Combined offering provides instant PSD2 and global Open Banking compliance for an open, secure and personalized banking experience

Finastra today announced its collaboration with Salt Edge to improve the speed of compliance with the Payments Service Directive 2 (PSD2) and other global Open Banking standards, for banks and Electronic Money Institutions (EMIs) worldwide. The integration of the Salt Edge Software-as-a-Service (SaaS) solution, Open Banking Compliance, with Finastra's core banking solutions, Fusion Essence and Fusion Equation, enables institutions to build the necessary architecture to support end-to-end banking requirements and compliance through one Application Programming Interface (API). The integration is carried out via Finastra’s open development platform, FusionFabric.cloud.

In an increasingly competitive global marketplace, banks and EMIs are under pressure to optimize their core processes, increase profitability, reduce the time to market for new products, and continue to innovate and personalize their offerings. The opening up of data has provided a good foundation for achieving this. In fact, Finastra’s State of the Nation research found that, globally, 94% of professionals at financial institutions agree that Open Banking is important to their organization, with 63% reporting that it has enabled them to improve customer experience and 59% stating that it has helped attract new types of customers. However, complying with PSD2 and regional Open Banking standards can be a time-consuming, expensive and complicated task.

Dmitrii Barbasura, Co-Founder & CEO at Salt Edge said, “Finastra’s commitment to unlocking the power of finance for everyone supports our goal to simplify all components of Open Banking and PSD2 compliance for both financial providers and end customers. The partnership extends our network coverage from our existing      customers to Finastra’s wide customer base, while the pre-integration of our combined best-in-class solutions allows end customers to benefit from more inclusive financial services thanks to Open Banking.”

Open Banking Compliance provides full coverage of regulated markets with cross-bank and pan-European API standards, such as Open Banking UK and The Berlin Group in the EU, as well as newly regulated markets such as Australia, Brazil and the GCC. The comprehensive set of APIs gives Third-Party Providers (TPPs) access to instant and secure account information, payment initiation and a full-stack developer portal. Additionally, the integration provides added security, with a TPP verification system and mobile-first application to comply with strong customer authentication (SCA) and dynamic linking requirements.

Anand Subbaraman, General Manager, Banking at Finastra said, “Salt Edge has a proven track record of success with more than 100 API implementations for financial institutions globally. Bringing Open Banking Compliance into our suite of core banking solutions makes compliance quick and seamless for both Finastra and Salt Edge customers, while giving them the tools to create better and more personalized products and services. For the end user, the benefit is a much quicker, more secure and relevant banking experience that truly accommodates their needs. We are excited to partner with Salt Edge and welcome them into our ecosystem.”

Find the app on the FusionStore here.

The Inc. 5000 list ranks the most successful private companies demonstrating standout growth

Provenir,  a global leader in risk decisioning and data analytics software, today announced it has been named to the Inc. 5000 list, Inc. Magazine’s annual ranking of the fastest-growing private U.S. companies based on company revenues over the past three years. Provenir is one of only 572 software companies included in this year’s list.

In 2020 alone, revenue for Provenir’s software-as-a-serve (SaaS) solutions increased 25 percent year-over-year, driven by a 22 percent increase in its customer base of disruptive financial services companies, and its increasing presence in the Buy Now Pay Later (BNBL) and challenger bank markets. The company also expanded into new geographic markets including Latin America, UAE, and Asia, and now serves clients in more than 40 countries worldwide.

For those companies included in the Inc. 5000 this year, the average median three-year growth rate soared to 543 percent, and median revenue reached $11.1 million. Collectively, those companies added more than 610,000 jobs to the economy over the past three years.

“Provenir is honored to be included in this prestigious list of companies that are driving innovation and change to be leaders in their respective markets,” said Larry Smith, founder and CEO, Provenir. “We are proud of our growth over the past three years in both new customers and expansion into new markets to meet the burgeoning need for real-time risk decisioning solutions.”

“The 2021 Inc. 5000 list feels like one of the most important rosters of companies ever compiled,” said Inc. Editor-in-Chief Scott Omelianuk. “Building one of the fastest-growing companies in America in any year is a remarkable achievement. Building one in the crisis we’ve lived through is just plain amazing. This kind of accomplishment comes with hard work, smart pivots, great leadership, and the help of a whole lot of people.”

Provenir’s technology enables fintechs, financial institutions, and payment providers to easily design, build, and deploy solutions to solve complex business challenges such as digital onboarding, retail financing, Buy Now Pay later (BNPL) approvals, SME lending, insurance, credit card management, eCommerce, eWallet, digital banking, alternative data and fraud. Its flagship product, the Provenir Cloud Suite, is a cloud-native data, decisioning and analytics platform, providing one unified digital experience powering four cloud products — decisioning, data, insights, and solutions — enabling users to create the platform-as-a-service cloud that best fits their needs.

Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000.

AML RightSource (“AMLRS”), the leading outsourced provider of Anti-Money Laundering (“AML”), Know Your Customer (“KYC”), and Bank Secrecy Act (“BSA”) compliance solutions, is pleased to announce that it has acquired QuantaVerse, Inc.

Founded in 2014, QuantaVerse uses advanced data science to automate and improve financial crime identification, alert investigations, and the documentation of investigation results. The QuantaVerse Financial Crime Platform reduces financial crime risk by identifying patterns and discerning anomalies that are regularly missed, increases efficiency by reducing false positives while speeding investigations, and lowers operational risks by delivering consistent, accurate, high quality results. 

“We could not be more excited to be joining forces with AML RightSource,” shared David McLaughlin, Founder and Chief Executive Officer of QuantaVerse. “Combining our technology solutions with AML RightSource’s global advisory and managed services offerings, in an integrated deployment framework, will enable customers to improve flexibility, scale, and regulatory compliance. The strategy that’s been put in place by AML RightSource is going to drive a paradigm shift in the industry.”

QuantaVerse uses robotic process automation (RPA) and machine learning to automate financial crime identification and investigation, helping to rid organizations of money laundering and other financial crime related to drug trade, human trafficking, terrorism, and political corruption. QuantaVerse solutions have helped clients more efficiently comply with AML, KYC, and FCPA (Foreign Corrupt Practices Act) regulations.

“We are thrilled to have David and the QuantaVerse team join us in our mission to fight financial crime and diversify our services for customers,” added Frank Ewing, Chief Executive Officer at AML RightSource; “Adding QuantaVerse will help us provide our clients improved ROI by eliminating noise and unproductive reviews, through their nimble infrastructure which seamlessly integrates with in-place systems. It also accelerates our strategy to offer more tech-enabled services to support our clients.”

AML RightSource provides custom solutions to financial institutions, FinTechs, money service businesses, and corporations using a blend of highly trained anti-financial crime professionals, cutting edge technology tools, and industry leading consultants. AMLRS is backed by Gridiron Capital, LLC (“Gridiron Capital”), a leading investment firm focused on partnering with founders, entrepreneurs, and management teams.

Finastra announced that it has signed 25 financial institutions to its Fusion Phoenix core banking platform during its 2021 fiscal year (ending May 31, 2021). These institutions include a mix of banks and credit unions that have selected the software for its ability to meet their unique needs with a flexible core that can easily scale and evolve. Among the new customers that have recently selected Fusion Phoenix are Peoples Credit Union, First National Bank of Manchester (KY), and Fowler State Bank.

“Financial institutions have long viewed legacy core technology as a hinderance to innovation,” said Stephen Greer, Senior Analyst, Celent. “They are realizing that an open, cloud-based core has the ability to actually facilitate innovation and eliminate the roadblocks and inefficiencies caused by lack of integration with other technology solutions used within the institution.”

Fusion Phoenix offers community banks and credit unions an open and modern core that can easily integrate with new technology via a progressive open API architecture, enabling financial institutions to take advantage of emerging trends and opportunities. Additionally, Fusion Phoenix offers seamless connectivity to a suite of Finastra's best-of-breed solutions for digital enablement, lending, mortgage, payments, and more. Integration with Finastra’s FusionFabric.cloud open developer platform provides access to a growing ecosystem of apps, to empower the institution to evolve beyond traditional banking business models and enhance their customers’ experience.

“We needed a core that could provide a foundation for innovation and scalability,” said Jordan Hensley, CEO, Peoples Credit Union. “With Fusion Phoenix, we are confident it will serve our current needs and grow with us for years to come. The way it’s built means that as new technology comes to the market, we will be able to take advantage of easier integration than with a legacy core that’s built on old technology. An open technology platform will keep us relevant and will even enable us to meet future expectations for Banking as a Service.”

Available in the public cloud via Microsoft’s Azure cloud platform, financial institutions have faster access to innovation, transformation at scale and accelerated time to market. Cloud technology is a significant enabler for community banks and credit unions, providing a low-cost path to innovation and open banking – something considered a must-have to 94% of financial institutions globally.

“The momentum we are seeing in the market has been tremendous, and 2021 has really shown us that the bold moves we are making—both with Fusion Phoenix and as an organization—are resonating with the market,” said John Weinkowitz, VP, Retail, Community Markets at Finastra. “We have made our journey to the cloud and our open platform strategy top priorities within Finastra, and banks and credit unions understand the immediate and long-term benefits this will have on their ability to serve their customers. With Banking as a Service (BaaS) and embedded banking services set to make a notable impact on the industry over the next 12 months, Fusion Phoenix is configured to help financial institutions take advantage of this exciting development.”

Jonathan Allan, Chief Marketing Officer, Puzzel says: 

Online has reigned supreme across most sectors throughout the pandemic, so it’s no surprise that online challenger banks are now leading the way ahead of their incumbent rivals. It’s essential that the financial services industry continues to adapt to changing consumer demand by making smart investments to strengthen online offerings. From opening new accounts to processing claims or conducting live online consultations, banks need to ensure that all online touchpoints enhance the customer experience. With innovative live assistance channels, such as video and screen sharing, and AI-powered self-service tools, even the most traditional of banks can provide next-generation experiences.

Customers today want effortless financial services with personalised support available across all channels, all the time. They want the flexibility and freedom to choose the service channels most convenient to them, and to know their information is protected with the highest security and compliance.

ETFs are increasingly becoming the incumbent in the global passive investment industry. In June 2021, global assets under management in index-tracking ETFs hit their new record of USD  8.66tn, which is merelyUSD 132bn short of assets in passive mutual funds. Building on the success of ETFs,  CI Global Asset Management, a subsidiary of Toronto-based CI Financial Corp. (TSX: CIX, NYSE: CIXX), has  licensed four Solactive indices to provide its clients three plain vanilla benchmark ETFs, including a broad  Canada ETF, and two ETFs tracking the largest 500 and 1000 US companies, respectively. Furthermore, to  allow investors to participate in the performance of global healthcare companies, CI Global Asset  Management released an ETF tracking the leaders in global healthcare innovation.  

The COVID-19 pandemic required businesses to innovate on short notice, catalyzing business transformations  in the entire global healthcare ecosystem. These challenges created new opportunities for healthcare  companies, which, in return, utilized the growing awareness of healthcare and personalized medicine to push  innovation in healthcare solutions further. CI Global Asset Management’s CI Global Healthcare Leaders  Index ETF (CHCL.B) utilizes the Solactive Developed Markets Healthcare 150 CAD Index as its underlying index. The index includes securities of global large and mid-capitalization issuers from developed countries  that are related to healthcare. For index inclusion, companies must be part of either the Solactive GBS  Developed Markets Large & Mid Cap USD Index or the Solactive GBS Developed Markets Small Cap USD  Index. A common industry classification selects potential constituents via their affiliation of the following  industries: Medical Distributors, Managed Health Care, Hospital/Nursing Management, Medical/Nursing  Services, Services to the Health Industry, Pharmaceuticals: Major, Pharmaceuticals: Other, Pharmaceuticals:  Generic, Biotechnology, Medical Specialties, and Drugstore Chains. Additionally, Securities in the index  universe are sorted by Free Float Market Capitalization in descending order. 

Furthermore, Solactive’s Global Benchmark Series serves as the foundation of both the CI U.S. 1000 Index ETF (CUSM.B) and CI U.S. 500 Index ETF (CUSA.B). These ETFs track, respectively, the largest 500 and 1,000  companies listed on US exchanges. These indices utilized as the ETFs’ respective underlying are the Solactive  GBS United States 500 CAD Index and Solactive GBS United States 1000 CAD Index. Eligible index constituents must be common stocks, REITs, tracking stocks or units and traded in the US. 

NatWest have teamed up with Spotify and Vayner Media to present the UK’s first completely carbon neutral podcast series, which launches today. Green Business Builders, hosted by Paralympian and broadcaster Ade Adepitan, gives listeners on all major platforms the opportunity to hear from climate champions from across the UK business community, in turn helping individuals and businesses make meaningful and long-term changes to their impact on the environment.

As a principal banking sponsor for the COP26 climate conference in Glasgow in November, NatWest also aims to use the new four-part series to demystify sustainable business practices, encouraging the UK’s 5 million strong business community to become Net Zero.

Businesses from across the UK landscape will share their story and challenges in each 25 minute episode, ranging from disruptive and distinctive UK entrepreneurs such as Green Tomato Cars, Beeswax Wrap Company and Too Good To Go; to large multinationals aiming to transform their operations for the better, such as BT, advertising giant WPP, and Coutts, who were recently appointed a B-Corp business.

Together, NatWest and the Swedish-born streaming platform Spotify have ensured that the series is entirely carbon neutral, offsetting carbon emissions generated by the production and streaming of the podcast. It’s believed that this is the first production of its kind in the UK, and will offset 480 tonnes of CO2 output. The initiative forms part of Spotify Advertising’s sustainable audio offering ‘Sustainable Sonics’ - utilising carbon offsets to zero-out the environmental impact of a brand’s audio advertising on Spotify. NatWest and Spotify will be working with Forest Carbon to support reforestation projects across the UK.

Solange Chamberlain, COO, Commercial Banking and Executive Climate Sponsor, NatWest Group said:

“We are very excited to be launching this new series and are thrilled that such an inspiring variety of business leaders took the time to speak to Ade about their experiences in this undoubtedly challenging space. Becoming a more climate responsible citizen or business is an imperative, and it is now about how quickly we can work together to make the changes that matter. 

As a leading bank in the UK helping to address the climate challenge, it’s crucial that businesses have the information they need to help them make decisions that are good for them and for the planet, and that they feel empowered and ready to take action. We look forward to hearing about where the fantastic businesses featured in this series have inspired the wider community to go greener.”

Clare Beddow, Spotify UK/IE, Director of Sales, said:

“Action on climate change is imperative, and we’re committed to tackling it, together with the brands we work with. Audio advertising is already the greenest advertising format, and we can make it even greener together with carbon offsetting. That’s why we launched Sustainable Sonics, utilising carbon offsets to zero-out the environmental impact of a brand’s audio advertising on Spotify and making it even easier for brands to further their environmental commitments with us.”

The Green Business Builders podcast series is the latest public initiative from the bank to help its customers embrace sustainable practices. In March, the bank announced it had launched its Green Accelerator initiative, reserving 25% of all spaces on its UK wide Entrepreneur Accelerator programme for businesses whose core practices are related to sustainability. At the end of July, NatWest Group surpassed its climate and sustainable funding target of £9.5billion, achieving its 2020-2021 target of £20billion in total, six months early.

NatWest’s Green Business Builders was produced with Vayner Media, will run for four episodes from 9 August until 30 August, and is available on Spotify and all major podcast platforms from today.

The fintech conference will feature more than 90 global thought leaders and showcase product demos from more than 50 companies

FinovateFall returns to New York’s Marriott Marquis Times Square Hotel on Sept. 13-15, 2021. Following a year of remote events, Finovate’s conference series will present attendees with an invaluable opportunity to reconnect face-to-face with the fintech community and plot a course for the future. A digital-only access option will continue to be available for attendees seeking to join the conference on a virtual basis.

While 2020 may be behind us, the impact of the pandemic and its fallout have forever altered the financial sphere and the technology that supports it. At FinovateFall, attendees will be able to witness the fintech industry’s response to the changes in the global economy, along with the innovations in customer experience, regtech, insurtech, proptech, healthtech, wealthtech, security, identity, biometrics, blockchain, crypto, investment, onboarding, open banking, digital banking, lending, payments and more.

This year’s event will feature more than 90 expert speakers, who will participate in a series of enlightening roundtable discussions addressing some of the most pertinent topics in today’s fintech universe. Topics will include, “The Synergistic Intersection of Community Banks, Fintechs and SMEs”; “How Financial Services Companies Can Play a Key Role Helping Clients on their ESG & Climate Change Journeys”; “What Next for Neobanks?”; and “Combating Financial Crime,” among various others.

Furthermore, the conference will also feature over 50 carefully selected companies that will showcase their latest financial services technology via product demos, seeking to present the latest in fintech solutions to a live audience in real-time.

However, and in times of unprecedented change, making new connections is vital. In addition to the various keynote addresses, investor roundtables and new product demonstrations, the FinovateFall conference’s unique high-impact networking sessions provide attendees with the chance to easily connect with an impressive group of more than 1,000 senior decision-makers – with over half hailing from major financial institutions. With Finovate’s smart matchmaking tool making it easier than ever to search, find and engage with the people who can move the business forward, conference delegates will be able to engage in the manner that best suits them.

The FinovateFall event will also continue the newest addition to Finovate’s conference series, the Startup Booster program. Designed to support startup founders and employees and in recognition of the many roles held by them, FinovateFall will provide qualifying attendees with discounted entry and unlimited networking opportunities, in a bid to help emerging companies embark on the next stage of their corporate journey.

To register, stay up to date on the expanding speaker list and acquire additional information, visit https://www.nnw.fm/FinovateFall2021.

Stax’s software now provides credit card surcharge option for card-present and card-not-present transactions

Stax by Fattmerchant, the industry's only complete all-in-one solution for managing everything in the payments ecosystem, announces the addition of credit card surcharging to its already feature-rich technology. With prices of processing fees continuing to rise, it is more critical than ever for companies to consider additional ways to cut down on the costs associated with the growing need to accept every payment type.

“The credit card surcharging landscape can be difficult to navigate for both software and brick-and-mortar businesses,” said Suneera Madhani, founder and CEO of Stax. “Our surcharge capability provides a transparent, compliant, and easily enabled solution as businesses look for answers to the increased processing fees brought on by major credit card companies.”

Stax’s surcharge capabilities provide merchants with the ability to process credit cards at a reduced cost to themselves. Instead, the credit card processing fees are passed directly to the customer at the time of payment, allowing merchants greater flexibility in how customers can pay based on their preferences. 

Stax’s all-in-one platform simplifies the entire surcharging experience while allowing merchants to have quick access to the information they need to maintain compliance and increase business performance. This feature includes automated credit card type detection, data and reporting dashboard, transparency for customers, 100% compliance, dedicated support from the Stax team of experts, and top-level security. 

Stax Connect:

• Stax Connect is a fully managed payments facilitation ecosystem that allows independent software vendors (ISVs) to monetize and own the payments experience while transforming their platform’s infrastructure capabilities. Stax’s award-winning team of integration experts can seamlessly enable surcharging capabilities through the Stax Connect API, which gives the ISV’s users the ability to eliminate the need to pay fees from processing credit card payments and increase revenue by cutting costs. “Our APIs have been designed with ease of implementation in mind to handle card detection and surcharge calculation all while keeping you and your merchants out of PCI compliance scope,” said Steven Madow, Head of Partner Product at Stax.

Stax Pay:

• Stax’s small-to-medium-sized businesses who already use Stax Pay will be able to implement surcharging to expand the forms of payment they accept by reducing credit card processing fees. They can increase profit by cutting costs with the use of the Stax API. The new capability adds to the feature-rich technology, including invoicing, swiped payments, mobile payments, keyed payments, and more, all displayed on one easy-to-navigate dashboard. 

For more information on Stax and how its surcharge capabilities can help businesses compete , please visit staxpayments.com.

his increased functionality enhances the API set already supporting Interac e-Transfer Request Money for Fintechs and Paytechs.

Peoples Payment Solutions Ltd., part of Peoples Group, continues to bring increased capabilities to the payments realm, with the announcement of the new Interac e-Transfer® for Business, and its participation in the market launch. This enhanced Interac e-Transfer feature enables real-time digital payments for commercial transactions. Focused on providing digital money movement to businesses, Peoples has added API access for Interac Auto-deposit and Interac Send e-Transfers, both in its classic form and via the newly launched Interac e-Transfer for Business service. These services complement the API toolkit that already supports Request Money and will enable Fintechs and Paytechs to increase their financial service offerings to Canadians.

The suite of Interac e-Transfer for Business features virtually eliminates delay in moving money digitally, provides immediate receipt confirmation to the sender, and accommodates the inclusion of additional payment information (such as invoice details). Real-time transfers are initiated using a recipient's bank account number (generally available in a business client relationship), and funds are received within seconds. The addition of account number routing to Peoples Payments’ product line provides more options for clients to move money digitally. These can be related to speed, data requirements and the amount of information needed to initiate Interac e-Transfer transactions. Fintechs and Paytechs can now access these additional options via API as they continue to innovate their financial services offerings to Canadian consumers and businesses.

“We’re excited to be a leader in bringing this latest new payment option to market and continuing in our promise to facilitate innovation of money movement.” said Howard Klein, President of Peoples Payments and Cards, part of Peoples Group.