Path Solutions, the Islamic banking software company, today announced that it is a winner of the 2020 IBSI Global FinTech Innovation Awards for ‘Most Innovative Analytics Deployment’ of iMAL*BI at Al Baraka Bank Sudan, a subsidiary of the strategic Bahraini multinational banking corporation Al Baraka Banking Group.

Path Solutions won the award for delivering the all-in-one business intelligence suite iMAL*BI – part of the new Path Intelligence platform, designed to make data consumption as simple, personalized, and dynamic as possible. The solution’s flexible architecture and wide range of BI tools makes it ideal for financial institutions that are scaling quickly.

iMAL*BI was implemented at the winning Al Baraka Bank Sudan to help transform the bank’s business into becoming analytically focused and customer-centric, using enterprise-class analytics and executive dashboards.

“Data is playing an ever-crucial role in shaping the world around us,” commented Mohammed Kateeb, Group Chairman & CEO of Path Solutions. “Last year, Path Solutions was invited to rebuild Al Baraka Sudan’s BI landscape. The bank has since benefitted from every aspect of business intelligence, including data visualization and integration, data science and transformation and embedded analytics, to achieve superior business performance.”

He added: “We are particularly proud of this project and pleased to see our efforts get the external recognition they deserve from a renowned consulting firm. This recognition further underpins our commitment to help our clients keep pace with the evolving financial services landscape and delight them with superior services. With our innovative BI technology, we gave Al Baraka Bank Sudan the agility to make informed decisions and choices.”

iMAL*BI is a mature solution which scored very well across all of IBS’s evaluation criteria. As financial institutions increasingly seek actionable insight to better service their customers, the new iMAL*BI is well positioned to transform customer experience and drive growth at reduced costs.

Robin Amlôt, Managing Editor of IBS Intelligence, said: “We have all, corporately and individually, faced a challenging time in 2020. It is highly encouraging for us to be able to recognize and honour those companies that have risen successfully to these challenging times. It is particularly a pleasure to remark on the success achieved by Path Solutions in implementing its business intelligence solution at Al Baraka Bank Sudan, helping to ensure that the bank can improve its analytics and build its customer focus within its Islamic banking services.”

The awards programme, administered by IBS Intelligence and refereed by the firm’s prominent analysts and consultants, evaluates the top global providers of financial technology including new and established players. A stringent one-month long evaluation process determined the winners from across the globe who provided genuine, measurable, and future-enabling change to financial institutions globally.

The complete list of winners may be viewed at https://ibsintelligence.com/innovation-awards/.

Barclaycard Payments has launched phase one of Barclaycard Precisionpay Go, a new online platform which allows companies to issue virtual cards, powered by Visa, to employees for business payments online. The functionality will also help support workforces to continue operating smoothly during an era of remote working.

Available to both new and existing Precisionpay customers, the platform will allow companies to issue virtual corporate cards and manage corporate spending through a mobile app, instead of online or via the traditional means of bank transfer.

The new offering enables employees to create their own cards or request cards to be issued to them via their mobile phone, enabling staff to make business payments instantly, without needing to go into the office or even be at their desk.

With Barclaycard research showing that 63 per cent of employees are responsible for filing their own expenses*, Barclaycard Precisionpay Go will help save employees value time. The Platform replaces systems that rely on manual processes, with a streamlined and user-friendly alternative that gives both employees and employers increased flexibility.

The cards will be powered by Visa and, crucially, can be issued for just the amount required, and for a specified period of time, while spend controls can be added to manage user activity on a daily basis.

Barclaycard Precisionpay Go will allow businesses to:

• Resume control whilst working remotely: Instead of issuing a physical corporate card to everyone in the company, Barclaycard Precisionpay Go allows employers to deploy a different virtual card for each payment made, or a group of payments for a specific trip – ideal for those working from home.
• Increase visibility of business payments: Traditionally, businesses don’t have view of company spending until after the expenses have been submitted. By implementing Barclaycard Precisionpay Go, businesses will have visibility of spending as soon as a payment is made.
• Save time and increase efficiency: On average, it takes eight days to deliver a physical card to an employee, and even longer with staff working from home. Barclaycard Precisionpay Go will save valuable time, as a virtual card can be issued within just two seconds from being requested.
• Capture valuable data: Businesses can add custom data fields to be populated by the employee each time a card is requested. Users can also upload receipts via the mobile app, which can be viewed alongside transactional information in the accompanying reporting platform SNAP.
• Reduce environmental impact: By implementing virtual cards and digital processes, companies are able to reduce plastic and paper usage by removing unnecessary plastic and making their transactions virtual.

Marc Pettican, President, Barclaycard Payments, said: “As the world becomes more digital, so too must payment processes. The pandemic has reinvented the way businesses operate, with remote working now the norm for millions of staff across the UK. Yet, many firms still use outdated systems that rely on paper-based reimbursement which is hugely time-consuming and often frustrating to use too.”

“Barclaycard launched corporate cards to the UK more than 50 years ago and Barclaycard Precisionpay Go marks the latest in a long line of innovations in payments designed to save companies time and resource – which is more important than ever as we go into 2021.”

Precisionpay Go supports GBP, USD and EUR currencies, and is exclusively available with Visa.

Cathy Dargue, Client Director, UK & Ireland, Visa, said: “Now, more than ever, businesses need tools that provide an efficient, flexible and convenient way to manage their finances. We’re proud to support Barclaycard with the launch of Barclaycard Precisionpay Go, a new solution that will enable businesses across the UK gain greater visibility and control over employee spending whilst improving the payment experience for their workforce.”

The first phase of Barclaycard Precisionpay Go could bring virtual cards, powered by Visa, to every home office in the UK. The second phase of the launch, in the first part of 2021, will enable virtual cards to be issued into a digital wallet, for tap and go contactless payments via mobile.

Barclaycard Precisionpay Go is now available to download from the UK app store. Find out more about Barclaycard the Precisionpay Go online here.

* Research was also conducted from 06/07/2018 – 26/07/2018 surveying 2057 UK working adults (25-65) who incur expenses: https://www.home.barclaycard/media-centre/press-releases/Mad-Men-era-of-business-expenses

M2P Solutions, an open API (Application Programming Interface) infrastructure platform company that works with businesses to roll out their own branded Fintech products, announced the expansion of its operations to the Middle East and North Africa (MENA) Region with Abu Dhabi as its Regional Headquarters.

The company has appointed Ms. Vaanathi Mohanakrishnan to lead its business for the region.

Madhusudanan, Co-Founder and Chief Executive Officer of M2P Solutions, said: “The UAE is fast becoming one of the key global Fintech hubs. We are building a capable team based in Abu Dhabi to cater to the fast-growing requirements of the Fintech community. We are super excited about the prospect of bringing our API platform capability to benefit the Fintech ecosystem by working with banks and partners in the region. 

“We are excited to welcome Ms. Vaanathi to the M2P family. Her rich experience of managing retail financial services and digital payments businesses across a diverse set of roles and financial institutions will be of great value for our clients. We are confident that her insights about the region will help us grow our client base and strengthen relationships as we bring to fore, the best-in-class technology products and services to contribute to the growing digital payment ecosystem.”

With the Regional Headquarters in Abu Dhabi, the company aims to attract Fintech’s to roll out payments and banking products efficiently and help them achieve significant speed to market, much like 250+ Fintech firms across Asia that have benefited from the power of the API platform. 

Vaanathi Mohanakrishnan added: “I am excited to join M2P Solutions at this point where we see a dramatic shift in the payments landscape. With its unique set of product and platform offerings, M2P Solutions is well-positioned to capitalise on this shift towards a cashless economy. The UAE has always been at the forefront of technology adoption in the region, and I am looking forward to forging strong partnerships by leveraging M2P's superior tech and business capabilities.”

PXP Financial, the global expert in acquiring and payment processing services, today announces Status Page, a new and improved notification system for PXP Financial’s incident management process. Status Page is designed to be an evolution in customer visibility, allowing customers to see the status of services at all times.

Status Page is a 24/7 service that uses automation to improve both the efficiency and speed of both internal and external communication around incidents and maintenance. Users of Status Page simply subscribe to the service and will immediately begin to receive alerts

Aside from the actual page itself, Status Page integrates seamlessly with PXP Financial’s existing support tools Zendesk and Pingdom. This integration allows for notices and alerts to be shared through the tools themselves, increasing awareness of an incident. This includes PXP Financial’s customer facing portal.

Koen Vanpraet, CEO of PXP Financial, comments: “From a service perspective it’s a huge step forward. Never before has PXP Financial been able to provide customers visibility of the uptime of our services at all times. In the past there has been a dependency on the support team to communicate the current status of an incident, Status Page gives an element of control back to the customer as they can view the Status Page whenever is needed to check up on an incident or maintenance.”

In order to utilise the service, PXP Financial’s customers will need to subscribe to receive notifications, as required by GSPR guidelines. To subscribe, please visit https://status.pxpfinancial.com/.

KBC Securities Services has chosen the leading Digital Wealth & Asset Management software provider Objectway to implement Digital Client Onboarding for independent, Benelux-based wealth managers who rely on KBC Securities Services to safeguard their clients’ investment portfolios.

A member of the Belgian KBC group, KBC Securities Services is a global player in securities services, providing integrated solutions for banks, brokers and wealth managers. It provides three cornerstone services, namely Business Process Outsourcing (BPO), Brokerage and Custody and Wealth Management, which this digital onboarding process will cover. This enhancement will allow KBC Securities Services’ network of independent wealth managers not only to digitally onboard their clients, but also to offer them a digital signature facility via itsme®.

Objectway’s Client Onboarding solution, which is part of the WealthTech Suite, will replace KBC Securities Services’ manual data input system currently in use and ultimately improve processing throughput times and data quality. Wealth Management Advisers will be able to increase their productivity and efficiency through integrated digital capabilities that accelerate and improve both the onboarding and/or re-boarding process and client account management. With this development, managing and handling paper contracts and related documents is set to become a thing of the past.

‘Our expertise and proven track record were instrumental in successfully coming through a rigorous selection process involving international vendors. KBC’s Information Security teams thoroughly analysed Objectway’s hosting and infrastructure services before certifying them as compliant with the high standards of their security and personal data management policies,’ commented Kurt Vanhee, Managing Director for Continental Europe & North America at Objectway.

Annelies Verbiest, General Manager at KBC Securities Services, added: ‘Client-centric thinking has been part of KBC's strategy for years. As client expectations have evolved fast, KBC has made significant investments in digital transformation over the past few years. With our recently updated strategy, 'Differently, the Next Level', we are focusing more than ever on digital transformation, client experience and operational efficiency. This smart digital onboarding process from software provider Objectway enables us to offer the clients of independent wealth managers a future-proof service, thus increasing productivity and efficiency while maximising client experience.’

Mphasis (BSE: 526299; NSE: MPHASIS), an Information Technology solutions provider specializing in cloud and cognitive services, today announced that it has been recognized as a Leader in ‘Migration and Container Solutions’ and “Rising Star” in dual categories of Data Analytics and Machine Learning and Consulting Service Providers, for US and Germany regions by Information Service Group (ISG), a leading global technology research and advisory firm (https://www.mphasis.com/home/isg-aws.html).

According to ISG’s AWS Ecosystems Partners 2020 Report, Mphasis was recognised for its Intelligent-Automated Migration approach with its specialized migrations suite – CMAS and its Stelligent brand, Intelligent Migration Factory. Mphasis was ranked high across all ISG’s container and migration services assessment criteria. The approach of providing integrated and enhanced technology solutions resulted in Mphasis being acknowledged for the AWS Competencies in DevOps, financial services and security and validations.

“We are honoured to be recognised by ISG and are proud that our efforts and services have been recognised across US and Germany, and this recognition will act as a stimulus for us to continue innovating and strengthening our product portfolio and technology solutions for our existing as well as the potential clients. Mphasis serves many marquee customers across the globe and our focus is to build an ecosystem to empower our clients to harness their potential and maximize their capabilities in a digitally advanced environment,” said Srikumar Ramanathan, Senior Vice President, Head Portfolio Group, Mphasis.

“With its innovative approaches and leading portfolios of services, technologies and expertise, Mphasis is positioned to deliver solid value to clients seeking solutions using the AWS platform – especially in Data Analytics and Machine Learning, and Migration and Container solutions,” said Bruce Guptill, Analyst, ISG. 

In Germany, Mphasis was identified for its ability to offer extensive and comprehensive services as part of its AWS consulting. Having reached the premier status within the AWS partner program, Mphasis also received accolades for exceptional services in financial and public sectors. Whereas, in the US market, Mphasis reigned for its superior services and solutions, while offering enhanced ML algorithms via the AWS marketplace as compared to any other service providers.

Moreover, the recent innovations for clients including multiple ML-based cross-sell/up-sell recommender systems, an insurance fraud triage solution, and a deep-learning-based information and entity extraction solution for multipage unstructured documents; also contributed towards the success. The 2020 ISG Provider Lens “AWS Ecosystem Partners” study analyses the AWS partner landscape in the U.S. and Germany about everyday service needs, emerging challenges, market changes, and other important issues.

Temenos (SIX: TEMN), the banking software company, today announced that Alpian SA ("Alpian") has selected Temenos Transact, core banking and Temenos Payments delivered as SaaS to power pioneering digital private banking and wealth management services in Switzerland. Temenos SaaS technology will enable Alpian to rapidly launch its new bank and deliver innovative banking services, tailored to the “mass affluent” (those with investible assets of between CHF 100k – 1 million). An untapped market of 2.6 million people in Switzerland, according to Alpian, with an estimated CHF 660 billion in assets.

Incubated by leading innovative banking group REYL, Alpian plans to launch as a fully licensed bank in early 2021. Temenos SaaS combined with the unique ability of the underlying technologies of Temenos Transact and Temenos Payments will enable Alpian to bring new products to market faster and offer the personalized digital experiences that differentiates its service.

Alpian aims to be the first bank to provide the stability, security and personal care of Swiss private banking to a wider spectrum of clients through an open and responsive state-of-the-art digital platform. The bank will offer tailored investment boutique products, secure digital face-to-face access to financial advisors, and simplified, transparent everyday banking services – all powered by Temenos technology.

Temenos Transact delivered as SaaS will enable Alpian to get to market faster, lower operational costs and benefit from increased ROE. Temenos Payments will reduce time-to-market for Alpian’s payment services and allow the bank to offer seamless and secure traditional and instant payments compliant with the latest IS20022 and PSD2 regulations.

With Temenos technology delivered as a subscription service, Alpian will be able to scale based on business demand and create a hyper-efficient cost structure to deliver more value to customers. It is estimated that banks running on Temenos’ modern technology stack can operate at 10 per cent of the cost compared to banks running on legacy systems. This will help Alpian to grow profitably while offering an exceptional service at a fair and transparent price.

A key new service within Temenos Transact will allow Alpian’s customers to access and manage their money using a single multi-currency bank account for Swiss Francs and Euros. Temenos Transact will help Alpian innovate and iterate products faster and expand the offering with access to over 700 open APIs, the largest FinTech ecosystem.

Temenos’ Swiss Model Bank provides localized, pre-configured banking functionality for Alpian to deploy the technology without customization. This helps to reduce development and accelerates time to market. Initially serving clients in Switzerland, Alpian plans to expand to other European countries and Temenos SaaS offers elastic scalability to support Alpian’s client growth plan and its international expansion.

Alpian joins a raft of digital banks across the globe such as Alba, Banco del Sol, Flowe, Lunar, Next Commercial Bank, Varo Bank and WeLab Bank, that have selected Temenos as the de facto technology provider to help them launch quickly and innovate at speed. 

Schuyler Weiss, Chief Executive Officer, Alpian, commented: “Alpian will introduce a new way for affluent clients to bank that is attuned to how they want to manage their wealth. Our approach is client-centric and driven by technology and innovation. With Temenos SaaS, we can focus our resources on delivering an exceptional service and experience for our customers. We have set an aggressive launch timeframe and the Temenos’ modern technology will enable us to achieve our goal and allow us the freedom to continue to innovate and differentiate our offering into the future.”

Max Chuard, Chief Executive Officer, Temenos, added: “We are delighted Alpian has selected Temenos to deliver its pioneering digital service. Temenos Transact and Temenos Payments, delivered as SaaS, will allow Alpian to reap the benefits of scalability, efficiency and an elastic cost structure. Alpian joins our growing community of the world’s most ambitious neobanks leveraging the power of Temenos SaaS to innovate and grow without the restriction of legacy technology. Alpian has identified a real gap in the market and its smart approach to technology will help it stay one step ahead of the competition.”