant with MirAccept, Russia’s equivalent of the 3D Secure authentication mechanism. Ingenico is also regularly adding new capabilities including a BSP feature for airlines with local acquiring, single report and single remittance.
The solution’s capabilities and outstanding performance have allowed Ingenico to successfully process 100 million payments from Russian consumers buying products overseas. Its success was further driven by an extraordinary performance during China’s Singles Day 2019, reporting record breaking transaction volumes and payment authorization rates. Already, the company has onboarded 10% of its overall merchant customer base, helping companies like All Nippon Airways, SHEIN, inCruises, Air China and Joom accept payments from Russia with ease.
Ingenico launched the Russian solution in 2018 as part of a strategic approach to help businesses target high growth markets including Brazil, Russia, India and China. Apart from growing fast, these countries have significant barriers to entry. Their unique domestic ecommerce ecosystems demand specific solutions tailored to local preferences. Ingenico is delivering solutions for these markets expeditiously as it sees massive opportunity.
Daria Nikolaeva, PR Manager for Europe at Joom, the fastest-growing shopping application in Europe, who were recently onboarded onto Ingenico’s solution, said: “Russia has historically been a tough ecommerce market to crack. With Ingenico’s unique and tailored solution we’re operating in this fast-growing market with ease.”
Mike Goodenough, General Manager, EMEA at Ingenico ePayments, said: “The first 18 months have been exceptional for our Russian Payments Solution as it is unlike any other available on the market. It’s a remarkable example of how we connect sellers and buyers. While Russian ecommerce is rapidly growing, we can support you to grow and scale further.”
To learn more about Ingenico’s offer for Russia visit: https://bit.ly/2TgKBgm.
More insights on Russian ecommerce: Cracking the Russian markethttps://blog.ingenico.com/posts/2018/12/cracking-the-russian-market.html
Manama: Al Salam Bank-Bahrain announced the sponsorship of the Islamic Finance Handbook for practitioners, produced locally by the Bahrain Institute of Banking and Finance (BIBF), to further bolster Islamic Finance training, reinforcing the Kingdom’s position as a hub of the Islamic Finance Industry in the region.
The Islamic Finance Handbook will cover all major Islamic financial products and services covering ongoing developments including the expected growth in FinTech and Takaful Insurance. The Handbook will also document Bahrain’s contribution to the global Islamic finance industry by showcasing products and transactions that originated from Bahrain. The book will incorporate case-studies from Al Salam Bank Bahrain as well as interviews and thoughts from the Bank’s senior management on various aspects of Islamic Finance.
On this occasion, the Group CEO of Al Salam Bank-Bahrain Mr. Rafik Nayed said, “As the home of some of the most innovative financial institutions in the global Sharia-compliant landscape, Bahrain is at the forefront of the international Islamic financial services industry. Al Salam Bank-Bahrain is proud to play a role in supporting the continued growth of the industry and increase awareness on the ongoing developments within the sector.”
The BIBF Director, Dr. Ahmed Al Shaikh said, “We’re pleased to see Bahrain again playing its part to foster the Islamic finance industry on a local and global scale, and we are grateful to Al Salam Bank-Bahrain – as one of the leading Islamic financial institutions in the region – for its continuous support to the industry.”
The BIBF’s Head of Islamic Finance Centre, Mr. Mujtaba Khalid, stated, “Currently, there are many academic and theoretical text books pertaining to Islamic finance around the world but there are very few – if any – practical handbooks for professionals with knowledge that can be applied in the workplace. Domestically, this will be the first practical handbook of its kind, which will facilitate applied knowledge for the industry.”
The BIBF Centre for Islamic Finance was established in 1997 to help promote the growth of both Islamic finance and banking. Today, the BIBF offers degrees and certifications, and conducts training in more than 27 countries worldwide.
About Al Salam Bank-Bahrain
Al Salam Bank-Bahrain B.S.C (ASBB) is an Islamic bank headquartered in the Kingdom of Bahrain, and licensed and regulated by the Central Bank of Bahrain. ASBB was established on 19 January 2006 in the Kingdom of Bahrain with paid-up capital of BD 120 million (US$ 318 million) and commenced commercial operations on 17 April 2006. The Bank was listed on Bahrain Bourse on 27 April 2006 and subsequently on the Dubai Financial Market (DFM) on 26 March 2008.
ASBB completed its merger with the Bahraini Saudi Bank (BSB) on 22 December 2011. On 2 February 2014, Al Salam Bank-Bahrain and BMI Bank B.S.C. (c) confirmed the conclusion of a business combination between the two institutions after obtaining the approval of their shareholders at their respective extraordinary general assembly meetings, and of 30 March 2014 BMI Bank became a wholly owned subsidiary of ASBB.
ASBB offers its customers a comprehensive range of innovative and unique Shari’a-compliant financial products and services through an extended network of branches and ATMs, utilizing the state-of-art technologies to meet various banking requirements. In addition to its retail banking services, the Bank also offers Corporate Banking, Private Banking, Asset Management and Treasury services. The Bank’s high-calibre management team is comprised of highly qualified and internationally experienced professionals with proven expertise in key areas of banking, finance, and related fields.
The BIBF is the leading training and education provider in the region, and is affiliated to the Central Bank of Bahrain. The Institute plays a vital role in the development of human capital in the Kingdom of Bahrain, the Gulf region, the wider Middle East, Africa and beyond.
The BIBF’s commitment to excellence has strengthened its position as the leading educational provider across all major business disciplines. The BIBF serves as a partner to numerous world-class institutions; delivering Thought Leadership, Assessment and Training in the areas of:
- Islamic Finance,
- Executive Development,
- Accounting & Finance,
- Academic Studies,
- Leadership & Management,
- Supply Chain Management,
- Digital Transformation & Project Management;
Resulting in a Complete Business Solution.
The post Al Salam Bank sponsors the Bahrain Institute of Islamic Finance’s Islamic Finance Handbook appeared first on The Fintech Times.
Receipt Bank acquires Xavier to power accountants with “better advice from better data”
Xavier adds data quality horsepower to Receipt Bank’s leading data accuracy
Product package increases value for 150,000 Receipt Bank clients using Xero
First acquisition part of strategy to provide advisory tools to accountants, as Xavier launches in Australia
Leading digital accounting platform Receipt Bank has acquired data quality specialists Xavier, boosting the range of advisory tools offered to accountants and bookkeepers.
Xavier automates complex checking of financial data with an easily understandable health score. It detects errors and anomalies in complex business data within accounting software, reducing the frequency and the cost of fixing them for accountants and bookkeepers.
The move, which follows Receipt Bank’s successful $73m January Series C raise, is part of the company’s strategy to provide products that power accountants to deliver advice to make business more successful.
Receipt Bank CEO Adrian Blair commented: “This is a leap forward in our growth plans for 2020 and beyond. With Xavier, Receipt Bank gives accountants the tools to offer better business advice based on better quality data at every step.”
Rich Nicolson, Xavier CEO, added: “Our mission has always been to create accurate data for effective accounting; being part of Receipt Bank allows us to fulfil that mission, at scale, with tens of thousands of accountants globally.”
Xavier now becomes part of the Receipt Bank product portfolio. The move consolidates two of the highest rated services in the Xero ecosystem.
Receipt Bank plans to expand the joint offer internationally in 2020, with Xavier springboarding into Australia this Autumn, following the launch business insights tool ‘Resilience’.
Receipt Bank saves and sorts data in one place, powering accountants with the tools to help businesses financially plan for the future. Xavier avoids costly data errors, giving accountants assurance and value for small businesses that their finances are in good hands.
Hastee Card disrupts the conventional payroll cycle to give workers the ability to access and spend their earnings in real-time, as they earn
Hasteehttps://www.hastee.com/, the Earnings on Demand company, today announces the launch of the world’s first Earnings on Demand contactless debit card, powered by Visa. Hastee Card enables users to access and spend their accrued earnings in real-time, as they earn it, anywhere in the world, with the card’s balance dynamically increasing as earnings accrue.
Hastee launched the UK’s first Earnings on Demand solution via an app in August 2017; working with employers, its technology gives workers the ability to withdraw up to fifty per cent of their daily salary to their nominated bank account, on the day they earn it. Hastee Card builds upon and enhances the user experience by reducing friction and offering immediate spending power as well as a path to greater benefits such as cashback and rewards in the future.
James Herbert, Founder and CEO at Hastee, said: “Now more than ever, workers in every sector need fast and flexible access to the money they earn. The effects of COVID-19 have emphasised that current payroll systems leave many struggling for the liquidity they need at pivotal points in the month. Hastee Card is the natural evolution of the work we have been doing to help support workers and employers in the UK, and we’re excited to be spearheading a solution that revolutionises an outdated process and brings greater financial wellbeing to those who need it the most.”
The card offers the first use of ‘Buffer’ technology from end-to-end banking and payments solution provider Contis. The technology allows Hastee to dynamically assess a user’s accrued earnings from their employer when they use the card to make a payment and, provided they have sufficient earnings available, immediately delivers the spending power needed to complete the transaction. Buffer technology assesses both accounts, runs an almost instant approval process, and completes the transaction with funds from the second account, providing a seamless customer experience.
Hastee’s mission is to provide workers with the financial freedom they need to meet today’s challenges, as well as to help build a better and more productive UK economy for all. Research has shown that a lack of access to financial liquidity leads to stress and poor financial decisions. Hastee’s 2019 Workplace Wellbeing Studyhttps://www.hasteepay.com/wp-content/uploads/2019/07/HP-workplace-wellbeing-study-2019web-FINAL.pdf showed that up to 74 per cent of the 2,000 employees surveyed across the UK had suffered personal finance-related stress. Further, up to 82 per cent of UK workers rely upon high-cost credit between paydays to make ends meet, despite 38 per cent knowing they will struggle to keep up with repayments.
Hastee is available at zero cost to employers and can integrate with payroll systems within minutes. The card is in its final trial phase and is fully compliant with the Financial Conduct Authority (FCA). The initial roll out will commence in June 2020.
The post Hastee Launches World’s First ‘Earnings on Demand’ Card appeared first on The Fintech Times.
New platform enables SMEs to simplify how they build a trusted value chain, conduct secure payments, manage cash flows and simplify back office functions.
Today, Mastercard and Octet Europe announce the launch of a new trade solution across the European Economic Area (EEA). The Mastercard Trade Solution powered by Octet Europe helps small and medium-sized enterprises (SMEs) grow their business by managing any business transaction in a safe, real time and more efficient way. Powered by Octet, the Mastercard Trade Solution facilitates domestic and cross border trade by enabling a trusted value chain, secure payments, management of cash flows and simplifying back office functions thereby supporting economies globally by powering the vital SME sector.
SMEs are an indispensable part of our economy, accounting for two thirds of jobs in most countries and driving greater economic inclusiveness. Expanding international or “cross border” trade is a key driver of many SMEs’ performance and competitiveness. Despite their critical role in the economy, however, small businesses are underrepresented in international trade: only a quarter of European SMEs export. To help these small businesses integrate into the global economy and fulfill their potential, Mastercard and Octet Europe have teamed up to provide a tailored solution.
The Mastercard Trade Solution is directly accessible and encompasses Octet Europe’s state-of-the-art, cloud based B2B trade platform, which thoroughly reviews each company in its network. Specifically, all members transacting on the Octet platform are extensively verified via industry-leading Anti-Money Laundering (AML), Know Your Customer (KYC), Counter Terrorism Financing (CTF) and Economic Trade Sanctions (ETS) processes to reduce the risk for all parties in the network. This provides peace of mind for SMEs who want to find new business partners abroad and access foreign markets.
One additional challenge for small businesses’ is access to finance. To overcome this, the new trade solution enables SMEs to use their Mastercard cards as powerful tools to manage their cashflows and pay any suppliers to grow their business, while enjoying their valuable card benefits and reward points. Mastercard Trade Solution and Octet Europe are able to leverage Mastercard for payment services. The platform provides greater flexibility on the preferred payment method for businesses. In practical terms, this means that buyers have the choice to pay by card even if the supplier doesn’t process card payments; meanwhile sellers can accept payments to their bank accounts regardless of how the buyer chooses to pay. This flexibility empowers companies to transact in their preferred way, be it by card or another payment method, thus enabling them to manage their finances more effectively and conveniently.
The tool also helps small business owners manage and simplifying multiple tasks by enabling them to track, validate and authorise every step of a business transaction and settle B2B purchases using cards (debit or credit) with full visibility of all supporting trade documentation.
Milan Gauder, Executive Vice President of Product and Innovation at Mastercard Europe noted: “Small business owners can incur a lot of expenses by running detailed background checks on their supply chain, especially if it involves cross-border suppliers. This in turn can limit their willingness and ability to grow their business internationally. The Mastercard Trade Solution powered by Octet will help the vital SME sector thrive in the global economy by unlocking their potential with flexibility, confidence and peace of mind. At Mastercard, we are committed to remaining the partner of choice for businesses of all sizes and to powering economies.”
Margrith Lutschg-Emmenegger, CEO and Co-Founder Octet Europe noted: “We are excited and delighted to be partnering with Mastercard and see tremendous potential in making our unique product offering available to SMEs across Europe via their powerful partner network. It is an exceptional opportunity to create more usage of corporate cards for procurement and trade, which will greatly support SME’s and their role in sustaining global supply chains.”
The post Mastercard and Octet Europe enable European small businesses to thrive in the global economy appeared first on The Fintech Times.
Fast-Growing Regtech Recognized for Potential to Impact the Compliance Industry and Fight Against Financial Crime.
- World Economic Forum announced its selection of the world’s 100 most promising Technology Pioneers of 2020
- CEO Charles Delingpole to participate in the 2020 World Economic Forum in Davos, Switzerland to help define the global agenda on risk intelligence and other key issues
- ComplyAdvantage was chosen for its innovative contributions within the compliance industry and the fight against financial crime
- ComplyAdvantage joins previous Technology Pioneers including Google and Palantir Technologies
ComplyAdvantage, a global technology company transforming how institutions manage their financial crime risk and compliance, has today been named a Technology Pioneer by the World Economic Forum.
Founded in 2014, ComplyAdvantage has rapidly made its mark on the compliance industry globally in combating money laundering and terrorism financing. The company applies proprietary algorithms and ontology to data sets using data science and machine learning in the development of the first global, connected database to tackle financial crime.
The World Economic Forum’s annual list is a selection of companies involved in the design, development and deployment of new technologies and innovation, and that are poised to have a significant impact on business and society. Previous recipients include Airbnb, Google, Palantir Technologies, TransferWise, Twitter and Wikimedia. ComplyAdvantage is one of only two regtech firms awarded this year.
“We’re honoured to be acknowledged as a Pioneer by the World Economic Forum,” said ComplyAdvantage Founder and CEO Charles Delingpole. “There is an estimated $2 trillion laundered globally every year. With criminals always being one step ahead, it is this money that facilitates activities like human trafficking and terrorism. Recognition from the Forum this year is confirmation our advanced technology is helping financial institutions put a stop to this financial crime.”
“The strategic focus of the Forum is promoting innovation as a way of tackling some of the most critical issues facing society as well as being a driving force for future economic growth. We look forward to contributing to the Forum dialogues on the financial crime challenge,” said Delingpole.
“We’re excited to welcome ComplyAdvantage to our 20th cohort of Technology Pioneers,” says Susan Nesbitt, Head of the Global Innovators Community, World Economic Forum. “ComplyAdvantage and its fellow pioneers are developing cutting edge technologies all over the world. Beyond their innovations, these firms are contributing greatly to improving the state of the world.”
Following the company’s selection, CEO Charles Delingpole will participate at World Economic Forum activities, events and discussions throughout the year. ComplyAdvantage will also contribute to Forum initiatives over the next two years, working with policymakers and private sector leaders to help define the global agenda on key issues.
The full list of Technology Pioneers 2020 can be found here.
The post ComplyAdvantage Named ‘Technology Pioneer’ by the World Economic Forum appeared first on The Fintech Times.
Button’s technology powers the commerce program of Spain’s biggest mobile neobank, Bnext.
Button, the leading mobile commerce technology company, today announced its partnership with Bnext, the biggest mobile-first neobank of Spain. Starting today, Bnext users can seamlessly shop and save money with the largest brands including AliExpress, Groupon, and Black Limba, powered by Button’s technology. Through this partnership with Button, Bnext achieves a higher engagement with its users by giving them an added incentive to open the app every day to find savings on daily spend—fueling the company’s rapid growth in Spain and Mexico, the country through which they have begun their expansion in Latin America.
With Button’s technology integrated into Bnext’s app, users can now access Bnext’s rewards feature to shop and save money on everyday purchases during this time of crisis from established retail partners working with Button in just a few taps. In addition, Bnext users will be able to enjoy a personalized shopping experience—they will receive more cash back in exchange for more purchases as well as upgrade to a premium account to access more lucrative offers.
“As the world faces unforeseen challenges, business models that are predicated on conversions and driving value for all parties—brands, publishers, and most importantly users—will be the models that prevail,” said Michael Jaconi, Co-Founder and CEO at Button. “Having driven over $3 billion in mobile spending to date, Button is excited to continue partnering with cutting-edge fintech apps around the world like Bnext to help them open up a new way to make revenue. By launching a commerce strategy for Bnext, Button is enabling Bnext to deliver a more valuable banking experience, drive greater engagement from its users, and tap into a durable revenue stream.”
“Bnext is setting a whole new standard of an alternative to traditional banking—by being direct and transparent, we are offering each user a personalized experience that’s tailored to their needs and interests,” Juan Antonio Rullán, Co-Founder and Chief Product Officer at Bnext. “Through building a commerce program with Button, we are furthering that personalization-centered mission by not only offering our users greater utility in our app, but by also empowering them to save money.”
“AliExpress is committed to being a lifestyle platform for consumers worldwide, and partnering with Button and Bnext takes us one step closer towards securing our footprint in Europe,” said Wang Mingqiang, General Manager of AliExpress. “By enabling more consumers in the region to be able to discover AliExpress in the Bnext app powered by Button’s technology, we’re giving them a frictionless journey towards purchasing the products that they love.”
“Button has been a valuable addition to Groupon’s mobile growth strategy,” said Maciej Zbroszczyk, Head of Affiliate Marketing EMEA & Asia-Pacific, Groupon. “Through this Button and Bnext integration, we’re able to tap into a new pool of financially-savvy consumers and convert them into loyal customers, fulfilling our mission of helping more people find and discover experiences.”
For more information, reach out to Button at usebutton.com/contact.