IDT Corporation, a global provider of fintech, cloud communications, and traditional communications services, has scheduled its report of financial and operational results for the second quarter of its 2022 fiscal year (the three months ended January 31st) on Monday, March 7, 2022.

IDT’s earnings release will be issued and posted on the IDT investor relations website (https://www.idt.net/investors-and-media) at approximately 4:30 PM Eastern. 

IDT will host an earnings conference call beginning at 5:30 PM Eastern with management’s discussion of results, outlook, and strategy followed by Q&A with investors. To listen to the call and participate in the Q&A, dial 1-888-506-0062 (toll-free from the US) or 1-973-528-0011 (international) and request the IDT Corporation call (participant access code: 897234). 

A replay of the conference call will be available approximately three hours after the call concludes through March 14, 2022. To access the call replay, dial 1-877-481-4010 (toll-free from the US) or 1-919-882-2331 (international) and provide this replay number: 44495. The replay will also be accessible via streaming audio at the IDT investor relations website. 

Shawbrook has today appointed Arthur Leung in the newly created role of Chief Product Officer, reporting into the Bank’s CEO Marcelino Castrillo. The appointment follows a number of recent announcements on the Bank’s investment in technology and talent including plans to create 100 new digital vacancies by the end of 2022.

Arthur brings more than 15 years’ product and leadership expertise to Shawbrook, having previously worked across a breadth of leading organisations including fast growth payment card specialist Curve, top-tier consultancies including fintech-focused 11:FS and most recently Advent International where he led the digital product and engineering team.

In 2015 Arthur founded an EdTech start-up to make learning Chinese more accessible and fun for children.

In his new role Arthur will be responsible for continuing to evolve and deliver Shawbrook’s digital product strategy, working with and building the community of product and tech talent within the bank on a collective mission to make it simpler and faster for customers to do business. 

In recent months, Shawbrook has launched a number of new digital products and services, enabled by advances in cloud-based serverless architecture, API services, acceptance of Open Banking data and building third-party relationships with partners such as FundingXchange.

On his appointment, Arthur Leung, Chief Product Officer at Shawbrook, said: 

“I’ve operated in global firms, scaled start-ups and built my own EdTech venture.  In many ways, Shawbrook offers the best of all worlds – scale and reach combined with entrepreneurial spirit and a proven ability to innovate.

“We’ve got a thriving product community in the UK fintech space and a lot of great talent building world-class products and services.  Everything I’ve seen so far tells me Shawbrook values an insight-driven, outcome-focused approach to building.  It’s these principles that will continue to attract more of that talent to Shawbrook.  

“Enabling our customers to achieve their individual goals by building products that provide solutions to the challenges they face is our absolute priority.”

Marcelino Castrillo, Chief Executive Officer at Shawbrook, comments:

“Arthur has phenomenal understanding and extensive experience across discovery, execution and scaling of products at different stages of business growth. 

“I’m delighted he has chosen to join Shawbrook in the next step of his career, helping us build upon the diverse banking platform we have today that’s helping to create opportunities for our customers in entirely new ways.

“Technology and data play a huge role in this ambition, but ultimately our focus is to simply create brilliant customer experiences, and continuing to attract great talent like Arthur into the organisation is a priority for us.”

The newly created role of Chief Product Officer forms part of a wider ongoing talent, technology and digital strategy within Shawbrook.  Recently, the bank announced plans to create 100 new digital vacancies by the end of 2022 including Product and Customer Experience Designers, Cloud & Data Engineers and Developers.

For more information on Shawbrook digital roles visit: https://www.shawbrook.co.uk/careers/

Karkal Among Key Industry Names to Become Part of Growing Financial Wellness Platform

SaveAway®, a fintech company that offers consumers an innovative “Save Now, Pay Later'' purchasing option, announced that Shamir Karkal (co-founder of Simple and Sila) has joined the company’s advisory board and will contribute as an investor.  Premal Shah, (co-founder of Kiva and Renewables.org) will also be joining Karkal as a board member. 

At the intersection of banking, payments, and technology; Shamir Karkal co-founded Simple in 2009, later bought by BBVA for $117 million. He has served as CEO of Sila since 2018 and has focused on SaveAway’s fast-track potential, becoming a fan while evaluating its progress for several quarters.

“My investment in SaveAway follows from my first-hand observation of this organization's leadership personifying the creed. That mantra, combined with a sustained effort by saving for what matters; ensures no goal is out of reach,” said Shamir Karkal. “Harnessing a strong social foundation with technologies that enable mobility, makes me proud to be an investor. I see SaveAway being that ‘right place at the right time’ venture, to make the change that we seek in the world.”

Karkal and Shah now join current board members Jaime Punishill, CMO of Lionbridge and Marvin Johnson, CEO of Dashible, alongside SaveAway founder and CEO Om Kundu.

“I cannot think of a better honor for SaveAway than having industry pioneers Shamir and Premal Shah become part of our movement. Through Kiva, Premal has exemplified what it means to expand financial access to the masses and has personally inspired me to develop SaveAway as more than just a money saving platform. With his and Shamir’s guidance, we will continue to move the needle forward for the growing numbers of users and partners in the SaveAway community."

Powered by the first-of-its-kind, patented technology, SaveAway participants can fulfill dream purchases by “saving-up,” rather than resorting to credit and getting into debt.  This financial wellness platform enables people to "Save Now, Pay Later,” while combined with social commerce elements that lets friends and family donate to their savings plans.  Brand and technology partners in e-commerce/retail (including eBay, Microsoft, and Stripe) are equally realizing the growing momentum of SaveAway as an entirely new channel to unlock access to untapped markets. 

“SaveAway’s leadership is remarkably inventive. Many companies talk about financial wellness, but then have a revenue model that runs counter to that goal. The SaveAway team has a singular focus: build a social platform for change that will make the relationship between people and their money healthier,” said Jaime Punishill, CMO of Lionbridge and an initial investor in SaveAway. “It’s no surprise then that social finance innovators like Shamir and Premal have committed to this vision. SaveAway’s time has come, and I am more convinced of the company’s importance and success than ever.”

SaveAway has conceptualized a remarkably effective technology-stack that brings power to the people and a behavioral design to further financial wellness – all before such terms had even entered the public’s lexicon. Key personnel additions, a subsequent round of future investments lined up, and a like-minded culture created by its sustainable business model projects SaveAway as a future power brand in both the fintech and e-commerce spaces. Tens of thousands of people signed up for the wait list, and a readership of 100,000 for SaveAway’s creative, avant-garde periodical newsletter.

SaveAway will be presenting in roadshows that kick off shortly at SXSW. For early access, see Inspirave.com/early

These days, it seems like everyone can become a successful investor. And the reason for it is that technology continues to revolutionize how people can grow their financial assets. What was once a field for the elite is now accessible to beginners. As a result, we’re seeing new kinds of investments and greater accessibility levels for amateurs, leading ultimately to better consumer engagement. There’s also lower levels because chargeback companies like Money Back can help you in the recovery of your financial resources. If you want to know more, read this Money Back review.

In this article, we’ll talk about ways in which the prospect of investing has become more attainable today for the layperson than ever before.

Brokerage platforms

The advent of internet brokerage platforms has changed the investment landscape for bonds and stocks completely. While it may not have been a good thing for the financial service industry's stockbrokers, it has managed to make the confusing and complicated process of investing much more accessible. With modern platforms, anyone can place the desired trades with no more than a few clicks. There are even some that offer no- or low-cost trades.

Real estate

Current-generation technology also made the real estate sector more accessible with regard to investing. Historically, investors in this industry were limited primarily to their current locations. However, because of virtual reality tours and other similar types of technology, it’s more than a possibility to inspect and view properties remotely. Additionally, the plethora of available online options make it a simple affair to find service providers in property management.

Loans and crowdfunding

Internet interactions have also begun to open more opportunities regarding the level of exposure and visibility you’re able to generate worldwide. For example, investors and entrepreneurs need to gather essential funds to transform their dreams of operating a business into reality through crowdfunding platforms.

In crowdfunding’s wake, there are now demands for more crowd-based investing and fundraising platforms. One of these examples is peer-to-peer lending, which refers to the contribution of capital to loans that are crowdsourced. It’s increasingly becoming more popular due to its ease of access. Another is equity crowdfunding, which, despite being regulated and restricted, offers more opportunities now.

Engagement and research

Investments aren’t just based solely on the wrong or right decisions; rather, they favor those who are able to balance the pros and cons of every investment they choose to make while understanding their potential payoffs and consequences through tech-based resources. There’s software available that can aid users in understanding comprehensive analyses of ETFs, bonds, stocks, and other types of investments, for example.

New technology is also speeding up transactions while making them more inexpensive for the typical consumer. Over the last few years, transaction fees have plummeted, and they’ll only continue to drop as the brokerage platforms increasingly become competitive.

Conclusion

Thanks to technology, investing has become accessible, even for those without any knowledge or experience in the field. However, keep in mind that trade also has its fair share of challenges, such as scams, so you must consider your investments carefully. Doing so will allow you to achieve better results.

Image: https://unsplash.com/photos/EMPZ7yRZoGw  

Initial tests show potential for 70-90% increase in automated decision-making and double-digit increases in credit approvals for card and auto portfolios

Leading global AI-powered credit decision platform provider, Scienaptic AI announced that Bethpage Federal Credit Union is planning to implement its AI-powered credit decisioning platform. This deployment will enable the credit union to make faster, smarter credit decisions to increase loan approvals and support the financial goals of its members.

Bethpage Federal Credit Union is a premier financial institution committed to enriching the lives of its members, employees and the communities it serves for over 80 years. Serving over 400,000 members every day, Bethpage is the largest credit union in the Northeast region, as well as 14th largest in the nation. By leveraging Scienaptic’s AI-powered credit underwriting platform, the credit union will be able to extend more credit access to its current members, as well as reach more potential borrowers.

“Just like when we first opened our doors for Grumman employees in 1941, we’re keeping our promise to continuously meet the changing needs of our members,” said John Witterschein, Vice President, Consumer Credit, Bethpage Federal Credit Union. “The move to Scienaptic's AI platform will increase credit access for members, enhance member experiences and enrich their lives through innovative credit products. Initial tests show promising results in terms of approval rates and instant decisions, in line with our vision of being a trusted financial partner committed to excellence.”

"We are excited to be working with the innovative team at Bethpage Federal Credit Union,” said Pankaj Jain, President, Scienaptic. “Our motto has always been to transform lives and this partnership will do just that for the members of Bethpage Federal Credit Union. Our AI will empower more loan approvals, provide personalized member decisions and expand its member base, without increasing risk.”

Bethpage Federal Credit Union

Bethpage Federal Credit Union is a premier community financial institution committed to enriching the lives of its members, employees and the communities it serves for the past 80 years. Bethpage is the largest credit union in the Northeast Region, and the 14^th largest in the nation.

As a not-for-profit credit union, Bethpage is committed to its members and the communities it serves. In addition to giving back to its members in the form of great rates and low fees, the Bethpage Cares program invests heavily in local, high-impact community programs that serve with an eye towards creating better communities through diversity, equity, inclusion and belonging.

Named a Forbes “Best Place to Bank in New York,” the fifth “Best Company to Work for in New York State” by the New York State Society for Human Resources Management and a Glass Door Top Place to work for Small & Midsize companies in the US, Bethpage is a federally chartered credit union, available to people nationwide who open a $5 dollar membership account. Bethpage offers a robust digital platform that allows members to bank from anywhere. Bethpage is a part of the national CO-OP network that gives members access to their accounts at over 30,000 free ATMs and 5,000+ shared branches across the U.S. As a financial cooperative, Bethpage offers the best-in market rates, lowest fees and world-class service, plus a full menu of personal and commercial financial services. For more information on Bethpage’s robust portfolio of banking, borrowing, and investment services, visit www.lovebethpage.com or call 1-800- 628-7070.

Near-field communication (NFC) verification technology lets businesses stay compliant with AML/KYC requirements by preventing identity fraud and protecting personal data. As a result, NFC-based ID checks are gaining popularity around the globe.

Sumsub, a tech company that fights money laundering and online fraud, has recently added NFC-based checks to its online verification solution in order to enhance quality and security.

NFC or “near-field communication” is a contactless technology that enables objects like payment cards, terminals, chip-based documents, and smartphones to communicate and exchange data wirelessly at a range of about 5 centimeters. Regulators are expected to permit NFC-based verification as an AML/KYC compliant onboarding option—just like FINMA did in 2021. Therefore, KYC providers are eager to offer NFC-based verification to their clients, and Sumsub is no exception.

Sumsub’s NFC-based verification solution can read and interact with NFC chips in compatible IDs and ePassports. It works on the mobile SDK (iOS, Android, native plugins) and is exclusively available to users with NFC readers on their mobile devices.

The feature is aimed at the increasing number of users with NFC-chipped ID documents. Over 150 countries including Australia, China, Canada, and the USA currently issue ePassports (aka ‘biometric passports’) with NFC chips—and the EU has mandated NFC chips for ID cards since 2004. Meanwhile, the majority of smartphones are NFC-enabled, which makes it much more feasible to remotely extract and verify personal information from compatible documents.

NFC verification is more secure than ordinary document checks since data is read directly from an NFC chip, which Sumsub estimates to result in 99% document authenticity. Personal data gets an additional layer of protection too, since users need to have their original document in hand to pass verification. In rare cases, NFC data can be hacked by highly skilled fraudsters, which is why Sumsub cross-checks NFC-submitted data with data extracted from ID photos.

NFC checks are not only safer, but easier to pass as well. The process is intuitive and takes users just two steps to complete: 1) taking a picture of their ID document and 2) tapping their NFC-enabled mobile phone against their ID. The check is faster for KYC providers too, since it’s easier to verify NFC-transmitted data than check document integrity separately. Businesses also benefit from NFC checks, since Sumsub’s mobile SDK can be smoothly integrated into their mobile app—allowing them to recognize and verify user data automatically.

According to a report by Market Research Future (MRFR), the NFC market will reach $30 billion by 2026, growing at a compound annual growth rate of 17%. To stay ahead of the curve, Sumsub plans to take initiative on NFC checks to keep helping businesses be safe and compliant.

PAX Technology, the world’s leading manufacturer of point-of-sale terminal solutions is delighted to announce that PAXSTORE and the associated Value Added Services (VAS) passed PCI DSS v3.2.1 assessment on 21^st January 2022. PCI DSS is among the most stringent financial data security standards in the world. The passing of the assessment confirms that the information security level of PAXSTORE and VAS meets the highest international standards.

This provides further reassurance to PAX customers and service enterprises in the payment card industry, that their systems and data are secure. The PAXSTORE platform is being constantly enhanced with security & feature improvements which provide customers with a powerful set of services.

Demand for PAX SmartPOS devices continues to be strong, as are the services provided by PAXSTORE. Today, almost 5 million terminals around the world are connected to PAXSTORE, a 120% year-on-year increase. 

What is PCI DSS?

PCI DSS is an international payment card industry data security standard founded by the members of the PCI Security Standards Committee (Visa, MasterCard, American Express, Discover Financial Services, JCB, etc.)

PCI DSS is applicable to entities that store, process or transmit cardholder data (CHD) or sensitive authentication data (SAD), including merchants, processing institutions, purchasers, issuers and service providers. PCI DSS is managed by the Payment Card Industry Security Standards Committee (PCI SSC).

What are the advantages of passing PCI DSS assessment？

An industry security standard

PCI DSS is an authoritative global standard to evaluate the security of financial data. PCI DSS certification means the security of the PAXSTORE platform and related services meet the highest of industry security standards.

Enhanced payment industry security knowledge & experience

The PCI DSS standard supports and improves cardholder data security and has been adopted by all major international card associations. It provides a set of technical and operational baseline requirements - from 6 objectives and 12 requirements as listed in the table below - for protecting cardholder data and ensuring standards such as information security management, network security, data protection, vulnerability management, security monitoring, testing, etc. (Over 300 security inspection items are covered).

Delivering superior customer confidence around security

The PCI DSS standard is based on the accumulated efforts of the international payment card industry over many years. In strict accordance with the requirements of PCI DSS, the PAXSTORE platform and VAS have implemented security protection for the cardholder data environment, which prevents data leakage and ensures no sensitive information is obtained by cyber criminals.

Wirex, a leader in the crypto sphere, has expanded its ecosystem to enable 4.5 million users to access the popular Avalanche blockchain and tokens in the recently launched Wirex Wallet and award-winning app.

Wirex is available in over 120 countries, including the USA. It has been on a mission to enable everyone to access the benefits of crypto and DeFi, and expanding support for Avalanche will accelerate progress toward this reality and further Wirex’s reputation for unparalleled user experience and technology.

Avalanche is the fastest smart contracts platform in the blockchain industry, as measured by time-to-finality. It is blazingly fast, low cost, and eco-friendly. It is compatible with Ethereum smart contracts and tooling, enabling Ethereum users and developers to quickly access high-performance decentralized apps. 

By adding support for Avalanche natively in the application, Wirex is enabling mainstream users to access DeFi easier than ever before. Users can receive, send, store and exchange them on their mobile devices, securely and efficiently. Users will also be able to take advantage of cheaper gas fees, as well as the ability to add custom tokens on those blockchains.

Wirex app users will be able to purchase AVAX with their debit/credit card with competitive in-market rates, seamlessly exchange it, and easily send and receive AVAX to and from any other wallet.

Linked up to a crypto-enabled debit card, users can spend AVAX plus up to 61 crypto and traditional currencies on the Wirex platform, at over 61 million locations globally. Having recently launched their popular DeFi savings product, X-Accounts, users will also be able to earn up to 20% AER interest* on AVAX, with no lock-up period, minimum holdings or monthly fees. 

Pavel Matveev, CEO and Co-Founder of Wirex, commented that: “Wirex continues to innovate and build partnerships that strengthen our offerings, and the addition of Avalanche is helping to develop use-cases for the Wirex ecosystem. Avalanche’s reputation for improving blockchain’s accessibility closely aligns with Wirex’s, where we can together help to offer users of all backgrounds more choice and flexibility over how they wish to use crypto.” 

Both Ava Labs, a team supporting development of the Avalanche blockchain, and Wirex, have worked with payment technology company, Mastercard, to help make this a reality. Wirex became a crypto card program partner in 2020, and Avalanche became a member of the Mastercard Start Path Crypto engagement program in December 2021.

“Wirex is moving fast to make digital assets and the innovation happening on public blockchains more accessible to the masses,” said John Wu, President of Ava Labs. “We’re excited to support Wirex’s expansion to Avalanche, and look forward to further collaboration with Wirex and Mastercard.”

Wirex’s arrival in the US in January enables tens of millions of crypto users in America to access these new features, as well as the Polygon, Binance Smart Chain and Fantom blockchains that launched globally on the Wirex Wallet at the same time. With the launch of the Avalanche blockchain, Wirex plans to add multiple Avalanche-based tokens to their platform next month, building on the 33 other tokens that Wirex have added since May.

InvestCloud’s solutions aim to accelerate client growth and improve client retention 

InvestCloud, a global technology platform that is transforming the financial industry’s approach to digital, has been selected by Rathbones Group Plc (“Rathbones”), one of the UK’s largest discretionary wealth managers, to provide client lifecycle management (CLM), including digital prospecting, onboarding and servicing capabilities as well as client reporting solutions to help Rathbones improve operational efficiency and support its overall business strategy.  

The partnership will help Rathbones accelerate its digital transformation to enable a blended digital and human service model to drive efficiencies across its businesses. Already serving over 65,000 clients and managing £68.2bn (over $90bn) in client assets, this partnership is intended to help Rathbones deliver the next stage of its digital transformation.  

Rathbones was looking to advance its technology while making the most of existing investments. It saw the opportunity to enhance both growth and operational efficiency through adopting an effective CLM solution in place of point customer relationship management (CRM) solutions. In addition, Rathbones sought to improve digital client reporting, which should further enhance client satisfaction and retention. 

Rathbones CEO Paul Stockton said: “We are committed to enhancing our digital solutions for clients and advisors. This partnership will enable Rathbones to deliver a holistic and flexible digital experience that responds to client preferences and industry standards that are expected to evolve rapidly over the coming years.” 

 InvestCloud offers a design-led and hyper-modular approach compared to traditional providers, allowing solutions to work with existing systems, avoiding business disruption, while still accelerating digital

transformation. InvestCloud creates beautifully designed client experiences on a single, cloud-based platform that can be configured in infinite ways to meet client needs. 

InvestCloud CEO John Wise said: “Rathbones is one of the UK’s leading wealth managers, and the UK is one of our most important markets. They have a high digital ambition, led by CEO Paul Stockton, and that will certainly help them achieve great things. We are very proud to partner with Rathbones on this important set of initiatives that are so crucial to their mission.”