Nexi, the European PayTech leader, joins the Dow Jones Sustainability World Index (DJSI World) and the Dow Jones Sustainability Index Europe, confirming its position as one of the world's top sustainability companies.

The sustainability indices of Standard & Poor's (S&P) Global, the world's leading rating, benchmarking and analysis company, have been distributed since 1999. They determine a ranking of the top-performing listed companies based on long-term environmental, social and governance sustainability criteria. Specifically, the Dow Jones Sustainability World Index tracks the performance of the top 10 percent of the approximately 2,500 largest listed companies within the S&P Global Broad Market Index (BMI). The Dow Jones Sustainability Europe Index tracks the performance of the top 20 percent of the approximately 600 largest European listed companies. The assessment, based on the results of the Global Corporate Sustainability Assessment by S&P Global, the leading global benchmark in sustainability, determines the companies to be included in the prestigious DJSI indices.

In 2023, Nexi scored 65/100 in the S&P CSA in the Diversified Financial Services segment.

"Inclusion in both the Dow Jones Sustainability World Index and the Dow Jones Sustainability Index Europe is a source of great pride for us. It testifies Nexi's ongoing commitment to integrating environmental, social and governance issues into its business strategy and to moving forward with the implementation of the actions relevant to the achievement of the company’s ESG objectives," comments Paolo Bertoluzzo, CEO of Nexi Group. "This important milestone also provides confirmation of the effectiveness of our approach in sustainability policies applied across the Group."

Global card manufacturer Tag Systems (part of AUSTRIACARD Holdings AG) has achieved Mastercard certification for its biometric card based on Fingerprint Cards’ sensor and STMicroelectronics STPay-Topaz-Bio solution. Banks and fintechs can now issue Mastercard-branded biometric payment cards to enhance convenience and security for cardholders.

Roger Carrico, Vice President, Head of Sales & Business development, Payment & Access at Fingerprints comments: “In Tag Systems we have a partner that likes to lead the way with high-end payment services. Banks and fintechs can take advantage of the opportunity to differentiate, retain and acquire customers and drive revenues.”

Jon Neeraas, CEO at Tag Systems adds: “With this certification, we are excited to support our partners in issuing top-of-wallet biometric cards that utilize Fingerprints and ST latest technologies. Together, we are creating convenient, hygienic, and secure transactions for all purchases.”

Following a partnership agreement in 2022, the cards will contain Fingerprints' second-generation T-Shape® (T2) sensor module, software platform and algorithm. The sensors deliver increased image quality and processing speed with improved power efficiency for biometric cards. The sensor module also features additional privacy layers and advanced encryption to further enhance card security. This will combine with Tag Systems’ extensive payment card solutions and services, based on STMicroelectronics STPAY-Topaz-Bio.

Business funding provider Accelerated Payments today announced the appointment of Michael Harrison as Sales Director for the United Kingdom. He will focus on supporting existing clients in the UK and attracting new ones, particularly those looking to expand globally. 

Michael has enjoyed a 20-year career at major global banks, including HSBC and Bank of Ireland, where he ran sales teams and executed banking transactions in the Invoice Finance, SME, Corporate and Healthcare markets. He then spent 6 years in leadership roles at a fast-paced Technology SME, SureCloud, a SaaS company specialising in Governance, Risk and Compliance software. 

In joining Accelerated Payments, Michael will draw on this wealth of experience and help drive new business growth in the key London and South East territories as they continue their impressive growth story.

The appointment comes at the end of an exceptional year at AP, which advanced an additional €500 million to businesses globally, bringing the total to €1.5 billion on its sixth anniversary. The impressive amount showcases the strong surge in demand for the company’s innovative invoice financing solutions, which offers a fast and convenient way for scaling firms to access working capital otherwise tied up in outstanding invoices. 

It also reflects its success in boosting its strategic partnerships with brokers, financial and advisory firms and extending its global reach, with offices in Europe, the UK, Canada and the USA.

Welcoming the appointment, Ian Duffy, CEO of Accelerated Payments, said: 

“We are delighted to welcome Michael to the team. His expertise will be invaluable as we embark on a new chapter of collaboration with more Debt Advisory, Private Equity, and Venture Capital firms. His deep understanding of the financial sector and ability to forge strong relationships will be pivotal in navigating this exciting expansion. Michael’s strategic approach and innovative thinking align perfectly with our mission to provide comprehensive financial solutions and will enhance our capacity to meet the evolving needs of our clients and partners in these dynamic sectors.”

Commenting on his new role, Michael said: 

“I am thrilled to be joining a company at the forefront of providing flexible working capital solutions to businesses. The standout feature of Accelerated Payments is its scalable fintech platform, which significantly speeds up the funding process, enabling clients to receive funding within days, not weeks. This rapid funding capability is a game-changer for entrepreneurs looking to grow their businesses in the UK and beyond. I am excited to contribute to a team dedicated to offering innovative financial solutions to businesses facing the challenges of today's economic landscape.’’

New research from leading international payment service provider and UK and Europe direct bank card acquirer, Ecommpay, reveals that 80% of consumers changed their spending habits this year due to the cost-of-living crisis. However, over two-thirds still plan on increasing or maintaining their online spending for the festive season (69%).

A challenging year hasn’t dampened festive spirits

Inflation along with 14 consecutive interest rate hikes in the UK hit consumers hard in 2023, with three in five having generally spent less as costs rose (60%). While a quarter resorted to credit services such as credit cards and Buy Now Pay Later (BNPL) to afford purchases (25%). However this hasn’t damped their Christmas spirit, with only a quarter of shoppers planning to decrease their online spending for the rest of 2023 (25%). Of this, it’s the younger generations that are the most likely to decrease their holiday spending with this figure rising to one-third for Gen Z (36% of 16-24 year-olds).

Even with transaction volumes lowered during the recent Black Friday retail event, consumer purchasing intent looks bright for festive shopping. Almost a quarter of consumers (22%) plan on increasing online spending this holiday season, with around half planning to maintain current spending levels (47%). Men are most likely to increase their online spending (29%) compared to female consumers (15%), with tech-savvy millennials also expanding online purchases (42% of 34-44 year-olds). In one of the shopping capitals of the UK, two in five Greater Londoners are getting into the festive spirit with a surge in online spending planned to end the year (41%).

Positive signs for 2024 spending

With the effects of inflation impacting all industries, consumers have had to make the difficult decision on what they will spend and where they will cut back. The research found that in 2023 over half of consumers (57%) spent more on groceries and health, while almost a third cut back on apparel and beauty (31%). This was closely followed by consumers spending less on arts and entertainment (30%), travel (30%), electronics (28%), and toys, hobbies and sports (28%) as consumers made tough choices on essentials and nice-to-haves.

As retail sales hit two-year lows, encouragingly for 2024 spending almost two-thirds of consumers are planning on increasing or maintaining their current online spending in the coming 12 months (63%). With less than a third planning to decrease spending (28%) and only 9% as yet unsure of their online spending intentions next year, retailers can see clear signs of the much-needed green shoots of recovery.

Moshe Winegarten, CRO of Ecommpay, comments: “Despite the impact of the cost-of-living crisis throughout 2023, UK consumer’s spending intentions are encouraging for retailers as we end the year. This is anticipated to be a sign of things to come, meaning online merchants can be cautiously optimistic for 2024.

To make the most of this boost in spending, online retailers must ensure they have the right payment systems in place for a smooth checkout process. This means a variety of payment options must be offered – from major bank cards to popular regional payments – as this is often the hurdle that can lead merchants to miss out on these all-important end-of-year sales.”

Fime France has become the first European lab and the third worldwide to be accredited by National Institute of Standards and Technology (NIST)’s National Voluntary Laboratory Accreditation Program (NVLAP) for biometric testing (NVLAP Lab Code 600365-0). With this accreditation, Fime can help biometric solution providers to demonstrate the quality and reliability of their solutions. It will also support solution buyers, integrators and platform brand owners to evaluate the performance and security of biometric solutions prior to implementing them in their products, bringing confidence to end users.

This latest achievement reinforces Fime’s expertise in the evaluation of biometrics, as well as its conformance with NIST Handbook 150 and ISO/IEC 17025. Fime can now support customers in verifying that solutions meet standards for performance matching accuracy (ISO/IEC 19795) and presentation attack detection (ISO/IEC 30107). This testing goes beyond face and fingerprint recognition to include other biometric technologies, such as voice, palm vein or multimodality.

“The role of biometrics in consumers’ daily lives continues to grow. However, it is crucial that the convenience of these solutions does not come at the expense of security. This is especially important as AI technology continues to evolve and deepfakes become more common. And to achieve widespread adoption, it’s just as important to ensure that biometrics are easy to use and any environmental or demographic bias is minimized,” comments Noël Catherine, VP Services at Fime.

This latest accreditation extends Fime’s portfolio of biometric testing services across its labs in Europe and in Asia. Learn more about Fime’s biometric activities here.

Contact Fime to learn more about how we can help you maximize new opportunities in your biometrics ecosystem.

Murex, the global leader in trading, risk management and processing solutions for capital markets, has expanded its connectivity with financial information and analytics leader S&P Global Market Intelligence to cover model validation needs and provide an additional option to source market data into MX.3.

Murex’s model validation team is using S&P Global Market Intelligence to monitor the validation of front office pricing and risk models used within MX.3. It spans the whole life cycle of model validation: inputs, conceptual soundness, ongoing monitoring, outcome analysis and use, including initial validations, periodic re-validations and continuous monitoring that are run on several asset classes.

Central bank policy changes throughout the year have strongly impacted rate curves shaping and have put pressure on financial models and quants teams.    

For Murex financial engineers, it is essential to regularly observe how models perform and remain accurate in such turbulent conditions. Performed tests include historical model parameters stability, model market fit quality, dynamic hedging efficiency and greeks regularity.

As part of this collaboration extension, Murex has developed off-the-shelf connectivity between MX.3 and S&P Global Market Intelligence Derivatives Data. It includes equity, FX, interest rates, credit and inflation. It enables asset managers, hedge funds, pension funds, insurance companies as well as banks to rapidly benefit from rich and accurate data while avoiding specific integration work.

“Customers of our high-quality, cross-asset data service can benefit from this latest collaboration with Murex,” said Tasha Gonska, vice president at S&P Global Market Intelligence. “S&P Global Market Intelligence has a long track record in building consistent and reliable derivative datasets, thanks to a unique access to market-making contributions from the OTC market. Our combined offering will make it extremely convenient for clients to leverage our ongoing and historical derivative data, as it will be deeply integrated within Murex’s MX.3 solution. Building reliable and consistent datasets from difficult-to-obtain market data is a perpetual challenge. Linking MX.3 to OTC Derivatives Data, part of S&P Global Market Intelligence, is of great benefit to clients who use both services.”

S&P Global Market Intelligence’s derivative data services source information from multiple providers, such as exchanges and inter-dealer brokers, as well as OTC market-makers. It provides customers with deep, accurate and reliable curve and volatility surfaces for use across the front, middle and back offices. It supports trading, research, valuation, independent price verification, market risk, regulatory reporting and compliance requirements for institutions globally.

Extensive cross-asset coverage extends to less liquid, long-dated and out-of-the-money products to provide comprehensive market insight. 

“Users will experience prebuilt, seamless integration and the ability to digitally transfer data between solutions,” said Murex Head of Model Validation Bertrand Fevre. “We are pleased to grow our collaboration with S&P. By providing an additional option to clients to connect with a leading market data provider, Murex is able to regularly assess and demonstrate the strength of its model.”

ClearBank, the enabler of real-time clearing and embedded banking for financial institutions, today announced its partnership with LemFi (formerly known as Lemonade Finance), a leading fintech platform transforming financial services for immigrants.

After finding that a sizable segment of the immigrant population was underbanked, LemFi was established to provide financial services for this demographic. Originally focused on offering payment services for the African diaspora in North America and Europe, last year, the payments company acquired Rightcard Payment Services in the UK, which holds an EMI license, allowing it to provide its customers with e-wallets. This year, LemFi raised $33 million in a Series A funding round led by Left Lane Capital. LemFi has now expanded its mission to build the future of international payments for everyone.

ClearBank is providing LemFi with agency banking services, powering its e-wallet offering in the UK to provide African immigrants with an alternative to traditional banking. LemFi selected ClearBank as its agency banking partner due to its reputation for facilitating robust payments and advanced banking infrastructure which supports local virtual accounts and access to secure UK payment rails.

The partnership has gone from strength to strength, with payment volumes up to 550,000 transactions in September 2023. This is in addition to 37,000 virtual accounts held with ClearBank for its e-wallet offering, with customer numbers continuing to grow each month.

Ridwan Olalere, CEO at LemFi, said: “At LemFi, our mission has always been to make financial services accessible to everyone. By partnering with ClearBank, and leveraging its technology and banking licence, we are building a proposition that improves the quality and accessibility of financial services for emerging market immigrants. We are delighted with our relationship so far and as we continue to grow, we’re looking forward to expanding the relationship even further.”

John Salter, Chief Customer Officer at ClearBank said: “We're excited about enabling LemFi to deliver on its mission through flexible, secure and compliant banking infrastructure. ClearBank is dedicated to partnering with organisations which make banking services more accessible, particularly to previously underserved populations. We’re thrilled to continue and expand our work with LemFi, not just as a business venture but as an opportunity to serve markets considered hard to reach.”

Global analytics software leader FICO, recognized as a global leader in credit scoring analytics, has launched an innovative FICO^® Score as part of an effort aimed at helping Ukrainian refugees get credit. This initiative is part of FICO’s long-standing commitment to financial inclusion, supporting an inclusive lending ecosystem, and developing innovative solutions to enable consumers to responsibly get access to credit.

In alliance with FICO and Poland’s Biuro Informacji Kredytowej (BIK), the Ukrainian Bureau of Credit Histories (UBCH) will be able to provide a FICO^® Score that lenders can use when offering credit to the estimated 6 million displaced Ukrainians settling in Europe. This credit score, based on UBCH data, will be available first to Polish lenders looking to meet the needs of the roughly 2 million Ukrainian nationals who have relocated to Poland since the war began. The FICO^® Score is the standard measure of consumer risk and has been made available in over 40 countries to date, improving risk management, credit access, and transparency.

The project was made possible when three entities — the International Finance Corporation (IFC), a branch of the World Bank Group; BIK, the only credit bureau in Poland; and UBCH, Ukraine’s largest credit reporting agency — established a secure cross-border data corridor to carry credit data between Ukraine and Poland. FICO leveraged its advanced predictive analytics model to create a FICO^® Score based on UBCH data, which scores the UBCH data, giving lenders a forward-looking assessment of an individual’s credit risk based on their available credit history.

“For the millions of Ukrainians displaced by the war, getting credit is a challenge,” said Julie May, vice president of Scores for FICO. “Lenders rely on credit histories and credit scores based on those histories to make decisions, which this initiative provides. FICO undertook this humanitarian effort with local partners to help ease the burden on Ukrainians by enabling a path toward accessing the credit they need. Access to credit provides an opportunity to give financial independence to refugees so they can get loans, apply for credit cards, buy a car or home, or fund businesses.”

FICO plans to roll out the FICO^® Score based on UBCH data through BIK and UBCH to Poland and other countries in the region that have access to a data corridor.

“Providing access to credit for Ukrainian refugees displaced through the war in Ukraine is a fundamental obligation for us,” said Mariusz Cholewa, CEO of BIK, and president of the European credit bureau association, ACCIS. “Supporting citizens as they settle improves their quality of life at a time when they have already been subject to upheaval and trauma. For us, this is not a commercial operation but a humanitarian effort to ease the burden.”

“We hope to boost credit access and economic resilience for displaced Ukrainians during the ongoing war with the deployment of the FICO Score,” said Bohdan Pshenychnyi, director, UBCH. “Providing credit histories to lenders in other countries is the right thing to do so that Ukrainians can benefit from their positive credit history earned at home and can qualify for loans. As the leader in credit scoring, FICO is the only partner who can provide the trusted solution we need.” 

Making Credit More Accessible and Affordable

Enabling access to the FICO® Score for Ukrainian refugees is just one way that FICO works to increase credit access globally:

• As part of its Financial Inclusion Initiative, FICO offers the FICO^® Score for International Markets. FICO Scores have been made available in more than 40 countries across five continents.
• Innovative solutions developed by the FICO^® Scores team can enable credit access for an estimated 1.3 billion consumers globally using alternative data.
• FICO also partners with innovative firms such as Belvo in Brazil, to enable use of Open Banking data and FICO analytics to score more consumers.

“Access to credit is incredibly important for individuals to achieve their financial dreams, as well as for the economy,” May said. “However, responsible lending depends on sound risk management. By using our leadership in predictive analytics to provide robust risk tools, we help lenders serve more people while giving consumers more options to access credit to improve their financial health.”