BNY Mellon announced on Friday that it has launched a dedicated one-stop-shop ISO 20022 Hub to support clients and other financial institutions manage the transition to ISO 20022—the new ISO format for electronic data interchange between financial institutions—which begins in November 2022.

“The migration to the new messaging standard, ISO 20022, promises to have significant and widespread impacts on financial institutions across the globe over the coming years,” said Isabel Schmidt Head of Direct Clearing and Asset Account Services Products at BNY Mellon. “It is critical that institutions fully understand what’s required for a successful migration and begin to prepare for the transition starting now.”

The BNY Mellon ISO 20022 Hub will share insights on the mechanics of ISO 20022 transition and its strategic implications. It will provide educational resources, frequently asked questions, as well as expert insights to help the industry prepare for the transition to the new standard.

Specifically, the Hub will include:

• ISO 20022 Fact Sheets: Overview of ISO 20022 basics and timelines, as well as information about BNY Mellon’s strategy to support clients seamlessly throughout the transition and beyond.
• ISO 20022 Learning Curriculum: Summarized content from BNY Mellon’s webcast series, which will feature insights from BNY Mellon experts and external speakers such as SWIFT, as well as associated learning modules covering a range of topics from basic and must-know information about ISO 20022 to the latest news on the progress made by the major RTGS systems (e.g., T2, the Fed, TCH or CHAPS) and SWIFT.
• FAQs series: Answers to common questions received from BNY Mellon’s clients regarding the complex transition.
• Expert Insights: A collection of articles and subject matter expert insights from BNY Mellon’s dedicated team, as well as from industry journals.
• ISO 20022 Resource List: Additional reference sources from industry bodies such as Fedwire and SWIFT. 

Qatar Financial Centre (QFC), a leading onshore financial and business centre in the region, has recently welcomed aboard NEBIX LLC, a fintech digital trade finance marketplace headquartered in Doha. NEBIX joins QFC’s comprehensive suite of fintech companies, which will help advance Qatar’s position as a rising regional trade finance hub. 

Qatar’s geographical position provides an efficient gateway to become a major Trade Finance platform for multinational corporations, local companies, major financial institutions and new emerging Islamic Non-Bank Financial Institutions, that serve the New Emerging Belt Initiative NEBI trade corridor. (The NEBI trade corridor stretches from the Caucasus region, through the neighboring Gulf countries all the way to Central Asia, encompassing markets which have a combined GDP of approximately $2.1 trillion.)

Connecting corporates, funders, and insurers, NEBIX is a digital marketplace powered by the Fineon Exchange Fintech platform, which validates trade finance requirements, enhances their credit worthiness, and matches clients with appropriate funders and credit insurers, helping businesses to increase sales, optimise working capital and minimise risks, while acting as a quality origination tool for funders. 

Mr. Henk Jan Hoogendoorn, Chief Financial Sector Officer, QFC, said: “Given the growing Trade opportunities in the Middle East and Central Asia we see great value in a Trade Finance Platform based in the Qatar Financial Centre, to facilitate the matching of international Financial Institutions with exporters and importers. Ultimately we believe this will unlock Trade Finance as a very attractive Asset Class for investors and facilitate Trade Finance across the Middle East and Central Asia”

QFC’s strategy aims to develop a stronger regional ecosystem in Trade Finance, by attracting more financial institutions and credit insurance companies to the QFC, and generating more Trade Finance opportunities for Qatari banks and other financial institutions with a presence in Qatar.

Sheikh Fahad bin Jassim Al Thani, Vice President, Financial Sector Office, QFC, said: “We welcome NEBIX to the platform as yet another important addition to our growing list of fintech companies. Together, we will continue to work towards ensuring that Qatar becomes a thriving hub of financial technology.” 

Fadi Saab, Chairman, NEBIX, said: “NEBIX was established at QFC to overcome specific Trade Finance obstacles facing corporates and financial institutions in Qatar and in the wider neighbouring markets. Our collaboration with Fineon Exchange provides valuable support in pursuit of making Qatar the leading Fintech and Trade Finance hub in the region”.

“Our aim is to facilitate collaboration between all stakeholders by leveraging our state-of-the-art technology and artificial intelligence capabilities. Implementing Fineon Exchange’s efficient and non-disruptive model with tried and tested processes will enable NEBIX to become the go-to Trade Finance partner and solution provider for the region’s corporates, funders, and other ecosystem partners”, he added.

Gary Turner to retire from role at the end of the year after twelve years

Xero, the global small business platform, today announced the appointment of experienced technology executive Alex von Schirmeister as Managing Director for the UK & EMEA.

Von Schirmeister brings more than 25 years of senior leadership experience to the role, having worked in ecommerce, payments, telecommunications, FMCG and consultancy. He will start at Xero on 1 December 2021.  

Prior to Xero, von Schirmeister led the European operations for small business payments technology company SumUp, and before that held senior leadership positions at Electrocomponents plc and eBay, where he gained exposure to a large constituency of merchant sellers.  

Gary Turner, who in July announced his retirement after 12 years in the role, will step down on 31 December 2021 to ensure a smooth handover of responsibilities. Turner will continue to play a part in Xero’s growth, in a global advisory capacity, as well as building his own portfolio career.

Rachael Powell, Xero’s Chief Customer Officer, said: “We’re thrilled to have a leader of Alex’s calibre step into this role. He brings a wealth of international commercial acumen as well as a huge passion for, and understanding of the small business environment and technology.  We’d like to thank Gary for his incredible contribution in helping to build and scale the Xero brand in the UK and EMEA to what it is today.”

Incoming Managing Director for UK & EMEA, Alex von Schirmeister said: “Xero has such a wonderful community of small business customers and partners and I can’t wait to work with them.  I’m determined to deliver on the promise that our platform can bring in unlocking small business potential, to help with economic recovery and promote the incredible role that accountants and bookkeepers play as trusted advisors.”

Von Schirmeister, who is also a seed investor in tech startups, lives in London with his wife and children.

53% feel badly informed about the topic, PassFort is calling on the banking industry to prioritise education on the common UK digital identity

A piece of original survey-based research conducted by RegTech Associates on behalf of PassFort, the SaaS RegTech provider, whose platform automates financial crime and compliance processes, has revealed two-thirds of Brits feel indifferent about a common digital identity. Only 17% of respondents stated they are very much in favour of it, while occupying the middle ground, 34% said they are cautiously in favour and 31% were sceptical about it. At the other end of the scale, 6% stated they are very much against a common digital identity.

While the UK Government consultation on the common digital identity concluded in September 2021 with an updated framework, only 15% of Brits feel well informed on it. In contrast, 52% of respondents said they were either not well informed or knew nothing about the issues surrounding it. Younger respondents are the best informed when it comes to the debate around digital identity though - 36% regard themselves as "well informed" vs. only 1% of over-65s.

The intention of the framework is to provide clear standards to protect against digital identity fraud and remove legislative and regulatory barriers from the use of secure digital identities. However, 19% of over-65s claimed they "know nothing" about the debate in comparison to only 5% of 18-24s. Evidently, there is a lot of room here to educate the general public on these issues.

“Currently, in banking we see 7 in 10 people using a unique ID and password for identification. Some 67% use a security question. While these methods have worked well in the past, there are limitations to the security these techniques provide. Biometrics, or a digital identity, provide a higher level of security. Interestingly, 21% of people we surveyed have used biometrics. And of those who have, 80% said the experience was ‘great’,” said Donald Gillies, CEO PassFort.

In an increasingly complex compliance landscape, the common digital identity offers huge benefits to financial institutions in delivering better, faster, and more reliable checks for consumers. The research also shows that customers who feel they have had a better than expected experience of compliance onboarding were more likely to recommend their provider (77%) and more likely to buy more products (62%).

A stable 27-37% of respondents of all ages claim to know something of the UK digital identity debate, indicating some level of generalised understanding about the issues. With the exception of some minor variations (e.g., a spike in 35-44 year olds who "don't know" or prefer not to share their views), there are no strong correlations between age and attitude towards a common UK digital identity. Similarly, with fewer than one quarter (23%) of respondents stating a strong view on the topic, there is some way to go before the debate is settled.

“Given the obvious benefits of a common digital identity in fighting fraud, financial institutions have a vested interest in helping to explain these issues to their customers”, said Rob Stubbs, Head of Research at RegTech Associates. “Not only could this help to stem the rising tide of financial crime in the UK but, in conjunction with the latest developments in biometrics, it can also help to deliver better, faster and more reliable compliance checks for consumers, which is in everyone’s interest.”

“Biometric identification needs to be managed and regulated and carefully controlled,” said David Birch, author and leading advisor on digital financial services. “I sign up for things all the time and it gets to the point where I have to get this document, or that, and I think ‘Oh I can’t be bothered’. But if I just need to scan my passport and take a picture then that’s easy. However, that’s in the context of a well-regulated and well managed space in finance. We’re not talking about mass surveillance. And that’s what consumers need to be able to understand, and it’s something that financial providers have a duty to help educate people on.”

“Financial providers have a great opportunity to lead the conversation on digital identification and in the process secure crucial loyalty and trust from consumers. As we move into 2022 this conversation is going to become increasingly important and it’ll be the organisations that act now, who will reap the rewards in the long term,” finished Gillies.

Apex Group and Governance.com strike global digitalisation deal to automate regulatory process management
Digitalisation partnership enables Apex to more efficiently and securely deliver client services in full regulatory compliance, starting with its subsidiary entity, the Luxembourg-based European Depositary Bank (“EDB”)
Governance.com, the leading low-code process management platform for regulated companies, today announces the signing of a 5-year deal with global financial services provider Apex Group Ltd. (“Apex”), to implement a digital process management platform and systems. Starting with Apex Group’s Luxembourg-based entity, European Depositary Bank (“EDB”), Governance.com will deliver the new digitalisation partnership that will enable Apex to more efficiently and securely deliver services to its clients, underpinned by robust regulatory compliance.

By securely digitalising Apex’s process management systems step by step, the new process management platform will support EDB's depositary duties such as asset registration, ownership verification and regulatory oversight. The new platform solution will be used by EDB’s teams across several locations starting with Luxembourg and Ireland.

Governance.com’s FinTech solutions are based on a low-code and open architecture approach that supports Apex’s “digital first” agenda and enable it to be an early adopter of FinTech in the space of regulatory process management.  

Through EDB, Apex offers independent banking, depositary and custody services to institutional investors and asset managers for UCITS and alternative investment structures, spanning the full spectrum of asset classes. The new deal will be executed with the support of global consultancy Alpha FMC to ensure expedient and effective implementation.

Peter Hughes, CEO and Founder, Apex Group comments: “This new digitalisation partnership with Governance.com is indicative of our commitment to providing our clients with the widest range of services in the market, underpinned by the highest levels of regulatory compliance. By automating process management for regulatory checks and related operations, we are continually improving our efficiencies and service offerings to our clients, as we grow and expand our range of solutions.”

Bert Boerman, Chief Executive Officer and Co-Founder of Governance.com, says: “We are excited to work with this global leader in financial services. Working together with EDB and Alpha FMC experts to quickly deliver our low-code process management platform and solutions means Apex entity, EDB, can perform its regulated duties while serving clients in a more efficient way. We look forward to supporting the Apex Group to digitalise operations and services, one process at a time so that these are more cost-effective, efficient and secure.”

Holger Barth, Managing Director, European Depositary Bank, adds: “EDB is delighted to be collaborating with Governance.com to implement a market leading solution based on fundamental business experience and modern technology. This partnership will support our fast-growing business and enable us to serve our global client base more efficiently across borders and multiple regulatory jurisdictions while exercising regulatory rigour.”

H1: How to create a Forex broker startup and overtake competitors

The Forex market is precious for new players. Its total volume has already exceeded $2.5 quadrillion. Therefore, FX attracts more and more new players. According to FINRA data, over 3,500 liquidity providers are operating in the Forex market, which is not the final number yet. This growth causes problems for newcomers who find it challenging to choose a Forex broker startup for cooperation. 

Forex prime brokers have no room for error. They are expected to provide innovative solutions which can help traders to succeed. Let's look at the top-3 tips to help you secure and strengthen your Forex market position. 

H2: Remember that time is money

The success of traders is up to them. Therefore, you must not only meet their expectations but also exceed them. Offer your clients convenient cryptocurrency exchange software that saves time. The reason is simple: no one likes to waste time. 

Implement the most efficient and practical solutions. According to statistics, 54% of traders use MetaTrader 4 and 5 platforms for Forex trading. They have a user-friendly interface and accept bitcoin payments, which is vital for both major and minor traders.

H2: Throw your clients a lifeline

At first sight, the Forex market seems easy to understand. But right under the surface, a lot of complex nuances emerge. Therefore, beginners ask market game changers who know about all the potholes. Such cooperation has some vital benefits. 

First, beginners get access to the best White Label FX instruments. Not every trader has enough money to buy a license. Further, cooperation with a broker guarantees 24/7 top-notch support for your business. B2Broker sets one of the leading positions in the market and offers favorable terms for using trading platforms. Also, the company is constantly looking for new White Label crypto exchange solutions. Therefore, B2Broker will help you succeed in the Forex market. 

H2: Top-notch customer service is above all

Many successful brokers understand the value of first-class customer support. The number of traders is soaring. Therefore, newcomers will always need the help of experts.

There are three core principles of top-notch customer support:

1. Clients should get help in many languages.

2. Support should be available 24/7 as customers expect a quick response.

3. Support operators must be experts in trading. Otherwise, clients will start looking for another liquidity aggregator. 

In addition to convenient customer support, traders should have free access to detailed information about your company. The best way to do this is through FAQ or knowledge base on your website. There should be information about trading modes, main functions, fees, and other essential best Forex White Label solutions.

Remember: the success of a Forex broker depends on the satisfaction of the traders. Get practical solutions from B2Broker. Offer your clients the best way to start a cryptocurrency exchange career.

Bitcoin could hit fresh all-time highs this week, which will bring upside to other cryptocurrencies, particularly those directly involved in fintech development.

This is the bullish prediction from Nigel Green, the CEO and founder of deVere Group, one of the world’s largest independent financial advisory, asset management and fintech organizations.

The ultra-bullish prediction comes as prices are on an upward trajectory and as Australia’s regulator, the ASIC, has become the latest watchdog to approve spot ETFs in the world’s two largest cryptocurrencies, Bitcoin and Ethereum.

Mr Green comments: “It’s taken a week or so longer than the Bitcoin bulls would’ve liked, but overnight on Sunday the world’s largest crypto took off again. 

“It reclaimed its previous high of $64,900 from April and is closing in on its all-time high spot price of $66,000 from 19 October.

“Bitcoin will maintain its strength and is likely to shoot further this week, possibly hitting fresh all-time highs, as this current ‘take off’ generates further interest and momentum, attracting even more retail investors.”

He continues: “In addition, Australia’s securities watchdog has followed other global regulators, by giving the green light to the highly anticipated spot exchange-traded funds (ETFs) in a move that has provided a framework for other countries to follow suit.

“This move - especially when other regulators do the same, which they will – will mean that not only more retail investors will pile in but, crucially, more institutional investors such as family offices, hedge funds and real money asset managers will further increase their exposure into digital assets. 

“They will bring with them unprecedented levels of capital and stability to the famously volatile crypto market. This will further drive prices skywards.”

The deVere boss goes on to add that the U.S. Securities and Exchange Commission (SEC) would be the “tipping point” in regard to ETFs.

“I believe that the Wall Street’s top regulator will eventually approve a spot Bitcoin ETF. 

“A U.S.-based spot Bitcoin ETF would give the sector an unseen level of legitimacy and act as the ultimate tipping point for the market as it will allow corporates to buy and sell quickly and have direct exposure to the crypto itself, unlike with a futures-based ETF.”

As Bitcoin moves towards fresh all-time highs, other cryptos can also be expected to move to the upside, says Nigel Green.  His observation follows Solana and Ether both hitting record highs last week.

“Bitcoin’s gravitational pull on other digital assets will show itself again this week, pulling up other major cryptocurrencies as it maintains its own strength.

“We can expect those cryptos involved with fintech development, such as Ether, Solana and Cardano, to do particularly well.

“Bitcoin is just the start of the fintech revolution which is redefining and reshaping the way that all financial services are delivered.”

He concludes: “This is going to be another good week for crypto investors as interest and demand, as well as regulatory recognition, take flight again.”

Connector cuts time, cost and risk by automating ERP data export for Emburse Certify

Emburse, a global leader in spend management, announces the launch of a new connector for the Sage Intacct cloud financial management system, which will provide seamless data connectivity with its Emburse Certify expense solution.

The API-based integration, which is now available to joint Emburse Certify and Sage Intacct customers, enables employee expense data to automatically export into Sage Intacct. This will reduce the need for manual data exporting, which can both slow down the accounting process and lead to human errors in the data flow. 

Once an expense is created in Emburse Certify, it will appear in Sage Intacct as a purchase invoice or general ledger transaction. Customers will be able to set their own configuration between both systems to determine field mapping, giving them deep visibility from Sage Intacct into individual expenses. 

“Emburse Certify and Sage Intacct already share a considerable number of customers, so this connector will make life significantly easier for them, as well as eliminate potential mistakes and reduce risk,” said Kenny Eon, SVP and General Manager, Northern Europe, at Emburse. “Emburse’s mission is to humanise work for both expense submitters and finance teams, by eliminating the need for manual, low-value repetitive tasks such as data export. With this new connector, finance team members will be able to focus on more strategic initiatives that can help their organisations optimise spend.”

“Emburse Certify and Sage Intacct have very similar customer demographics - rapidly-growing businesses that want best-in-class, highly automated, cloud financial solutions,” said Melody Williams, Sage’s Head of Business Development for Sage Intacct. “The launch of this connector helps our joint customers further automate and speed up the expense reconciliation process for their accounting teams. As Emburse Certify continues to grow its market share across the UK, we’re very excited to have this integration available for our customers.”

Nuvei Corporation the global payment technology partner of thriving brands, announced that it has enhanced its global payment capabilities by enabling smart routing of payments across the UK and Europe with Faster Payments in the UK and Instant and Regular SEPA in Europe.

With these recent integrations and Instant SEPA increasing adoption, Nuvei’s instant payment offering is getting ever more global. This unique proposition enables the smart routing of instant and regular payments to achieve best acceptance rates and lowest fraud exposure. The key features of UK and European Open Banking in particular, allow users and merchants to pay and get paid instantly, within seconds, in multiple currencies and countries across the region.

The feature also empowers consumers with greater choice by offering card-free solutions that allow people to receive money faster through payouts such as refunds or insurance claim settlements.

The solution is getting great traction with merchants, especially those with higher Average Transaction Values (ATVs) as it gives access to higher limits than with card transactions. Its embedded KYC solution also unlocks significantly higher transaction limits for ID- and source of funds-verified users.

"We’ve seen our customers demanding repeatedly, smart and easy-to-integrate solutions to enable bank transfers and instant payments, especially in high ATV verticals," said Philip Fayer, Nuvei’s Chair and CEO. "Consumers are also asking for more choice beyond cards to receive money quicker. We are delighted that, with these recent additions in Europe, we’re supporting our merchants’ growth across the globe."

 MineHub Technologies Inc. (TSXV: MHUB) (OTC Pink: MHUBF) ("MineHub" or the "Company") is pleased to announce the launch of its Trade Finance network application, available to all platform users. The Trade Finance application is the first in a series of network applications MineHub will be launching in the coming months.

MineHub Trade Finance is a network application, bringing visibility, security and efficiency to financiers of commodity transactions, whilst digitising administration and communication between lenders and financiers. Integrated with the core MineHub platform, this service is an additional offering that further increases the value of the MineHub platform to its users.

Arnoud Star Busmann, CEO at MineHub and formerly of ING Bank, the world's largest commodity bank, said, "Having had multiple years of experience with the complexity and key risk drivers of commodity trade finance made this application the highest priority solution on our roadmap. The value proposition is very clear. Blockchain technology, and solutions like MineHub Trade Finance are likely to forever change the ways of working in the commodity trade finance industry with a key goal to unlock access to essential working capital critical for the world economy."

MineHub is an open, enterprise-grade platform for digital trade, bringing transparency, resilience and responsibility to mining and metals supply chains. The platform connects the many parties involved in physical commodity transactions in a digitally integrated workflow by operating on the basis of shared information, secured by a global enterprise blockchain network. This provides greater efficiency, security and transparency relative to the current paper-based and manual processes.

Banks have been decreasing their exposure to commodity trade finance and the Asian Development Banks estimate that the global trade finance gap is already at $1.7 trillion. Some of the supply chain disruptions the world is witnessing are a direct consequence of a lack of trade finance liquidity. At the same time, institutional investors and alternative lenders have a surplus in capital looking for yield, and are looking for channels to get exposure to commodity trade finance as an attractive asset class. Now MineHub is opening up that channel.

The MineHub trade Finance application connects borrowers to their financiers via a secure communication channel to request finance, receive and share relevant documents and information authenticated by third parties like service and logistics providers. The service results in significant cost and time savings for both the lender and the borrower, whilst removing many of the currently present opportunities for fraud and errors.

The application enables financiers to be given access to the real-time transaction data set of each transaction, giving them a direct line of sight to relevant events, developments, collateral and assets they are financing. The origin and provenance of data and documents are recorded in an immutable audit trail secured by blockchain technology. Users can verify the authenticity of key documents like inspection reports, invoices and warehouse receipts, and improve control over key risk events like collateral releases and assignments. In addition, users can immediately verify compliance of transactions such as ESG lending criteria.

Key benefits include:

• Save on administration costs and time: reduce need for sending and reconciling documents across multiple channels; maintain all finance administration and communication in one easy to access location, organised per transaction; information is available in real-time.
• Reduce opportunities for fraud and errors: by providing financiers with digital eyes - for example, with direct and real-time visibility of transactions and collateral, the incentive and opportunity for fraud is dramatically reduced; ability to instantly verify authenticity of documents is transformational.
• First to act: events and developments that increase risk or affect the position of the financier are immediately visible, enabling immediate action to mitigate the risk.
• Improve access to capital: by automating risk controls and reducing complexity of administration, more financiers and insurers will be able to get exposure to this profitable financial service which is also essential for all supply chains to keep working.

MineHub is also integrating with partners to further increase the breadth and depth of trade finance services that users can access via the MineHub platform. For example, the recently announced partnership with Contour will provide MineHub users with access to electronic Letters of Credit.