• Creates a single destination for shared global client base 

• Combines advanced, cloud-native technology with superior managed data  services 

• Significantly extends capabilities of RIMES’ managed data service offering • Delivers a unique, rich source of quality ESG, ETF and other datasets from more  than 1,600 sources 

Today, RIMES, the global strategic data partner for asset managers, asset owners, and service providers, announces its intention to acquire Matrix IDM, an Australia-based investment data management platform, for an undisclosed sum. 

The acquisition will bring together superior managed data services and powerful  analytics technology to help asset owners, institutional investors, asset managers and  service providers solve complex data problems. Matrix Co-CEO Stuart Plane will join the  RIMES Executive Committee, and together with co-founder Neil Lotter and RIMES Head  of Managed Data Services (MDS) Shaun Mirams, will lead the combined MDS and Matrix  IDM business segment. 

Brad Hunt, CEO, RIMES, commented: "We believe this acquisition heralds a new era  in the provision of data management solutions and is a pivotal moment for RIMES,  Matrix IDM, our shared clients and the industry. With Matrix IDM, we can offer an end to-end solution that will enhance performance across our clients’ enterprise – from  investment research to performance management to regulatory reporting. In addition,  the Matrix team brings an in-depth understanding of data management, sector  knowledge, and proven technical prowess. These attributes will help us to significantly  accelerate the opportunities that the combined MDS and Matrix offering will deliver." 

Stuart Plane, Co-CEO, Matrix IDM, continued: "Data drives this vital industry and  building advanced technology to support this has always been our passion. We strongly  believe that being part of RIMES will enable us to accelerate the adoption of the Matrix  IDM platform, which will be fuelled by the highest-quality catalogue of managed data  sourced from the industry's broadest set of data providers. When it comes to mastering  and delivering high-quality, reliable investment data, there is no one better than RIMES.  Combining our industry-leading capabilities into a single entity will empower our shared  users to make even better-informed investment decisions." 

Brad concluded: "The volume and complexity of the investment data used by our  industry has grown exponentially, and along with that, so have the challenges posed by  poor data, processes and technology. This is compounded by emerging requirements,  such as the need to understand your portfolio’s carbon footprint. By incorporating the  power of the Matrix IDM cloud-native platform with our trusted managed data services, we are well positioned to lead the industry in the provision of functionally rich, specialist  data management solutions.” 

Temenos’ open banking platform will enable Barko to offer affordable, accessible banking services to unbanked South Africans

Temenos, the banking software company, today announced that Barko, a leading microfinance company, plans to enter the retail banking market in South Africa with a new digital bank built on Temenos Transact and powered by The Temenos Banking Cloud. Barko will leverage the full front-to-back services, giving the new bank total control to create banking products that are easy to consume, configure and integrate with external applications.

With Temenos, Barko aims to disrupt the banking status quo with more accessible and affordable banking to advance the financial wellbeing of millions of South Africans underserved by traditional banks. Critically, the investment in Temenos’ open banking platform will enable Barko to launch new banking products, from deposit and savings accounts to credit and loans, at speed and at a low cost.

Barko has applied for a Mutual Banking License to operate as a full service digital bank. In line with its social mission, the new banking capabilities powered by Temenos will enable Barko to further assist underserved and unbanked South Africans with longer-term and lower-cost loans, competitive affordable banking products and easy to use services with a seamless experience across its digital and branch channels.

Barko already uses Temenos Infinity to deliver a seamless omnichannel lending experience with fast access to microfinance via a digital lending app and a network of more than 200 branches.

More than 3,000 financial services institutions around the world rely on Temenos’ modern, open, cloud technology. The Temenos Banking Cloud enables banks and businesses to consume, manage and maintain banking services in a secure, continually evolving, self-service platform. Using open APIs, banks can also collaborate and extend banking services with other fintechs and developers.

Kobus de Wet, CEO, Barko, commented: “We want to build a digital bank for the millions of South Africans that are unbanked or underserved by the traditional banks. The extended collaboration with Temenos is critical to our mission. With Temenos modern cloud banking platform we can bring new products to market faster and at a significantly lower cost compared to banks on traditional core banking system. Ultimately, this means we can pass on savings with products and services that improve the financial lives of the people that bank with us.”

Jean-Paul Mergeai, President – International Sales, Temenos, said: “At Temenos we are passionate about transforming banking. Barko’s entry into the South Africa retail banking market represents a significant moment for customers and the industry. We’re pleased to work jointly with Barko to deliver the hyper-efficient cloud banking platform that will help it realize its ambitions of making financial services more affordable and accessible to all South Africans.”

United Arab Emirates (UAE) Bank Modernizes Infrastructure With Service Connectivity Platform and Accelerates Time to Market for Mobile Banking Application 

Kong Inc., creators of the leading service connectivity platform, today announced that First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, has deployed Kong’s service connectivity platform to modernize its microservices-driven banking platform. As the banking industry transforms at a rapid pace, Kong provides reliable, secure and observable connectivity for FAB’s APIs and services within a scalable infrastructure. Moving toward decentralization through Kong has enabled FAB to accelerate development and business agility to push the customer experience further.

Executing on a company-wide cloud and digital transformation initiative, FAB chose to migrate away from a monolithic architecture to embrace an API-first model and build a unified platform. The company leverages Kong’s platform to provide customers with innovative and secure new products and services by utilizing Kong’s OAuth 2.0 and Mutual Transport Layer Security (mTLS) features, Developer Portal and open banking plugin. With Kong, FAB is able to more effectively onboard new APIs, cutting operational costs by 57% and eliminating the heavy lifting of continuously developing custom plugins.

As part of the platform, FAB uses the Kong Ingress Controller to leverage Kubernetes functionality and as a single entry point for simple API gateway management. The company also utilizes the platform’s Developer Portal to efficiently create a public-facing portal that provides the outside developer community access to its APIs. FAB leverages these features alongside the open banking plugin to remain poised for future innovation as local industry trends and regulations drive transformation.

“As we made the move toward microservices, we required a lightweight solution that could seamlessly align with our multi-cloud and on-premises environments,” said Jayakumar Ganesan, Head of Service - Digital Platforms at FAB. “With Kong’s platform, we were able to deliver one of our commercial mobile banking applications to our customers in just about three months instead of seven. We also now save four to eight weeks per plugin – totaling up to four months of recaptured development time – by utilizing Kong’s turnkey features in lieu of writing custom plugins.”

Built on Kong’s core open source technology, Kong’s service connectivity platform enables organizations to secure, connect and orchestrate their APIs and services. Designed for the modern era of software development including microservices, service mesh, serverless and other emerging architectures, Kong acts as the nervous system of the cloud – intelligently connecting all of a company’s APIs and microservices across cloud-native, hybrid and on-prem environments to make it easy for developer teams to create scalable, microservice-driven applications that drive business growth.

“For most API gateways on the market, you typically need to undergo some level of customization effort to have it properly fit into your existing ecosystem. One of the best aspects about Kong is that it has out-of-the-box plugins that already meet the majority of our industry requirements, which allows us to focus on building out new functionality rather than utilizing mind share to maintain the API gateway infrastructure,” said Jayakumar. “In terms of manageability, scalability and agility, what Kong provides us is best in class.”

“FAB’s decision to migrate from monolithic to microservices architecture was crucial in paving the path toward continuous delivery of new digital experiences,” said Augusto Marietti, CEO and co-founder of Kong Inc. “As the banking industry continues to evolve, FAB is positioned to keep pace at the speed of the cloud and stay ahead of revolutionary trends, such as open banking.”

Reaching out to the audience residing in Bharat has always been a challenge for the enterprise for multiple reasons: consumers' insecurity of doing financial transactions digitally; lack of network infrastructure, unavailability of intelligence, etc. PayNearby has been able to resolve these problems for financial and non-financial service providers like Banks, NBFCs, Insurance Companies, OTT companies; Food delivery aggregators etc. From start-ups to large enterprises, businesses of all sizes benefit from PayNearby's 41,00,000+ outlets to scale their business, optimize operational costs, and develop new markets. It has its presence in 17,500+ PIN codes across the country.

For, e.g., Consider the case of OTT companies that provide online entertainment services, but their reach is primarily restricted to urban cities. PayNearby hand holds tier II or rural audiences who are averse to doing digital financial transactions to subscribe to OTT services, helping companies on-board out of reach customers. Customers benefit as they are not able to access the services that are now made available by PayNearby. Similarly, it has helped insurance penetration by providing healthcare insurance products available to the masses.  Recently, PayNearby through its enterprise offering that facilitates ‘cash collection’ as a service has crossed ₹350 crores worth transactions in monthly Gross Transaction Value (GTV).

It offers cash collection as a service to 50+ clients across sectors such as NBFC, Microfinance (MFI), OTTs, food delivery aggregators, cab aggregators, FMCG, and logistics. It has helped the companies to penetrate the new market at ease and in less time.

By partnering with PayNearby, companies gain access to the services of the largest retail network in the country while maximizing its hyperlocal reach:

1. Empowers businesses with faster settlement, uninterrupted reach, reduced overhead expenses, and unified cash collection dashboard, resulting in better risk management & higher operational efficiency.

2.  It aids businesses to expand their serviceable market and reach customers across borders and income groups.

3. Its extensive last-mile connectivity enables businesses of all sizes across industries to digitize cash collection at the last mile, thus promoting a less-cash economy.

4. PayNearby's time-tested systems serve more than a million daily transactions while offering the highest success matrix of 99.9% uptime.

A formal partnership has been signed between JCB International Co., Ltd, the international operations subsidiary of JCB Co., Ltd, and Ziraat Bank, one of the largest banks in Turkey. This collaboration means that JCB Cards will be accepted by over 500,000 merchants in Turkey using Ziraat Bank POS devices and cash registers. Further, approximately 7,300 Ziraat Bank ATMs in Turkey will also accept JCB Cards.

Ziraat's member merchants that will benefit most from this new cooperation are those that will also help Turkey to recover and grow its share in international tourism when restrictions are lifted. These businesses largely operate in the face-to-face (F2F) travel, retail, and accommodation sectors.

Card payments are increasing in Turkey in line with 2023[1] cashless society goals. This cooperation will create a great opportunity for Turkish companies to connect with Asian consumers, while at the same time expanding the payment network of JCB in Europe.

Cuneyt SAGLIK, Executive Vice President for Payment Systems and Loan Processes of Ziraat Bank, comments; "Our Bank, which operates with its subsidiary banks and branches in 112 locations in 17 countries around the world, and JCB, one of the world's largest payment networks, initiated an important cooperation by signing this agreement. As a result of Ziraat Bank's widespread payment network, JCB cardmembers will be able to safely shop at 500,000 merchants using the card of their choice and meet their cash needs more conveniently by using approximately 7,300 Ziraat Bank ATMs."

Tsuyoshi Notani, Managing Director, JCB International (Europe) Ltd., says; "Turkey is a very important market for JCB cardmembers. In 2020, Ziraat Bank was selected as Turkey's most popular bank for the 5th time and this is proof of its strength in the market and a testament to its customer service quality. Therefore, this collaboration we established with the aim of expanding our payment points for our cardmembers is a very exciting step for JCB. We look forward to working closely with Ziraat Bank to support the growth of merchants that now have the chance to welcome JCB cardmembers to their customer network."

• Local, regional and international fintech and blockchain providers secure substantial leads

The 4th edition of Future Blockchain Summit and the inaugural Fintech Surge proved their importance in charting the future for fast-moving digital economies with local, regional and international sector players lauding the events’ capabilities to connect communities for invaluable face-to-face networking and business potential.

The co-located events, which formed part of GITEX Global x Ai Everything, the world’s largest technology showcase this year at Dubai World Trade Centre (DWTC), brought together sector pioneers and innovators for an immersive four days of talks, workshops and boundless business opportunities. 

Arturas Svirskis, a serial entrepreneur identifying the first Fintech Surge as an important business opportunity, chose Dubai and its new fintech platform to assist multiple businesses in Lithuania in showcasing their capabilities, and also to meet potential business partners with a view to licensing MENA products in Europe. 

He said, “Fintech Surge has made it clear that this is a very fast-growing market, and I was surprised, in a positive way, at the advanced and open mind of the regulators in the UAE and other countries in the MENA region. I’m seriously considering bringing a few businesses to the Middle East – blockchain, payment and lending for example – and I now have a few hundred leads and contacts, and potentially 30 clients I could enable after some excellent networking over four days.”

UAE software company Rasan Software House used the first Fintech Surge to secure a number of important leads across four days of crucial face-to-face networking. operations manager Islam Fakhr said, “We came to Fintech Surge to showcase the brand and build recognition in Dubai and the MENA region. The event was a great opportunity to do that. We have some substantial leads both from prospective clients who we can build platforms for, and also from vendors who offered their products as a solution to improve our efficiencies. We were excited to see our brand recognised by peers in Saudi Arabia and by other international brands.”

Dr Tamer Mitwally, chief strategy officer of Digital Finance Exchange, the world’s first fully insured cross-asset trading platform, hailed the Future Blockchain Summit for its networking and business opportunities. He said, “We generated some incredible leads, we had interest from a lot of different companies from around the world looking for a tech company in the UAE providing blockchain solutions and that is what we offer. We provide technology in relation to blockchain and smart contracts. This technology is being incorporated by a wide number of industries. We are servicing a niche market in that sense.”

Collaboration came to the fore as Future Blockchain Summit also hosted a Blockchain Business Hackathon with TDeFi, a crypto startup accelerator. TDeFi CEO and Founder Gaurav Dubey said: “The Bizthon shared the ethos of the Future Blockchain Summit, bringing together the entire business ecosystem to share knowledge on new ideas and developments, network and further promote blockchain as a business solution in our fast-evolving world. We look at Bizthon as a custom vehicle that enables visionaries to share ideas and take that vital first step in our transforming business ecosystem.”

Fintech Surge and Future Blockchain Summit formed part of GITEX GLOBAL, the world’s most complete, experiential technology event at Dubai World Trade Centre, uniting international innovators in artificial intelligence, 5G, cloud, big data, cybersecurity, Blockchain, quantum computing, fintech and immersive marketing across six events – GITEX GLOBAL, Ai Everything, GITEX Future Stars, the Future Blockchain Summit, Fintech Surge and Marketing Mania. 

Generation Home provides better ways to buy with support from family. Family or friends can provide deposit support by way of an equity loan, and income support by going on the mortgage (up to 6 incomes).

• The new lender is pioneering better ways to purchase a home with support from family, solving common income and deposit challenges. Its fractional ownership platform delivers increased borrowing power, security of funds, flexibility and a hassle-free way to buy together.
• Generation Home products are currently exclusive to the L&G mortgage network.

Overview

Homeownership has moved out of reach for millions of people, denying them the financial security that previous generations have taken for granted.

Generation Home was founded by husband-and-wife duo Will Rice and Sophia Guy-White to change this, with a mission to help everyone become a homeowner. By distributing Generation Home product through intermediaries via the Twenty7Tec platform, the new lender is making homeownership available to more people.

From the founder

Founder and CEO Will Rice said:

"Independent advice is incredibly important to first-time buyers. As Generation Home takes its first steps towards opening up fully to intermediaries, working with Twenty7Tec will mean that more intermediaries can find, access and obtain a Generation Home mortgage for their customers."

“We know from working with intermediaries that Twenty7Tec is an invaluable tool for them to source products and therefore serve their customers better."

Nathan Reilly, Director of Lender Relationships at Twenty7Tec added “Based on data available through our INSIGHT module, joint borrower, sole proprietor was the most searched piece of criteria during September. This clearly underlines the challenge affordability still presents for many first-time buyers and the market as a whole, so it’s encouraging to see Generation Home tackling this issue head on and working with intermediaries to help more customers take their first step onto the property ladder”

Deposit solutions

• Deposit support by way of an equity loan is secured by Generation Home’s first charge.
• This loan is administered on their behalf by Generation Home at no cost and it is Generation Home that takes responsibility for the repayment of funds to the parents upon a sale of the property, at remortgage, or once the homeowner’s equity in the property reaches a pre-agreed level.
• Customers choose whether the value of their loan will reflect changes in the house price, but it is not interest-bearing.
• A loan can be converted into a gift at any time - in whole or in part - through the Generation Home platform.

There are no Stamp Duty implications for the first-time buyer or their deposit helper (a “deposit booster” in Gen H parlance), meaning that the first-time buyer preserves their tax-free allowance up to £300,000 and pays a discounted rate between £300,000 and £500,000.

Income solutions

• Family members can go on the mortgage together with the homebuyer, a Generation Home feature called the “income booster”.
• How mortgage repayments are divided is up to the borrowers and the booster may just be on standby to help.
• Importantly, the booster can earn home equity in exchange for any mortgage repayments they make.

The ability for the booster to earn home equity is powered by Generation Home’s fractional ownership platform. Homeowners and their boosters can hold fractional stakes in a home and have their individual stakes updated in real-time in response to their mortgage repayments.

Compelling service and value

• Applications are digital and each customer benefits from a customer champion who provides personal support from beginning to end of the home-buying process.
• Generation Home does not charge fees for any of its services beyond the normal cost of the mortgage.
• Interest rates are competitive with the high-street lenders across a range of first-time buyer product categories.

The online ticketing sector shows signs of strong recovery around the globe.

The average cost of a ticket rose by $87 and online payment transactions increased by 342% in the months July to September, compared to the same period in 2020.

Data from leading global payments software provider ACI Worldwide shows global eCommerce transactions continue to rise at a steady rate, over 6% in the last three months, with the hard-hit live events sector making a dramatic recovery post-pandemic.

The travel sector has also continued to make a steady recovery over the summer months. September was the strongest month in 2021 so far, with dreams of winter sun seeing the number of transactions increase by 65% compared to August figures, as people booked holidays with more confidence as vaccine rates rose and international borders opened.

The number of global transactions made increased by 12% in the months July to September, compared to the same period in 2020 when many international borders were still closed.

However, with travel showing strong signs of recovery, fraudsters are following the trend. Over the last two months, fraud attempts have increased by 2%, with the average fraud attempt increasing by $149 in one month alone ($332 in August 2021 to $481 in September 2021).

“After months of lockdown, many consumers around the world are now enjoying the opportunities to visit concerts and sporting events or to book a trip abroad,'' commented Erika Dietrich, head of merchant payments analytics, ACI Worldwide. “As always, the risk of fraud is ever present. All players in the industry—from airlines to travel operators, law enforcement, banks and payment providers—must do more to collaborate, such as sharing intelligence through industry consortia and networks, to win the battle against fraud and keep consumers safe when shopping online.”

ACI’s data also reveals payment methods such as BNPL, mobile eWallets, in-app mobile payments and “Buy Online, Pick-up In Store” (BOPIS) continue to grow in popularity. Demonstrating the need to offer multiple payment options for merchants looking to take advantage of the winter holiday season as consumers escape cold climes.

While payment transactions made on mobile increased only slightly by 2% in the last three months compared to Q3 2020, the value of transactions has increased by $18, with an average payment value of $110.

There was a 118% increase in “buy online, pick up in-store” transactions made in the last three months, compared to 2020, with consumers and retailers increasingly more comfortable with the process. The average basket value has increased by over $20.