Leading AI-powered credit decisioning disruptor, Scienaptic today announced that home improvement lender, FTL Finance has completed implementation and is now live on its platform. The implementation will enable the company to make better, stronger credit decisioning for its borrowers through next-generation, transformative technology powered by AI to support both contractors’ and homeowners’ financing needs for repairs and remodeling. 

FTL Finance helps makes home improvement financing hassle-free, providing contractors the tools to grow their businesses while giving homeowners the resources they need to complete much-needed remodels and repairs. By implementing the Scienaptic platform, FTL expects to see a 10% reduction in losses at the same approval rates. It also augments FTL's ability to pre-approve their lowest risk customers for larger loans than originally requested (up to 2x in many cases), providing those customers with extra purchasing power when making important home improvements.

"We’re excited to begin fully leveraging Scienaptic's platform,” Todd Grzybinski, President of FTL Finance. “The AI-powered credit decisioning will not only allow us to provide better consumer financing products for our customers but also reach more qualified borrowers and underserved markets, all while effectively managing our risk.”

"We are very pleased to help FTL Finance streamline and support the credit and financing needs of its customers for vital home repairs and improvements,” Pankaj Jain, President of Scienaptic. “Through our AI-powered credit decisioning platform, FTL will be able to reach more borrowers, increase average loan size while reducing losses, and grow its portfolio. We look forward to seeing FTL’s continued growth and success.”

Wall Street Rides FAR (For Autism Research), the annual charity cycling and walking event benefitting the Autism Science Foundation (ASF), today announced the appointments of Marc Wyatt, Head of Global Trading at T. Rowe Price, and Jos Schmitt, President & CEO of the NEO Exchange, a Tier 1 Canadian stock exchange, to its Board of Directors.

As board members, Wyatt and Schmitt will play key roles in carrying out the event’s mission to support innovative autism research. With their passion for the cause and extensive industry relationships, both Wyatt and Schmitt will help to drive awareness, increase participation and expand the geographic reach of Wall Street Rides FAR.

At T. Rowe Price, Wyatt leads trading desks across North America, Europe and Asia. He also oversees a variety of internal groups, including those focused on portfolio modeling and market structure. Before joining T. Rowe Price, Wyatt spent several years at the SEC and was previously a partner and senior portfolio manager at a global, mutli-strategy hedge fund. He currently serves as president of the Board of Directors for the Baltimore Lab School, which serves students with unique strengths and diverse learning needs and is also a board member of Catholic Charities of Baltimore.

Schmitt is Co-Founder, Director, President & CEO of the Canada-based NEO Group, which includes the NEO Exchange and NEO Connect, a multi-asset distribution platform. Prior to his time with NEO, Schmitt co-founded the Alpha Group (acquired by TMX in 2012) and formerly served as EVP Head of the Americas and Global Head of Capital Markets for Capco. He is a member of the board of The Prosperity Project, which aims to mitigate the impact of COVID-19 on Canadian women, and an active champion of the UN Global Compact “Women’s Empowerment Principles.” He is also a board member of the Investment Industry Regulatory Organization of Canada (IIROC), and a member of advisory boards to the Ivey Business School at Western University and to the École des Sciences de la Gestion at Université du Quebec A Montréal.

“I am honored to have been invited to join the Wall Street Rides FAR Board of Directors,” said Wyatt. “This is an incredibly worthy cause that does not receive nearly enough attention, and I am excited to help support ASF’s worthy mission. Given my family’s journey, I can attest that the pandemic has only increased the difficulties faced by countless individuals and families affected by autism, and I look forward to working with the entire board to support ASF’s important work.” 

“It is a privilege to be joining the board at Wall Street Rides FAR, which, since its inception, has raised funds that have had a far-reaching effect on the lives of so many people impacted by autism,” said Schmitt. “I am excited to have the opportunity to bring attention to this cause and to be doing so alongside such passionate individuals. I am particularly eager to encourage Canadian participation in this event, which now brings together individuals and companies from around the world in support of a common goal.”

“We are thrilled to welcome two additional industry leaders to the board in Jos and Marc, each of whom brings years of leadership experience, as well as a passion and commitment to championing the mission of Wall Street Rides FAR,” said Bryan Harkins, co-founder of Wall Street Rides FAR and President at BIDS Trading. “Both are highly respected within the trading industry globally, and we know that they will increase our reach and maximize the impact of our philanthropic efforts.”  

Harkins added: “While these last 15 months have been tragic for far too many, there were a lot of smaller disappointments as well. I know for me, the inability to physically come together as an industry like we typically do each year for Wall Street Rides FAR was a big one. I am extremely excited to gather once again this fall and based on the record-setting sponsorship pace we’re on, it looks like I am not alone. I look forward to our biggest ride yet and welcoming not only our longtime supporters, but many new faces as well.”

“ASF is delighted to welcome Marc and Jos to the Wall Street Rides FAR board,” said ASF Co-Founder and President Alison Singer. “Our organization simply could not do the work we do without the generosity of the Wall Street Rides FAR sponsors, who are guided by the tireless efforts of this dynamic board.”

This year’s Wall Street Rides FAR is set to take place on Saturday, October 2 at the event’s flagship location at Saxon Woods Park in White Plains, New York and in other satellite locations globally. Bringing together many of the most prominent firms on Wall Street and beyond, all proceeds benefit the Autism Science Foundation, which funds and shares cutting-edge scientific research that helps impacted individuals live fulfilling lives with dignity. Firms interested in joining the roster of sponsors can find more information on Wall Street Rides FAR’s website, while individuals interested in donating or registering may do so here.

Payoneer Inc. (“Payoneer”), the commerce technology company powering payments and growth for the new global economy, and FTAC Olympus Acquisition Corp. (NASDAQ: FTOC) ("FTOC"), a special purpose acquisition company, announced on Friday that they have completed their business combination. The business combination was approved by FTOC’s shareholders at an extraordinary general meeting held on June 23, 2021.

As a result of the completion of this business combination, a new public entity under the name Payoneer Global Inc. (“the Company”), and its common stock and warrants, will begin trading today on the Nasdaq stock market under the ticker symbol “PAYO” and “PAYOW”, respectively.

Payoneer’s global management team, led by Scott Galit, Chief Executive Officer, Michael Levine, Chief Financial Officer, and Keren Levy, Chief Operating Officer, will continue to lead the Company.

The transaction includes a $300 million PIPE investment from investors including existing investor Wellington Management, as well as Dragoneer Investment Group, Fidelity Management & Research Company LLC, Franklin Templeton, certain funds managed by Millennium Management, funds and accounts advised by T. Rowe Price Associates, Inc., and Winslow Capital Management, LLC.

“We are thrilled to be a public company and join forces with Betsy and the entire FTOC team,” said Scott Galit, Chief Executive Officer of Payoneer. “Through our 15 years, we have built a global platform that is trusted by millions of customers worldwide, from aspiring entrepreneurs to the world’s leading digital brands and are now the go-to partner for digital commerce, everywhere. We are just scratching the surface of the enormous opportunity ahead to help businesses grow and scale in the new global economy. This move into the public markets is an important step on our journey to provide any business, in any market, the technology, connections and confidence to realize their potential.”

Betsy Cohen, Chairman of the Board of Directors of FTAC Olympus Acquisition Corp., stated: “The Payoneer team has positioned the company incredibly well to capitalize on the expansion of global commerce, and we are proud to be their partner during this next phase of growth. Payoneer has a strong balance sheet with ample capital to expand its already broad suite of services, both organically, by deepening existing merchant relationships and continuing to build new ones, and through strategic acquisitions.”

Financial Technology Partners served as exclusive financial and capital markets advisor to Payoneer. Davis Polk & Wardwell LLP served as legal counsel to Payoneer and Paul Hastings served as regulatory counsel to Payoneer. PwC served as Payoneer’s auditors. EY served as Payoneer’s tax and public markets advisor.

Citi and Goldman Sachs & Co. LLC served as financial and capital markets advisors to FTOC. Cantor Fitzgerald also served as capital markets advisor to FTOC, and Morgan, Lewis & Bockius LLP served as legal counsel to FTOC.

 TruSight, the financial industry’s leading provider of validated third-party risk data, today announced that it has joined the Cloud Security Alliance (CSA), the world’s leading organization dedicated to defining and raising awareness of best practices to help ensure a secure cloud computing environment. TruSight’s extensive experience in assessing cloud service providers and helping financial services organizations meet complex regulatory and industry requirements will bring a valuable perspective to the CSA and its members.

TruSight is an industry-initiated utility that combines best practices and standardization to deliver comprehensive, validated third-party risk assessment data to financial services institutions. TruSight performs assessments according to its best-in-class standardized methodology, a robust compilation of key business, operational risk and information security controls across 27 diversified control domains. To date, TruSight has assessed many of the industry’s most widely used suppliers, including Microsoft Cloud Services, among other cloud providers.

“We are pleased to join the CSA to help advance the organization’s important mission of ensuring greater security in cloud computing,” said Jonathan Pressman, CEO of TruSight. “Like TruSight, CSA is harnessing the collective expertise of industry practitioners to raise standards—in their case, for cloud computing security—which will benefit us all.”

"TruSight's collaborative approach to risk assessment mirrors that of CSA, in which we draw on the expertise of some of the industry's top minds in educating and raising awareness of cloud security best practices," said Jim Reavis, co-founder and CEO, Cloud Security Alliance. "We are extremely pleased to count TruSight as a member, and look forward to their contributions as we work together for a secure cloud environment."

The Chartered Body Alliance today launched their first joint qualification, the Certificate in Climate Risk , to help financial services professionals pass the “Carney Test”.

Mark Carney, the former Bank of England Governor, COP 26 finance adviser and United Nations special envoy, made it a key objective of his Building a private finance system for net zero strategy “to ensure that every professional financial decision takes climate change into account”.

To meet this objective, referred to as the “Carney Test”, the Chartered Body Alliance developed the Certificate in Climate Risk to give financial services professionals the opportunity to develop the expertise required to manage climate risks and identify the challenges and opportunities from the transition to net zero.

Professionals who complete the Certificate will be capable of examining the challenges in measuring, monitoring, and reporting climate risks using the data available.

Successful candidates will be able to outline common approaches to modelling climate risks, including the use of scenario analysis, and examine regulatory approaches and responses at global, regional, and national levels.

They will be able to explore defining, developing, articulating, and embedding climate risk appetite, governance and culture and be capable of discussing the opportunities for the financial services sector to support the transition to a sustainable, low carbon world.

To achieve the Certificate in Climate Risk, professionals will need to complete a one-and-a-half-hour online examination, consisting of 75 multiple choice questions.

To prepare them for the test, professionals will receive an online study guide for core reading and learning activities, interactive eLearning modules, plus online quizzes, and knowledge checks to embed their understanding of key concepts.

By developing the Certificate in Climate Risk as a first step, the Chartered Body Alliance, who are composed of around 200,000 individuals working across financial services, is demonstrating the key role it can play in establishing the standards, norms, values, and practices to develop the capability and capacity of the finance sector globally.

Simon Thompson, CEO of the Chartered Banker Institute, commented: “Recognising the need for ambitious and urgent climate action, the three leading UK-based, global professional bodies forming the Chartered Body Alliance: the Chartered Banker Institute, the Chartered Insurance Institute and the Chartered Institute for Securities & Investment have developed the Certificate in Climate Risk, and accompanying study materials, to lead the upskilling and reskilling of finance and risk professionals globally."

“This is the first time we have developed a joint qualification in this way, and we are proud to work together, in the public interest, to play our part in tackling our greatest global challenge.”

Simon Culhane, Chartered FCSI, CEO of the CISI added: “This new Certificate in Climate Risk is testament to the effectiveness of the unity which can be achieved for our financial services profession by the Chartered Body Alliance. Ahead of the UK hosting the 26th UN Climate Change Conference of the Parties (COP26) in Glasgow in November this year, the focus for global financial services practitioners - for themselves, their clients, and their firms - is to ensure their knowledge and skills are current and reflective of market and societal developments. Our Certificate in Climate Risk is an important part of this educational initiative.”

Sian Fisher, CEO of the Chartered Insurance Institute, further added: “Managing climate-related risks and supporting the transition to a low carbon world is one of the most significant challenges facing the world today.

“This qualification from the Chartered Body Alliance will develop the capacity and capability of finance and risk professionals globally in this key area to ensure they can help consumers and corporate clients make financial decisions that include the consideration of climate change.”

The Depository Trust & Clearing Corporation (DTCC), the premier market infrastructure for the global financial services industry, today announced the launch of its new Underwriting Central (UWC) platform, an automated service for electronic Certificates of Deposit (CD) offered by DTCC’s subsidiary, The Depository Trust Company (DTC).

The new, digital UWC platform provides a paperless process for the delivery of CDs, increasing efficiency through automation, improving data quality, reducing risk, and providing greater transparency into the eligibility life cycle. It also represents an important step in bringing the industry closer to achieving full dematerialization.

With DTC’s new UWC platform, issuers can now streamline the underwriting process, seamlessly creating, signing, and delivering CDs within hours, instead of days or weeks. The new platform leverages electronic vaulting technology to transmit and store data, as well as an e-signature process to execute digital certificates, providing enhanced automation for CD eligibility and issuance processing, and ultimately providing more seamless delivery of these assets to the accounts of end clients.

The launch of the new electronic CD platform comes following a successful pilot with nearly 30 underwriters, including BNY Mellon Capital Markets, LLC., Fidelity Capital Markets and Multi-Bank Securities, Inc., as well as more than 50 issuers from regional branches based across the U.S., including BLC Community Bank (Little Chute, WI) and Luana Savings Bank (Luana, IA).

“The new electronic CD capability reduces the risk of potential disruptions in the physical transport and in-person delivery receipt of CDs, all challenges that were amplified during the shift to remote working as a result of the COVID-19 pandemic,” said Ann Marie Bria, DTCC Executive Director, Asset Services Business Management.  “This new paperless process eliminates shipping costs and manual processes and the risk of closing delays for the issuer.”

The delivery of the UWC platform is part of DTCC’s larger effort to fully dematerialize all physical securities to create a more cost-effective, secure and efficient marketplace, as outlined in a whitepaper delivered to the industry last year.

“Thanks to a significant collaborative effort with our clients, we are now one step closer to achieving full dematerialization,” added Ann Bergin, DTCC Managing Director and General Manager, Wealth Management Services and Asset Services. “Having a robust, automated process with fewer operational touchpoints is already introducing major benefits to our clients, including increased transparency, cost savings, improved resiliency, and lower risk.”

In addition to this effort and in support of dematerialization, DTCC is also working on 

efforts to address other paper-based asset classes at their issuance, such as Corporate Debt, as well as existing securities that are eligible at DTC. Today, less than 1% of assets serviced through the depository arestill in physical form, but they represent $700 billion dollars in value.

Masthaven Bank has today announced that it has moved from its previous London office to two new sites: one new office in London and one in Reading. The new office openings come as the bank embarks upon a more flexible working model.

As lockdown restrictions continue to ease, Masthaven’s employees have elected to move to a more hybrid work model that involves a mixture of remote and office working. The new London office keeps Masthaven connected to the City, while the Reading office provides another key hub for staff and gives employees more options about where they work.

The two office sites will help reduce unnecessary travel, cutting down Masthaven’s carbon footprint, and also provide much-needed space for the bank’s growing workforce. Masthaven has added over fifty new employees since the start of the pandemic last year to cope with growing demand from borrowers.

Leigh Bartlett, CEO of Masthaven said:

“The opening of our two new offices demonstrates our commitment to supporting our growing team and allowing them to work in the way that’s best and safest for them. Despite the upheaval of the pandemic, and the mass move to homeworking, our team has handled the challenges of the last year brilliantly, working hard to support both customers and brokers.

“It’s clear though that, even as the pandemic restrictions begin to ease, life for many of us is going to be very different from the pre-2020 status quo. All businesses are going to need to adapt to a new era of working.

“We will still maintain a base in London to cater for colleagues in the capital and ensure we’re in the best location for London-based customers and brokers. Reading is also an important hub for the bank and our new office there will be an easier commute for many of our staff.”

Masthaven’s new office addresses are: 15-18 Rathbone Place, London, W1T 1HU and 9 Greyfriars Road, Reading, RG1 1NU.

 Acronis, a global leader in cyber protection and Saracens today announced the Official Cyber Protection Partnership which will be supported by global cloud distributor, Pax8, the best place for IT professionals to buy cloud products.

Acronis will deliver innovative cyber protection solutions to ensure that Saracens’ data, applications, and systems are secure, authentic, and easily accessible, thus minimising the risk of downtime or disruptions to the team’s daily operations. Acronis’ technology and solutions are designed around a principle known as the Five Vectors of Cyber Protection, providing Safety, Accessibility, Privacy, Authenticity, and Security (SAPAS) for all workloads.

Acronis Cyber Protect, an innovative solution that natively integrates cybersecurity with data protection, will provide the team with increased automation and productivity, including cloud enhancements, backup reports, and antivirus and antimalware protection. The team is one-step ahead of their competitors with Acronis products, decreasing cyber risk and simplifying deployment, configuration, and management tasks.

“We are excited to join Acronis in the partnership with Saracens,” said Phylip Morgan, Chief Channel Officer at Pax8 UK. “Our technology marketplace will make it easy for Saracens to manage their IT solutions that help protect against ransomware and cyberattacks, and therefore offer a world-class experience.”

Acronis will also work with the Saracens teams to deliver player career tracking using Machine Intelligence (MI), the next generation advancement inartificial intelligence and machine learning (AI/ML).

“We are proud to welcome Saracens to our #CyberFit Sports family. Saracens’ dedication to data protection and cybersecurity aligns with our goals to provide the best-in-class cyber protection to high-performing teams around the world. Together with Pax8, as Acronis Delivery Partner, we are committed to delivering the most innovative technology and support, helping Saracens realise its #CyberFit potential,” said Ronan McCurtin, Acronis VP Europe, Turkey and Israel.

The partnership will officially commence at the start of the 2021/22 campaign for three years until at least the end of 2023/24, however their logo featured on the Saracens kit during the second leg of the Greene King IPA Championship Play-Off Final against Ealing Trailfinders on Sunday 20th June, which confirmed their promotion back to the Gallagher Premiership.

Acronis, who are involved with a number of the leading sports brands across the most competitive professional organisations around the world, will feature prominently on the sleeve of the Saracens Men’s and Women’s kits, with their logo on the brand new jerseys for the 21/22 season.

Lucy Wray, Saracens CEO is delighted to welcome Acronis and Pax8 to the Saracens family: “We’re thrilled to have announced another new partner and signed a partnership with Acronis for the next three years. Technical innovation and research & development are both very important to us. We are excited that they will not only help us protect our data moving forward but, also, in working with their staff and affiliates, aid us as we move into new and unchartered waters. We both share similar values to constantly drive standards in our respective areas and search for new opportunities, so we see this is a perfect match.”

Acronis #CyberFit Sports partnership portfolio consists of more than 50 teams across most major global sports leagues in motorsport, football, basketball, sailing, and handball. The programme is open to service providers who can deliver Acronis solutions on behalf of Acronis and enjoy exclusive business development opportunities and sports marketing benefits. For more information, please visit https://www.acronis.com/en-us/lp/msp-sports/