Instnt, a leader in fraud insurance technology that helps businesses shift up to $100MM in annual fraud losses off their balance sheets so they can say yes to more good customers, is excited to introduce Multipass, a universal identity solution that revolutionizes customer acceptance. Businesses can issue Multipasses to their accepted good customers at onboarding or afterwards, enabling them to access products and services without having to repeatedly sign-up, as well as to authenticate themselves without the need for passwords or multi-factor authentication. Built on open standards including Verifiable Credentials and Decentralized ID, Multipasses avoid vendor lock-in with a truly portable, decentralized, self-sovereign identity that includes strong trust, level of assurance, and KYC bindings for better identity governance and continuous authentication. Multipasses also come with Instnt’s unique fraud loss liability protection for businesses that accept them, up to $100MM per year, so they can onboard more good customers without friction or fraud losses.

With Multipass, businesses can provide their customers with a frictionless, secure, and compliant onboarding experience that is as simple as a single click or QR code scan, instead of the traditional slow, friction-filled repeated sign-up and KYC user journeys. Users retain full control over their personal information, ensuring enhanced privacy and transparency. This empowers businesses to cross-sell products and services efficiently while remaining compliant with regulatory standards. Furthermore, Multipass presents businesses with the option to avoid centralized consumer personal information data storage and management, thus reducing infrastructure operational costs, cyber liability, and reputational risks associated with data breaches.

"We are thrilled to unveil Multipass, a milestone innovation that aligns with our commitment to redefining customer acceptance without fraud loss and friction.", said Sunil Madhu, Founder, and CEO of Instnt. "Multipass is a game-changer, providing a secure and efficient universal identity solution for the new millennia that empowers both businesses and customers. We are excited about the positive impact Multipasses will have on the industry and look forward to rolling out this innovation with our partners."

“With Multipass, Instnt is advancing blockchain-based decentralized identity as a business solution,” said Daniela Barbosa, Executive Director, Hyperledger Foundation, and General Manager of Blockchain and Identity at the Linux Foundation. “They are also championing the value of open source and open development for creating universal platforms that meet both business and consumer needs for privacy, efficiency, and regulatory compliance. Built using Hyperledger Aries and Hyperledger Indy, Multipass is a great example of community-developed software serving as the foundation for innovative new applications.”

Origence, the leading lending technology solutions provider for credit unions, announces Lisa Bodell as a keynote speaker for its Lending Tech Live ’24 conference, scheduled June 25-27, 2024, at the Marriot Marquis in San Diego, California. 

Lisa Bodell, CEO of FutureThink, is a best-selling author of “Kill the Company” and “Why Simple Wins” and is known as one of the top 50 speakers in the world. She is a global expert on simplification, collaboration, and innovation. Bodell inspires audiences to eliminate complexity and make simplicity a new way of life to do meaningful work. 

“Bodell brings compelling perspective to the sought-after topics of simplification and innovation,” said Phil DuPree, chief revenue officer for Origence. “Her transformative insights will undoubtedly elevate Lending Tech Live ’24, as credit unions look to streamline complex processes, allowing for more time and resources to drive innovation.”

Additional conference sessions include interactive workshops designed to help attendees maximize their lending program, develop borrower journeys that strengthen connections with members, and identify critical regulatory topics for 2024, among other valuable topics. 

After achieving a record-breaking year in 2023 with its highest-ever attendance, Lending Tech Live ’24 solidifies its position as the foremost lending technology conference in the credit union industry. The event immerses attendees in the world of innovative tools and technologies shaping the lending landscape, offering expert guidance on best practices, lending strategies, emerging trends, research, and more.

To view the full list of speakers or to learn more about registration opportunities, visit the Lending Tech Live website.

Freemarket, a leading London-based fintech platform for B2B cross-border payments and currency exchange, has been granted a Payment Institution licence from the Central Bank of Ireland, unlocking the company’s next stage of expansion across Europe.  

Freemarket is pleased to announce that having received the approval by globally respected regulator, the Central Bank of Ireland, the company now has market access to the entire European Economic Area (EEA) where there are an estimated 24.4m small to mid-size businesses (SMBs) operating across the EU, representing 99% of all businesses. With the B2B cross-border payment market set to grow globally by 43% by 2030, Freemarket has identified the opportunity to serve these European SMBs that are underserved by traditional banks.  

The regulatory authorisation will also see Freemarket’s operations in Ireland expand. Having already opened an office in Dublin to house their growing team, Freemarket will be looking to partner with European banks, nonbanking financial institutions and foreign currency providers to support its European expansion. 

Founded in 2010, Freemarket works with SMBs globally to accelerate their growth, by giving them access to cross-border payments and currency exchange services that are far more optimised to their needs than those of institutional banks. Through the use of Application Programming Interface (API) technology, Freemarket both automates the full lifecycle of cross border payments and consolidates the entire process onto a single platform, thereby tackling the high costs, lack of transparency and legacy technology issues that have traditionally undermined the cross-border payments space.  

Having started as a foreign exchange matching platform, Freemarket today offers cloud-based cross-border payment solutions to over 300 corporate clients, enabling them to execute payments in over 100 countries. The company has achieved a record sales growth of 361% over the last three years and processed over £4 billion in transactions in 2022. The company has been named in The Sunday Times 100 Fastest Growing UK private companies, Deloitte’s Tech Fast 50 and the FT1000. 

Stephen Fletcher, CEO Ireland, Freemarket said: 

When Freemarket was founded in 2010 the mission was simple: to improve access for SMB’s to cross-border payment capabilities, thereby empowering them to maximise their revenues and accelerate their growth; today, we remain committed to this mission. We are delighted that our new Irish Payment Institution licence will enable us to expedite our mission to make cross-border payments faster, more affordable and more transparent for millions of European businesses.” 

Chris Mason, CEO of Orbital, comments: “Soon enough, all global corporates will need a single solution for both fiat and blockchain payments. Orbital has been built by a team that deeply understands the complex and ever-changing needs of large enterprises, and our expertise in both traditional finance and crypto means that we are uniquely positioned to serve their demands. 

 

“Gibraltar led the world in recognising the need for specific legislation and regulation around DLT, and has marked itself as a leading virtual assets and blockchain centre. We are proud and thankful to have been accredited with both DLT and EMI permissions by the GFSC to continue Orbital’s work providing both traditional and crypto payments for global enterprises.” 

Nigel Feetham,  Minister for  Financial Services at HM Government of Gibraltar, comments: “Gibraltar has embraced the power of distributed ledger and e-money technology, creating an environment that nurtures innovation, provides regulatory clarity, and upholds market integrity. Orbital, which operates a Gibraltar office, is championing responsible integration of payments and blockchain technologies; firms that offer secure, efficient, and transparent blockchain payments are more than welcome in Gibraltar.”

R3’s enterprise distributed ledger technology (DLT) platform Corda underpinned the first live issuance of a digital bond with Euroclear’s International Central Securities Depository (ICSD). 

The transaction represents a major development in Euroclear’s ongoing Distributed Financial Market Infrastructure (DFMI) initiative, harnessing the power of R3’s Corda platform to improve the transparency, speed and resilience of the bond issuance process.

The SSA (supranational, sovereign and agency) bond was issued by the World Bank, with Citi – an R3 investor – acting as issuer agent and TD Bank acting as dealer. The issuance took place under UK law and was successfully completed yesterday, Monday 23rd of October at 1pm BST.

The issuance of the digital bond is another example of R3’s Corda being leveraged by regulated institutions around the world to digitise the capital markets and drive innovation forward. The use of Corda’s unique distributed architecture demonstrated the capabilities of the platform to support the issuance and primary distribution part of the lifecycle of a bond under the existing legal framework applicable to an ICSD. 

R3 is enabling an open, trusted and enduring digital economy where value is securely exchanged. In addition to Euroclear, Corda is being used by hundreds of institutions to power digital finance solutions across capital markets.

“Through working with our extensive global ecosystem, we have achieved a major milestone in both our DFMI initiative and the evolution of securities trading as a whole.” said Antonio Queiroz, Chief Digital Officer at Euroclear. “As a financial market infrastructure with a track record of providing high quality settlement services to the world’s leading financial institutions, we are excited to continue building on our partnerships  to drive digital transformation in the industry and to improve transparency and efficiency across capital markets as a whole.”

“This issuance is not a sandbox or proof of concept project – it is a live market issuance and it demonstrates the role DLT can play in transforming capital markets,” said David E. Rutter, CEO and Founder of R3. “FMI’s such as Euroclear play a critical role in the financial ecosystem. We’re working with them and central banks in areas such as securities settlement to improve how we communicate and exchange value, ultimately to deliver a better, more efficient, open, trusted and enduring digital economy. This is about bringing participants and ecosystems together to modernize mission-critical processes in the capital markets industry. Corda is emerging as the technology of choice because it was designed for regulated markets from the ground-up, ensuring resiliency, governance, scalability and security.”

VizyPay, a leading payment processing fintech serving small businesses in rural America, welcomes Nick Maas as Chief Financial Officer and Doug Drees as Lead Generation Expert to help scale VizyPay and bring continued excellence in payment processing to more small business owners.

“This year we became a three-time Inc. 5000 winner, a three-time Iowa Top Workplace, and Forbes Fintech 50. We surpassed $5 billion in total payments processed and we’ve expanded our staff by nearly 300%,” said VizyPay CEO Austin Mac Nab. “All of this is to say, we’re thrilled to add Nick and Doug to our team as they’ll help us end the year strong and strengthen the team.”

Maas leverages a unique mix of strategic and analytical expertise, bringing 10+ years of experience as an AVP and business banker to VizyPay. Drees joins VizyPay after helping small and medium-sized businesses increase opportunities through marketing and sales strategies for 15+ years.

“The financial industry is continuously evolving and within that space, VizyPay is a stand-out entity making positive change for the small business owner. I’m looking forward to building upon the strong financial foundation that has already been laid out and joining the team of talented individuals,” said Maas.

“I’m impressed with the company’s dedication to SMBs. As someone who's always been passionate about providing opportunity to small business owners, I feel like this is the perfect fit,” said Drees. “Together, we’ll level up operations and offerings to bring impactful change to our merchants.”

TerraPay, a leading global cross-border payments network, and Nequi by Bancolombia (“Nequi”), a digital financial platform with customers in Colombia , today announce a landmark partnership designed to transform remittances for Nequi’s 17.5 million customers.

Announced at Money20/20 USA, this partnership will open the ability for Colombians to receive remittances from their relatives and friends in more than 200 countries using only one connection. Underpinned by TerraPay’s payments technology, Nequi users will have access to an easy-to-use financial app, without long queues, long waiting times, secure experience and without any additional fees for the beneficiary.

The partnership brings together the shared values of both companies, helping people manage their money efficiently and achieve their financial goals while also paving the way for financial inclusion. Nequi’s financial expertise along with TerraPay’s digital payment solutions will ensure more people can gain better access to financial products and services and greater autonomy over their money. Using the Nequi app, users will have immediate access to manage the remittances they receive. 

Ambar Sur, CEO and Co-Founder at TerraPay, said, “We are thrilled to partner with Nequi who share a desire to guarantee that Colombians can receive remittances from family and friends across the world in an easy, secure way. We both understand the need to improve the experience every person has with accessing their money and making transactions. Our aim will be to ensure users of the Nequi app have affordable access to traditional cross border payments or remittances channels for many years to come and feel financially empowered.

“As the only payments network to have 29 licenses and regulatory approvals globally, along with real-time transaction and risk monitoring capabilities, our ambition is to continue expanding our world-class remittance services” he added.

María del Pilar Correa, CPO of Nequi, said, “This partnership will allow us to transform the way we deliver remittances and further empower Colombians to better manage their money and save for a brighter future. After receiving their remittance in Nequi, users can use the app to send money to other people, make digital and physical payments, organise their finances, save, and much more.

TerraPay shares our vision to pave the way for financial inclusion and that is evidenced in the work they have done in recent years globally. We look forward to work with TerraPay to bring our advanced financial services to millions of people in Colombia .”

MiFinity, a global leader in digital payments and financial technology, is excited to announce the appointment of Jim Purcell as its new Chief Operating Officer (COO). Jim's extensive experience and proven track record in helping both private and public companies accelerate growth and achieve scale will be a significant asset to MiFinity as the company continues its rapid expansion in the dynamic PayTech sector.

Paul Kavanagh, CEO of MiFinity, welcomed Jim Purcell to the team, stating, "Business is a competitive space, and the difference between who succeeds and who perishes is a leader with a strong vision. We have no doubts that Jim is such a leader. His appointment comes at a crucial time for MiFinity, as we are experiencing remarkable growth and are scaling at pace."

Mr. Purcell brings with him more than 25 years of financial management experience, with particular expertise in the software and technology sectors. Jim Purcell has served in a wide range of roles, including having previously worked as Chief Financial Officer (CFO) of EBET Inc., a publicly traded online gaming operator where he was responsible for all aspects of financial management and strategy. Jim played a pivotal role in helping EBET achieve scaling growth from a start-up with limited revenues when he joined, to over $60 million in revenue when he left.  Before his role at EBET, Jim held senior positions at notable companies such as Ocuco, Viatel, and Cryptologic Ltd. His diverse background brings a fresh perspective to MiFinity, enhancing the company’s ability to adapt, innovate, and excel in an ever-evolving industry, ultimately benefiting its customers and partners.

MiFinity is currently undergoing a period of rapid expansion, and adding Jim Purcell to its management team is expected to be invaluable for the company's continued development and success. Jim will play a crucial role in helping MiFinity manage, scale and evolve its business as it continues to accelerate momentum, strengthening MiFinity’s commitment to providing best-in-class payment solutions and driving growth in a dynamic market.

Featurespace, the world leader in enterprise grade technology that prevents fraud and financial crime, has launched TallierLTM™ - the world's first Large Transaction Model (LTM). TallierLTM™, a foundation AI technology for the payment and financial services industry, is a large-scale, self-supervised, pre-trained model designed to power the next generation of AI applications for the financial protection of consumers. TallierLTM™ has shown improvements of up to 71% in fraud value detection when compared to industry standard models operating at an industry-typical 5:1 False Positive Ratio.

TallierLTM™ gives fraud and financial crime professionals access to the industry’s first generative Large Transaction Model providing a significant improvement when it comes to differentiating between genuine consumers and bad actors. 70% of financial institutions in North America consider financial criminal attacks to be getting worse as they become more sophisticated with exponentially increasing losses. According to the Nilson Report, global losses from card fraud are expected to total $397.4 billion over the next 10 years, with $165.1 billion of those losses happening in the U.S.

“What OpenAI's LLMs have done for language, TallierLTM™ will do for payments,” said David Excell, founder of Featurespace. “There is widespread concern about how deep-fakes and generative AI have been used to deceive consumers and our financial systems. We plan to reverse this trend by utilizing the power of generative AI algorithms to create solutions that protect consumers and make the world a safer place to transact.”

TallierLTM™ has been pre-trained across jurisdictions and market segments using a self-supervised approach, making it highly accurate and representative of real-world consumer transactions. By analyzing billions of transactions, TallierLTM™ identifies hidden transactional patterns undiscoverable using current industry methods, enabling it to generate likely future consumer transactions. Insights are based on time sequencing, such as unusual spending patterns over a short period of time and patterns of behavior between a consumer and a merchant. These are, for data scientists, a critical task when differentiating between genuine and criminal activity.

Financial institutions will be able to interact with TallierLTM™ via its embedding API, which is a data science accelerator that enables a consumer’s transaction history to be converted to a machine-readable feature vector. It creates a unique 'behavioral bar code,’ providing a comprehensive representation of a consumer’s transactional behavior without revealing any personally identifiable information.

“We know that smarter technology helps financial institutions better understand their consumers. We have taken this to the next level by pairing cutting-edge generative AI algorithms with huge volumes of data, enabling a machine to efficiently comprehend the relationships between different customer transactions,” said Dr. David Sutton, Featurespace's chief innovation officer. “By adding TallierLTM™'s feature vectors to the inputs of an industry-standard fraud model, we've seen improvements of up to 71% in fraud value detection. This will accelerate data science teams' ability to level up their model performance and realize the value of machine learning investments more quickly."

Featurespace plans to introduce the TallierLTM™ service with its longstanding partner TSYS, a Global Payments (NYSE: GPN) company.  

“TSYS and Featurespace have a long track record of co-innovating to deliver industry-leading technologies and solutions that help financial institutions provide secure, seamless experiences at scale,” said Dondi Black, executive vice president and chief product officer for TSYS. “TallierLTM™ is the next transformative step, allowing us to unlock new insights and power new experiences for our clients around the world, further differentiating our capabilities with this new groundbreaking solution.”

A new peer-reviewed scientific paper detailing the advances that enabled the development of TallierLTM™ has been accepted to appear at the 2023 ACM (Association for Computing Machinery) International Conference on AI in Finance.

Delio, the financial technology firm that digitises the private market strategies of leading financial institutions, has integrated with SumSub to allow for Anti Money Laundering (AML) and Know Your Customer (KYC) checks to further streamline through the Delio Core platform.

With this integration, Delio’s AML/KYC module enables financial institutions to create a more streamlined transaction workflow. Investors input their identification details, related documents, and perform self-ID verification, all through Delio’s leading client experience technology.

With real-time data synchronisation, the institution ensures that compliance and fraud-proof verifications are achieved swiftly and effectively, significantly reducing the administrative burden placed on both them and their investors.

This enhances private market processes by sequencing compliance checks, and redefining user experience standards for investors. Firms can seamlessly integrate vital compliance checks into the Delio Core platform's custom workflows, ultimately streamlining the management of regulatory obligations.

Gareth Lewis, chief executive of Delio, commented “Our technology and investment vehicle solutions have already been delivering secure and efficient compliance solutions, streamlining workflows and enhancing investor experience; this integration further underscores Delio's commitment to supporting our clients in achieving their capital raising goals within alternative investments.”

For more information on Delio Core, visit deliogroup.com.