ADVFN's cryptocurrency platform (https://www.advfn.com/cryptocurrency) has received further endorsement in awards celebrating excellence within the personal finance space.

The MoneyAge judges praised the breadth and depth of ADVFN's cryptocurrency coverage – noting the additional 3000 crypto assets that have been added in the last year – and commended the platform's market-leading suite of crypto analysis tools. ADVFN's cryptocurrency channel now includes charts, price data, fundamentals and news for over 10,000 cryptos (mineable/non mineable, listed/non-listed coins and tokens); all available for free.

One of the key developments on ADVFN's cryptocurrency section in the past 12 months has been the addition of its DeFi list (https://www.advfn.com/cryptocurrency/defi). This includes more than 1000 tokens that are utilised within decentralized applications. These assets can be filtered according to numerous variables such as market cap, volume, change in price and platform (for example Ethereum or Binance Chain) and includes data such as circulating supply, maximum supply, algorithm, genesis date, ranking and other fundamentals. As part of the developments within the decentralised finance ecosystem, the year has also seen the platform adding Uniswap V2 and V3 data feeds.

Key features:

• Full suite of cutting-edge analysis tools - Users can filter crypto and DeFi assets according to a large array of criteria
• Connects to all of the top global cryptocurrency exchanges for trading data
• Toplists featuring percentage gainers/losers, volume and trades etc
• Alerts for new coins and tokens entering the market - https://uk.advfn.com/cryptocurrency/new
• Real-time, streaming market data on listed cryptocurrencies most of which with Level 2 data
• Cryptocurrency converter for all cryptos and tokens on the platform  
• Crypto assets can be viewed alongside all other assets within the ADVFN ecosystem
• Educational resources 

"ADVFN is seeing a surge of interest in cryptocurrencies and increasingly DeFi assets, so we're constantly developing and expanding our offering to cater for this demand," said Clem Chambers, CEO of ADVFN. "Our cryptocurrency section is extremely popular with investors and traders and receiving this award cements our position as a market leader for crypto data and analysis tools."

All MoneyAge winners can be viewed here: https://moneyage.co.uk/awards/winners21.php

Proposed order would require nation’s largest reverse-mortgage lender to pay $1.1 million penalty for deceptive acts aimed at older homeowners

The Consumer Financial Protection Bureau (CFPB) today filed a complaint and proposed consent order alleging that American Advisors Group (AAG) used inflated and deceptive home estimates to lure consumers into taking out reverse mortgages. The CFPB also alleges that AAG’s deceptive conduct violated a 2016 administrative consent order that addressed AAG’s deceptive advertising of reverse mortgages. If entered by the court, the proposed consent order would prohibit AAG from future unlawful conduct and require AAG to pay $173,400 in consumer redress and a $1.1 million civil money penalty.

“American Advisors Group violated consumers’ trust by advertising reverse mortgages with inflated and deceptive home-value estimates,” said Acting CFPB Director David Uejio. “The CFPB will act decisively when we uncover consumer harm or practices that seek to take advantage of vulnerable populations.”

American Advisors Group, based in Irvine, Calif., is one of the nation’s leading providers of reverse mortgages. A reverse mortgage is a special type of home loan that allows homeowners who are 62 or older to access the equity they have built up in their homes and defer payment of the loan until they pass away, sell, or move out. The loan proceeds are generally provided to the borrowers as lump-sum payments, monthly payments, or as lines of credit. Homeowners remain responsible for paying taxes, insurance, and home maintenance, among other obligations. 

Falsely enticing consumers into reverse mortgage negotiations

The CFPB alleges that AAG violated the Consumer Financial Protection Act of 2010’s (CFPA’s) prohibition on deceptive acts and practices. Specifically, the CFPB alleges that AAG:

• Deceptively inflated home values: In marketing their reverse-mortgage products, AAG provided consumers with inflated estimates of home values to entice them to enter into negotiations to open a reverse mortgage. AAG’s actions were deceptive because they would lead a reasonable consumer to believe that the consumer could reap more proceeds from the reverse mortgage than were actually available.
• Made deceptive representations about the accuracy of home estimates: AAG’s marketing materials to consumers stated that it “makes every attempt to ensure the home value information provided is reliable.” In fact, AAG made no real attempt to do this. AAG’s misrepresentations induced consumers to rely on AAG’s inflated estimates and to enter into negotiations with the company.
• Violated 2016 administrative consent order: In December 2016, the CFPB filed an administrative consent order against AAG for a variety of deceptive statements made in marketing materials that violated the CFPA. The order prohibited AAG from violating the CFPA for five years, or until December 2021. The deceptive acts and practices committed by AAG as described in this complaint violate the 2016 consent order.

Enforcement Action

Under the CFPA, the CFPB has the authority to take action against institutions and persons that violate federal consumer financial laws. The proposed settlement, if entered by the court, would require AAG to:

• Cease illegal practices: AAG would be prohibited from engaging in deceptive practices and must cease misrepresenting estimated home values to consumers. AAG must also refer its customers and prospective customers to specific CFPB materials about reverse mortgages.
• Provide monetary relief to consumers: AAG would pay $173,400 in redress to address harm to consumers who were enticed by the deceptive home values, paid for and received appraisals, and decided not to proceed in obtaining a reverse mortgage.
• Pay a $1 million civil penalty: AAG would pay a $1.1 million penalty to the CFPB, which would be deposited into the CFPB’s Civil Penalty Fund.

The proposed consent order against AAG has been filed with the U.S. District Court for the Central District of California and would be effective only if entered by the court.

Read the complaint filed with the court.

Read the proposed order filed with the court.

Read the 2016 press release announcing the previous enforcement action against AAG.

• Temenos partners with Silicon Valley-based Mbanq to power innovative Credit Union-as-a-Service (CUaaS) offering for US Credit Unions, a market estimated at $3.6bn annually
• Mbanq’s CUaaS, powered by The Temenos Banking Cloud, enables Credit Unions to gain faster time to market with cutting-edge digital financial services for members at a reduced total cost of ownership
• CUaaS integrates modern digital financial technology with comprehensive operations and legal compliance and is the world’s first end-to-end Credit Union solution

Silicon Valley-based Mbanq, a Banking-as-a-Service (BaaS) provider and one of the world’s fastest growing FinTechs, today announced it has signed a strategic agreement with Temenos (SIX: TEMN), the open cloud banking company, to launch an innovative Credit-Union-as-a Service (CUaaS) offering, and to accelerate BaaS adoption across the US.

CUaaS is offered by Mbanq’s Credit Union Service Organization (CUSO) and will be powered by The Temenos Banking Cloud. This solution is a new end-to-end comprehensive service to help US Credit Unions of any size accelerate their digital transformation and deliver innovative digital financial services and outstanding experiences to members. Mbanq’s CUaaS combines Temenos’ modern cloud technology with operations, legal compliance and financial services solutions, wrapped into a single Credit Union ecosystem.

The two companies are already engaged in customer acquisition and proof of concepts in the US with Credit Unions.

The US has over 5,000 credit unions with over 100 million members representing over $3.6 billion per year in technology spend. However, many credit unions are burdened by legacy systems unable to offer basic digital banking services such as digital onboarding, which emerged as a ‘must-have’ capability during the pandemic. Together, Mbanq and Temenos will offer rapid digital transformation so Credit Unions can deliver competitive financial services to their members through all touchpoints. This powerful combination will also reduce the time required to launch and operate a de novo Credit Union.

These capabilities will be powered by Temenos open cloud technology. The Temenos Banking Cloud, which combines Temenos Transact, Temenos Infinity and Lifecycle Management banking services, will connect via REST APIs to the Mbanq cloud platform.

Mbanq will also offer a fast-track solution based on Temenos’ technology to FinTechs and e-commerce firms wishing to embed banking services, such as payments and lending and broaden their portfolio of products rather than develop their own technology or go through the lengthy and costly process of obtaining a banking charter. Furthermore, Temenos will offer value-added BaaS capabilities to banks such as lending, Buy Now Pay Later (BNPL) or credit card services through Mbanq.

Max Chuard, CEO, Temenos said: “Following our strategy to accelerate the adoption of Banking-as-a-Service in Europe, we are now excited to expand in the US. With this strategic agreement with Mbanq, we are opening up a new channel to the BaaS space and are increasing our penetration in the US Credit Union market. Existing Temenos Credit Union clients will benefit from Credit Union-as-a Service to run their operations in a seamless and cost-effective way on modern cloud technology. Together with Mbanq, we can support Credit Union digital transformation, taking away the complexity of managing technology so they can focus on providing innovative banking services to members.”

More than 3,000 financial services institutions around the world leverage Temenos’ modern, open, cloud technology. The Temenos Banking Cloud enables financial institutions to consume, manage and maintain banking services in a secure, continually evolving, self-service platform while allowing them to develop new business models.

Vlad Lounegov, CEO, Mbanq, said: “We are delighted to partner with Temenos, the market-leading banking technology provider. Powered by The Temenos Banking Cloud, Mbanq takes to market a Credit Union-as-a-Service offering that automates every operational requirement a modern Credit Union needs. This game-changing partnership will drive our company’s growth and help regulated and unregulated entities transform their offerings, technology and customer experiences in the digital post-pandemic world.”

Mbanq CUSO prioritizes rapid digital transformation so Credit Unions can seamlessly deliver competitive financial services to members in niche markets through online and mobile channels.

Tide, the UK's leading business financial platform, which began operations in India in 2020, recently facilitated the secondary sale of Employee Stock Ownership Plan (ESOPs) to investors for its employees in India, Bulgaria and the UK, following its recent Series C funding, due to oversubscription. Approximately 50-percent of all permanent employees have been allotted ESOPs at various levels across all departments.

Earlier in July 2021, Tide raised more than $100 million in Series C funding, which brought the company’s total funding to date to over $200 million. Tide’s post money value is now over $650 million, after only four years of operation. The last funding round was led by Apax Digital, the growth equity team of Apax Partners. Existing investors, including Anthemis, Augmentum, Jigsaw, Local Globe / Latitude, SBI, and SpeedInvest also participated in the round.

Liza Haskell, Chief Administrative Officer, Tide, said, “Due to our oversubscribed Series C round, we had enough investor interest to give Tideans (employees) an opportunity to sell a portion of their vested shares to investors.”

These shares were across all departments but varied by levels in each division. Considering the complex nature of the secondary share sale programme, Tide held in-depth training to help employees assess the options available to them. Tide also covered the financial advisor and processing fees for those who chose to sell their vested shares.

Commenting on the development, Liza Haskell further emphasised, “At Tide, we believe in the value of working as one team, and strive to be an employer of choice. Tide has been offering ESOPs to many employees since inception as this ensures we share in the success of our combined hard work to get us where we are today. Especially during Covid times, it is one of the best ways to keep employees motivated, engaged and living by the #oneteam value.”

Earlier this year, Tide announced it will create over 1,000 jobs in India in the next five years. These positions will be across a wide variety of roles, including product development, software development, marketing, risk & compliance, and member support.

Tide already has more than 300 highly skilled employees in India with most based in its Hyderabad technology centre. Tide is building a robust team in India, creating a pool of talented colleagues that will help build the business, scale operations and further Tide’s desire to unleash the true potential of Indian SMEs by helping them save time (and money) in the running of their businesses.

PPS, an Edenred company, today announces its partnership with UK-based Sprive, the first of its kind mortgage overpayment app designed to help homeowners become mortgage free faster and save interest.

On average Sprive’s existing customers are on track to pay off their mortgages eight years earlier and save £32,000 in interest. PPS provides Sprive with its payments technology platform, payments licensing and processing services including e-Wallet provision, access to the Instant Faster Payments Service, regulatory adherence and anti-fraud services.

With the help of PPS, Sprive’s iOS and Android app links directly to a customer’s bank account to analyse spending information and gain automatic access to mortgage information. Sprive’s AI then determines how much money to set aside for optional mortgage overpayments according to a customer’s spending habits.

The app will suggest certain spend limits that will not impact a customer’s lifestyle, with the option to move money from the user’s account to a Sprive-controlled e-Wallet made possible thanks to PPS technology. Once a customer’s money is saved, they are able to choose whether to partially or fully pay back the amount before Sprive pays it into the mortgage holding bank on the user’s behalf. 

Ray Brash, Chief Executive Officer at PPS, said: “As a leading driver of innovation in fintech and paytech across Europe we are committed to working with both established players and growing start-up brands cross-vertical, such as Sprive. Utilising our platform, access to networks and expert knowledge within the PPS team, together we’ve built a truly unique payments infrastructure which will significantly support the growth of Sprive’s user base.

“We know Sprive will make a significant difference to how the mortgage market operates by putting more power into consumers’ hands, enabled by our white-labelled technology.”

Jinesh Vohra, Chief Executive Officer at Sprive added: “We were aware that PPS had excellent technology, compliance and commercial credentials and a great existing customer base, but what impressed us most was how deeply and quickly they understood our vision. We know that by working with PPS’ platform and team of knowledgeable experts, we will be fully supported on our growth journey. Together, we will help UK mortgage holders reduce debt, pay off their mortgage earlier and save tens of thousands of pounds”.

To find out more about PPS, visit: https://www.pps.edenred.com/

To find out more about Sprive, visit: https://sprive.com/

Move provides fast and automated onboarding for financial institutions via open APIs, enabling them to bring innovative payments solutions to customers at speed

As Sibos 2021 opened (virtually) today, Finastra announced new instant onboarding capabilities for its Fusion Payments To Go solution. The move enables banks to access the benefits of Finastra’s SaaS solution at speed and with reduced cost, meaning organizations can bring innovative and tailored payments products to their customers with greater efficiency as demands change.

Oren Marmur, General Manager, Payments at Finastra, said, “We are committed to making payments transformation as easy as possible. This capability offers simple onboarding with a short lead time, so that banks can overcome legacy technology constraints, implement with transparency around timeframes and cost, and bring leading payments products to customers at speed. We’re talking about reducing the process of onboarding to just a few days with go live in a few months, rather than what might have taken some banks a year. Beyond the significantly reduced onboarding and go live timeframes, this will allow smaller banks, for which the cost of complex payments transformation might be prohibitive and the operational processes too complex, to enjoy the benefits of an advanced Payments Hub with modernized capabilities.”

Payments To Go is a SaaS payments solution, with out-of-the-box configurations, to support banks’ payment growth ambitions. It is built on Finastra’s proven Fusion Global PAYplus software, benefitting from best practice full end-to-end processing. Via open APIs, the instant onboarding capability reduces manual processes, increasing efficiency. A portal enables bank executives to answer a series of questions, automatically generating a new payments environment which they can personalize.

Gareth Lodge, Senior Analyst, Payments at Celent said, “One of the promises of moving to the cloud has long been agility, replacing legacy technology with modern, flexible technology. Yet, one of the major challenges for banks is how to actually move from legacy technology. Since payments probably touch on more bank systems than any other technology, it can be a slow and complex process to figure out even how to migrate. Given the number of banks actively looking to migrate to the cloud, tools that make the process of onboarding simple and quick will benefit not just the banks but their vendors as well.”

Moreover, Payments To Go being in the cloud ensures flexible infrastructure that adapts with payments peaks. This paves the way for a Payments-as-a-Service approach, with an open architecture and evergreen updates, keeping banks ahead of market changes, delivering faster innovation and business growth opportunity.

For further information visit: https://www.finastra.com/solutions/fusion-payments-go

To see what Finastra is up to at the Sibos event, or to book a meeting with a payments expert, click here.

Profile Software, an international financial solutions provider, announced today its participation, at TSAM London 2021, the leading Summit for Asset Management in the financial domain, taking place on 13^th October 2021 at Park Plaza Westminster Bridge, London, UK.

With a growing presence across 45 countries, 30 years of experience and continuous investments in R&D, Profile is dynamically returning to live events supporting its local presence and promoting its widely deployed and award-winning platforms introducing new solutions. At the event, Profile’s team will present the significantly enhanced Axia Suite, the omni-channel platform for Wealth, Asset and Fund Management, Personal/Private Banking, Robo Advisory and Custody as well as Centevo Suite Cairo for advanced Fund Management operations and mobile-first end client solutions. The Axia Custody solution has been upgraded to deliver automation and streamlined processes for modern Custodian Banks.

Built on the latest technologies, the Axia Suite can holistically meet and exceed demanding investment management requirements. Meet with us to discuss how.

The Profile Group also offers a range of other solutions for the banking industry covering Digital Banking, Core Banking, Treasury and Risk Management:

• Finuevo: the mobile-first digital banking platform in-a-box. The pioneering platform that offers a modern banking experience to both professionals and end-users across all channels.

• FMS.next: all new and completely revamped banking platform with a powerful front-end for advanced operations in Core banking, Payments, Collections, Loans Management and FinTech requirements.
• Acumen.plus: the evolution of the established Acumen-net, offering a complete open cloud-native platform for the whole spectrum of Treasury and Capital Markets operations in real-time.
• RiskAvert: the complete and modern Risk, Capital Management and Regulatory Reporting platform for Credit, Market, Operational and Liquidity Risk according to the international frameworks (Basel ΙΙΙ).

TSAM (The Summit for Asset Management), this year, will bring together leading asset management firms to discuss the latest challenges facing the buy-side community, as well as the evolving technology and regulatory landscape. The topics that will be covered will include: ESG, Investment Operations, Data & Technology, Marketing & Client Services, Risk & Performance, Regulations & Compliance.