Ecobank Transnational Incorporated (ETI), parent company of the Ecobank Group (www.Ecobank.com), announces that Tomisin Fashina has been appointed as its new Group Executive for Operations & Technology, a position he will now hold in addition to his existing role of Managing Director of eProcess International.

Ade Ayeyemi, CEO Ecobank Group said: “The rapidly accelerating digital adoption by Africa’s citizenry and businesses, together with the explosion in ecommerce across the continent, is driving transformation throughout the banking and payment sectors. Winning across operations and technology is essential for the Ecobank Group’s short, medium and long-term success, and is an integral requirement of our ongoing determination to continue to meet the evolving expectations of our customers. Tomisin is well experienced to ensure this, and his new role provides him with an overarching view of our operations and technology functions.”

Tomisin has over 30 years of experience, predominantly in technology management and financial services. Before joining the Ecobank Group, Tomisin was the Chairman of the Board of Directors of Steward Bank Harare Zimbabwe. He has also been Chief Executive Officer for Yookos, a social media company, and has held several positions at Barclays Bank, including General Manager & Head, Transactional Banking Products, and Channels Management and Director, Cash Management & Payments. Prior to this, at Citigroup South Africa, he held leadership roles in its Global Transaction Services as Division Head & Director, Client Delivery, sub-Saharan Africa; and Division Head, Electronic Banking & Implementation, sub-Saharan Africa.

Tomisin has a BSc degree in Computer Engineering from Obafemi Awolowo University, a Master of Business Administration in Marketing from the University of Lagos and a PhD in Business Management in Leadership from Capella University, Minnesota, USA.

Dr.  Fashina succeeds Eddy Ogbogu as Group Executive, Operations & Technology, following Eddy’s recent retirement after serving the Group  for 11 years.

Murex, the global leader in integrated investment management and processing solutions for capital markets, served as a critical technology partner for PZU Group as it implemented a sophisticated platform solution to manage its own investments and assets, as well as those of its customers.

Warsaw-based PZU is a leading financial institution and insurance provider in Poland and a major player in Central Europe. The newly executed, cross-asset front-to-back-to-risk portfolio management solution providing collateral and order management and important compliance and security features, is modeled on Murex’s market-leading MX.3 platform. The implementation was successfully delivered through a strong governance framework and a well aligned, competent tri-party delivery model between DXC Luxoft, Murex and PZU.

The implementation provides PZU a consolidated, integrated, cohesive system. It ensures faster flow of information between departments involved in closed transaction processing and business process automation, better serving clients. The implementation will enhance error reduction.

“We congratulate PZU on its successful implementation under the unique constraints of the past year,” said Murex Managing Partner and Co-founder Philippe Helou. “This new platform benefits from MX.3 tech and should benefit PZU and its customers as it pursues an ambitious international strategy.”

The project was completed on time and on budget. As remote working became the norm, all aspects of the project became remote. The go-live itself was remote, with no Murex site presence at PZU.

A major focus of the project, according to PZU, is to build a sustainable, long-term investment process that boosts and sustains rate-of-return on investments and secures larger assets under management. That process is made possible by the collaboration between DXC Luxoft, Murex and PZU, as well as several other important technology partners.

The infrastructure upgrade provides important domestic and international benefits for PZU. It enhances the quality and speed of information provided, supporting growing client needs at home, and gives PZU flexibility to enter new jurisdictions, facilitating effective portfolio service for clients outside Poland.

“We set ourselves clear and ambitious goals. One of them is building and strengthening the leading position in the area of ​​investments. In the coming years, we will focus on increasing the share of external clients' assets and building an investment process that will facilitate the generation of above-average and repeatable rates of return on investment. The implementation of a new technology solution is closely related to the achievement of our goals,” says Tomasz Kulik, Group CFO at PZU.

Laurent Rhodes, manager of the Murex Asset Management business unit, added that the company is proud to facilitate the adoption of a bespoke new platform solution tailored to the specificities and needs of a leading financial organization in the investment management space, confirming strong Murex expansion in this segment. The successful implementation at PZU is another example of MX.3 flexibility at work in a demanding, situation-specific context.

As more consumers engage with businesses digitally to bank, shop or pay, online security remains the top concern. Survey insights from Experian’s annual Global Identity & Fraud Report found that since the pandemic, consumers have an increasing level of comfort and preference for physical and behavior-based – or invisible – methods of security. In fact, for the first time in four years, passwords did not earn a spot in the top three most secure methods for authenticating a customer’s identity. 

Our research showed that the top three most preferred methods for authentication are:

• physical biometrics, such as facial recognition and fingerprints

• pin codes sent to mobile devices

• behavioral analytics, passively observed signals that require no effort from the consumer

“The top three methods consumers prefer actually give people the added security they desire when accessing their accounts,” said Eric Haller, Experian’s EVP and General Manager of Identity, Fraud and DataLabs. “Consumers want to be recognized digitally without extra steps to identify themselves, and they don’t want to remember yet another password. They are open to more practical solutions in today’s digital era.”

The pandemic caused a surge in digital activity, far greater than expected and many believe this trend is not going away. In fact, there has been a 20 percent increase in consumer online transaction activities since the Covid-19 pandemic began. Fraud rates are currently on the rise and consumers are still prioritizing a safe experience, with 55 percent citing security as the most important aspect of their online experience. In addition, 2 out of 3 businesses have increased concern about the overall level of fraud. 

“Businesses must be able to properly identify their customers from fraudsters otherwise they are not only risking financial loss but also customer trust, which is critical for today’s digital consumer. There’s an opportunity for companies to modernize their authentication that doesn’t require heavy customer involvement and doesn’t take away from a seamless digital journey,” added Haller. 

To develop the study, Experian® surveyed more than 9,000 consumers and more than 2,700 businesses during three waves throughout the pandemic across 10 countries spanning North America, Latin America, Europe and Asia. Additional findings from this year’s annual fraud report include: 

• 34 percent of consumers are worried about online privacy compared to 29 percent pre-pandemic.

• 33 percent of consumers are worried about identity theft compared to 28 percent pre-pandemic. 

• 44 percent of consumers are most concerned about protecting credit cards and bank account details while only 23 percent were concerned about protecting personal date such as their date of birth, address and social security numbers. 

• 49 percent of consumers under 40 are more concerned about fraud now than before the pandemic, compared to 37 percent of consumers older than 40. 

• 48 percent of consumers under 40 feel safer using biometric security features than before the pandemic, compared to 37 percent of consumers older than 40. 

The 5th annual Global Identity and Fraud Report can be downloaded here: http://bit.ly/GIDFR21 

Experian’s identity and fraud business comprises more than 300 fraud experts around the world working to protect people’s identities and fight fraud for businesses across multiple sectors, including financial services, telecommunications, retail/e-commerce, insurance, government and healthcare. 

About Experian 

Experian is the world’s leading global information services company. During life’s big moments — from buying a home or a car to sending a child to college to growing a business by connecting with new customers — we empower consumers and our clients to manage their data with confidence. We help individuals to take financial control and access financial services, businesses to make smarter decisions and thrive, lenders to lend more responsibly, and organizations to prevent identity fraud and crime.

We have 17,800 people operating across 45 countries, and every day we’re investing in new technologies, talented people and innovation to help all our clients maximize every opportunity. We are listed on the London Stock Exchange (EXPN) and are a constituent of the FTSE 100 Index.

Learn more at www.experianplc.com or visit our global content hub at our global news blog for the latest news and insights from the Group.

As cases of fraud and money laundering rose during the pandemic last year, banks in the UK faced unforeseen challenges. In a new study by global analytics software provider FICO and independent research firm OMDIA, 79 percent of respondents from UK banks said that working from home had a high or major impact on the effectiveness of their financial crime prevention.

For more information visit https://www.fico.com/en/latest-thinking/white-paper/whitepaper-impact-covid-19-fraud-and-financial-crime

“Just as the pandemic put huge stresses on the health care system, it put huge stresses on fraud and financial crime management teams,” explained Toby Carlin, senior director for fraud consulting at FICO. “Teams that collaborate in person and work with large software systems that have restricted access found that working from home hurt their productivity. This was compounded as the volume of fraud attacks rose.”

Challenges with Technology

The impact of having multiple software systems for fraud management and financial crime compliance was also cited by UK respondents. This was the top technology challenge for 21 percent of UK respondents, which puts it at the top of the challenges. Almost half – 49 percent – of respondents ranked it first, second or third among their technology challenges, the most of any challenge.

“Banks are feeling the pain of having fragmented software for managing fraud and financial crime,” said Carlin. “Even though some 80 percent of the functions between fraud prevention software and AML software are the same, the systems are nearly always separate, and the teams are usually separate too. In our survey, 64 percent of UK respondents said these teams don’t even report to the same person at the bank. The latest systems, such as our FICO Falcon X, provide these technologies in a single platform, which can catalyze an integrated approach at a bank.”

For more details regarding the survey results, join the upcoming keynote session during the FICO Virtual Event session, Fraud and Financial Crime: The Covid-19 Impact.

The FICO study consisted of 110 interviews by OMDIA with senior executives driving, managing, or directly supporting financial crime, in the US, UK, Brazil, Germany, the Nordics and Canada. The survey included  senior executivesresponsible for fraud management, financial crime compliance and security / technology. Respondents were roughly equal from medium-sized banks and large banks.

For full survey results, view the report.

Read the FICO Blog to help prepare for another critical fraud event; https://www.fico.com/blogs/?category=fraud-protection-and-compliance

For more information on FICO fraud and financial crime solutions, visit www.fico.com/en/solutions/fraud-protection-and-compliance. 

About FICO

FICO (NYSE: FICO) powers decisions that help people and businesses around the world prosper. Founded in 1956 and based in Silicon Valley, the company is a pioneer in the use of predictive analytics and data science to improve operational decisions. FICO holds more than 195 US and foreign patents on technologies that increase profitability, customer satisfaction and growth for businesses in financial services, telecommunications, health care, retail and many other industries. Using FICO solutions, businesses in more than 120 countries do everything from protecting 2.6 billion payment cards from fraud, to helping people get credit, to ensuring that millions of airplanes and rental cars are in the right place at the right time.

Learn more at https://www.fico.com

FICO and Falcon are registered trademarks of Fair Isaac Corporation in the U.S. and other countries.

Square, the globally trusted software, payments, and hardware solution for businesses of all sizes, today announces an Early Access Programme in Ireland, offering exclusive access to an integrated suite of tools to seamlessly sell in-person and online. This limited-space programme is now seeking SMEs across Ireland who want access to the only comprehensive solution of its kind.

“Since starting with Square we have been able to unlock big improvements for our business, from e-commerce to payments” said Chris Arnold, owner of Lennox Street Grocer, one of the first businesses to beta test Square in Ireland. “In addition to their fair, transparent pricing, we've been really impressed with the ability to have fractional quantities in our point of sale, and the increased transaction speed for tap payments – both make it easier for our buyers to check out both in-store and online, so we never miss a sale. Using the lockdown to switch to Square was a smart choice as we look to the future and post-pandemic growth.”

This marks the first time Square is available to Irish merchants. Used by millions of businesses around the world, Square offers all the tools sellers need to start, run, grow, or adapt, and enables them to set up online shops, take card payments in person, access earnings faster, manage inventory or a busy kitchen, and much more. With a suite of products that fully integrate with each other, Square saves businesses time, offers solutions for a multitude of complex business needs all in one place, and makes it easier to adapt and grow as needs evolve in future. 

“We’re excited to bring Square’s remarkable solutions to Irish businesses,” said Jason Lalor, executive director for Square Europe. “We look forward to partnering with Ireland’s rich community of independent business owners to refine and perfect our products in advance of launch, ensuring that they offer the time and cost savings that will enable Irish businesses to grow and prosper both in-person and online.”

Space in Square’s Early Access Programme is limited and will be filled on a first-come, first-served basis. Interested businesses across Ireland should visit squareup.com/IrelandEAP to learn more and secure their spot. Merchants who enroll in the Early Access Programme can get started with Square products in just days, with no long-term contracts or start-up fees, and qualify for free Square hardware. Square expects to launch its products for general availability in Ireland later in 2021.

Non-Fungible Tokens or NFTs as they are colloquially known are the newest trend to come out of the blockchain sphere. NFTs are one-of-a-kind digital certificates that prove ownership of a digital asset. The authenticity of such assets are verified through the blockchain mechanism giving way to a whole new realm of digital collectables. Blockchain’s recent innovation is raising some eyebrows, as the value of NFTs has grown significantly over the last few years. According to data presented by TradingPlatforms.com, the market cap of NFTs increased by 138.8% YoY in 2020 at a CAGR of 187.28% from 2018-2020.

NFTs Market Cap Reachers $338m - CAGR Of Over 187% In 2018-2020

In economic jargon, a non-fungible asset is a non-tradeable asset and is considered one-of-a-kind. In essence, owning an NFT means you own an original of whatever digital asset. While the digital asset can be replicated many times by anyone, only the owner of the NFT for that asset is the true single owner of that asset. The authenticity of each NFT is verified by the Blockchain ledger mechanism.

NFTs are a relatively new trend in the blockchain world, with many pinpointing its origins to 2014’s Colored Coins. Since then the digital tokens have grown in prominence with recent eye-catching transactions worth millions of dollars. According to a report by Nonfungible.com the market capitalization of NFTs has exploded in the last few years. In 2018 the market cap of NFTs was calculated at just under $41M. By 2020 that number had risen to just over $338M for a CAGR of 187.28% from 2018-2020.

Total Revenue From NFT Transactions in 2020 - $55m

NFTs can be any digital asset but can be broken down into 6 major categories; Metaverses, Art, Gaming, Sport, Collectibles and Utility. Revenue from NFTs in 2020 amounted to an estimated $55M. Metaverses had the biggest share of this revenue with a total of $14.02M or 25% of the total. In terms of the number of NFT transactions, the gaming category had the largest in 2020 with almost 630,000 transactions or 47% of all NFT transactions in 2020.

Notable NFT Transactions

The topic of NFTs was recently trending because of some notable transactions. Notable in their nature because of their price or for their significance. As of March 16, 2021, the largest NFT sale was for a digital art titled Beeple Everyday: The First 500 Days which was sold for over $69M on March 11 2021 at auction by the historic Christies Auction House.

Jack Dorsey, the founder of Twitter, recently auctioned off the platform’s first-ever tweet made by himself from 2006 which reads “Just setting up my twttr." The NFT was on the market for 2 weeks and sold for just under $3M on March 22, 2021.

You can read more about the story with more statistics and information at:  https://tradingplatforms.com/blog/2021/04/07/nfts-market-cap-experienced-a-cagr-of-187-from-2018-2020-55m-in-revenue-for-2020/

HPS Group today announces the completion of the acquisition of ICPS in Mauritius, which was first announced on February 9^th, 2021.

Following the lifting of the last suspensive conditions related to administrative authorizations as dictated by the regulations in force, HPS and ICPS proceeded on April 7^th 2021 to sign the reiterative deed of sale related to 80% of the shares of the company ICPS.

ICPS provides payment processing services for banks and other financial institutions, as well as telecom operators, and has a rich portfolio of more than 30 clients in 22 countries in Africa and Asia, including MCB Group. ICPS activity covers hosting of more than 6 million cards, driving of more than 600 ATMs and 11,000 point of sale terminals.

ICPS offering is based on HPS PowerCARD technology linked to international networks American Express, Diners, Discover, MasterCard, UPI and Visa, covering the entire value chain.

Objectives of the operation

The ICPS acquisition is a major development for HPS, which will allow the expansion of the Group’s processing activity in Africa. The acquisition positions HPS  as a processing leader in the African market thanks to its presence in a dozen countries in French speaking Africa and ICPS’ presence in around 20 English speaking countries in Africa. Thus, the combination of HPS and ICPS will enable them:

• to create a center of expertise around PowerCARD technology in English-speaking Africa, strengthening both ICPS and HPS’ presence in this region;
• to pool the infrastructures of the two companies for better efficiency and better profitability;
• to give the processing activity of HPS Group a critical size to address Tier1 and Tier2 customers in Africa.

Based on ICPS’ financial statements closed at the end of June 2020 and showing a turnover of 100 Million Moroccan Dirhams, the consolidated processing activity at the end of this transaction should represent nearly 25% of HPS’ overall activity, resulting in a significant increase in the Group's recurring revenues, which will thus reach 65% of all HPS activities.

SteelEye, the UK-based compliance technology and data analytics firm, today announces its plans to bolster its footprint by expanding into North America.

SteelEye, which has seen rapid growth in Europe since launching in 2017, delivers a comprehensive SaaS-based regulatory technology (regtech) platform that allows banks, brokers, and asset managers to simplify their compliance processes across various EU, UK and now U.S., market regulations. 

The SteelEye platform reduces the complexity and cost of financial compliance by providing a range of regulatory tools that support effortless compliance management, allowing compliance teams to improve efficiencies, reporting accuracy and overall transparency, all from one platform.

Recognising SteelEye’s unique offering and the regtech market potential (estimated to reach $21.73 billion by 2027), the business raised more than $17 million through two funding rounds in 2020. The first was led by Fidelity International Strategic Ventures (FISV) alongside existing investor Illuminate Financial. The second and more recent round was completed in December with U.S. based investor Beacon Equity Partners leading the round. Ed Mullen, founder of Beacon, is joining the SteelEye Board of Directors.

Commenting on the announcement, CEO of SteelEye, Matt Smith, said: “The U.S. and Canadian markets are crying out for a new way to oversee their conduct and trading activity. Our technology is a huge opportunity for firms needing to reduce the complexity and cost of compliance, which in some cases represents as much as 10% of a firm’s noninterest expenses.”

“There is a clear demand for technology that improves compliance accuracy while simplifying processes in the North American market – SteelEye is the perfect solution to support firms. We are delighted to be working with Ed and the team at Beacon Equity Partners, whose expertise in scaling global businesses will be instrumental as we expand into North America.”

Introduced in 2010 under the Obama administration, the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) initiated a variety of additional regulatory requirements for financial firms to improve accountability and transparency. Adhering to this legislation more than ten years after its introduction continues to be a challenge many firms are seeking to address.

An obvious driver for entering the U.S. market is not only the growing demand for cloud-based compliance and regulatory oversight technology, but also the COVID-19 crisis. The pandemic has inundated compliance teams with investigations and, consequently, created an urgent need to explore new monitoring measures for regulated employees to ensure compliance with regulatory requirements while working from home.

This operational barrier has been compounded further by ongoing regulatory pressures and soaring trading volumes, intense volatility, market uncertainty and a large increase in e-communications caused by the pandemic.

Commenting on the announcement, Ed Mullen, Partner and Founder of Beacon Equity Partners, said: “SteelEye has a unique value proposition, combining communications oversight, trade surveillance and regulatory reporting on a single platform. There is great potential in the U.S. for a service that simplifies compliance for financial firms, and we are delighted to support SteelEye as they enter this market.”