Mastercard is set to reduce approximately 3% of its global workforce, equating to around 1,000 employees, as part of a strategic reorganization announced earlier this year. The restructuring aims to refocus resources on growth areas and strengthen the company's position in international markets.

Convera, a global leader in commercial payments, today introduced its embedded payments solution for the education industry through its new partnership with Ascent One, the world’s first ecosystem purposely built for the education sector. This solution aims to simplify cross-border payments for education agents and international students, addressing a key challenge in the education industry.

Insurity, the leading provider of cloud-based software and analytics for insurance carriers, brokers, and MGAs, today announced findings from its 2024 Severe Weather Consumer Pulse Survey, revealing deeper insights into consumer opinions on how severe weather events influence their insurance coverage decisions. Insurity’s survey uncovered a shift in consumer priorities, emphasizing that cost is no longer the greatest driver for policy selection.

Sift, the AI-powered fraud platform securing digital trust for leading global businesses, today announced the launch of ThreatClusters, a groundbreaking data science innovation for fraud detection. ThreatClusters enhances fraud decision accuracy by adding a critical layer of industry-specific model insights, combining the precision of customer-specific risk models with the broad intelligence of a global model to derive risk signals unique to each industry.

DMI Finance Private Limited (“DMI Finance”), the NBFC arm of the DMI Group (“DMI Group”), today announced an INR 2798 crore (approximately USD 334 million) equity investment by Mitsubishi UFJ Financial Group, Inc. (“MUFG”) through its consolidated subsidiary MUFG Bank, Ltd (“MUFG Bank”). This brings the total investment by MUFG in DMI Finance to INR 4712 crores (approximately USD 565 million).

Siepe LLC, a trusted provider of software and technology-enabled services for private credit and CLO managers, has raised $30 million in a Series B funding round led by WestCap, a strategic operating and investing firm with $6 billion in assets under management (AUM). The investment will drive a multi-product roadmap, including the expansion of its AI and Machine Learning capabilities, and strengthen strategic partnerships.

Socure, the leading provider of artificial intelligence for digital identity verification, sanctions screening, and fraud prevention, today announced the promotion of Matt Thompson to Chief Revenue Officer (CRO) from Senior Vice President and GM of its public sector business. Thompson will oversee all revenue-generating and partner-facing problem solving functions across Socure’s commercial and government sectors. 

Know Your Customer (KYC) processes are fundamental to compliance and risk management in the banking sector. However, traditional KYC methods present significant challenges, leading to inefficiencies, high costs, and poor customer experiences.