Networks upon networks are no longer acceptable 

As we move into 2023, accessing technology from as close to the source as possible will become increasingly important for businesses. Many ecommerce firms depend on third-party platforms to facilitate their payments, as they should — a marketplace shouldn’t be forced to also become a payments business just to move money efficiently around the world.

SunTec Business Solutions, the world’s #1 relationship-based pricing and billing company, has announced the appointment of Madhav Dabke as Vice President Banking Industry and Amit Bhat as Vice President Engineering & Technology.

ASA is an embedded fintech solution that connects financial institutions with customer-facing fintechs in a secure, compliant and easy-to-implement marketplace.

Medius, a leading provider of AP Automation and spend management solutions, today announced that its Medius Procurement SuiteApp has achieved the ‘Built for NetSuite’ status.

Praxent, a fintech product agency with more than two decades of experience, today shared trends expected to most significantly impact the financial services industry next year. These trends include: 

In 2023, fintechs need to prioritise providing merchants with sophisticated fraud detection and prevention capabilities to effectively secure the growing marketplace economy. The architecture of marketplaces creates a two-sided fraud risk for any given transaction. This can damage a marketplace’s reputation on both sides of the equation, making buyers less trusting and driving away top sellers. 

The business travel industry has embraced virtual payments over recent years, which see hotel bills settled using virtual cards, with payment made directly from the employer’s bank. The approach removes the need for employees to pay with their own method before reclaiming through an expense report, drastically simplifying back-office finance administration and providing companies with the ability to better control travel spend.

Crypto acceptance

While 2022 was a tumultuous year for cryptocurrency according to the big headlines, blockchain innovation continues. For example, we’re seeing the development of Cross-Chain Bridges so different blockchains can communicate with each other—so smart contracts can read and write data to and from other blockchains.

iDenfy, AI-powered ID verification, fraud prevention and compliance startup, announced partnering with UpStack, premium staffing solution for fast-growing companies. iDenfy’s AI-driven biometric ID verification will enhance the safety of UpStack while helping onboard applicants more efficiently. 

Eventus, a leading global provider of multi-asset class trade surveillance and market risk solutions, and Fennel Financials LLC, which just launched an Environmental, Social and Governance (ESG)-focused platform offering retail investors access to tools to better engage with companies, today announced that Fennel has chosen to deploy the Eventus Validus platform for all of its trade surveillance activities.