Bloomberg today announced a strategic collaboration with Databricks, the Data and AI company, allowing mutual customers to seamlessly access Bloomberg’s extensive data offerings via Data License and cloud-based data management solution Data License Plus (DL+). These solutions have been designed to facilitate seamless data integration, setting the stage for the acceleration of data analysis, insights generation and unified governance for structured and unstructured data, as well as artificial intelligence (AI) and machine learning (ML) on any cloud or platform.

The collaboration underscores the industry's growing demand for comprehensive data solutions that can be effortlessly integrated into existing workflows. Bloomberg Data License content includes but is not limited to reference, pricing, regulatory data, corporate actions and ESG data covering more than 70 million securities and 40,000 data fields. Users of the service can take data from their Bloomberg Bulk subscriptions and complement them with customized datasets from Bloomberg’s Per Security service. This ensures users get the right data to meet their workflow needs, all backed by Bloomberg’s Unified Data Model. 

DL+ is Bloomberg’s cloud-based data management solution that aggregates, organizes and links a customer’s licensed Bloomberg Data License content, making it easier to use throughout the enterprise while reducing clients’ data ingestion efforts. The solution allows customers to control the scheduling of data acquisition and delivery to meet the strict timing requirements of their specific organization’s processes and allows customers to build on cloud technologies while maintaining transparency, consistency, quality, stability and the specific dataset needs of their organization.

Databricks Lakehouse architecture combines elements of data lakes and data warehouses to help customers reduce costs and deliver on data and AI initiatives faster. Built on open source and open standards, the platform eliminates silos that historically complicate data and AI. The environment can support collaborative research, advanced machine learning applications (including Generative AI) with MLflow and productionalize data workflows.

Moreover, with the inclusion of Databricks Unity Catalog capabilities, customers can benefit from enhanced discoverability of Bloomberg data, AI-enhanced productivity in processing this extensive financial dataset, and a simplified yet robust governance and permissioning structure. This streamlines access to Bloomberg data, making compliance easier and accelerating data, AI and machine learning projects.

"We are thrilled to unveil our collaboration with Bloomberg, which holds immense potential across a multitude of industries and global financial markets. With Databricks powered by Bloomberg's vast array of data products, the possibilities for advanced analytics become truly limitless,” said Junta Nakai, Global VP, Financial Services at Databricks. “Together, we're poised to revolutionize how organizations harness data-driven insights to make informed decisions that will shape the future of finance and beyond."

“We’re excited to announce this collaboration with Databricks, and to continue to expand efficient access to Bloomberg’s data in the cloud as customers continue to demand large quantities of quality data,” said Don Huff, Global Head of Client Services at Bloomberg Data Management. “We look forward to helping more customers benefit from this integrated solution through realizing data integration efficiencies, accelerated cloud migrations, accelerated Target Operating Model (TOM) updates and supporting more use cases across enterprises.”

NAKA, the European fintech powerhouse, unveils the world's first EMV-compatible on-chain payment scheme and self-custodial card during the "Adopting Bitcoin 2023" conference in the capital. As the first country in the world to adopt Bitcoin as legal tender, nearly 70% of El Salvador’s population remains unbanked.

The NAKA card seamlessly integrates with existing payment infrastructures, guaranteeing universal acceptance in line with EMV standards (Europay, Mastercard, and Visa). Salvadorians can now send funds 24/7 via blockchain from anywhere in the world directly to the NAKA card and start spending it instantly, all with nearly zero costs.

Both the card and the scheme perfectly complement the NAKA POS Network already established in the country.

By introducing essential infrastructure and decentralized services, NAKA aims to encompass all the usual financial services, including card issuing, remittances, microloans, payments, and more, under a unified umbrella. This movement is to be capped with the highly anticipated upcoming launch of NAKA BitBank. 

Leveraging Financial Technology for the Underbanked

"In El Salvador, where more than two-thirds of the population lacks traditional banking access, NAKA is a transformative force, granting every Salvadoran the power to become their own bank. The NAKA card empowers individuals to gain control of their financial destiny and proudly declare themselves the ultimate financial authorities", explains NAKA Founder and CEO, Dejan Roljic.  

The NAKA card is linked to a user's non-custodial wallet through a decentralized app (dApp). Users can seamlessly oversee their funds, load the card, or withdraw funds at their discretion, with the assurance that their financial affairs remain private and secure, accessible to them alone. 

NAKA's existing remittances solution offers a 24/7 peer-to-peer service for sending funds between families and friends, both within and beyond the country's borders, distinguished by its rapid transactions and cost-effectiveness compared to traditional remittance services.

For businesses, NAKA's POS solution is entirely customizable, fitting seamlessly into brick-and-mortar and online stores of all sizes, from SMEs to large corporations. The holistic point-of-sale system is a cutting-edge and versatile payment solution that caters to a wide spectrum of payment methods, including cards, cryptocurrencies, and digital payments. 

Collaborating with local trusted allies and global alike Bitfinex and Tether, NAKA is dedicated to driving positive change, decentralizing payments, and achieving financial inclusion where it's needed most.

In our pursuit of expanding financial freedom quickly and comprehensively, NAKA has introduced dedicated Programs tailored to accommodate local Card issuers, payment Acquirers, and other interested partners. For detailed information, kindly head here.

Clearpay, a leader in Buy Now, Pay Later (BNPL), has announced London-based luxury clothing brand MATCHES as the latest merchant to join the expanding list of retailers offering the payment solution. The premium shopping destination now offers online customers a convenient and flexible interest-free, pay-in-4 payment option, allowing even more style-conscious shoppers the opportunity to invest in highly desirable pieces from their favourite designers, while managing their budgets responsibly.

With Autumn in full swing, the latest shopping data from Clearpay’s customer base shows fashion-forward shoppers are already buying into the hottest seasonal trends with a 143% increase in sales of boxy jackets, 59% increase in trench coats and 28% increase in knee-high boots.

MATCHES CEO, Nick Beighton, said: “We are pleased to pioneer customer innovation here at MATCHES and by working with Clearpay, we are able to offer flexibility to our customers by giving them autonomy on their payment choices. We are delighted to offer this option across our platforms and hope this will empower the customer to make the payment decision best suited to their lifestyle.”

Rich Bayer, Clearpay’s UK Country Manager, said: “The crucial festive trading period is almost upon us with 39% of consumers having already begun or starting their Christmas shopping this month. By offering payment choice with Clearpay at the checkout, retailers can offer flexibility to consumers, helping them manage their spending. We have a successful track record in supporting our retail partners to attract new customers and convert sales, and we look forward to driving results for Matches.

Five facts about Clearpay: 

• The service is completely free for customers who pay on time

• If a customer misses a payment, their account is paused so that they cannot accrue more debt or fall into revolving debt

• Capped late fees apply for late payment instalments

• Globally, 90% of Clearpay transactions are made with a debit card 

• Globally, over the 12 months ended December 2022, 95% of instalments were paid on time and 98% of purchases incurred no late fees.

TS Imagine, the leading global, cross-asset provider of trading, portfolio, and risk management solutions for financial institutions, and Kayenta, a leading hedge fund Treasury Management System provider recently named “Best Treasury Management Solution” by Hedgeweek, today announced a strategic partnership that will allow hedge fund clients to control their financing relationships across their portfolios through TS Imagine’s comprehensive multi-asset trading and risk management solution, TS One. 

Amid a backdrop of high-interest rates, Kayenta’s technology provides the transparency treasury management teams require to effectively manage their financing costs and relationships. Kayenta extracts market, position and prime broker data and transforms them into actionable insights that enable data driven decision-making. TS One clients can now access Kayenta’s analytics for a detailed overview of cash and collateral management, liquidity, and cost control services across global, multi-asset, multi-prime portfolios. Kayenta’s technology also enables treasury management teams to automate key data and reporting processes to optimize operational efficiencies.

Chris Hollands, Head of EMEA and North America Sales for TS Imagine, said: “We strive to develop best-in-breed solutions tailored to sophisticated clients’ evolving needs. Our partnership with Kayenta offers TS One clients powerful treasury management analytics – enabling investment teams to do more with less by delivering a huge depth of functionality through a single system. The combination of our new partnerships and TS One’s powerful technology gives hedge funds access to best-in-class trading, risk and analytics – streamlining complex operations into one solution.”

Chris Hagstrom, CEO of Kayenta, said: “Having visibility and understanding of financing costs is essential to controlling operational costs and boosting resilience as rates look set to remain higher for longer. Our partnership with TS Imagine delivers our services to sophisticated investors using TS One – introducing our technology to new audiences and shining a light on traditionally opaque data sets. Our technology will enable TS One clients to make informed decisions on their prime broker relationships and balance sheet management – helping firms to save costs, increase resilience and boost efficiencies across their businesses at a critical time.”

TS Imagine’s partnership with Kayenta follows the announcement in October that TS Imagine is partnering with margin and collateral analytics business, Cassini Systems, as TS Imagine increases analytics and trading functionality available through its solutions.

Small business loan approval percentages at big banks ($10 billion+ in assets) decreased again from 13.1% in September to 13% in October, according to the latest Biz2Credit Small Business Lending Index™ released today.

“Small business lending has been on a downward slope in 2023. As expected, acquiring a small business loan from a big bank has become increasingly more difficult with every passing month,” said Rohit Arora, CEO of Biz2Credit and one of the nation’s leading experts in small business finance. “Small business owners are having better success with smaller banks and/or alternative lenders.”

After a slow start in 2023, small banks approval percentages rose from 19.3% in September to 19.5% in October, marking an increase every month since June 2023.

“Small banks have proven to be quite dependable for borrowers in today’s economic climate,” said Arora. “They’re more focused on SBA lending than the larger banks are, and they are closing more loans.”

The approval rates of Institutional investors also rose from 27.5% in September to 27.6% in October, while alternative lenders increased from 29.7% in September to 29.9% in October.

“With the two highest loan approval percentages among the five categories of lenders monitored in the Biz2Credit Small Business Lending Index, institutional investors and alternative lenders have steadily increased in approval rates for well over two years now,” Arora added. “These non-bank lenders have become reliable financing options for small businesses. I do not see that changing anytime soon.”

Approval rates at credit unions returned to their all-time low number of 19.8% in October, dropping from 19.9% in September.

Total nonfarm payroll employment increased by 150,000 in October and the unemployment rate changed little at 3.9%, according to the Jobs Report released by the U.S. Bureau of Labor Statistics on Friday, Nov. 3. Job gains occurred in health care, government, and social assistance. Employment declined in manufacturing due to strike activity. Many of these jobs are created by small businesses.

To determine its Small Business Lending Index, Biz2Credit analyzed loan requests from companies in operation for more than two years with credit scores above 680. The results are based on primary data submitted by more than 1,000 small business owners who applied for funding on Biz2Credit's platform. To view the October 2023 Index, click here.

Infosys, a global leader in next-generation digital services and consulting, today announced a new Strategic Collaboration Agreement (SCA) with Amazon Web Services Inc. The three-year collaboration will deliver technology transformation and industry specific solutions to financial organizations supported by joint investments into go-to-market and delivery capabilities across the EMEA region.

Working together, Infosys and AWS will support financial organizations, like retail banking at NatWest Group, in accelerating their cloud adoption journeys leveraging industry-proven capabilities to deliver specialized end-to-end cloud migration and modernization services. Customers will receive transformative cloud services from AWS, domain knowledge and delivery from Infosys, and Infosys Capital Markets’ expertise to transform business models and modernize applications, delivering operational efficiency.

As part of Infosys Cobalt, a set of services, solutions, and platforms for enterprises to accelerate their cloud journey, the collaboration will deliver industry specific use cases that leverage AWS’s cloud native innovation including generative AI and data analytics. Customers will also benefit from production-ready shared toolsets, certified architectural and security blueprints to accelerate adoption and ensure compliance.

Bringing together the synergies of Infosys and AWS will also ensure greater business agility reacting to rapidly evolving market conditions and regulatory change as organizations restructure their business models and accelerate their migration to the cloud away from conventional managed datacenters. The underpinning flow of skills sharing between AWS and Infosys will support the entire customer journey focusing on outcome-based delivery to ensure technical alignment and reduce business risk.

To catalyze growth across Europe, Middle East and Africa, Infosys and AWS will jointly create go-to-market strategies and make co-investments over the next three years. Key areas of collaboration include accelerating growth of existing large-scale transformations, collaborating with FinTech partners to bring new cloud-based solutions to the market, and investing in co-innovation to deliver new products and services.

Wendy Redshaw, CDIO, Retail NatWest Group, said, “We see collaboration, strategic alignment, and engineering excellence as essential elements of successful partnerships.  This relationship between Infosys and AWS embodies these elements and will help us to better support and protect our customers by leveraging cloud reliability, security, and scalability.”

Dennis Gada, Executive Vice President, Global Head of Banking & Financial Services, Infosys, said, "AWS is a pioneer in cloud innovation, and by bringing together our expertise in delivering technology transformation at scale and our unwavering customer centric approach, we are excited to bring a comprehensive and industry-leading offering to our financial services clients in Europe, Middle East and Africa. By leveraging Infosys Cobalt's industry cloud solutions, assets and frameworks, we are committed to helping financial organizations accelerate their business outcomes.”

Mark Jopling, Director of GFS EMEA Sales, AWS, said, “Together with Infosys, we will extend the reach of our combined services and expertise to help financial institutions innovate more quickly and increase their agility as they continue facing rapidly changing economic conditions. Combining our cutting-edge cloud innovation with Infosys’ technology transformation expertise, we now offer customers more capabilities and solutions to specific financial industry challenges at speed and scale.”

finova, the UK's largest cloud-based mortgage and savings software provider, has today announced the launch of ‘finova Savings’, its latest digital-first, end-to-end savings solution.

finova Savings helps saving providers offer their customers a seamless digital experience, offering a modern and fully operational platform capable of serving both retail and commercial customers with a range of savings products, from online access accounts, cash ISAs, children’s savings accounts and more.

Features of the platform include a fully brandable online customer portal and a mobile app, allowing customers to self-serve their savings journey from the initial application and beyond. Customers also have the choice to apply via the web, mobile app, branch or by phone. 

finova Savings is designed to serve both savings providers who are new to the savings market and existing providers who wish to migrate from legacy systems. It is quick to implement, with dedicated tools to support the migration of accounts from legacy solutions.

In addition, finova Savings can integrate with existing systems and scale with changing business priorities, ensuring providers can stay competitive in an ever-changing market.

The platform is designed to save time, leveraging the power of Apprivo2 to streamline the origination journey with automated straight-through processing. The platform allows customers to complete essential KYC checks with biometric verification and features built-in AML, PEPS and sanction checks, ensuring quick and efficient customer onboarding. Customers can also add funds through Open Banking to create an account in minutes.

The savings platform comes complete with an advanced servicing capability, CRM and general ledger, managing all customer correspondence. It is also designed to be fully compliant and futureproofed, adhering closely to BCOBS and FSCS to ensure providers are in line with regulatory changes. Once their account is set up, customers can use the finova Savings mobile banking app on the go to check balances, transfer funds and set savings goals anytime, anywhere.

The announcement comes after the FCA revealed earlier this year that £250bn worth of retail savings are sitting in low-interest accounts, and that it would start naming and shaming savings providers offering the worst rates. finova Savings aims to arm providers with the tools they need to optimise, test and launch new savings products rapidly to market.

Further information on finova Savings can be found on the finova website.

Chris Little, Chief Revenue Officer at finova, commented:

“Customers like seamless tech experiences, whether that’s making a contactless payment at the supermarket or tracking their physical well-being on a fitness tracker. It is therefore natural that they would expect the same from their online banking experiences and finova Savings is designed to do just that.

“The solution fits neatly into a lender’s existing systems allowing them to be operational in four months. In essence, the platform is designed to make the lives of customers easier, so they can manage their balance and reach savings goals, all while reducing operational costs for the savings provider.

“We are excited to develop the solution further, and look forward to seeing it make an impact on the market.”

Welcome to the digital age, where businesses in Nigeria are thriving in the dynamic e-commerce landscape. The necessity for reliable and secure payment gateways has never been more critical. In this guide, we delve into the top five payment gateways that are shaping the future of online businesses in Nigeria. 

What are Payment Gateways? 

Payment gateways are the backbone of online payment processing, bridging the gap between websites, mobile apps, and financial institutions. They ensure secure, efficient, and successful transactions. 

Key Considerations for Selecting a Payment Gateway in Nigeria 

In Nigeria's dynamic market, choosing the right payment gateway is essential. Here are key considerations for businesses: 

1. Evaluating Costs: Assess setup fees, monthly charges, and transaction costs to align with your budget. 

2. Analyzing Transaction Success Rates: Higher success rates indicate reliability. 3. Assessing Settlement Times: Faster settlements grant quick access to funds. 4. Exploring Payment Choices: Diverse payment options cater to varying customer preferences. 

5. Ensuring Payment Security: PCI DSS compliance and robust security are non-negotiable. 

6. Exploring Subscription Billing: For businesses offering subscriptions, this feature ensures steady cash flow. 

7. Fraud & Risk Management: Protect your business and customers with fraud prevention tools. 

Akurateco's Tailored Solution 

Akurateco offers a distinctive payment solution that goes beyond traditional gateways. Their platform is designed to empower businesses with a holistic approach to payments. They provide a comprehensive suite of tools, including customizable solutions tailored to your specific business requirements. Unlike conventional gateways, their platform incorporates robust fraud prevention and risk management tools, ensuring the utmost security for both businesses and customers.

Akurateco supports multiple payment methods, making it convenient for your diverse customer base. Seamless integration with various platforms streamlines the payment process, enhancing efficiency. Moreover, they maintain PCI DSS compliance, guaranteeing the highest level of security. With Akurateco, you're not just getting a gateway; you're accessing a complete payment solution that's fully aligned with your business needs. 

Top Payment Gateways in Nigeria 

Now, let's explore the five leading payment gateways in Nigeria: 

1. VoguePay 

VoguePay is renowned for its adaptability and user-friendliness, serving businesses with or without websites. Features include: 

● Flexible platform catering to diverse transaction needs. 

● Zero charges for account creation, ideal for emerging businesses.

● Robust online portal with integrated functionalities. 

● A commitment to secure and transparent transactions. 

2. Flutterwave 

Flutterwave, based in San Francisco but focused on empowering African businesses, simplifies payment settlements with features like: 

● International business registration within days. 

● Trusted by over 400,000 businesses, including prominent names.

● A wide range of payment methods, currencies, and a responsive checkout process. 

3. Paystack 

Paystack revolutionizes Nigeria's online payment landscape, offering: 

● Easy-to-use API and seamless integration. 

● Support for various currencies and payment methods. 

● Real-time reporting, analytics, and robust customer support. 

4. Interswitch 

Interswitch is a pioneer in African payment processing, providing: 

● A range of payment options, including Verve. 

● Secure and reliable platform. 

● Integration with e-commerce platforms and a user-friendly dashboard.

5. OPay 

OPay simplifies financial transactions for unbanked Africans. Features include: 

● Low fees and free POS terminals for merchants. 

● Instant transaction settlement and real-time tracking. 

● A full range of merchant services and PCI-compliant APIs. 

Conclusion 

Selecting the right payment gateway is pivotal for online business success. Consider costs, success rates, settlement times, security, and more. These five gateways, along with Akurateco's tailored solutions, offer reliability, efficiency, and comprehensive features that can drive your business forward.

The Bank of London today announced the appointment of Frankie Woodhead as Chief Product Officer, effective immediately. In his role, Frankie will oversee product vision, development and delivery across the UK Bank and Group.

Frankie joins the bank with 15 years of senior leadership experience across business, corporate and retail banking in global tier one financial services at Barclays and cloud-native digital banking technology provider 10x Banking. His roles at Barclays included product director positions spanning SME lending, growth, authentication, payments, and customer servicing. He joins The Bank of London from 10x, where he was a Vice President and General Manager.

“The Bank of London’s vision is to change the face of banking by making it safer for its clients,” said Anthony Watson CBE, Group Chief Executive and Founder of The Bank of London. “We’re delighted to welcome Frankie to our team. His extensive experience and forward-thinking mindset will make a major contribution to bringing our vision to life. His appointment also comes at an exciting time as we push further into our home market and prepare to take The Bank of London to new regions outside the UK.”

Frankie commented: “I’m honoured to take on this role at such a key time for the industry and the growing bank. Having seen the direct client and customer impact of financial crises, it’s clear the world of banking needs to be fundamentally changed to be safer and more transparent.”

He added: “Not lending, investing or leveraging any deposits makes The Bank of London a safer home by design for client and customer money. The bank has a bold vision and a product roadmap to completely change the banking landscape. I look forward to working with the team in delivering it.”