IBOX BANK transactional bank announces the launch of Apple Pay contactless payments for customers using Visa cards.

The official launch of Apple Pay payments has been prepared since the beginning of the year and included a long period of routine testing. Now all customers of IBOX BANK can use Apple Pay through POS terminals in retail outlets, and on websites and applications with one-click payment.

"The launch of Apple Pay is a very important milestone in our roadmap of innovations that we are currently implementing. It is worth noting that all iPhone owners expect that they can easily pay for goods and services with their gadgets virtually everywhere. It is worth noting that our card products have reached a decent competitive level," said Dmitry Yakovlev, the Innovation Architect at IBOX BANK.

You can add a card to Apple Pay via the Wallet app on your iPhone, as well as in the IBOX BANK mobile application. The first release of this app is planned for September 2021. After successful tokenization, your card will be available for payments.

"Apple Pay is one of the payment solutions, which became an integral part of modern banking services. We are very grateful to our partners from the Visa international payment system for their active assistance and support at every stage of the process. Thanks to this release, we can confidently launch new card products based on IBOX BANK," said the Deputy Head of the Department of Innovative Products at IBOX BANK, Yuta Romanchenko.

We would like to remind our readers that last week IBOX BANK became of the Top-5 Ukrainian banks in terms of the growth of funds of legal entities during the first six months of 2021. In July 2021, IBOX BANK increased its authorized capital from 200 to 281 million UAH, and also launched its first payment card Veocard in Ukraine. It became the first payment card in the non-bank market that was launched together with Moneyveo.

Over the years, cyber attacks and data breaches became one of the biggest risks in the business sector, compromising sensitive data and causing a massive financial hit to companies and organizations worldwide.

According to data presented by Buy Shares, more than 40% of companies feel threatened by cyber incidents and find it the most concerning business risk in 2021.

Business Interruption, Pandemic and Cyber Incidents Top Three Risks for Businesses

The global concern about cybercrime, IT failure, and data breaches has been on the rise for years. Before the pandemic, cyber incidents were the number one business risk globally, causing companies across the globe to spend billions on cybersecurity products and services.

Although cyber incidents are still one of the top three concerns for companies and organizations, the COVID-19 did affect the ranking of the biggest risks in the business sector.

According to the Allianz Risk Barometer survey, business interruption tops the charts as the leading business risk in 2021. Statistics show this risk has been in the number-one spot seven times over the last decade. However, the pandemic has made awareness of business interruption even stronger. That doesn’t surprise considering that 94% of surveyed companies reported a COVID-19 related supply chain disruption last year.

The pandemic outbreak has climbed 15 spots to become the second-most significant business risk, with 40% of companies worrying about this kind of uncertainty.

Cyber incidents ranked as the third-largest business risk globally, primarily due to the pandemic-fuelled rush towards digitalization. According to the survey, businesses all over the world recognize cybercrime as a more significant problem than loss of reputation, macroeconomic developments and political risks.

Market developments, including market volatility or fluctuation, intensified competition, new entrants, and mergers and acquisitions, ranked as the fourth-largest risk in the business sector this year, with a 19% share among respondents.

Changes in legislation and regulation, like trade wars and tariffs, economic sanctions, Brexit, and Euro-zone disintegration, close the top five list with also a 19% share, respectively.

Global Spending on Cybersecurity Products and Services to Hit $131.8B in 2021

Companies and organizations worldwide are losing billions due to cybercrime each year. Although most of them significantly increased their cybersecurity budgets, data breaches, phishing, ransomware attacks, or cyber espionage are still a huge threat to their operations.

Last year, consumers, businesses, and organizations worldwide spent over $120bn on cybersecurity products and services, $8bn more than before the pandemic struck. The Statista survey showed this figure is expected to grow by 10% YoY to $131.8bn in 2021.

Cybersecurity services, like data risk analysis, data masking, and vulnerability discovery, are the largest and the fastest-growing sector of the entire market expected to reach a $61.4bn value this year.

Cybersecurity software and hardware follow with $44.3bn and $26bn in revenue, respectively. By 2025, the global cybersecurity revenues are forecast to touch $210bn.

 Burrow – a DPR Group business – has added e-signature functionality for advisers, as part of its API-led Client Portal Module. This follows the launch of the Digital Mortgage Platform earlier this year.

The current application process for many homebuyers continues to be heavily paper-based and cumbersome. The e-signature feature, which allows documents to be signed electronically from anywhere in the world, benefits both brokers and customers by improving accessibility, alleviating unnecessary delays to the application process and reducing adviser’s reliance on paper-based processes.

The e-signature function uses geo-location data and time stamps to authenticate the identity of the individual signing the document and provides a safe and secure way to sign documents electronically.

The new functionality also facilitates regulatory document acknowledgement through digital read receipts, particularly for documents such as Initial Disclosure Documents and Key Facts Illustrations.

e-signature is one of many functionalities that Burrow is building into its Digital Mortgage Platform. The Burrow solution is designed to help increase customer engagement between brokers and customers, while streamlining the application processes and providing brokers with cost-efficient tools. Some of the features included within Burrow are:

• In-depth digital Fact Find
• Document upload and e-signatures
• Real-time status updates
• Secure messaging
• Credit reports
• Appointment management

Pradeep Raman, Founder of Burrow, comments:

“Often application processes are delayed by complications in administrative procedures like signing documents. Such obstacles may include an individual with limited access to a printer or being unable to meet an agreed time and date for an appointment – both end up wasting the adviser and the customer’s time.

“E-signatures overcome these barriers and make the application process fast and easy. Following on from the pandemic, people are ready to embrace technology and use it to improve the overall mortgage process.”

The mobile wallets industry continues booming, with more people than ever choosing mobile payment services as a safer and more convenient way of managing money.

According to data presented by Block Arabia, the transaction value in the mobile POS payments segment is expected to hit $2.48trn in 2021, a massive $481bn increase in a year.

Global Mobile Wallets Industry to Continue Growing by 20% YoY, European Market to Surge by 67% by 2023

The global shift towards a cashless society created a huge space for mobile wallets. Over the last few years, they became very popular among tech-savvy consumers in developed countries. They also provided access to electronic transactions for hundreds of millions of people in underbanked markets.

However, as people started questioning the safety of using banknotes amid the COVID-19 pandemic, the entire sector witnessed unprecedented growth. The Statista survey showed the transaction value in the mobile POS payments segment surged by 67% last year, rising from $1.19trn to over $2trn.

In 2021, the entire market is expected to grow by another 24% and hit nearly $2.5trn value. Furthermore, statistics show that mobile wallet payments are forecast to continue rising by an average of 20% YoY in the following years and hit $3.51trn by 2023.

Although the mobile wallets market is generally dominated by Asian countries, spearheaded by China as the global leader, other regions are expected to witness much bigger growth. By 2023, the Asian mobile wallets market will grow by 29% and hit a $1.91trn value, up from $1.47trn this year.

As the second-largest region, North America is expected to witness a 50% growth in this period, with the transaction value jumping from $503.2bn in 2021 to $758.6bn in 2023.

However, Europe, with the United Kingdom as the leading market, is set to witness even more impressive market growth. Statistics show mobile payments in the European countries are forecast to surge by 67% to $590.4bn in 2023, compared to $352.9bn in 2021.

More than 1.7 Billion People to Use Mobile Wallets by 2023, Penetration rate to Hit 22.3%

The Statista survey showed the number of people using mobile wallets to make payments also surged since the pandemic hit and is expected to continue growing strongly in the following years.

In 2021, the number of users in the mobile POS payments segment is forecast to reach 1.48 billion, with a 19.7% penetration rate on a global level. Nearly two-thirds of mobile wallet users, or 1.1 billion, are from Asian countries. Europe and North America follow with 135.5 billion and 80.1 billion users, respectively.

Statistics show that the number of users will jump over 1.7 billion in the next two years, with the penetration rate rising to 22.3%. Again, most of them are expected to come from Asian countries, or around 1.24 billion, with an impressive 27.6% penetration rate.

The European and North American markets are forecast to reach 161 million and 98.7 million users by 2023, respectively.

Mastercard and NatWest Group today announced a further expansion of their partnership bringing faster, secure online payments with Pay by Bank app (PbBa) to its mobile banking app users across the NatWest Group brands: NatWest, Royal Bank of Scotland, Ulster Bank and Coutts.

The next revolution in online payments, PbBa is a new, easy-to-use payment method that lets people pay online, quickly and securely, from their banking app. It removes the need for the user to create additional accounts, logins or passwords as it is powered by the same security measures and technology as the linked banking app.

To make online payments, from a smartphone or desktop, the user simply clicks the PbBa button at checkout, which directs them to their existing banking app to complete the payment, without needing to input any payment or personal detail.

As well as benefiting from the security and convenience of the user’s banking app, payments are also leveraging fast Automated Clearing House (ACH) technology to process & settle in near real-time, giving the user instant insights & updates about their bank balance before and after each transaction.

Users can use PbBa with more than one banking app, giving the customer more choice when making online payments as well as letting them set a default account for payments. In addition, Mastercard is currently building Pay by Bank’s account on file functionality, which will enable one-click and deferred payments as well as the ability to pay for subscriptions.

Free to use PbBa will be made available for all NatWest mobile banking customers by the end of next year, as it becomes the latest major high street bank to join the eco-system making it available to almost half of all UK mobile banking users.

Salim Secretary, Head of Payment Schemes and Partnerships, NatWest Group: “At NatWest we are committed to offering our customers a choice of ways to pay that best suit their individual needs. We are pleased to be expanding our relationship with Mastercard to offer Pay by Bank app as another option for our customers to pay – offering additional choice and convenience.”

Suren Nawalkar, Senior Vice President, Consumer Applications at Mastercard said: “Pay by Bank app is the next evolution in online payments and this partnership with NatWest will make it available to even more people across the UK.

“Pay by Bank app not only makes online shopping easier and more secure, but the real-time payments and account balance updates give users greater oversight of their finances – something increasingly important during the current economic climate. Its integration with existing banking apps also removes friction for shoppers when having to download additional apps or enter new login details.”

• Nordic outfits Astralis and Alliance new additions to Bybit's expanding esports family
• Bybit announced three landmark esports deals in a week
• Top gaming athletes to compete in crypto trading event of the year WSOT 2021

Cryptocurrency exchange Bybit signs on two additional professional gaming organizations today on an esports sponsorship spree. Joining Bybit's esports universe today are Astralis, global frontrunners and Denmark's national treasure in esports, and independent player-owned organization Alliance, hailing from Sweden.

The partnerships mark the second and third instalments of Bybit's global esports offensive, following its newly gained status as the exclusive cryptocurrency platform partner of NAVI ("Natus Vincere") on Aug. 18. The deals deepen the bond between two fastest-growing communities of shared demographics.

Combining Astralis' uncontested popularity and dominating Counter-Strike team, and  Alliance's decade of experience and the sponsorship deals elevate Bybit's presence to over 11.3 million global fans and followers of professional tournament teams and serial winners of world titles in esports.

The scope of the partnerships will go beyond branding rights on jerseys, twitch.tv screens, and digital channels. Bybit will take an active part in planning player engagements, carbon neutrality initiatives, inclusive financial education, and various awareness campaigns on campus over the next few seasons. There are also whispers of collaborative sessions between the esports superstars.

WSOT 2021: Esports Pros, Meet Crypto Lovers

"Bybit is in it for the long run", said Ben Zhou, co-founder and CEO of Bybit and an esports fan himself, of the multi-year deals.

"Much like esports, cryptocurrency is a fast-growing segment and it can be highly competitive. Success in either field requires skills, focus and the right state of mind. And there's a special connection between both communities, where real fans champion sportsmanship, respect and fairness, and the pros compete to bring out the best in each other," he added.

Bybit says the partnership will be up close and personal. Talent from both Astralis and Alliance will be leading troops in Bybit's annual gamified crypto trading competition, the World Series of Trading (WSOT) 2021.

Fans will find out whether the esports extraordinaires' crypto trading strategies are as respectable as their gaming performance. Troops and solo players will compete for a prize pool of up to $7.5 million in WSOT 2021, almost five times of last year's total prize sum.

"We are off to a good start with the creative energy and friendly rivalry among the esports organizations. I feel that WSOT 2021 is the perfect place in time to invite esports creators and fans to join the world of the future of finance. Attractive prize money and NFT prizes are up for grabs in WSOT 2021, but for each participant it's about creating an experience on a level playing field. May the best players win," said Zhou.

The esports organisations will reveal the captains of their respective WSOT 2021 troops on social media. Fans can also search for the teams on the WSOT event website (bybit.com/wsot2021).

Reinventing itself from a crypto derivatives market leader, Bybit's growth trajectory to a fully fledged exchange platform for all crypto lovers started from 2018. Bybit now offers a full-stack of products and services from spot trading to a wide range of contracts including cloud mining. The Bybit brand is now one of the biggest names in crypto trading with more than 2.5 million registered users from over 200 markets, supported by 24/7 multilingual customer service teams across geographies.

Championing Healthy Competition

Jakob Lund Kristensen, co-founder and CRO of Astralis said the collaboration is all about positivity.

"This is a significant deal for Astralis on all levels. At the same time, the purpose of the agreement and activation around it is almost a perfect match with ours: to champion the positives of gaming, said the Astralis co-founder and CRO.

"Both companies are pioneers in their field, striving to make a positive impact as organizations, as individuals and via the ongoing global digitalization. Under this agreement, this will be done through initiatives and campaigns centered around education and charitable work supporting and promoting a more sustainable agenda in the tech and gaming world.

"The three-year deal will place Bybit's logo on the official players' jerseys of our Counter-Strike team as well as digitally on relevant platforms and social media channels. The deal also gives us room to focus even more on the ongoing work to develop our teams, brand and business," said Kristensen.

Jonathan Berg, co-founder and CEO of Alliance said:

"Today I'm extremely pleased and excited to announce our two-year partnership with Bybit.

"I've been a crypto and blockchain enthusiast for many years now, and from the start I had a strong belief that there would be a time when our two worlds would mesh. Today many of us have used crypto or do use crypto for a variety of services and I'm excited to see what the future holds for us.

"Crypto just as well as esports is still a young industry, but we both come from the same place, the passion and zeal to change the world and challenge what is taken for granted.

"It's been a pleasure to get to know the people over at Bybit, and what's made me personally excited for this deal is that not only are we both at the forefront of our respective industries but we also have a drive to be a positive impact on the world we operate in. Throughout this partnership Alliance and Bybit will do initiatives and run campaigns focused on sustainability, education and charity.

"You will find the Bybit logo on Alliance jerseys going into TI10 in October where they are competing for the $40 million dollar prize pool," said Berg.

Bybit says the future of the partnerships will be guided by the esports and crypto communities' shared passion for the thrill of competition and their drive for next-level performance.

"We are really excited to partner with two powerhouses like Astralis and Alliance, and look forward to many exciting initiatives and activations in the months and years to come. We play to win, and we are here to stay," said Zhou.

Today, EedenBull, the leading fintech specialising in B2B commercial payments technology, has announced a partnership with Sparebanken Vest, Norway’s third largest savings bank to provide industry leading banking services technology to its 13,600 business customers across Western Norway.

Working with Eedenbull will enable Sparebanken Vest’s business customers to utilise EedenBull’s commercial payments technology, modernising cash flow management and providing automated technology to process payments and cross border transactions. 

The technology will be integrated with Sparebanken Vest existing platforms and customers will benefit from reduced complexity and an enhanced end-user experience for their payments and banking services. Sparebanken Vest's customers will now be able to:

• Simplify all expense, travel, and invoice management

• Give businesses greater control over all their expenses

• Give business comprehensive payment solution

• Simplify the businesses’ finance operations

• Give company employees a better solution for their business-related expenses

• Manage expense reporting automatically while on-the-go

Nicki Bisgaard, CEO and Co-Founder of EedenBull, said: “We are delighted to announce our new partnership with Sparebanken Vest. It is our mission to revolutionise the way business banking services work and through this partnership that is becoming a reality for Sparebanken Vest’s customers. Sparebanken Vest is committed to offering its customers the best support and technology and we are doing that together. The integration of our services will enable businesses across Norway to automate many banking and expenses tasks that can be a drain on a company’s time, freeing them up to focus on other priorities. "

Ørjan Karlsen, Head of Payments at Sparebanken Vest, commented: “We have long been searching for a partner to offer services that will help simplify our business customers’ everyday life day when it comes to payments and expenses. We are very excited to have found that partner in EedenBull, which in addition to being highly innovative and agile, also has its origin in Norway."

New York, Toronto, Charlotte, London, Paris, Amsterdam, Dubai, Singapore, Hong Kong, Bangkok, Melbourne, Sydney, Auckland, Mumbai, Pune, Bangalore, and Hyderabad.

Synechron Inc., a leading digital transformation consulting firm focused exclusively on the financial services industry, has partnered with myGwork, the global networking hub and job board for LGBTQ+ professionals and students. Synechron is excited to become a ‘corporate partner’ of the myGwork network and be among the 268 organizational allies that fiercely support the diversity of individuals no matter their unique culture, backgrounds, or lifestyles. As such, Synechron is proud to maintain a dedicated webpage as part of the myGwork website, where interested, skilled professionals can learn more about Synechron’s culture and business specialties, and link directly to the company’s careers page to view current job opportunities.

The purpose of the myGwork platform is to offer the LGBTQ+ community a safe and free space to connect with inclusive employers, mentors, professional events, and offer other membership benefits. But it is far more than just a recruiting platform. The partnership between Synechron and myGwork means that Synechron will be further empowered as a company that already has a strong DEI focus, through an array of training around topics such as allyship, inclusivity, unconscious bias, resilience, inclusive language, and more. In addition, Synechron will be involved in LGBTQ+ media publications, monthly campaigns, will be sponsoring a future myGwork event, and will be making available panelists from Synechron who will speak at events.  

In announcing this partnership, Mihir Shah, Managing Director, Head of Europe, Middle East, and APAC at Synechron said, “We are honored to be among the corporate supporters of myGwork’s global network of students, professionals and broad community who are seeking to network and explore new challenges and the opportunity to advance their careers with organizations who deeply respect their individuality.” He added, “At the same time, we look forward to learning, growing and interacting with the myGwork community so that we can become an even better corporate citizen.”

May Yang, Global Head of Operations at Synechron and an instrumental leader in the company’s multi-faceted DEI program said, “At Synechron, we continually strive to form partnerships that advance and champion the interests and careers of all skilled individuals, regardless of their sexual orientation, gender expression, and background. We firmly believe that diversity makes us better corporate citizens and supporting DEI initiatives creates better workplaces for all.”

Diversity & Inclusion are fundamental to the Synechron culture, and Synechron is proud to be an equal opportunity workplace and is an affirmative action employer. Our Diversity, Equity, and Inclusion (DEI) initiative ‘Same Difference’ is committed to fostering an inclusive culture – promoting equality, diversity and an environment that is respectful to all. As a global company, we strongly believe that a diverse workforce helps build stronger, successful businesses. We empower our global workforce by offering flexible workplace arrangements, mentoring, internal mobility, as well as learning and development programs.

What’s more, all employment decisions at Synechron are based on business needs, job requirements and individual qualifications, without regard to the applicant’s gender, gender identity, sexual orientation, race, ethnicity, disabled or veteran status, or any other characteristic protected by law.

“We are pleased to have an enlightened company partner, such as Synechron, join us in our commitment to providing a world of opportunities and the chance to start or accelerate their careers for our nearly one million LGBTQ+ members,” said Pierre Gaubert, Co-founder of myGwork who, along with his twin brother Adrien, founded the organization in 2014. “Synechron and myGwork are closely aligned in the myGwork mantra of ‘Connect, network, thrive’. These three principles continue to drive us and our members today and we believe will serve them well into the future,” he added.

The DPO Centre launches DSAR response service

The DPO Centre, the market-leading independent data protection resource center is launching a new outsourced DSAR response service following huge demand from companies needing help to tackle ever increasing complex data subject access requests (DSARs).

The DPO Centre’s dedicated DSAR team works with companies to provide solutions to recognize, handle, and respond to DSAR requests effectively, appropriately, and within the strict response timeframe.

The DSAR response service is delivered on an ad hoc ‘pay as you go’ basis; where organizations outsource all, some, or just occasional DSARs as required. Also providing the added confidentiality of an external resource that is required when dealing with complex HR-related DSARs.

Lenitha Bishop at The DPO Centre said “We are seeing a significant rise in the number of data subject access requests (DSARs) submitted to organizations as one of the fallouts from the pandemic.

With the complexity and volume of DSARs increasing, many companies lack the appropriate expertise, systems, and resources to ensure requests are dealt with efficiently, therefore outsourcing the process to The DPO Centre is an ideal solution.

We help our clients to implement the processes and procedures to avoid being overwhelmed by complex or multiple DSAR requests. Our expert DSAR response team provides senior management with peace of mind, supporting the business to improve data subject trust and avoid regulator scrutiny by ensuring the strict response timelines are met.”

A study by The DPO Centre revealed that six million UK adults1 have considered submitting a Data Subject Access Request (DSAR) after feeling that a company had mishandled their personal data. Those aged between 18 years old and 34 years old are most likely to have considered submitting a DSAR (20%) compared to those aged 35-54 (14%) and 55+ (4%). Indicating that the number of data subject access requests (DSARs) UK companies will receive from clients and suppliers are set to increase.

The new DPO Centre DSAR response service can take care of the full ‘A-Z’ of the DSAR response process, provide just an advisory and oversight service, or perform only certain aspects, such as redaction. Allowing organisations that receive complex DSAR requests and those that are struggling to comply with the required response timeframes vital support and expertise.

Lenitha continued “We work with organisations across all sectors including healthcare and financial services. No organisation is exempt from DSAR requests and the requirement to comply is here to stay, but The DPO Centre is on-hand to assist."

Leading UK anti-money laundering specialist SmartSearch has launched a new weapon in the ongoing fight against dirty cash being cleaned around the world through activity such as buying property.

Organised crime gangs and fraudsters are now thought to be responsible for up to $2 trillion a year in money laundering, which is being enabled due to a lack of basic ID checks and document verification, according to SmartSearch.

In response the multi-award winning RegTech 100 firm has now launched SmartDoc, the most advanced document verification system on the market, using a combination of cutting-edge facial ID technology and a level of expert analysis at the same level as border security officials.

John Dobson, SmartSearch CEO, said SmartDoc would not only help businesses in the property, legal and financial service sectors prevent fraud, but also help them remain compliant with global regulations which would result in hefty fines and even prosecution if breached.

He said: “We have built a reputation over the past ten years for our market-leading digital verification solution, which is by far the most effective way to carry out anti-money laundering (AML) and Know Your Customer (KYC) checks.

“But we have launched SmartDoc to run alongside that as another weapon in the armoury for those businesses which feel the need to carry out document verification as part of their customer due diligence.

“The new SmartDoc solution incorporates facial recognition to identify forged ID documents which include photographs, such as passports, driving licences, work permits amongst others.

“SmartDoc will ensure regulated businesses can securely authenticate customer identities, preventing fraud and allowing them to remain compliant with AML legislation.

“While we would always advise customers that electronic verification is the quickest and most reliable way to perform KYC and AML checks, a document checking solution is a key tool due to the vast increase in attempted fraud as a result of the global pandemic.

“The lack of face-to-face interactions caused by lockdown opened a window for criminals to attempt to deceive, and despite restrictions being relaxed, this wave of fraud has not stopped.

“But businesses need to be aware that they are responsible for ensuring they comply with AML regulations and could face severe fines for allowing this activity to go on unchecked.”  

The new feature has been developed in part in response to feedback from SmartSearch clients and, by combining leading document authentication technology and the latest biometric verification and liveness detection techniques, SmartDoc provides an accurate picture of the customer, which removes the need for face-to-face interaction.

Not only does the technology confirm whether a document is genuine and unaltered, but that it also belongs to the person presenting it, providing an additional layer of security to identity checks.

It then provides a pass-fail result and also screens the customer against politically exposed persons (PEP) and sanctions lists.

The SmartDoc service combines machine-learning interrogation and an optical character recognition algorithmic check on the ID document machine readable zone, verifying whether the document is genuine and unaltered, with a full data integration to identify document tampering.

Where necessary, it also uses visual scrutiny by a border security trained ID document expert, who will examine every aspect to check security features found in genuine documents, as well as key indicators of potential forgery.

For more information about anti-money laundering solutions in the UK, please visit www.smartsearch.com