FV Bank (www.fvbank.us), the U.S. licensed global digital bank that offers a vertically-integrated suite of traditional and digital asset banking and custody services to fintech and blockchain firms, has introduced its first application programming interface (API) to advance bank automation and integration for its clients’ operations.

FV Bank’s new API will provide multiple benefits to corporate and institutional clients who need to integrate compliant banking solutions into its products. The API will enable firms to reduce operating costs and effortlessly scale their operations through automating data flows and payments systems. 

The API will streamline everything from the creation of beneficiaries and payments including ACH, Domestic Wire, International wires and internal transfers using FVNet. When creating beneficiaries and payments, for example compliance functions automatically run in the background including sanctions screenings to ensure AML compliance. The new API also provides real time webhook notifications for incoming and outgoing payment and transaction reconciliation — creating a better experience for both firms and their customers.

“We founded FV Bank, to foster growth between banks and fintech creators,” said Miles Paschini, co-founder and CEO FV Bank. “Our new API will allow customers to seamlessly integrate payments and banking into their platforms and improve customer experiences.  With our API FV Bank clients can create compliant banking experiences directly with a bank partner instead of using an intermediary Bank as a Service (BaaS) provider. Our goal is to vertically integrate and provide the regulatory and compliance functions of a bank and also deliver the tech solutions directly to our customers." 

FV Bank’s API will also enable clients to integrate  banking solutions into their own fintech and blockchain applications enabling USD Bank Account functionality to their customers. The API facilitates instant transfer of funds to their customers’ FV Bank Account enabling real time payouts and, when permissioned, to request funds from a customer’s FV Bank account and access balance and transaction history data. 

Future releases of the API will include integration with FV Bank’s digital asset trust and custody services, opening up the ability for fintech and blockchain creators to develop exciting new products while maintaining compliance with a regulated banking partner.

FV Bank also recently announced a strategic investment in DIRO, and integration of DIRO’s patented Decentralized Document and Entity Verification Engine technology solution into its account opening protocols to facilitate compliant automation of its Know Your Customer (KYC) and Know Your Business (KYB) processes.

• To meet rising demand for digital services, TSB launches cutting-edge, streamlined onboarding journey for new customers
• Biometric technology from Onfido provides a secure and seamless verification process
• Customers can now open accounts and access mobile banking in just 10 minutes

As demand for digital services continues to surge, TSB has launched a new customer onboarding journey through the TSB Mobile Banking App, which will enable people to access a Spend & Save current account in just 10 minutes.

At the heart of the new onboarding journey are security, speed and convenience for customers. The launch follows a dramatic shift towards digital banking – as customer behavior continues to evolve.

Currently, 90 percent of TSB’s servicing transactions and 75 percent of its sales are conducted digitally. Additionally, 80 percent of new customer sign-ups at TSB happen via a mobile device as increasing numbers of customers bank digitally.

Most secure and seamless journey to date

TSB has partnered with Onfido, a global identity verification, and authentication provider so TSB customers can sign up for a Spend and Save account simply by taking a photo of their identity document (ID) and a short video of their face.

Onfido’s award-winning technology first checks that the ID is genuine and then matches it to the user’s face using biometric technology. This ensures the ID is not fraudulent and that the person presenting the identity is its legitimate owner and is physically present – making it the most secure journey to date.

Customers can then start their digital journey anywhere, anytime, and gain access to all the benefits of the Spend & Save account. The account is underpinned by TSB’s award-winning Fraud Refund Guarantee offering customers market-leading fraud protections.

New customers also benefit from a branch network with 220 TSB branches across the UK – as TSB combines cutting-edge technology and a digital focus with its high-street presence. 

New features include:

• A 10-minute sign-up process
• Just eight scrolls on a mobile device, compared to the web journey of more than 60.
• 22 questions to open an account (down from 49).
• Email and device verification for increased fraud protection
• Digital identity verification including biometric and document verification technology provided by Onfido
• Following sign-up, customers will have instant access to the TSB mobile banking app and their account details

Accessibility

TSB worked with the Royal National Institute for the Blind to ensure greater accessibility features were at the heart of the design. As such, the new digital journey meets AA standards.

Kavin Mistry, Head of Digital, TSB, said:

“Demand for digital services is soaring, and we are proud to meet new customers’ needs with a convenient, secure and streamlined onboarding journey – with sign-up in just 10 minutes.

“Today's launch demonstrates our customer-focused digital offer that complements a modern branch network; offering customers the best in both digital and traditional banking.”

Dimitrie Dorgan, Senior Fraud Risk Manager, Onfido, said:

“Security and a smooth user experience are paramount for banks when it comes to building trust with their customers.

“With Onfido’s AI-powered technology, identity verification is streamlined for a user-friendly onboarding process while conducting strong fraud detection and mitigation in the background.

“We’re excited to be working with leading UK banks such as TSB to help them rapidly and securely evolve to meet their customers’ changing digital needs.”

Following the Russian invasion of Ukraine,  NGOs and volunteer groups in the country have raised over $4 million in cryptoasset donations. The charts in this article will be updated with the latest figures.

On February 24th alone, one NGO received over $675,000 in Bitcoin, and by 9:30am on the 25th, it had already received more than $3.4 million – over $3 million of which was sent by a single donor. This pushes the total raised by these groups since the start of the invasion to over $4 million.

As described in previous Elliptic research, volunteer groups have played a critical role in the Russo-Ukraine conflict over the past decade, and they are often very closely linked to the Ukrainian government. These groups are funded by private donors, who have used bank wires and payment apps to donate millions of dollars. Cryptoassets such as Bitcoin have also emerged as an important alternative funding method. They allow quick, cross-border donations, which bypass financial institutions that might be blocking payments to these groups.

These groups include Come Back Alive, which takes its name from the inscriptions on the bullet-proof vests that were its first donations to the army. The group now provides a range of military equipment, training services and medical supplies. It even funded the development of a drone-based reconnaissance and targeting system for Ukrainian artillery units.

Other pro-Ukrainian organizations have also appealed for donations in cryptoassets – including an NFT collection. The founders allege that the profits from any sales will be donated to Come Back Alive, although it should be noted that Elliptic hasn’t verified the claims of the creators, and therefore caution is advised.

With sanctions enforced against the Donetsk and Luhansk regions, financial organizations need to stay ahead of developments that might expose them to risk. Download our Sanctions Compliance in Cryptocurrencies guide to understand the sanctions risks posed by cryptoassets, and the tools and techniques that can be used to overcome them.

• QUA Granite is the first company in its industry to invest in the Metaverse universe.
• QUA Granite will now be Metaverse neighbours with the likes of Marco Verratti, Kingsley Coman, Stan Wawrinka and Dan Holzmann.
• Capital Block CEO, Tim Mangnall: “We are delighted to have advised QUA Granite, another world-scale company, on a pioneering investment in the Metaverse. QUA Granite is committed to being a forward-thinking, innovative brand, and it is proving that through investment in land in the Metaverse alongside huge names from across the globe.”

Capital Block can announce that it has advised Qua Granite, Turkey’s largest and the world’s second-largest ceramics company, on its purchase of an island in the Metaverse.

Capital Block is one of the foremost NFT consultancies and has extensive experience advising Turkish companies on cryptocurrency, NFT and metaverse strategies and transactions. Capital Block is QUA Granite’s dedicated agency for dealings in the cryptocurrency space.

The company works closely with the likes of Galatasaray, the major Turkish sports team, and Boru2039, the film and television production house.

Qua Granite has purchased one of the 25 islands sold, and joins a list of big international superstars in purchasing islands. Qua can now count as ‘Metaverse neighbours’ the likes of PSG star Marco Verratti, FC Bayern Munich winger Kingsley Coman, Swiss Tennis Star Stan Wawrinka and FC Basel Shareholder Dan Holzmann.

Buying land in the Metaverse is becoming increasingly common, with world-class brands like Gucci and Adidas rapidly investing to take part.

Through its acquisition of land in the Metaverse, QUA aims to create new interactions, new experiences and unique benefits for its customer base. In addition, QUA is the first company in its industry to invest in the Metaverse universe. In doing so it has proved its assertiveness and broad vision both in the global market and in technology.

As a result of the land purchased in the Sandbox Metaverse in partnership with Exclusible, QUA Granite will benefit from the following services:

• Belonging to a luxury tropical digital club with an active community
• Customising islands through QUA Granite brands and products, down to the smallest details
• Accessing to celebrity and big-name events and parties across the Metaverse and in real life, enabling QUA Granite to connect with a new and specific demographic that aligns with its brand image
• QUA Granite will also be able to host special events reflecting their brand and the entire island will be designed with QUA Granite products using detailed graphic design

Tim Mangnall, CEO of Capital Block, comments: “We are delighted to have advised QUA Granite, another world-scale company, on a pioneering investment in the Metaverse. QUA Granite is committed to being a forward-thinking, innovative brand, and it is proving that through investment in land in the Metaverse alongside huge names from across the globe.”

Serkan Önem, Member of the Board of Directors and General Manager of Allbatross Venture Capital Investment Trust, within the body of Ercan Group of Companies, said: “Moving to Metaverse for QUA Granite, which will grow even faster in the digital world with its rapidly growing and future-oriented vision, was a step in line with our company DNA. We will offer value-added benefits, new and more natural interaction methods and brand new experience areas for our investors and customers. I would also like to thank the entire Capital Block team for their support and strategic consultancy on the Metaverse island sale, which was made for the first time in our industry in Turkey, as a further step in these efforts.”

Thibault Launay, Exclusible Co-Founder and CEO said: “We are excited for QUA Granite to be Metaverse pioneers in their industry and join the exclusive community of the Exclusible Private Islands. Our design team will be working hard to conceptualise a luxury island that fits QUA Granite’s reputation as a tastemaker in its sector.”

FactSet and BlackRock today announced that they have entered into a multi-year partnership to integrate Portware’s execution management system (EMS) capabilities with the Aladdin^® platform, BlackRock’s end-to-end investment management and operations platform. The joint offering will provide common clients with a seamless experience across multi-asset portfolio and risk management, and trading execution, including access to Portware’s high-performance electronic trading and automation capabilities via API.

FactSet’s Portware is best known in the listed assets and Foreign Exchange markets, and recently added fixed income trading capabilities; and the Aladdin^® platform is leveraged by BlackRock and Aladdin clients to power informed decision-making and operational scale, supporting all aspects of the investment process on a single platform. The turnkey integration of Portware with the Aladdin^® platform enables common clients to power their trading workflows using capabilities of both systems – including data-driven trade automation and at-trade decision support across asset classes.

“As a global provider of integrated financial information, analytical applications, and industry-leading service, FactSet is committed to building our front and middle office solutions with advanced technology and engaging key partners to remove the burden of integration from our clients while enhancing their workflows,” said Rob Robie, EVP and Global Head of Analytics and Trading, FactSet. “Offering flexible access to Portware through the Aladdin platform effectively advances our open data and platform strategy while answering the growing demand for personalized workflow solutions.”

“Our partnership with Portware reflects BlackRock’s ongoing commitment to providing Aladdin clients with choice, flexibility, and access to efficient capabilities in their daily workflows,” said Daniel Gourvitch, Managing Director, Global Head of Platform for Aladdin at BlackRock. “This partnership reinforces our strategy to add deep integrations with leading technology providers so that clients can choose the capabilities that best fit their needs while maintaining seamless workflows. We’re excited to take this next step with Portware in collaborating and delivering an enhanced experience for our mutual clients.”

The new capabilities will become available on the Aladdin^® platform to mutual clients starting March 2022, with additional capabilities to be rolled out throughout 2022 and 2023.

What Is an ISA?

ISAs are an all-purpose savings or investment account, which can be used to put money away, either for retirement or for any other financial goal. They come with great tax benefits. Money in an ISA grows tax free in the same way that money in a pension grows tax free. Except the ISA has the added bonus that money isn’t taxed when you decide to take it out.

The ISA allowance is £20,000-a-year and the great thing is that you can dip in and out of it whenever you want. Unlike a pension your money isn’t locked away until a certain age.

There are a variety of different ISAs available, with all of them offering different perks and benefits, so it’s important to look into them all, to see which suits you best. Helpfully, Investing Reviews has published a list of the “Best ISAs UK”.

What Is a Pension?

Pensions are designed as retirement savings and come with special features to encourage us to save more. When saving into your pension, you get “free money” in the form of tax relief on your contributions. For basic rate taxpayers, that means a 25% top-up. So if you’ve paid £100 into your pension, HMRC immediately adds another £25 bringing the total contribution up to £125.

Pensions are often part of a workplace scheme, and the employer usually contributes to your pot too.

However, with a pension, you can’t access the money until you are approaching retirement. Currently, you can start to access your pension fund from the age of 55, but in 2028, that age will change to 57. At that age you can take 25% as a tax-free lump sum.

Currently you invest 100% of your income into a pension up to a cap of £40,000.

In addition to your workplace pension, you can also set up a personal pension through an investment platform which may give you greater investing choice than the workplace pension.

ISA v Pension

Below is a comparison between an ISA and pension, to help understand which is the better option for you.

Pensions:

·         Access-

You can’t access your pension until you’re 55, which will rise to the age of 57 in 2028.

·         Tax-

You get tax relief on pension contribution and the money grows tax free. When you reach the age where you can access the pot, 25% can be taken as tax free lump sum. The rest is taxed as income at your marginal rate of tax, based on your total taxable income for the year.

·         Allowance-

100% of your income, capped at £40,000 every year.

·         Investment choice-

Contributions can be invested into cash, bonds, shares, funds, with the choice of varying them too.

ISAs:

·         Access-

Money in an ISA can be accessed anytime you want, unless it’s a fixed rate cash ISA.

·         Tax-

Money in an ISA grows tax free; no tax will be payable when you take money out of it either.

·         Allowance-

You can put up to £20,000 a year into an ISA.

·         Investment choice-

Just like a pension, contributions can be invested into cash, bonds, shares and funds.

Which is best?

So, which is the best option for you when it comes to your money and the future?

In many ways, pensions and ISA are similar so it all comes down to your savings goals and when you want to access your money.

If you’re saving purely for retirement, then a pension is usually the best option. Tax relief on contributions creates an instant compounding effect. So it’s a great way to build up money.

On the other hand, ISA pots are easier to access meaning you can spend your money when you want.

Although an ISA comes with many great benefits that a pension doesn’t offer, it is often best to have both. Whilst you’re working, it’s easy to contribute to your pension fund every month from your wages so you won’t even notice the money going out. Then when it comes to retirement age, you have a pot of money ready and waiting. However, it’s also a good idea to have an ISA in place to use a savings pot for anything you want or need in the future too. They’re a great way to save money, which can be accessed whenever needed.

Maxpay’s team continues improving the security policies and services to make its platform safer and user-friendly.

Maxpay is now GDPR compliant with the scope “Risk management and payment processing platforms for government-regulated financial institutions and any other online businesses”.

Not so long ago, our team also attained the ISO 27001 certificate, which greatly contributed to Maxpay’s GDPR compliance efforts!

What it means for Maxpay’s clients

The General Data Protection Regulation was established by the European Union and enforced on May 25, 2018. It is a set of regulations aimed at protecting the data of the EU citizens or residents, as they apply to any organization that collects and uses said data, no matter its location.

Now, when Maxpay payment gateway service provider is GDPR compliant, merchants can be sure that their data is safe with us. You will know exactly, what the information their clients provide is used for and can request that they erase it from their databases.

Maxpay’s recent security-related technical and policy upgrades made Maxpay more resistant to data breaches than before. And Maxpay team is not planning to stop with the security upgrades, as these are necessary to keep up with compliance requirements.

If you have any questions regarding the GDPR certification or any other services Maxpay provides, feel free to contact us!

Europe’s top financial executives and payment strategists will gather in London this June to debate the future of payments, conference organizer Reuters Events said today.

Payments Summit Europe 2022, at the Hilton Tower Bridge on June 28 and 29, will see the industry’s foremost digital experts coming together to share intelligence on how to monetise data and drive revenue in a world dominated by digital, open, real-time transactions.

Already confirmed at the event are Citi Europe, Middle East and Africa Head of Payments and Receivables Mark McNulty, Bank of England Head of Future Technology Will Lovell, La Banque Postalet Head of Payments Régis Folbaum and NatWest Head of Payments Marion King.

The more than 30 speakers scheduled for the event will also include Starling Bank Ireland Country Manager Elaine Deehan, European Commission Head of Retail Financial Services Eric Ducoulombier and European Savings Banks Group Head of Innovation & Payments Diederik Bruggink.

“COVID-19 has changed the payments industry forever, catapulting it into an open, digital, real-time environment,” said Adam Minkley, Head of Fintech Portfolio at Reuters Events.

“Bringing together more than 200 industry executives, Payments Summit Europe 2022 aims to act as a meeting point where banks, fintech companies, e-commerce providers and government bodies can debate this transformational shift.”

The two-day event will feature more than 20 hours of networking and an agenda that covers:

• Generating revenue from payments, including the opportunities of open payment ecosystems, using data to build a more profitable customer proposition and creating value by moving money faster and more efficiently than ever before.

• Cross-industry collaboration, looking at where the most progressive regulatory schemes are heading, creating value in each step of the payments journey and how banks can manage their cost bases while modernising their infrastructure.

• Driving better customer journeys, embracing how automation can radically improve customer service, enhancing cross-border offerings to provide frictionless and secure international payments and embedding finance solutions into consumer journeys.

• The future of payments, featuring payments in an open and digital world, solutions that provide choice for consumers and better outcomes for merchants, and taking a low-code or no-code approach to optimise merchant and consumer experiences.

• Protecting customers in a digital world, covering cutting-edge regulatory technologies to help comply with regulations, keeping payments safe to maintain customer trust while delivering a hassle-free experience and ensuring inclusion in a cashless future.

• Driving back-end efficiencies, from using artificial intelligence to cut costs through to automating decision-making to reduce headcount and using digital technology to drive refinements to payments processing operations.

“Featuring board-level insights, exclusive Reuters editorial interviews and a unique one-to-one networking service, this will be the most important event of the year for European payments specialists,” said Minkley.

Payments Summit Europe 2022 is scheduled for June 28 and 29 at the Hilton Tower Bridge in London, United Kingdom. For more information, visit https://bit.ly/3JOe89W or write to adam.minkley@thomsonreuters.com.

The assurance and pensions firm will administer more than £40 billion of assets on the Temenos fund accounting platform

Temenos, the banking software company, today announced that Canada Life UK - a subsidiary of Canada Life Group - has gone live with Temenos Multifonds to support its UK investment accounting operations.

Administration of life and pensions funds is highly governed and poses particular challenges in meeting the competing needs of diverse stakeholders with distinct accounting views. Temenos worked with Canada Life UK to deliver specific functionality for the UK market, including support for UK SORP, UK Tax, Solvency II, and unique company reporting requirements. With this functionality in place, the firm successfully migrated over 800 funds over a single weekend and will administer more than £40 billion of assets on the Temenos platform.

The implementation follows the successful migration of Canada Life’s Canadian business to Temenos Multifonds and consolidates both books of business totaling $160bn in assets onto a single, scalable global fund accounting platform. With an open architecture accessible via APIs and built on cloud-native components, Temenos future-proofs the firm’s technology investment and provides a path to future cloud deployment.

Daniel Shaughnessy, Operations and Process Improvement Director of Canada Life UK, commented: “The move to Temenos Multifonds frees us from legacy constraints to accelerate our digital transformation and increase operational efficiency.”

Oded Weiss, Managing Director of Temenos Multifonds, said: “Canada Life UK is a major player in the UK pensions and life market, and we congratulate them on this successful go-live with Temenos Multifonds. Our close collaboration delivered a smooth implementation and a fund administration platform specifically designed for the UK life market. The work we have done with Canada Life UK in developing Temenos Multifonds opens up new opportunities for other life companies in the UK to join our platform.”