MoonPay, which provides payments infrastructure for buying and selling cryptocurrency, has selected financial technology leader FIS^® (NYSE: FIS) for merchant acquiring services in the more than 160 countries and 80 digital currencies supported by the rapidly growing company.

MoonPay creates tools that enable web and mobile developers globally to accept payments for cryptocurrencies such as Bitcoin and Ether as well as for non-fungible tokens (NFTs). The market for cryptocurrencies and NFTs is growing rapidly as consumers globally become increasingly comfortable buying and selling digital assets.

MoonPay was seeking an experienced payments partner to support its continued growth. The firm will use Worldpay from FIS merchant services to process consumer credit and debit card-based purchases and sales of cryptocurrencies as well as NFTs.

“Our goal at MoonPay is to provide simple, powerful, and painless experiences for consumers around the world to buy and sell cryptocurrencies, NFTs, and other digital assets,” said Ivan Soto-Wright, CEO and Founder of MoonPay. “As a leading provider of card-to-crypto payments processing services, Worldpay provides the global scale, footprint, expertise and seamless acquiring services we need to meet our business goals, enhance our speed-to-market, and continue our expansion into new geographies with our advanced crypto infrastructure.”

“As an early supporter of card-to-crypto services for cryptocurrency exchanges, Worldpay brings a wealth of experience to MoonPay as the company seeks to take crypto and NFT purchasing to a wider global market,” said Jason Pavona, General Manager for North America, FIS Merchant Solutions. “Interest in digital currencies as well as NFTs continues to grow, and we’re eager to work with innovative companies like MoonPay that are making these new technologies more accessible to more people.”

FIS processes over $2 trillion in transactions annually across over 100 countries in numerous payments types and currencies. FIS has announced a number of cryptocurrency-focused initiatives in recent weeks as a further proof point of the company’s mission to advance the way the world pays, banks and invests.

• Business Relief is already considered for most or every client by 78% of advisers, the second most commonly utilised Inheritance Tax (IHT) planning tool after gifting
• Demand for IHT tax planning is set to increase significantly as latest HRMC receipts were £340 million higher than in the same period a year earlier
• Deepbridge Estate Planning Service specialises in investing in trading Companies whose objectives are based on building, acquiring and operating a range of renewable energy generating installations

Three quarters (76%) of IFAs believe that their use of Business Relief propositions will increase over the next two years, with less than 2% saying they saw their use of the tax break decreasing. This is according to new research* by Deepbridge Capital, the tax efficient investment manager, where inheritance tax (IHT) planning was the number one consideration for four in five (80%) respondents.

According to The Openwork Partnership, one of the UK's largest networks of financial advisers, there was a 38% spike in demand for advice on IHT planning in the past year, with more than one in ten clients wanting to discuss it. This demand for IHT tax planning is set to increase significantly with latest data from HMRC showing IHT receipts for April 2021 to May 2021 were £966 million, £340 million higher than in the same period a year earlier.

According to Deepbridge’s research, Business Relief is already considered for most or every client by 78% of advisers, the second most commonly utilised IHT planning tool after gifting (94%) and ahead of trusts (73%) and life policies (67%).

The research revealed that when using Business Relief, less than one in six (16%) of those surveyed preferred AIM stocks, with 31% preferring non-AIM and 54% having no preference.

The Deepbridge Estate Planning Service specialises in investing in trading companies whose objectives are based on building, acquiring and operating a range of renewable energy generating installations, as a trading activity with a view to generating long term capital growth. During the past twelve months, the Deepbridge Estate Planning Service produced capital growth of 6.8%, based on the actual share price change achievd by the underlying trading companies.

Andrew Aldridge, Partner and head of marketing, said: “The results of this survey support our strategy of providing a service dedicated to offering Business Relief qualifying investments to IFAs and their clients. We believe our significant experience of constructing and managing renewable energy assets provides an appealing investment opportunity for investors not only seeking IHT mitigation but who are also keen to support the green energy revolution.

“For individuals and couples to generate a potentially large inheritance tax bill when they die, they may not necessarily need to be what they perceive as being ‘wealthy’. However, with some careful planning, it is possible to pass on more of their wealth to their family.  By holding Business Relief qualifying assets, this could potentially be achieved after just 2 years, and enable investors to maintain ownership of their assets during their lifetime. The Deepbridge Estate Planning Service can provide suitable clients with access to a portfolio of Business Relief qualifying renewable energy assets.”

The Deepbridge Estate Planning Service is an opportunity which intends for subscribers to obtain relief from IHT after only two years, by deploying into companies that should qualify for Business Relief that operate, and trade in, renewable energy generation assets. The service is specifically designed for individuals whose estate is expected to be valued significantly in excess of the Nil Rate Band for Inheritance Tax, currently £325,000.

ZebPay, India’s oldest and most trusted crypto asset exchange, today announced the launch of  ZEBB, a new app offering users simple, easy, and convenient Systematic Investment Plan (SIP) options in Bitcoin and Ether. ZEBB enables users to begin their Bitcoin and Ether SIP with investments worth as little as Rs. 100 with just three taps. Along with seasoned traders and crypto enthusiasts, ZEBB aims at making investing in Bitcoin and Ether easy for everyone by lowering the barrier of entry. Users can automate their SIP investing on a regularly recurring schedule (such as weekly), and enjoy instant buy/sell with 0% buying fees with ZEBB. Users simply have to sign up, complete the KYC process and start buying Bitcoin or Ether. 

ZEBB offers SIP in the biggest, oldest, and most valued crypto assets, Bitcoin and Ether. Bitcoin is the largest cryptocurrency with a market capitalization of more than a trillion dollars. Ether is the second largest cryptocurrency with a market capitalization of over 43 billion dollars. However, both Bitcoin and Ether prices can see large fluctuations depending on the demand and supply in the market, therefore, rupee cost averaging is the best way to get an average price on these assets. ZEBB aims to give investors exactly that by offering SIP in the trusted coins to grow wealth in the long term. 

Avinash Shekhar, Co-Chief Executive Officer, ZebPay, said, “At ZebPay, we have always encouraged investors to dollar or rupee cost average. With ZEBB, we are making it easy and effortless for investors to do so. Moreover, Bitcoin and Ethereum are revolutionary technologies with tremendous growth potential, and SIP is known as one of the most efficient models of wealth creation helping users to invest in the best possible average buy price. If, for instance, an investor had bought Rs. 100 Bitcoin every week in the past year, they would have gained around 72% on their total investment of Rs. 5200.”

ZEBB is a product of ZebPay, a leading crypto-asset exchange in India since 2014. Just like ZebPay, ZEBB’s focus is always to ensure customer data security and the security of customer deposits and wallet holdings. With cold storage of cryptos, third-party security audits, and bug bounty programs, ZEBB has adopted top-notch security protocols so users can buy and safely HODL crypto assets. ZEBB is now available on Play Store and Apple Store for all Indian users.

Almost a quarter of adults earn additional income through a side-hustle or side-business

A fifth of the creator economy earn an extra £200 to £500 each month

VibePay, which powers account to account payments between consumers, friends and businesses, found that the popularity of the side-hustle has grown rapidly since the start of the pandemic with almost a quarter (23%) of adults now earning additional income through a side-business. Of the new creator economy, 55% were found to be Gen Z (aged 18-23), followed by 36% in Gen Y (aged 24-38) and 22% Gen Xers (aged 39-54). The figures demonstrate the UK’s entrepreneurial generation coming to the fore, with video game streamers, social commerce sellers and content creators alike empowered to fulfil their life-long passions.

The importance of the side-hustle cannot be underestimated with a third (32%) of creators revealing they would financially struggle without this additional income. This is supported by the fact a fifth (20%) of the creator economy earn between £200 to £500 from their entrepreneurial efforts, while one in eight (13%) earn over £500 extra a month.

While the majority of the creator economy want to leave their day job and follow their passion - a fifth have plans to do this within the next six months - entrepreneurs face significant challenges in managing their various income streams. Nearly three-fifths (57%) stated it was difficult to take and track payments, with many current solutions causing delays and enforcing significant transaction fees.

Luke Massie, CEO of VibePay, said: “There is a misconception that the creator economy earns a bit of extra cash on the side, when in reality these social entrepreneurs are running businesses with huge customer bases and loyal followers on platforms such as Twitch and TikTok and social commerce sites like DePop and Etsy.

“Entrepreneurs in the creator economy have ambitious plans in the future to make their passion their full-time income, but they are facing outdated solutions, unfit for individuals with multiple income streams and a wide audience. These digital-first entrepreneurs need value-add, personalised experiences where they can interact with their audiences in new ways. Importantly, they need to be given the tools to receive payments on time without losing a large proportion of their revenues to the middlemen. For entrepreneurs this can be the difference between making their business viable full time, which is why it is critical that fintechs such as VibePay address this issue.”

iPipeline® – a leading provider of low code / no code content-enabled digital solutions and services to the financial services market – today announced a long-term partnership with OneFamily, the UK’s third largest financial mutual society. iPipeline’s SSG Digital® platform will replace OneFamily’s existing savings, investments, and protection platform, providing a comprehensive digital service for around 2.6 million OneFamily customers, accessible by their advisers and customers as well as independent advisers

The decision to move to a fully digital platform has been taken by OneFamily in order to make their proposition more flexible and adaptable to the needs of their customers. It can now deliver an agile and cutting-edge service across multiple sectors within financial services for the long term.

The SSG Digital platform is a leading platform in financial services and has processed more than 3.7 million policies across protection, savings, and investments in the last 8 years. The platform processes the largest number of child trust fund policies in the UK and more than 30% of new UK protection policies

The first stage of the partnership will focus on digitising the processes for new products and product enhancements before progressing to the re-platforming of existing products for all OneFamily customers.

Graham O’Sullivan, Director IT & Change at OneFamily said: “We are pleased to be working in partnership with iPipeline as part of our strategic investment to deliver best-in-class experience for our customers today and into the future.  With a multi-generational customer base, it’s important to us to be able to offer the latest in digital capabilities alongside more traditional customer contact channels.  With iPipeline’s SSG Digital platform, we will ensure our customers can interact with our award-winning products in a manner and at a time that suits them best.”

Ian Teague, UK Group Managing Director at iPipeline, said: “The long-term partnership with OneFamily demonstrates how our platform is perfectly placed to address the technology demands of providers across all sectors of financial services. SSG Digital is highly flexible and can be adapted to any digital services requirements across multiple product streams. We are powering the technology that will help OneFamily to succeed for many years to come.”

Last week, the Jamaica Observer proffered an article on the looming launch of Jamaica’s CBDC. The country’s pilot rollout is said to begin in August, after it was originally slated for this past May. The rollout is targeted to begin with National Commercial Bank, which the central bank is working with to further test the technology and the redeeming of digital currency.

“Jamaica seems to be taking a logical approach to execution. They were out ahead of the pack in terms of committing themselves to developing a central bank digital currency. But they made sure to wait until all the pieces were in place before officially beginning testing. That’s a smart move because naysayers will latch on to any imperfection when critiquing the system. It is better to go slower and do it right than rush a launch which is then riddled with problems,” said Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

“Starting with a single bank should help, as well. It will allow them to test the actual technology, rather than dealing with the variable of implementation. Implementation will, of course, be a factor to consider, but that’s really step two. Beginning in September, the country plans to recruit other banks into the implementation process. It’s a structurally well-conceived plan,” opined Gardner.

“In September to December we'll be recruiting more of the banks to come on board and then we'll gradually expand the pilot out into a full-fledged launch of the CBDC,” said Bank of Jamaica Governor Richard Byles. He explained that the CBDC would solely be directly sold to licensed banks, DTIs, and other payment service providers authorized by the central bank.

“While the Bahamas may have been the first jurisdiction in the world to have launched a CBDC, I think that the forethought put into the development and the launch is really going to be a boon for Jamaica. Right now, one of the greatest struggles for digital assets is a lack of understanding by regulatory agencies. Jamaica has come to the table and laid out a quite pragmatic approach to how they plan to utilize blockchain technology to advance their financial sector. It is impressive,” noted Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Over the past twenty years, the company has built technology for the world’s most notable exchanges, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“Of course, in the end, most of the headlines will be about the implementation and the technology. But, assuming that it performs as they expect, Jamaica could have set themselves up to market themselves as a forward-thinking haven for financial technologies, as well as the companies that participate in the segment. If the rollout is done well, and the coordination with the private sector is successful, it is definitely something which fintech firms are going to keep an eye on,” said Gardner.

Gulf Bank has successfully launched the MX.3 integrating platform in collaboration with Murex, the global leader in trading, risk management and processing solutions for capital markets.

The platform implementation is a transformative step for Gulf Bank as it develops and automates its treasury and capital markets systems.

The MX.3 platform provides a robust technological infrastructure that meets evolving capital markets and regulatory requirements. The platform enables a seamless workflow across front-to-back-to-risk management and processing.

“At Gulf Bank, we seek to make the most of our digital transformation journey, transforming the institution into a fully integrated digital bank that will not only live up to, but exceed, the aspirations of customers, now and in the future,” said Gulf Bank General Manager of Treasury Sami Mahfouz. “To achieve this, Gulf Bank is creating a sophisticated, modern treasury platform that caters to customers’ needs for a full treasury trade cycle, in addition to seizing the extraordinary opportunities available to diversify and expand the Bank’s operations. Throughout the process of working on the launch of the new platform, we were so proud to have witnessed such a great embodiment of the culture of teamwork that characterizes Gulf Bank."

“At Gulf Bank, having the utmost confidence in our technological partners is key,” Mahfouz added. “As a leading treasury and capital markets management systems provider, Murex is in a league of its own. We have no doubt that our launch of Murex’s platform will improve our business model, which is based first and foremost on customer satisfaction, and will boost operational excellence to new levels across the Bank’s sectors. Despite the pandemic and the challenges of working remotely, Gulf Bank’s Treasury Department worked around-the-clock with its partners to make this transition a resounding success. I would like to take this opportunity to thank Murex for its professional partnership and for the continuous efforts expended to ensure Gulf Bank’s success.”

The integrating platform will enable Gulf Bank’s Treasury Department to benefit from synergies in connected functions, organization modeling, trade repository, workflow dashboards, in-depth reporting, automated triggers, and real-time monitoring of positions and risks. This Gulf Bank initiative is the latest stage of its journey to meet the challenges of the future and provide only the best banking solutions.

The new platform will disrupt and break the silos associated with complex legacy systems, enabling Gulf Bank stakeholders to innovate. Gulf Bank’s new treasury management system will help the bank to keep pace with change and regulations, navigating capital markets and better serving customers, while improving efficiency, reducing costs, and instilling greater control over trade aspects from initiation to final matching.

“We are proud to be part of this exciting transformation project with Gulf Bank,” said Philippe Helou, managing partner and co-founder at Murex. “Murex has a long history of partnering with financial institutions to accompany the transformation from legacy systems to modern technology that puts these institutions in the best position to navigate the changing capital markets.”

Giesecke+Devrient (G+D), a global security technology group headquartered in Munich, has invested through its Corporate Venture Capital arm, G+D Ventures, in UK-based FNA (Financial Network Analytics), a deep technology firm specialising in advanced network analytics and simulations. 

• G+D’s recent investment in FNA is part of a strategic funding round and expands on an existing partnership for the development and rollout of a CBDC simulation solution
• The partnership focuses on building the future of money, by developing software enabling the world’s central banks to safely test and model the impact of introducing a central bank digital currency (CBDC) on the financial and economic system
• Existing investors IQ Capital and GettyLab have also further invested in this new funding round
• Assaf Shamia, investment partner at G+D Ventures, will join the Company’s Board of Directors as an Observer. 

The growing focus on CBDCs is undisputed, with 67 different CBDCs either under research, being piloted or in development across the world today. However, despite CBDCs featuring broadly in many central bank strategies, the implications for financial and economic systems are still rarely understood. Central Banks, many having experimented with distributed ledger technology (DLT), will now be able to deploy simulation technology to fully test and understand the economic, liquidity and financial stability implications of introducing a CBDC.

FNA and its team have been building simulators for payment systems and networks since 2014. Its unique technology has enabled Financial Market Infrastructures (FMIs), Financial Institutions, Central Banks and National Security organisations to rapidly map and monitor complex financial networks, optimise liquidity and simulate operational and financial risks. In addition, FNA is an established thought leader in Supervisory Technology (Suptech) and has trained over 3,000 professionals from more than 50 central banks and financial authorities. 

Giesecke+Devrient (G+D) is an international Group providing security technology in payment, connectivity, identities, and digital infrastructures. As a longstanding partner of central banks G+D offers cash and cash solutions, electronic and digital payment and has also developed its own offering for central bank digital currencies. The investment was carried out by G+D’s venture capital arm G+D Ventures.

Together, FNA and G+D provide unparalleled subject matter expertise and market access across the modelling, simulation and development of CBDCs.

G+D’s strategic investment is designed to allow FNA to accelerate innovation and build additional resources as well as developing its CBDC simulation software further. The investment will also support ongoing global growth and reinforce recent major customer acquisitions. As part of the transaction, G+D will also join the company's Board as observers. 

FNA’s Founder and CEO, Dr Kimmo Soramäki, added: “Our mission is to make the financial system safer and more efficient, and for more than a century, G+D has had the same objective, making them a perfect partner. As technology continues to change the world, how we interact with money is next in line for disruption. 

The unique combination and capabilities of FNA and G+D will allow us to provide the necessary software financial regulators and institutions need to prepare for the next evolution of the global financial system: the launch of the central bank digital currency.”

Assaf Shamia, investment partner at G+D Ventures, said: “We are impressed with FNA’s technological approach and domain expertise in the emerging Suptech sector. As market and technology leader in payments, our investment in FNA allows us to deepen our existing partnership and jointly address the trust and transparency needs of commercial banks and central banks alike.

Together with FNA we want to provide financial institutions with insights into the introduction and adoption of digital currencies – allowing for an informed and data-driven implementation of a CBDC.”

Lendsmart, an AI-driven digital lending platform, today announced they have integrated with Freddie Mac Loan Product Advisor^® (LPA^SM), the company’s automated underwriting system (AUS).

Freddie Mac and Lendsmart are working together to better serve and exceed customer expectations by improving the borrower experience and loan origination cycle.

“Lendsmart’s software predicts the credit and underwriting conditions required in the loan origination process by pinning them to a borrower’s data in real-time, rather than making the borrower wait 45 days to get an email from the underwriter,” said AK Patel, founder and chief executive officer of Lendsmart. “We’re also shaving off weeks in the letter of explanation process.”

Lendsmart’s centralized platform unifies all parties involved while also automating manual tasks, improving accuracy, minimizing lender risk, and reducing origination and operational costs.The partnership will accelerate Lendsmart’s efforts to allow more borrowers to get a loan, refinance, or purchase a home, while saving time and reducing the origination costs for lenders.

“Today’s lenders and borrowers expect a seamless digital process that isn’t burdened with administrative tasks or excessive timelines,” said Kevin Kauffman, Single-Family vice president of business partner integration at Freddie Mac. “Partnering with Lendsmart allows Freddie Mac to provide the latest in technology that satisfies our mutual clients’ needs.”.

Lendsmart is looking forward to building its relationship with Freddie Mac and advancing their shared goal of revolutionizing the digital lending experience for its customers.