PayU, the payments and fintech business of Prosus, today announces that its controlled company Red Dot Payment, a South East Asia focused online payment solutions provider, has received direct acquiring licenses and connectivity to Visa and Mastercard.

The expansion of PayU’s offering in South East Asia with Red Dot Payment’s direct credit card acquiring license opens up new opportunities for merchants to offer card payments and process payments locally. New capabilities will be available to both domestic merchants expanding across borders and international merchants integrated with the PayU Hub, PayU’s global platform to process cross-border payments.

Increased performance, higher conversion rate, faster authorization

A direct connection to Visa and Mastercard will make it easier for merchants expanding their presence in South East Asia to process higher volumes of payments in currencies such as USD, SGD, JPY and EUR. In addition, they will also benefit from improved authorisation and acceptance rates. As the connection is made via a single API integration (PayU Hub), more data insights will be available for merchants to optimise processes and support further revenue streams.

Mario Shiliashki, CEO, Global Payments Organisation, PayU:

“At PayU, we are focused on providing our merchants with the tools and capabilities to expand across borders, particularly in high-growth markets like South East Asia where e-commerce has proven its socio-economic advantages. With these new acquiring capabilities of Red Dot Payments, we are helping global merchants reach even more consumers across the region.”[JG1] 

The average proportion of online transactions in South East Asia has increased from 52% in the pre-COVID period to 63% with the e-commerce market expected to reach $172 billion by 2025. This makes the region one of the final destinations for global e-commerce players aiming to accelerate their growth.

David Owyong, Chief Operating Officer at Red Dot Payment:

“The Visa and Mastercard licenses are the next step in our journey to make payments and e-commerce more accessible. We believe that conquering e-commerce requires a global perspective and we pride ourselves on working closely with our merchants to help them harness the power of payments. As we overcome the turbulence of the past 18 months, we believe that the hospitality sector is the next industry where we’ll witness huge advances when it comes to e-commerce. We’re working to support local merchants in this field as well as create a secure environment for international companies with ambitions to serve consumers in South East Asia”

While legislation and the introduction of new regulations aim to combat fraud and corruption, South African businesses have the power to fight financial crimes by ensuring consistent Know Your Customer (KYC) procedures are in place.

This is according to Sameer Kumandan, Managing Director of SearchWorks, South Africa’s largest innovative data aggregation platform. SearchWorks allows users to perform live, credible individual, company, and property searches via more than 160 different search types. “With the obvious exception of the Financial Intelligence Centre Act (FICA), there is no universal set of KYC protocols for businesses to follow. Although demand is growing for more vigorous checks, the risk of businesses not carrying out KYC checks is substantial,” notes Kumandan.

PwC’s biennial Global Economic Crime and Fraud Survey found that South Africa’s rate of economic crime continues to remain significantly higher than the global average of 47 percent. Added to this is the stark reality that the incidence of high-value serious economic crime, or crimes with a value greater than US$100 million, is now 4 percent.

“Keeping the tainted funds of corrupt individuals and their networks out of the legitimate financial system is a vital outcome of effective KYC procedures. SearchWorks offers business the ability to perform a detailed Politically Exposed Person (PEP) and Sanctions checks when onboarding new customers, as well as during the ongoing review of clients, to ensure that the organisation’s reputation, revenue and capital are well protected,” says Kumandan.

He adds that with respect to financial regulations, a Politically Exposed Person (PEP) refers to an individual entrusted with a prominent public function. A PEP generally presents a higher risk for potential involvement in bribery and corruption by virtue of their position and the influence that they may hold. “Equally important is a Sanctions screening check which confirms whether a person has been placed on global law enforcement and sanctions lists and are allowed to make financial transactions. These quick, simple and cost-effective checks give businesses instant access to crucial data to foresee and mitigate serious financial and reputational harm.”

SearchWorks recently added new search types aimed at enhancing KYC checks, these include a new ID photo verification search which enables the retrieval of an individual’s most recent identity or passport image by using just an ID number, as well as a CSI spousal verification check to verify whether associated spousal information is available.

“It is impossible to eliminate risk completely. However, by broadening the basic requirements of FICA and implementing more stringent KYC measures, more South African businesses can stop fraud and financial crime in its tracks,” says Kumandan.

Indian investors can now invest in the world’s biggest stock markets and create a globally diversified portfolio

Religare Broking Ltd. through its partnership with Vested Finance has introduced foreign stock markets on its broking platform wherein clients can diversify their portfolio with international stocks. 1 million customers of Religare Broking can enjoy the benefits of geographical diversification and safeguard their portfolios from a single currency risk. This partnership will enable investors to directly invest in US stocks that they consume on a regular basis including Apple, Amazon, Netflix, Facebook, etc. Vested Finance is an online investment platform that enables Indian investors to invest in the US stock market in a smooth and hassle-free manner.

Religare Broking Ltd. and Vested Finance will provide Indian investors an exposure to the US stock market which captures over 50% of the global equity value via multiple investment instruments like stocks, ETFs, and curated investment portfolios called Vests. Investors can invest in fractional shares with as low as USD1. The entire process involves digital on-boarding, commission-free investing, seamless USD deposits and easy withdrawals.

Vests are curated portfolios that allow investors to get started in an easy manner and this is a natural fit in Religare’s renowned research-led platform. Through Vests, investors can invest in themes like SaaS, Digital Cash, All Weather Portfolios and across multiple asset classes depending on investors’ risk profile.

Announcing the partnership, Gurpreet Sidana, Chief Operating Officer, Religare Broking Ltd. said, "There is a clear interest and demand for international equities as Indian investors look for avenues to diversify their portfolios and take advantage of the burgeoning international stock markets. Besides, we live in an age where investors are increasingly aware of global brands in exciting sectors including new-age businesses, technology and healthcare. With Vested, investors can also look at ready portfolios and research that can help them make an informed decision."

Speaking on the partnership, Viram Shah, Co-Founder & CEO, Vested Finance, said, “At Vested, we believe that global investing is truly a need rather than a choice and we are excited to partner with Religare to make the world’s largest market accessible to Indian investors. There is growing awareness among Indian investors to diversify their portfolio internationally. It has never been easier to access the global markets from India. At Vested, our mission is to enable sustainable wealth creation by enabling these investors to go global.”

Following are some of the features of the offering:

         Zero commission - Unlimited transactions in US stocks with zero brokerage charges*

         Fractional investing - Ability to buy less than one share, enabling to invest as low as $1 for high priced shares such as Tesla, Apple, Amazon, Google, or Berkshire Hathaway

         Vests - Professionally curated portfolios of stocks and ETFs

         Simplified remittance process - Partnerships with banks to enable cost-effective fund transfers

         Investor support and safety – Assistance for the investors throughout the journey along with safety and security of the funds via SIPC and FDIC insurance

         Basic and Premium plans are offered by Religare Broking for investing through Vested Finance and the limited period offer has a discount voucher accordingly.

 OctaFX international broker has recently discovered an advanced strategy of traders' deception. New fraudulent schemes have turned up in the Malaysian Forex community.

Scammers have undertaken a scheme where they are falsely representing not only brokers and third-party organisations but well-known official organisations related to the government as well. OctaFX warns the general public and recommends contacting brokers directly via official web resources if any suspicions arise.

Earlier, the broker had developed a security checklist aimed to help their clients identify possible fraudulent websites and activities and make trading safer. The following recommendations are broker-specific but apply to everyday online activities as well.

• Keep your personal information secure and never share it with anybody. If anyone writes to you asking for your account details, that is most likely a scam attempt. All your data is secure within your account.
• All your payments must be processed through your Personal Area on the broker's official website or in their official Apps. This is most likely a scam if someone asks to send payments through other means or channels, like messenger apps or personal transfers. Don't hesitate to report such a person to authorities or the broker's  Customer Support.
• To identify the authenticity of OctaFX local pages, use their domain-checker extensions (e.g. for Google Chrome for OctaFX). If the domain name is different, this is a fraudulent website, or someone uses intellectual property illegally.
• When you see the broker's logo online, double-check the domain name. Always assume that fraudsters will be using some version of the brand name to try and trick you.
• Be careful when on social media. Broker's official social media accounts are usually listed on their official website. Unfortunately, multiple copycats appear daily, so it's important to stay vigilant, especially when engaging with Telegram and Facebook groups.
• Stay vigilant when engaging with Telegram and Facebook groups that claim to represent your broker.
• Cross-check the news published on the web about special offers and partner activities with official news on the broker's website and official social networks. If it's not mentioned there, most likely, you are about to be scammed.

NEC Corporation (NEC; TSE: 6701) today announced the Global Program for NEC Visionary Week 2021, an online annual event taking place from September 16 to 17, 2021. During the event, NEC will present a shared vision of the future that highlights its latest technologies, solutions and customer case studies from various business domains.

Themed "Seize the Future Together," this NEC flagship event will offer exclusive global sessions over a two-day period, envisioning and co-creating a brighter, more sustainable world with partners and stakeholders. The sessions will focus on how innovative technologies, such as AI and 5G, can contribute to addressing critical challenges for society, such as overcoming COVID-19 and implementing essential digital transformation measures in key industries. Thought leaders from around the world will gather to share their insights on the future of society and business. These sessions will be available on-demand until October 30. 
The opening keynote will be presented by Takayuki Morita, President and CEO of NEC Corporation, on September 16 from 15:00-15:20 (JST). 
Distinguished speakers will include Jeffrey Goh, CEO of Star Alliance, Anuradha Gupta, Deputy CEO of Gavi, The Vaccine Alliance, Mihoko Kashiwakura, Head of East Asia Relations at Bill & Melinda Gates Foundation, Naoki Tani, Executive Vice President, Chief Technology Officer and Executive General Manager of the R&D Innovation Division of NTT DOCOMO, INC, Kevin Woodward, Lockheed Martin Space, Senior Manager for AI/Machine Learning, Hans Jayatissa, Chief Technology Officer of KMD, and more.

Makoto Enomoto, Chief Marketing Officer (CMO), NEC Corporation, said, "NEC Visionary Week is the most important event of the year for NEC to present a shared vision of the future and showcase key initiatives that contribute to achieving this goal. Through the NEC Visionary Week, we look forward to meeting and engaging with our global guests, building further trust in our brand, and exploring how we can co-create a brighter and more sustainable future."

Scienaptic positions Right Direction Financial to offer smarter, enhanced credit decisioning while reaching more borrowers

 Scienaptic, a leading, global AI-powered credit decision platform provider, announced Right Direction Financial Services has selected its AI-powered platform. This deployment will allow Right Direction Financial Service to enhance its underwriting capabilities to reach and support more potential borrowers, while mitigating risk. 

Founded in 2011, Right Direction Financial Services specializes in providing automotive loan financing for individuals seeking to rebuild or establish their credit through high-quality, certified pre-owned vehicles. The company is committed to ensuring its customers have affordable payments that align with their payroll periods and reporting their payment history to the major credit reporting agencies. This implementation positions Right Direction Financial Services to reach more borrowers to grow its business while offering faster, stronger AI-powered credit decisioning for its loan decisioning process.

“Being able to provide fast and easy access to vehicle financing anywhere, anytime is crucial for meeting the demands of our customers,” said Miro Radujkovic, Vice President of Consumer Lending & Collections at Right Direction Financial. “Leveraging Scienaptic’s AI enhanced decision-making capabilities means that we can make sharper loan decisions and effectively reach more borrowers to help them quickly and responsibly purchase the perfect vehicle to chart their own course to success.”

"Scienaptic’s adaptive, AI-driven credit underwriting platform means Right Direction Financial can streamline and enhance its loan decisioning process,” said Pankaj Jain, President, Scienaptic. “Our partnership will allow the company to significantly increase both its potential reach and loan decisioning capacity for its customers, putting more people behind the wheel, all without increasing risk.”

Bruce Curry, vice president for collections and recovery consulting and sales at FICO, believes the current confusing picture of consumer finances could lull lenders into a false sense of security

The latest data from MoneyCharity.org shows that in Quarter 1 2021 lenders wrote off £1,042 million, of which £355 million was credit card debt. These eye-watering numbers, viewed alongside the Financial Conduct Authority’s estimate earlier this year that 52% of adults (27 million) in the UK could now be considered as financially vulnerable, suggest that the size of the task for debt collections in the coming months and into 2022 should not be underestimated.

But the data is confusing. There are contradictions in the pace of economic recovery, accurate real-time analysis of household incomes and anecdotal evidence suggesting higher than expected paydowns of household borrowing. There are also reports saying the UK is bouncing back as payrolls continue to soar.

On the jobs front, the picture is even less clear. Furloughs are yet to be fully withdrawn, although the Treasury has indicated they are now winding down to a hard stop in October. And it's a mixed picture right now with around 1.9 million on furlough - down from a peak of 5.1m in January. Over a quarter (28%) of employers have been obliged to furlough staff, again down from 35% at the end of April.

Maintaining a genuinely accurate picture of customers’ financial position and fully understanding the pandemic’s true impact on household finances has to be the priority for lenders. Now is, therefore, the right time for banks, lenders and card issuers to ensure they continually interact with customers to better understand their genuine financial position — especially if household incomes are likely to take a hit later in the year.

Payment Priority Switches

The key to managing future potential delinquency hinges on the ability to spot — and flag — payment priority switches, as households are pushed into making harsh financial decisions. Mortgages, food, medical and education bills may take priority over credit card payments for some segments. Others may be inclined to behave in the opposite way if their ability to maintain living standards is dependent on access to revolving credit. Knowing who is likely to behave in which way is critical.

The ability to predict and pre-empt non-payment may also lead to stronger customer relationships, as lenders are viewed as being more understanding, helpful and caring. It’s worth considering why maintaining routes to repayments across the entire customer base is better than receiving nothing from some segments.

But lenders will also be facing an acutely tricky balancing act while being mindful of the regulatory requirements of IFRS9. Timing is everything, in considering the impact on balance sheets of extended repayment arrangements offered to some, while continuing to ensure appropriate customer outcomes.

Lenders may opt to enhance their customer assistance and collections capabilities. Risk analysis and assessment can also be adapted to help shape greater social responsibility. Insight into customer finances via Open Banking, real-time analysis and more AI-based analytics creates stronger long-term resilience for lenders. In turn, this leads to continued stakeholder satisfaction.

Digital-First Collections

It’s clear more and more customers are now happy to conduct communications via digital channels, and far less inclined to simply respond to ‘robo-calls’, which also now face regulatory scrutiny. Effective customer engagement, of course, helps lenders better align with regulatory requirements, which favour offering customers every opportunity to find a mutually agreeable debt avoidance or repayment solution.

As the industry continues to move towards more light-touch communications — digital-first, SMS, email and such — while offering extended payment holidays and freezing interest, it’s in everyone’s interest to try to avoid customer delinquency, or deal with it appropriately. It’s a position that’s clearly been flagged by regulators, which have offered clear guidance on how institutions should pursue equitable goals.

Lenders that can get the right combination of digital-first customer support are likely to reap benefits, including long-term customer loyalty. As a handy bonus, this also provides insurance against being left in the wake of more tech-savvy, ambitious peers.

The Enterprise Investment Scheme Association (EISA), in conjunction with Capital Pilot, has launched an investment platform for new growth businesses looking to attract fund investors. In its first year the platform, branded Curated Capital, is targeting £10m of investment to be made available to over 100 of the country’s brightest growth businesses.

The platform leverages the intelligent assessment analysis of Capital Pilot, which undertakes the initial review of the opportunity and provides a scoring methodology for potential investors, saving time and early stage due diligence.

Members of the EISA, many of which are FCA regulated investment funds benefiting from the Enterprise Investment Scheme, will as a result of the platform have sight of a wider list of opportunities, and investee businesses will no longer need to approach funds individually. Simply, Curated Capital will match the most investable start-ups with the best investor funds.

The Capital Pilot tool is a market leading investability rating agency that combines human research, proven analytics and sophisticated algorithms to produce a comprehensive assessment of a company’s readiness for investment.

The EISA is the membership organisation dedicated to the promotion of the tax efficient Enterprise Investment and Seed Investment Schemes benefiting investors with a willingness to invest in early stage businesses, and providing equity investment to promising businesses, which otherwise would potentially have no access either to private investment or traditional debt.

Commenting on the launch of Curated Capital, Mark Brownridge, Director General of the EISA said, “Doing some of the assessment heavy lifting for members means that not only do they now have the bandwidth to look at all relevant opportunities, but at the same time, through the use of the Capital Pilot model, they can quickly see if the sector and risk levels meet their objectives. We are looking to generate a further £10m a year for over 100 businesses to help fuel the county’s growth agenda.”

Richard Blakesley, founder and CEO of Capital Pilot added, “The model that we have built in Capital Pilot enables us to undertake a detailed review to see whether businesses looking for funds are investment ready. Through Curated Capital, we hope to see more businesses realise the investment they need to grow.”

New interactive online resource to help card issuers, merchants and solution providers optimise the EMV® 3DS payment authentication experience for e-commerce consumers.

Global technical body EMVCo has published EMV® 3-D Secure (EMV 3DS) UI/UX Design Guidelines to help card issuers, banks, merchants and solution providers optimise the EMV 3DS payment authentication experience for e-commerce consumers. The guidelines are publicly available on the EMVCo website in an easy-to-use interactive format.

In e-commerce purchases where EMV 3DS solutions are used, EMV 3DS user interface (UI) and user experience (UX) design refers to the look and feel of the screen that consumers interact with on their device during authentication with their card issuer. This includes how visual components (e.g., logo, colour, iconography, etc.) are displayed in various device layouts, and how information is presented and communicated to guide them through the steps for verifying that they are the legitimate cardholder.

According to an EMVCo-commissioned global market research study[1], consistent, familiar and efficient EMV 3DS UI/UX design is key to instilling consumer trust in the authentication process and optimising the checkout experience during shopping. The new guidelines are designed specifically to help card issuers, merchants and EMV 3DS solution providers achieve this objective and deploy user interfaces for EMV 3DS authentication that support a secure and seamless e-commerce checkout experience.

“Authenticating the individual making the payment continues to be key in the fight against e-commerce fraud. The EMV 3DS UI/UX Guidelines support the consistent implementation of EMV 3DS for fraud prevention to deliver an efficient and trusted e-commerce consumer experience, which benefits the entire payment ecosystem,” said Robin Trickel, EMVCo Executive Committee Chair.

The EMV 3DS UI/UX Guidelines are supplemental to the EMV 3-D Secure User Interface Templates, Requirements, and Guidelines chapter in the EMV 3DS Protocol and Core Functions Specification.

To learn more, view the EMV Insights post: Optimising the EMV 3DS Payment Experience: UI/UX Design Guidelines.

Europcar among the first of 100+ brands signed up to next generation mobile wallet Swapi ahead of Autumn launch

Swapi, the global digital loyalty wallet, has today revealed the latest feature as part of its industry-first app which is set to launch later this autumn - Swapi Points.

Swapi, which is mid-way through its latest funding round set to take its total amount raised to over £750k, is gearing up for launch at a time when loyalty has never been more important for retailers and consumers alike.

Swapi Points will aspire to become the nation’s ‘loyalty currency’, allowing brands to award Swapi Points to consumers who make purchases with a debit or credit card linked to the Swapi app. Consumers will be able to collate loyalty points from over 100 household brands and connect any bank card to the Swapi app, to automatically collect points when they shop in-store and online.

This latest addition to Swapi’s growing offering will provide even greater incentives for brands signed up for Swapi’s existing Points Swap product, which was unveiled late last year by founder and CEO, Pete Howroyd, to give consumers the power to swap their unused loyalty points for other promotions and incentives in the Swapi marketplace, while providing brands with an innovative solution for the common problem of the points liability that sits on company accounts every year. In the UK the average consumer has £47-worth of loyalty rewards sitting unused on their loyalty cards, totalling £6 billion across the UK and £360 billion globally.

Swapi Points will offer retailers a more collaborative and cost-effective loyalty programme solution with a simple onboarding process, allowing brands to expand their loyalty offerings to a larger market and incentivise a global customer base with bespoke perks and rewards through the Swapi app.

Swapi already has over 100 brands and retailers signed up ahead of its Autumn launch, including rental car giant Europcar UK.

Clive Forsythe, Commercial Director at Europcar UK, commented: ‘Swapi Points are an appealing proposition for us because they provide a way to engage and reward our customers in a more effective way than through a traditional loyalty model. It’s an easy and modern way for our business to drive both new customer acquisition and retention of our valued existing customers. Most importantly, it means our customers can enjoy a broad range of exciting offers and perks which they control, in return for their loyalty to Europcar, which is a top priority for us as a business.”

With power shifting from businesses to consumer - a trend accelerated by the pandemic - Swapi will give consumers power over their points for the first time and give brands the opportunity for much-needed innovation. Instead of being tied to one retailer or brand, consumers can earn loyalty points in their digital wallet and spend them with a variety of different brands within the Swapi marketplace.

Swapi founder and CEO, Pete Howroyd, said: “Our latest addition to Swapi’s growing suite of products, Swapi Points, will revolutionise the way retailers and consumers think about and interact with retail loyalty for the foreseeable future. With the Swapi app we aim to encourage greater collaboration to the retail space by offering loyalty points to customers irrespective of brand, company size or location. Customers can engage and purchase from their favourite local and national retailers and brands, and through those transactions open up a whole new world of rewards and perks via Swapi Points.”